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Market Analysis

October, 2020

  • 30 October 2020 12:48 pm

    German Retail Sales Fell More Than Expected in September

    Data on Friday showed that German retail sales fell more than expected in September, dampening hopes that household spending will lead to a strong recovery in Europe’s largest economy in the third quarter after the first wave of the Covid-19 pandemic. The Federal Statistics Office said retail sales fell 2.2% …

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  • 30 October 2020 12:14 pm

    Oil Continues to Post Losses

    Global oil prices fell by more than 1%, to continue to suffer losses and heading towards the second monthly decline due to growing fears that the high number of Covid-19 cases in Europe and the United States may harm fuel consumption. Brent crude fell for the third day, and fell …

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  • 30 October 2020 12:16 am

    Oil Closes at Lowest Level in Five Months

    Oil prices finished Thursday lower, at its lowest closing level in about five months, amid concerns about the rising number of Coronavirus cases and the recovery of the global economy and demand for energy. Brent crude futures for December delivery declined by $1.47, or 3.8%, to settle at $37.65 per …

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  • 30 October 2020 12:00 am

    Gold Settles at Fresh Month-Low

    Gold prices declined on Thursday for the second consecutive session, as the US Dollar (USD) rally continued supported by strong economic growth during the third quarter of the year. Gold futures for December delivery fell by $11.20, or 0.6%, and finished at $1,868 per ounce, its lowest closing level since …

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  • 29 October 2020 10:41 pm

    European Stocks Close Lower

    European stocks closed lower on Thursday, as concerns about the rising number of newly confirmed Coronavirus cases continued to dominate the market. The STOXX Europe 600 index finished lower by 0.15%, while the UK’s FTSE100 slipped by 0.02%. Similarly, the German index DAX decreased slightly by 0.03%, while the French …

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  • 29 October 2020 8:32 pm

    USD Keeps Upward Trend on COVID-19 Fears

    The US Dollar (USD) is maintaining its rising trend amid increased demand on concerns about the rising number of COVID-19 cases. The Dollar Index (DXY), which measures the USD performance against a basket of six major international currencies, is up by 0.65% for the day at 94.02. The index has …

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  • 29 October 2020 8:25 pm

    CAD Declines to Month-Low

    The Canadian Dollar (CAD) declined on Thursday against its US counterpart (USD) to its lowest level in about a month. This comes as the USD is recovering across the board, while the CAD remains hit by the falling oil prices. The USD/CAD is trading higher for the day by 0.24% …

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  • 29 October 2020 7:40 pm

    OPEC+ Output Cuts Facing Uncertainty Next Year

    OPEC

    Major crude oil producers in the Arabian Gulf are considering whether to extend output curbs into 2021, Reuters reported. The current OPEC+ agreement indicates that by the end of the year, production cuts will be eased by 2 million barrels per day (b/d). However, it is widely expected that the …

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  • 29 October 2020 7:26 pm

    US Pending Home Sales Down 2.2%

    The United States Pending Home Sales Index declined by 2.2% to 130, according to data by the National Association of Realtors released on Thursday. On an annual basis, pending home sales increased by 20.5%.

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  • 29 October 2020 7:19 pm

    US Natural Gas Supplies Up 29 BCF in Week

    Natural gas inventories in the United States increased by 29 billion cubic feet last week, below market expectations, according to data by the US Energy Information Administration (EIA) on Thursday. Gas stockpiles now stand at 3.955 trillion cubic feet. This means an increase of 285 billion cubic feet compared with …

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  • 29 October 2020 5:56 pm

    US Economic Activity Rebounds Sharply in Q3

    The United States’ Real Gross Domestic Product (GDP) expanded at an annual rate of 33.1% in the third quarter, the US Bureau of Economic Analysis’ advance estimate showed on Thursday. This reading came in better than the market expectation of +31% and followed the 31.4% contraction recorded in the second …

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  • 29 October 2020 5:48 pm

    US: Weekly Initial Jobless Claims Decline to 751K

    There were 751,000 initial claims for unemployment benefits in the US during the week ending October 24th, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week’s print of 791,000 (revised from 787,000) and came in slightly better than the market expectation …

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  • 29 October 2020 5:23 pm

    ECB Leaves Key Rates Unchanged in October as Expected

    At its monetary policy meeting held on October 29th, the Governing Council of the European Central Bank (ECB) decided to leave the interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.50%, respectively, as …

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