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Market Analysis

August, 2020

  • 24 August 2020 11:53 am

    Nikkei rises, Focus on Prime Minister Abe’s Health

    Japanese stocks closed higher, deriving direction from the gains of their Asian counterparts, but growing speculation over Prime Minister Shinzo Abe’s health dented the mood. The benchmark Nikkei index rose 0.28 percent to close at 22,985.51 points, while the broader Topix index rose 0.19 percent to 1,607.13 points. Trading volumes …

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  • 24 August 2020 11:33 am

    Oil Rises as Two Storms Approach Gulf of Mexico

    Crude oil prices rose on Monday as two storms approached the Gulf of Mexico, cutting more than half of oil production there, and amid optimism about the Coronavirus, after the US Food and Drug Administration allowed the use of blood plasma from recovered patients as a treatment option. Brent futures …

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  • 24 August 2020 11:22 am

    Trump Adviser Kellyanne Conway to Resign

    Kellyanne Conway, a senior adviser to President Trump, will leave the White house at the end of the month.  Conway, whose title is counselor to the president, has resigned citing the need to focus on her family, according to The Washinton Post.

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  • 24 August 2020 10:53 am

    Coronavirus Update

    The latest coronavirus (COVID-19) updates from China have been upbeat as all 16 cases on August 23 reported as imported infections. “This compared with 12 new COVID-19 cases reported a day earlier, all imported too and marked the eighth consecutive day of no locally transmitted cases. The total number of …

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  • 24 August 2020 10:23 am

    PBOC Sets Yuan Reference Rate at 6.9194

    The People’s Bank of China (PBOC) has set the yuan reference rate at 6.9194 versus Friday’s fix at 6.9107.

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  • 24 August 2020 10:23 am

    New Zealand Has Extended Lockdown Till Aug 30

    New Zealand’s Prime Minister Jacinda Ardern has extended the coronavirus lockdown till Aug. 30.  While the city of Auckland is under alert level 3 restrictions, the rest of New Zealand remains at level 2, Ardern said, while adding that Auckland will move to level 2 after Aug. 30. New Zealand …

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  • 22 August 2020 2:45 am

    NYSE Ends Week with Two New Records

    The New York Stock Exchange (NYSE) closed higher on Friday, logging weekly gains, with The Dow Jones Industrial Average surged by 0.69% to close at 27,930.33, nearly unchanged compared with its level by the end of last week. The S&P 500 index increased by 0.34% and closed at a new …

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  • 22 August 2020 1:54 am

    Oil Records Weekly Losses on Demand Concerns

    Oil prices closed Friday lower, despite a decrease in the United States active oil rig count to a record low, amid renewed concerns regarding demand outlook. This comes after PMI data showed that the global economic recovery is not accelerating. Brent crude futures for October delivery lost 55 cents, or …

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  • 22 August 2020 12:32 am

    Gold Records Second Consecutive Weekly Decline

    Gold prices rose on Friday, narrowing its weekly losses for the second week in a row. This comes amid the US Dollar recovering some of its recent losses after falling to its lowest level in two years. Gold futures marginally rose by 50 cents, or about 0.1%, and finished at …

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  • 21 August 2020 10:04 pm

    China Promises Following Trade Deal with US

    The Chinese government has promised the United States to go through with the first phase of the trade deal between the world’s two largest economies, US Secretary of State Mike Pompeo said in a TV interview on Friday. “The Chinese have done some of the work they need to do …

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  • 21 August 2020 9:55 pm

    European Stocks Finish Lower on Negative Data

    European stocks finished lower on Friday, after PMI data showed a decline in economic expansion in the Eurozone, reflecting challenges in the road to recovery from the impacts of the COVID-19 crisis. The Stoxx Europe 600 index closed lower by 0.21%, increasing its weekly losses to 0.9%. Meanwhile, the UK’s …

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  • 21 August 2020 9:50 pm

    EUR/USD Falls Following PMI Data

    The IHS Markit flash composite purchasing managers’ index (PMI) for the Eurozone declined in August, to 51.6 from 54.9 in July, reflecting the challenging road for recovery facing economic activity in the European bloc.   However, the index remained in the expansion territory above the neutral 50 reading. The data …

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  • 21 August 2020 8:39 pm

    US Oil Rigs Drops to Record Low

    Oil rigs in the United States decreased by three rigs during the week ending on 14 August, data by Baker Hughes showed on Friday. The US oil rig count declined to a new record low at a total of 244 rigs last week. The continuous decrease in active oil rigs …

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