Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2020

• 9 July 2020 12:05 am

  Oil Settles Higher on Rising Gasoline Demand

  

  Oil prices kept its movement within a limited range since the beginning of the week but closed higher on Wednesday. The global benchmark Brent crude futures rose by 21 cents and settled at $43.29 per barrel. Meanwhile, the US benchmark West Texas Intermediate (WTI) futures closed higher by 28 cents …

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• 8 July 2020 11:52 pm

  Fed’s Rosengren: Recovery to Be Slower than Expected

  

  It could take the US economy longer than previously expected to recover from the COVID-19 crisis, said the President of the Boston Federal Reserve Bank, Eric Rosengren, according to Reuters. In addition, Rosengren believes that demand for the Federal Reserve’s Main Street lending program would grow over time. “There are …

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• 8 July 2020 11:06 pm

  Bostic: Economic Activity is Levelling Off

  

  The President of the Federal Reserve in Atlanta, Raphael Bostic, said on Wednesday that “The energy for reopening businesses and for just general activity is starting to level off,” as quoted by Reuters. “This is something we are going to watch extremely closely,” he added.

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• 8 July 2020 10:58 pm

  Gold Prices Jump to Another Record High

  

  Gold prices maintained an upward trend for the fourth consecutive session on Wednesday, closing at a new record high for the second day in a row. The yellow metal has been soaring above the $1,800-mark since Tuesday. Gold futures for August delivery settled higher by $10.70, or 0.6%, at $1,820.60 …

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• 8 July 2020 9:46 pm

  European Stocks in Losses amid COVID-19 Worries

  

  European stocks closed lower on Wednesday with the rising cases of COVID-19 raising concerns about the reopening of business worldwide and the highly anticipated global economic recovery. The pan-continental STOXX Europe 600 index settled down by 0.67% at 366.48 points. In the London Stock Exchange (LSE), the FTSE100 index closed …

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• 8 July 2020 9:35 pm

  Singh: Fed Must Stay Vigilant

  

  Emergency lending provided by the US Federal Reserve has helped stabilize the market amid the COVID-19 crisis, said Daleep Singh, the Head of the Markets Group at the New York Federal Reserve. Singh noted that the Fed must stay vigilant and be prepared to adjust its approach if necessary as …

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• 8 July 2020 8:38 pm

  Merkel: EU Must Be Prepared for a No-Deal Brexit

  

  Germany is committed to reaching a new partnership agreement between the European Union (EU) and the United Kingdom (UK), but the EU should prepare for a no-deal Brexit, German Chancellor Angela Merkel told the European Union on Wednesday. The two sides are negotiating to reach a trade and cooperation deal …

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• 8 July 2020 8:15 pm

  Merkel Calls for More Unity within EU

  

  German Chancellor Angela Merkel has called for more unity among members of the European Union (EU) in her speech to the European Parliament in Brussels on Wednesday, Reuters reported. The speech came as Germany began a six-month presidency of the European bloc that began on 1 July. Speaking about the …

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• 8 July 2020 7:28 pm

  EIA: US Oil Inventories up 5.7 M Barrels

  

  Crude oil inventories in the United States increased by 5.7 million barrels last week, data by the US Energy Information Administration (EIA) showed on Wednesday. This comes after a decrease of 7.2 million barrels in the previous week, and against expectations of another decline. WTI futures are currently trading at …

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• 8 July 2020 6:42 pm

  IMF Calls for Post COVID-19 Fiscal Reform

  

  The International Monetary Fund (IMF) is warning against rising debt in both emerging and developed economies due to stimulus spending amid the COVID-19 crisis. The IMF is urging enhanced fiscal reform in many countries after the pandemic ends, said its Deputy Managing Director Mitsuhiro Furusawa on Wednesday, as cited by …

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• 8 July 2020 6:23 pm

  Spain to Provide EUR 2bn for Transport Companies

  

  The Spanish government plans EUR 1.8 billion ($2 billion) in aid to support transport companies amid the COVID-19 crisis, said the Minister of Transport, Jose Luis Abalos, as cited by Reuters. Renfewill receive EUR 1 billion, private transport companies will get EUR 673 million, while Seipsa is set to obtain …

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• 8 July 2020 6:05 pm

  Sterling Settles Below Mid-1.2500s

  

  Sterling saw both-way movements on Wednesday, but it appears that it has now settled in the neutral territory 1.2540-35. After an early rally to 1.2565-70 region, the pair experienced a slight decline during the European session and was affected by buying around USD. The increasing number of Covid-19 cases provided …

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• 8 July 2020 5:19 pm

  EIA Revised its Forecasts for Oil Prices

  

  The US Energy information administration revised its forecasts for oil prices this year and next year, as US crude is expected to rise 6.9% this year compared to last June’s forecast, to $ 37.55 a barrel. The administration also expected that the average American oil price will increase by 4.1% …

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