Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2020

• 16 July 2020 12:38 am

  Oil Gains 2% Despite OPEC+ Decision

  

  Oil prices settled higher on Wednesday after showing a mixed performance during the session, finding support from a decline in the United States crude oil inventories, according to data by the US Energy Information Administration (EIA). A major factor that impacted oil prices today was the expected OPEC+ agreement between …

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• 16 July 2020 12:18 am

  Fed: US Economy Remains Below Pre-COVID-19 Levels

  

  Economic activity in the United States increased in almost all districts, but remained well below where it was prior to the COVID-19 pandemic, according to the US Federal Reserve’s Beige Book, issued on Wednesday. “Consumer spending picked up as many nonessential businesses were allowed to reopen.” “Retail sales rose in …

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• 15 July 2020 11:45 pm

  Gold Settles Marginally Higher

  

  Gold prices increased on Wednesday, supported by a decline by the US Dollar (USD), and investors seeking safe havens. However, the yellow metal gains were capped by the stock markets rise due to positive sentiments surrounding news about positive results for a COVID-19 vaccine. Gold futures for August delivery rose …

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• 15 July 2020 11:37 pm

  Moderna Edges Closer to Developing COVID-19 Vaccine

  

  The stock of Moderna surged by as much as 18% on Wednesday as the company announced positive results for a coronavirus disease (COVID-19) vaccine that it is developing and is currently under clinical trials. In phase one of the clinical trials, there were positive immune responses in all 45 cases …

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• 15 July 2020 10:58 pm

  Apple No Longer Has to Pay EUR 15 B to EU

  

  The European Union’s (EU) General Court has ruled in favor of Apple Inc. in an appeal against the European Commission’s decision in 2016 to impose a fine of EUR 13 billion ($14.9 billion) due to tax evasion, CNBC reported. The decision was based on the premise that the government of …

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• 15 July 2020 10:47 pm

  European Stocks Close Wednesday Higher

  

  European stocks closed Wednesday on big gains, supported by positive sentiments after it was reported that new progress has been made on the way to develop a vaccine for the coronavirus disease (COVID-19). The pan-European Stoxx 600 index rose by 1.76% and settled at 373.87. FTSE100 surged by 1.83% and …

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• 15 July 2020 10:41 pm

  Logan: Fed Doesn’t Evaluate Market Based on Yields

  

  The US Federal Reserve does not measure market functioning based on the level of the Treasury bond yields, said Lorie Logan, executive vice president in the Markets Group of the Federal Reserve Bank of New York. Logan, who also serves as the manager of the System Open Market Account (SOMA) …

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• 15 July 2020 9:46 pm

  Harker: Forward Guidance is Vital to Market

  

  President of the Federal Reserve Bank of Philadelphia, Patrick Harker, said in a TV interview with Bloomberg that the Fed should maintain interest rates until the inflation target is achieved. “We’ve been saying for a long time that the 2% inflation goal is symmetric, which means we should overshoot it. …

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• 15 July 2020 8:47 pm

  BoC to Keep Rates until Inflation Target is Reached

  

  The Bank of Canada (BoC) plans to maintain its main interest rate near zero until the 2% inflation target is sustainably achieved. This comes as the BoC decided to maintain its benchmark interest rate at 0.25% on Wednesday BoC is also committed to buying $3.7 billion worth of Canadian government …

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• 15 July 2020 6:31 pm

  Canada’s Factory Sales Surge 10.7% in May

  

  Factory sales in Canada increased by a record 10.7% during May, after falling in April by 27.9%, according to data by Statistics Canada on Wednesday. Manufacturing sales were 28.4% below their level in February, before the COVID-19 crisis emerged. A majority of market analysts believe that it would take at …

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• 15 July 2020 5:50 pm

  US: Industrial Production Rises by 5.4% in June

  

  Data released by the Federal Reserve on Wednesday showed industrial production in the U.S. increased 5.4% in June after expanding 1.4% in May. This reading was better than market expectations of 4.3%. Other details of the report revealed that manufacturing output rose 7.2% in June and capacity utilization improved to …

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• 15 July 2020 5:19 pm

  OPEC+ Meeting to Discuss Oil Output Cuts From August

  

  OPEC+ (OPEC and allies) is holding a Joint Ministerial Monitoring Committee (JMMC) meeting on Wednesday to decide oil output policy from August. The meeting will focus on easing output cuts to 7.7M bpd until December. This comes amid the slow recovery in the global economy that was hit by the …

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• 15 July 2020 4:27 pm

  France Says a Deal on EU Recovery Plan Can be Reached This Week

  

  France said on Wednesday that they believe an EU deal on the European recovery plan can be reached by the end of this week. And according to Reuters, France presidency office also said that France could obtain a European subsidy of nearly 40 B euros (45.76 B dollars) to help …

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