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July, 2020

  • 1 July 2020 3:34 pm

    Saudi Arabia Might Raise the Selling Price of Crude Oil to Asia for August

    According to Reuters, Saudi Arabia may raise its August official selling price (OSP) for crude oil sold in Asia. That would be the third monthly price hiking due to an increase in Middle East benchmarks and a rebound in Asian refining margins. As of August, Middle East crude supply may …

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  • 1 July 2020 3:09 pm

    COVID-19 Updates: Gloomy Warnings in the US

    The world’s efforts for discovering a cure are going at full capacity, with Gilead’s remdeisivr being a potential cure.  In the US, the number of cases reached 40,000 again, and epidemiologist Anthony Fauci warned that the US could see 100,000 cases per day. While testifying on Capitol Hill, he told …

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  • 1 July 2020 2:39 pm

    IFO Sees Europe’s Largest Economy Contracting by 6.7% in 2020

    “Germany’s economy will gradually recover after a historic slump due to the coronavirus pandemic and will likely return to last year’s level at the end of 2021,” economic institute IFO said on Wednesday, according to Reuters. IFO sees GDP contracting by 11.9% in Q2 on a quarterly basis and to …

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  • 1 July 2020 2:13 pm

    Eurozone PMI Manufacturing Finalized at 47.4

    Eurozone PMI Manufacturing was finalized at 47.4 in June, up from 39.4 in May a report by IHS Markit said. The index was in contraction below 50 for 17 consecutive months. and had fallen to 33.4 in April. The report stated: “Eurozone manufacturing sector continues to contract sharply,” “There was …

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  • 1 July 2020 1:54 pm

    UK Manufacturing Activity Picked Up in June

    After the Great collapse due to COVID 19 pandemic, the UK manufacturing sector returned to recovery after it began to stabilize last June. IHS Markit’s Purchasing Managers Index (PMI) posted 50.1 compared to 40.7 in May, in line with economists’ expectations. PMIs are given on a scale of 0 to …

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  • 1 July 2020 1:13 pm

    Dubai’s Economy Shrank by 3.5% in Q1 Amid Coronavirus Pandemic

    UAE

    The government media office in UAE said in a statement issued on Tuesday that Dubai’s real GDP decreased by 3.5% in Q1 year-on-year as the country was hit by the Covid-19 pandemic, according to Reuters. The government said some sectors such as real estate and finance have maintained their strength …

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