Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2020

• 14 July 2020 7:58 pm

  Swiss Central Bank Away from Normal Rates

  

  The Swiss National Bank (SNB) will maintain its current negative interest rates, according to its Chairman, Thomas Jordan. “I fear it will take some time before we get there again,” Jordan said on Tuesday, as quoted by Reuters. The remarks came during a webinar with the International Monetary Fund (IMF). …

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• 14 July 2020 6:42 pm

  US Budget Deficit Surges to $864 B in June

  

  The US federal budget deficit increased to $864 billion in June with increased spending on COVID-19 stimulus and relief programs coupled with reduced taxes, data by the US Department of Treasury showed. The year-to-date fiscal deficit stands at $2.7 trillion, Reuters reported. Expenditure increased by 223% to $1.1 trillion, a …

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• 14 July 2020 5:58 pm

  Opec: Oil Demand Will Rise to a Record In 2021

  

  OPEC reported in its monthly report that global oil demand will rise to a record level of 7M bpd in 2021 as the economy recovers from Covid-19 crisis, but will remain below 2019 levels. This is the first report in which OPEC evaluates the oil markets next year and said …

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• 14 July 2020 5:52 pm

  Wells Fargo Reports Quarterly Losses

  

  Wells Fargo reported quarterly losses for the first time since the financial crisis in 2008. The COVID-19 crisis forced to write off 9.57B to cover potential loan losses. Wells Fargo reported a loss of $ 2.4B, or 66 cents a share, in the second quarter ending June 30, compared to …

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• 14 July 2020 4:58 pm

  US Consumer Prices Rebound in June

  

  The Labor Department said on Tuesday that the consumer price index rose 0.6% last month after falling 0.1% in May in the 12 months to June, the lowest annual increase since September 2015. Economists who participated in the Reuters poll expected the CPI to rise 0.5% in June and rise …

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• 14 July 2020 4:03 pm

  JPMorgan Q2 Beats Expectations

  

  JPMorgan, the largest bank in USA, was the first to release Q2 earnings report among the three largest banks in the United States, reported that the bank’s net profit fell by nearly half, due to a $ 10.8B charge for provisions against bad loans. However, the report came stronger than …

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• 14 July 2020 3:50 pm

  US Stocks Set to Open Little Higher

  

  US stocks are set to open with a modest rebound after its sharp losses on Monday over California headlines about COVID 19 cases, although bank quarterly earnings reports due later may be a game-changer. At 11:40 GMT, S&P 500 Futures trader 13 points, or 0.4%, higher, Nasdaq Futures up 48 …

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• 14 July 2020 3:08 pm

  China’s Crude Oil Imports Increased For The Second Month

  

  Chinese customs data showed that China’s imports of crude oil jumped 34% in June on an annual basis; this is the record for the second month in a row next to the arrival of shipments purchased during the collapse of oil prices last April to Chinese ports. Data showed that …

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• 14 July 2020 2:16 pm

  Australia’s NAB Business Confidence Index Climbed In June

  

  Data released by NAB Institute revealed that Australia Business Confidence increased in June. To exceed zero levels for the first time in more than 6 months. Australia’s NAB’s business confidence unexpectedly rose to 1.0 in June, defying market forecast for a drop to a level of -87.0 and compared to …

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• 14 July 2020 1:41 pm

  German ZEW Misses Estimates

  

  Data released on Tuesday showed that the German ZEW Economic Sentiment Index came in at 59.3 versus 60.0 expected and 43.4 last. While the sub-index Current Conditions figure arrived at -80.9 in July compared to -65.0 expected and -83.1% previously recorded. Meanwhile, the Eurozone ZEW economic sentiment for July came …

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• 14 July 2020 12:48 pm

  UK Manufacturing Production Rebounds

  

  Data published by the Office for National Statistics (ONS) showed that the general situation in the industrial sector improved for May in UK. Manufacturing production grew to + 8.4% on a monthly basis in May, against expectations of -20.9% and -24.4% in April, while total industrial output grew by + …

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• 14 July 2020 12:27 pm

  China’s Imports Rise For First Time Since The Pandemic

  

  China’s imports rose in June for the first time since the pandemic. Demand for goods rose on the government stimulus while exports also increased in a sign the recovery is gaining strength. Customs data showed on Tuesday that China’s imports increased by 2.7% in June compared to last year, market …

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• 14 July 2020 11:50 am

  US Dollar Index Near 96.60 Ahead of CPI

  

  DXY is struggling to find direction in the 96.60 region, affected by the increase in the number of Corona cases and risk appetite. The US dollar index, which measures the strength of the greenback versus a basket of currencies, was moving around 96.60 in the European morning. The index attempts …

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