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Market Analysis

August, 2020

  • 20 August 2020 1:27 am

    Barkin: Uncertainty Negatively Affecting US Economy

    The US need to get the coronavirus under control to ensure business confidence and economic certainty, according to the President of the Federal Reserve Bank of Richmond, Thomas Barkin. The high levels of uncertainty are weighing on the economy, which still needs continued fiscal support, according to Barkin.

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  • 20 August 2020 12:30 am

    Oil Continues to Struggle for Direction

    Oil prices closed lower on Wednesday after data showed a decline in the US crude inventories, which came below market expectations. Brent crude futures for October delivery declined by 9 cents, or 0.2%, and settled at $45.37 per barrel. Meanwhile, the West Texas Intermediate (WTI) futures for September delivery rose …

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  • 20 August 2020 12:23 am

    Gold Settles Lower as USD Strengthens

    Gold prices declined on Wednesday and settled lower after two consecutive rises due to the US Dollar recovering from some of its recent losses against major currencies, supported by the release of the Federal Reserve latest meeting minutes. Gold futures for December delivery closed lower by $42.80, or 2.1%, at …

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  • 20 August 2020 12:00 am

    London to Remain Europe’s Financial Center Despite Brexit

    Despite the Brexit, London is expected to maintain a big role in the European financial market, Reuters reported. It was expected that many company will leave the UK capital, thus, affecting the place of London as a global financial hub. However, it now seems that Frankfurt will not be making …

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  • 19 August 2020 11:35 pm

    US Crude Inventories Falls by 1.6 M Barrels in Week

    Crude oil inventories in the United States decreased last week, according to data by the U.S. Energy Information Administration (EIA) on Wednesday. A decline of 1.6 million barrels was seen in oil stockpiles last week to a total of 512.5 million barrels. Although the decline was less than expected, it …

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  • 19 August 2020 11:29 pm

    Banks Lead Gains in European Stock Markets

    European Stocks closed higher on Wednesday, as banking shares achieved high gains, boosted by some positive earnings reports and the record-breaking rises in Wall Street. Stoxx Europe 600 added 0.60%, while FTSE100 rose by 0.58%. CAC40 settled higher by 0.79%, and DAX finished on a 0.74% increase.

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  • 19 August 2020 10:38 pm

    Fed: COVID Will Weigh Heavily on Economic Activity

    The Board of Governors of the US Federal Reserve has unanimously voted to maintain interest rates during the Federal Open Market Committee (FOMC) meeting on July 29. The meeting also authorized the Fed to undertake open market operations as necessary to maintain the federal funds rate in a target range …

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  • 19 August 2020 8:51 pm

    Dollar Rises Ahead of FOMC Meeting Minutes

    The US Dollar (USD) is reversing its recent losses and showing a positive performance on Wednesday, ahead of the release of the Federal Reserve meeting minutes later today. The Dollar index (DXY), which measures the USD performance against a basket of six major currencies, is up by around 0.50% at …

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  • 19 August 2020 7:16 pm

    Canada’s Wholesale Sales Expand in June

    Wholesale sales in Canada increased on a monthly basis during June, beating market expectations and restoring its level prior to the COVID-19 crisis. Seasonally adjusted data showed on Wednesday that Canadian wholesale sales grew by 18.5% in June, according to Statistics Canada. On an annual basis, wholesale transactions decreased by …

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  • 19 August 2020 6:46 pm

    Canada’s CPI Rises 0.1% in July

    The Consumer Price Index (CPI) in Canada slowed during July, rising by 0.1% on an annual basis, data showed on Wednesday. The lower gasoline and air travel prices helped reduce the inflation rate last month. The inflation rate remains well below the central bank’s target.

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  • 19 August 2020 6:41 pm

    OPEC+ JMMC Meeting is Scheduled Today, WTI Waiting for Data

    OPEC

    Today, Joint Ministerial Monitoring Committee (JMMC) meeting will likely be all about reviewing the bloc’s commitment to oil production curbs and assessing the compliance over the past two months. According to Reuters, July’s compliance of OPEC+ with oil output cuts was expected to reach 97%, down from 107% in June. …

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  • 19 August 2020 5:48 pm

    Japan’s Nikkei Index Rises After Gains in US Technology

    The Nikkei benchmark index made slight gains at the close on the Tokyo Stock Exchange on Wednesday, with some tech stocks surging after the gains of US giants, with the S&P 500 index climbing to a record high last night. The Nikkei Index is very close to a three-decade high …

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  • 19 August 2020 5:03 pm

    European Stocks Weaken After Wall Street Rally

    European stocks fell on Wednesday, August 18, and were unable to gain strength from a record rise in S&P 500 index, as investors feared an increase in coronavirus cases would impede the emerging economic recovery in Eurozone. The European Stoxx600 index fell 0.1% by 07:15 GMT, with the mining, oil …

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