Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2020

• 15 July 2020 12:14 am

  Oil Settles Higher Awaiting OPEC Meeting

  

  Oil prices increased on Tuesday, as the market anticipates the results of the OPEC+ summit. The US benchmark crude, West Texas Intermediate (WTI), futures for August delivery settled higher by 19 cents, or 0.5%, at $40.29 per barrel. Meanwhile, the global benchmark, Brent crude oil futures for September delivery increased …

  Read More »
• 15 July 2020 12:04 am

  Gold Settles Lower but Keeps $1,800-Level

  

  Gold prices declined on Tuesday, but recovered from most of its earlier losses and maintained the $1,800 per ounce level. Demand for gold as a safe haven supported the yellow metal, with rising concerns regarding the COVID-19 pandemic and the economic recovery progress. Gold futures for August delivery lost 70 …

  Read More »
• 14 July 2020 10:05 pm

  Barkin: Unemployment Situation is Complicated

  

  President of the Federal Reserve Bank of Richmond, Thomas Barkin, said on Tuesday that unemployment in the United States could increase once again during the recovery from the COVID-19 crisis, with the market trying to adjust to a recession longer than previously expected, Reuters reported. “There is a complicated brew …

  Read More »
• 14 July 2020 9:53 pm

  Treasury Yields Down for Second Day

  

  Treasury yields declined for the second consecutive day on Tuesday, with increased worries regarding the pace of economic recovery as COVID-19 cases in the United States increase. The 10-year Treasury notes yield decreased by 2 basis points (bps) to 0.611%, while the yield on the 30-year bonds declined by 4 …

  Read More »
• 14 July 2020 9:42 pm

  California Begins Another COVID-19 Lockdown

  

  The state of California began reapplying the lockdown announced on Monday by Governor Gavin Newsom. The new statewide directives will see all restaurants, bars, movie theaters, entertainment centers, zoos and museums close their indoor operations. In addition, the state is closing gyms and fitness centers, worship places, salons and barbershops, …

  Read More »
• 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). …

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »
• 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 …

  Read More »