Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2020

• 2 July 2020 12:01 am

  Fed Meeting Minutes Show Commitment to Facing COVID-19 Recession

  

  Members of the US Federal Reserve Board have agreed to use all of the tools at their disposal to help push the economy out of recession, as shown by the meeting minutes of their most recent meeting, which took place on June 9-10. The US economy entered into a recession …

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• 1 July 2020 11:27 pm

  WHO Calls for Effective Approaches in Facing COVID-19

  

  The World Health Organization (WHO) on Wednesday warned against ineffective approaches in combating the coronavirus disease (COVID-19). Some countries face a long, hard road ahead in the fight against the pandemic, said the WHO Director-General Tedros Adhanom Ghebreyesus, as reported by Reuters. “Countries that have the systems in place to …

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• 1 July 2020 10:52 pm

  European Stocks Rise on COVID-19 Vaccine Hopes

  

  Hopes for a vaccine for the coronavirus disease (COVID-19) have helped European stocks close Wednesday higher, as the pan-European STOXX Europe 600 index gained 0.2%. In the Frankfurt Stock Exchange, the DAX30 index fell by 0.41%. In Paris and London, the French CAC40 and the FTSE100 indexes lost 0.19% each. …

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• 1 July 2020 8:54 pm

  Wall Street Gains on Positive Data

  

  The New York Stock Exchange (NYSE) opened Wednesday in gains, supported by positive economic data and developments in the search for a vaccine against the coronavirus disease (COVID-19). The Wall Street indices are all green at the moment, with the Dow Jones Industrial Average Index up 0.26%, the NASDAQ Composite …

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• 1 July 2020 7:18 pm

  ISM Manufacturing PMI Beats Expectations for June

  

  The purchasing managers’ index (PMI) for the manufacturing sector in the United States increased to 52.6 in June, as shown by the data of the Institute for Supply Management (ISM). This comes after the index recorded 43.1 in May and was expected to register 49.5 and remain in the contraction …

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• 1 July 2020 6:50 pm

  US Oil Inventories Down 7.2 M Barrels in Week

  

  The United States crude oil inventories decreased by 7.195 million barrels during the week ended June 26, according to data by the US Energy Information Administration (EIA) released on Wednesday. This is the first decline in US oil inventories after three consecutive weekly increases. The decrease exceeded the expectations of …

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• 1 July 2020 5:57 pm

  Mortgage Demand Drops for Second Week in US

  

  Mortgage applications for home purchases fell for the second consecutive week, down 1% from the previous week Refinancing Demand decreased by 1% for the week, but 74% higher than a year ago. Mortgage applications for homebuyers have been declining over the past two months, even as mortgage rates drop. The …

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• 1 July 2020 5:36 pm

  ILO Estimates 400 Million Jobs Lost Amid COVID-19

  

  The International Labour Organization (ILO) has said the impact of the coronavirus pandemic on jobs is expected to be much worse than expected.  The agency’s latest report showed that the number of working hours globally between April and June was 14% lower than in 2019, which the International Labor Organization …

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• 1 July 2020 4:42 pm

  ADP Employment Report Records 2.37 Million Job Rise in June

  

  American unemployment in the private sector increased by 2,369,000 in June, according to the monthly report, released by Automatic Data Processing (ADP) Research Institue on Wednesday.  This reading comes after the decline of 3,065,000 in May. “Small business hiring picked up in the month of June,” said Ahu Yildirmaz, vice …

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• 1 July 2020 4:24 pm

  US Stock Futures Fall Ahead of Payroll and Manufacturing Data

  

  Stock futures fell ahead of the opening of the American session on Wednesday, indicating a lower opening on the first day of trading in June. Shares closed on Tuesday on a stunning rise, which makes the Q2 the best quarter since 1998 and the second-best recorded quarter. The S&P 500 …

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• 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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