Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 2 August 2023 2:46 pm

  Reuters: The OPEC+ committee will not likely change oil policy at Friday’s meeting

  

  Sources in the OPEC + group told Reuters that the group is unlikely to change the current oil production policy during the meeting of the ministerial committee on Friday, as the lack of supplies and the strength of the demand trend lead to an increase in oil prices. Ministers from …

  Read More »
• 2 August 2023 1:49 pm

  BoE is torn between fighting inflation and recession danger

  

  The Bank of England, which is expected to increase interest rates once again on Thursday, must balance the need to combat an inflation rate that is already running at more than four times its objective against the harm that 13 consecutive rate increases have already done to the economy. Most …

  Read More »
• 2 August 2023 1:22 pm

  European shares fell to their lowest in two weeks

  

  European stocks fell on Wednesday to their lowest levels in nearly two weeks, with technology and auto stocks leading the losses, as investors globally fled from risky assets after Fitch Ratings suddenly downgraded the credit rating of the United States. The pan-European Stoxx 600 index fell 1.1% by 0708 GMT, …

  Read More »
• 2 August 2023 11:52 am

  Japan’s stocks recorded the biggest daily decline this year

  

  Japanese stocks posted their largest daily decline in percentage terms this year, as caution spread in Asian markets after an unexpected downgrade of the credit rating of the United States negatively affected sentiment. The Nikkei index fell 2.30 percent to close at 32,707.69 points, the largest daily decline since December …

  Read More »
• 2 August 2023 10:28 am

  Gold rises after the decline in the dollar and Treasury yields following Fitch’s decision

  

  Gold prices rose on Wednesday after the decline in the dollar and US Treasury bond yields following Fitch’s decision to downgrade the credit rating of the United States, which undermined confidence in the US economy ahead of the release of important data expected this week. The spot gold price rose …

  Read More »
• 2 August 2023 9:17 am

  Dollar is falling after the downgrade of the credit rating of the United States

  

  The dollar fell on Wednesday after Fitch’s decision to downgrade the credit rating of the United States raised questions about the country’s fiscal outlook, but got some support from a series of relatively strong economic data. On Tuesday, Fitch lowered the US rating to AA+ from AAA, in a move …

  Read More »
• 1 August 2023 10:43 pm

  Could China’s weak PMI figures be good news for commodities?

  

  For the past three months, China’s Purchasing Managers’ Index has been below 50, a sign that the second-largest economy in the world is getting more and more pessimistic. The sub-index for the important construction industry dropped significantly from a high of 65.6 in March to 51.2 in July. Beijing’s most …

  Read More »
• 1 August 2023 9:43 pm

  USD/JPY jumps above 143.00 after US data

  

  The USD/JPY pair advances for a third day in a row, gaining 0.70% and moving up towards the 143.53 region, as at the time of writing. Although it accelerated in July, the ISM Manufacturing PMI fell short of expectations. Additionally, JOLTs statistics fall short of predictions.Prior to important labour market …

  Read More »
• 1 August 2023 8:17 pm

  AUD declines post RBA’s surprise decision

  

  The Australian dollar experienced a significant decline on Tuesday due to the Reserve Bank of Australia’s decision to keep its key interest rate unchanged at 4.10% at its August meeting. This decision was surprising as higher interest rates tend to strengthen a currency by attracting more foreign capital. The release …

  Read More »
• 1 August 2023 7:03 pm

  US stocks rally loses momentum on weaker earnings

  

  The S&P 500’s 16-month high has lost momentum due to disappointing earnings from several companies. Traders also waded through mixed data on job openings, with JetBlue Airways retreating after slashing its full-year profit forecast and saying it would earn less than analysts expected this quarter. Cruise operators fell as Norwegian …

  Read More »
• 1 August 2023 5:03 pm

  Toyota’s operating profit increased by 94% in the first quarter of its fiscal year

  

  Japanese automaker Toyota said it nearly doubled its operating profit in the first quarter of its fiscal year, helped by higher sales and production as well as a weaker yen. The company said in a statement announcing its results: “Sales increased in all regions around the world compared to the …

  Read More »
• 1 August 2023 5:00 pm

  British BP profits fell by 70% in the second quarter of 2023 of declining supplies

  

  British oil company BP’s profits fell by nearly 70% year-on-year in the second quarter of 2023 on the back of weak fossil fuel prices. The British energy major posted an underlying replacement cost profit in the second quarter, which is used as a proxy for net profit, of $2.6 billion. …

  Read More »
• 1 August 2023 4:58 pm

  Unemployment rate in the eurozone is different from expectations and settles at 6.4%.

  

  The unemployment rate in the euro area stabilized at 6.4%, contrary to expectations that it would rise to 6.5% in June, compared to 6.7% in the same period of 2022. The number of unemployed fell by 62,000 from the previous month to 10.814 million. Meanwhile, the youth unemployment rate, which …

  Read More »