Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2022

• 4 May 2022 8:22 pm

  US supply issues, inflation weighed on ISM services

  

  Data released on Wednesday showed the ISM Service Sector dropped unexpectedly to 57.1 in April. Analysts at Wells Fargo point out that while supply remains a problem for service-producers, a pullback in demand and hiring were the top factors weighing on activity during the month. Key Quotes: “Activity in the …

  Read More »
• 4 May 2022 8:09 pm

  Canada’s energy trade surplus at an all-time high in March

  

  Canada registered another trade surplus in March, although below expectations: CAD 2.49 billion vs CAD 3.90 billion. Analysts at the National Bank of Canada highlight the trade surplus with the US reached a fresh record high. Key Quotes:“For the ninth time in the past ten months, Canada’s trade balance remained …

  Read More »
• 4 May 2022 7:07 pm

  ISM Services PMI falls below expectations

  

  The headline ISM Services Purchasing Manager’s Index (PMI) fell to 57.1 in April from 58.3 in March, below expectations for a slight rise to 58.5, according to the latest release by the Institute for Supply Management (ISM). Subindices: The Business Activity Index rises to 59.1 from 55.5 in March. The …

  Read More »
• 4 May 2022 5:09 pm

  Canada: International trade surplus falls in March

  

  According to the latest figures released on Tuesday by Statistics Canada, the Canadian Trade surplus fell unexpectedly to C$2.49B in March from C$3.08B a month earlier versus expectations for a rise to C$3.9B. Exports were up 6.3% MoM to C$63.63B from C$59.84 a month earlier, while imports were up 7.7% …

  Read More »
• 4 May 2022 4:18 pm

  US: Private sector employment rises in April

  

  Private sector employment in the US rose by 247,000 in April, well below the expected gain of 395,000 jobs, according to US payroll company ADP’s latest estimate of national employment change released on Wednesday. That marked a sharp decline in the rate of job gains after 479,000 were added to the US …

  Read More »
• 4 May 2022 3:24 pm

  The dollar continues to decline from the highest level in 20 years

  

  On Wednesday, the dollar index continued to retreat from its highest level in 20 years after it had already digested expectations that the Federal Reserve will raise interest rates by half a point later on Wednesday and about 250 basis points by the end of the year. Currency markets are …

  Read More »
• 4 May 2022 2:33 pm

  Reuters: OPEC+ expects the surplus to rise in 2022

  

  A report seen by Reuters on Wednesday showed that the OPEC + alliance expects a surplus of 1.9 million barrels per day in 2022, an increase of 600,000 barrels per day from previous estimates, amid expectations of a slowdown in oil demand growth this year. The report, which was prepared …

  Read More »
• 4 May 2022 1:26 pm

  Reuters: Russian oil exports outside the former Soviet Union rise 2%

  

  A source familiar with the matter told Reuters on Wednesday that Russian oil exports, excluding those destined for the former Soviet Union, rose to an average of 4.88 million barrels per day in the first four weeks of April, an increase of 2 percent compared to March. The source also …

  Read More »
• 4 May 2022 1:23 pm

  Oil jumps 3% as the European Union announces plans to ban Russian crude

  

  Oil prices jumped on Wednesday as the European Union, the world’s largest trading bloc, announced plans to phase out Russian oil imports, offsetting fears of declining demand from China, the world’s largest oil importer. By 0746 GMT, Brent crude futures rose $2.94 a barrel, or 2.8 percent, to $107.91 a …

  Read More »
• 4 May 2022 1:20 pm

  Gold falls with an imminent rates hike

  

  Gold prices fell on Wednesday, with the increase in the yield on US Treasury bonds and an imminent hike in the interest rate, which negatively affected the demand for the precious metal. Spot gold prices fell 0.1% to $865.31 an ounce by 00:40 GMT. US gold futures fell 0.2% to …

  Read More »
• 4 May 2022 11:56 am

  The European Union proposes a gradual embargo on Russian oil in the sixth round of sanctions against Russia

  

  The European Union proposes a gradual embargo on Russian oil in the sixth round of sanctions against Russia The European Commission imposed new sanctions on the Kremlin on Wednesday, including the gradual cancellation of Russian crude imports for a period of six months to be updated…

  Read More »
• 4 May 2022 10:42 am

  Lyft better-than-expected first-quarter revenue of $876 million

  

  lyft Inc stock plunged 26% on Tuesday after the ride hail company said it would have to spend more heavily to attract drivers and forecast operating earnings less than a quarter of Wall Street targets, reflecting the added costs. A full recovery of driver supply from pandemic lows was taking …

  Read More »
• 4 May 2022 10:20 am

  Oil rises 1% after US crude stocks signal tighter supply

  

  Oil prices rose in early Asian trade on Wednesday after industrial data showed a decline in US crude and fuel stocks, which raised supply concerns. The price hike comes on the back of Tuesday’s news that the European Union is preparing to impose new sanctions on Russia over its invasion …

  Read More »