Expectation of an Agreement at OPEC+ Sends Oil $40/BBL
OIL With the expectation that at the OPEC+ meeting Russia and other major oil producers might agree to another one-month elongation agreement of its cut on oil output, we have witnessed quite a rally on oil prices as oil price has gone past $40/bbl. It is worth noting that despite fears of a second wave…
Read MoreEuro-Area Manufacturing Makes Slight Rebound as Economies Reopen
UNITED STATES US stocks closed modestly higher on Monday despite the protests that have rocked cities. The NASDAQ closed 0.65% higher while the S&P and the DOW closed 0.37% and 0.36% higher, respectively. Yield on 10Y USTs closed higher at 0.6591%. UNITED KINGDOM UK residential properties recorded their largest price drop since the financial crisis…
Read MoreUS Revokes Hong Kong Preferential Status
Although last week marked some risk off events including the Hong Kong (HK) unrest as Beijing created national security laws in HK and as the US stated it will revoke HK’s preferential trade status under US Law, the main global equity indices still finished the week positive. What was observed in the US equity markets…
Read MoreChina Passing HK Securities Law, US is not Happy.
UNITED STATES Equities failed to sustain the yesterday’s gains with tensions between China and US deepening over the Hong Kong security law, passed by China. US has retaliated to the news with threats ranging from possible potential sanctions, expulsion of Chinese students from the US with ties to military schools to ending Hong Kong’s special…
Read MoreNew US-China tenstions over HK
UNITED STATES The S&P closed above 3000 (+1.5%) on Wednesday for the first time in 3 months supported by hopes of a faster economic recovery and despite the new route of US-China tensions over Hong Kong. President Trump‘s administration said on Wednesday that HK is no longer politically autonomous from China, which could spell dire consequences…
Read MoreBoris Johnson Faces More Questions Today
UNITED STATES The S&P 500 index trimmed its gains amid U.S, – China tensions, the index closed at an 11-week high as it rose 0.6% and added 1.2% on Tuesday. A bit more attention in the U.S markets would be on the U.S jobless claims reading for the week, which is tomorrow, and Jerome Powell’s…
Read MoreGerman Ifo Index Rises for May as Economy Entered Recession in Q1
UNITED STATES Futures for US stocks were about 2% up on Tuesday indicating a strong resumption to trading having been closed on Monday for Memorial Day. Indices had closed in the green on Friday save the DOW which was just lower at 0.03%. EUROPEAN UNION German business sentiment topped expectations in May with the Ifo…
Read MoreChina Dropping GDP Target
UNITED STATES The market started the day on a weaker note, with equities extending the declines of yesterday as the US-China tensions continue escalating. President Trump has accused China to be behind a disinformation and propaganda attack on the US and Europe. In overnight macro data, US initial jobless claims decreased to 2.4mn from 2.7mn…
Read MoreBoE Considers Negative Rates as First Negative Yielding Gilt Auction Holds
UNITED STATES US stock market appreciated on Wednesday supported by hopes on further stimulus measures by the FED. Minutes that came out yesterday showed that FED was ready to give even more support to the economy over the medium term in case of additional outbreaks of the virus. The S&P gained 1.7%, Nasdaq rose 2.1%…
Read MoreRushi Sunal Says UK’s Optimistik Outlook Are Misplaced
UNITED STATES After Wall Street digested hours of congressional testimony from the Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Steven Mnuchin and parsed earnings reports from major retailers, including Dow components Walmart and Home Depot, US stocks closed the day lower on Tuesday, losing its steam in the final hours of trading due…
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