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Oil prices jumped more than 4% on Monday, recouping the previous session’s losses after Moderna Inc said its experimental vaccine was 94.5% effective in preventing COVID-19. Brent crude futures for January were up $1.79, or 4.2%, to $44.57 a barrel by 1420 GMT, while U.S. West Texas Intermediate crude for December was up $1.84, or
Global investor sentiments are boosted by more good news on coronavirus vaccines. Moderna said it’s vaccine was 94.5% effective in preventing COVID-19, based on interim data from a late stage trial. Major European indices are trading up while DOW future is gaining over 450 pts. In the background, solid data from China and Japan released
And that is likely to emerge as the key trading theme this week As we get into the start of trading this week, you can just about use the contrasting narratives that are playing out to describe how the market is behaving. When the market switches to risk-on, it is all about vaccine optimism and
Industrial metals rose on Monday, with copper prices hitting 29-month highs and aluminium scaling a fresh 20-month peak, on optimism around demand in top metals consumer China. Three-month copper on the London Metal Exchange jumped 2.6% to $7,161.50 a tonne by 0708 GMT, after touching $7,179 earlier in the session, its highest since June 14,
Dollar, Yen and Swiss Franc are trading generally lower as the week starts with solid risk-on mode. In particular, Nikkei is up more than 2% after release on stronger than expected GDP data. A batch of solid Chinese data also provides support to overall sentiments. New Zealand and Australian Dollar are currently the best performing
Rightmove house prices for November -0.5% m/m and +6.3% y/y GBP, AUD, NZD are notable risers in early Monday Asia trade – getting some impetus from rising US equity index futures to begin the week. IN Japan the Nikkei has hit its highest since June 1991. Some encouraging news on trade over the weekend is
By Grant Smith, Salma El Wardany and Javier Blas Oil markets may be cheering the prospects of a coronavirus vaccine, but OPEC+ can’t celebrate. Crude prices have rallied to a 10-week high on hopes that Pfizer Inc. and BioNTech SE’s breakthrough could soon revive the flights, car journeys and other economic activity that underpin fuel
Trump says he will speak in 15 minutes Trump says he will speak in the Rose Garden in about 15 minutes. These are his first public comments in a week and they will be on Operation Warp Speed. There’s pressure on Trump to allow Biden’s team into briefings in order to preserve continuity. For bank
NEW DELHI: Gold imports, which have a bearing on the current account deficit, declined 47.42% to $ 9.28 billion during April-October due to fall in demand in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry. Imports of the yellow metal stood at $ 17.64 billion in the corresponding period of
The financial markets are staying in consolidative mode. Asian stocks are mixed in tight range, following the mixed closes in US overnight. Gold is trading sideway ahead of key near term support. In the currency markets, Yen and Swiss France are mildly higher, paring some of this week’s losses. Meanwhile, commodity currencies turned softer. The
Comments from the President: Administration will not put on a lockdown under any circumstances Economy is rebounding beyond any expectations Slaqui says he expects to have enough vaccine to immunize 20m Americans in Dec and 20m thereafter Slaqui: Two vaccines and two therapeutics may be granted emergency use authorization by year end This is a
Mumbai: Two leading retail jewellers, each having over two dozen stores pan India, have posted 15-40% higher sales by value this Dhanteras, and one of them has even surpassed last year’s volume by 15%. Aditya Pethe, Director, Waman Hari Pethe Jewellers, attributes the 15% higher sales and hitting almost 90% of last year’s volume at
News of coronavirus vaccine readiness was the biggest market mover last week, solidifying near term risk-on sentiments. Subsequent price actions in major global indices were clearly corrective looking, setting the stage for further rally. Swiss Franc and Yen ended as the worst performing ones, followed by Canadian Dollar, which was dragged down by the pull
Forex news for North American trade on November 13, 2020: Markets: S&P 500 closes at record high, up 1.4% US 10-year yields down 1.3 bps to 0.896% Gold up $11 to $1887 WTI crude down 98-cents to $40.14 GBP leads, USD lags The general theme in New York trade was US dollar selling as the
Gold rose on Friday as increasing coronavirus infections globally re-ignited concerns about the economic toll from the pandemic, while scepticism over the reach of a potential COVID-19 vaccine further boosted the safe-haven metal. Spot gold rose 0.5% to $1,884.76 per ounce by 1:57 p.m. EST (1857 GMT). But bullion was still bound for its worst
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -16.8 mmb to 1402.34 mmb in the week ended November 6. Crude oil inventory gained +4.28 mmb (consensus: -0.91 mmb) to 488.71 mmb. Stockpile increased in 2 out of 5 PADDs. However, PADD3 (Gulf
Daily cases approach 200,000 There are various different tallies on the virus but the CDC today puts it at 194,610 from 143,408 yesterday. Generally, the weekly case tend to peak Thurs-Sat with a lull on Monday. Last Friday, US cases were 127K and two weeks ago they were at 78K. Another two weeks at this