By Jen SkerrittAs economies struggle to recover in the pandemic and U.S.-China tensions flare, investors piling into precious metals may be overlooking another potential haven: wood. Lumber futures have doubled since early April and are the top-performing major raw material this year. Surprisingly, wood is even outshining gold and silver, traditionally the go-to haven commodities.
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +8.82 mmb to 1461.16 mmb in the week ended July 17. Crude oil inventory gained +4.89 mmb (consensus: -2.09 mmb) to 536.58 mmb. Stockpile increased in 3 out of 5 PADDs. PADD 3 (Gulf
The Republican coronavirus relief plan will extend enhanced unemployment insurance “based on approximately 70% wage replacement,” Treasury Secretary Steven Mnuchin said Thursday. He spoke to CNBC about the state of negotiations hours after Senate Republicans and the Trump administration said they reached a tentative deal on legislation they say will serve as a starting point in
(L-R) TNT, TBS, truTV, HBO & HBO Max Content Acquisition EVP Michael Quigley, HBO Max CCO and TNT, TBS, & truTV President Kevin Reilly and HBO Max Head of Original Content Sarah Aubrey appear onstage during the HBO Max executive session segment of the 2020 Winter Television Critics Association Press Tour at The Langham Huntington,
Amazon-owned streaming platform Twitch appears to be ramping up its crypto strategy. The site, which focuses primarily on video game livestreaming, is now offering users a 10% subscription discount when paying with cryptocurrency through the platform’s payment processor, BitPay. BitPay’s chief marketing officer, Bill Zielke, told Cointelegraph that out of the thousands of merchants the
The dollar sells off into the close as USD/CHF and USD/JPY sell-off into the close. This all makes for a very interesting lead into next week. EUR/USD weekly chart The EUR/USD weekly chart is coming up to a massive resistance zone. This is not the only FX pair moving to a major level as the
NASDAQ down for the 2nd week in a row US major indices are ending the session with declines. For the week each of the major indices are also lower. It was the 1st negative week for the Dow and S&P in 4 weeks. For the NASDAQ is on a 2 week losing streak. The NASDAQ
Forex news for near trading on July 24, 2020 In other markets: Spot Gold rose above the $1900 level for the 1st time since September 2011 and move closer to the all-time high price from the same calendar month at $1921. The precious metal is trading at $1901.58 that’s up $14.14 or 0.75%. The high price
NEW YORK: Oil prices edged lower on Friday, pressured by tensions between the United States and China, but some supportive economic data in Europe tempered losses. Brent crude futures fell 13 cents to $43.18 a barrel by 11:19 a.m. EDT (1519 GMT). US West Texas Intermediate (WTI) crude futures fell 5 cents to $41.02 a
Yen and Swiss Franc are trading as the strongest ones for today as stock markets are weighed down by escalating US-China tensions. Though, negative sentiments in Europe was partly offset by much stronger than expected Eurozone and UK PMIs. Signs of a V recovery are there even though the development will depend very much on
Nearly half of Americans whose families experienced a layoff during the coronavirus pandemic now believe those jobs are lost forever, a new poll shows, as temporary cutbacks give way to shuttered businesses, bankruptcies and lasting payroll cuts. It’s a sharp change after initial optimism the jobs would return. In April, 78% of those in households
Southwest airline planes sit on the tarmac at Fort Lauderdale–Hollywood International Airport on February 20, 2019 in Fort Lauderdale, Florida. Joe Raedle | Getty Images Southwest Airlines said Thursday it lost $915 million in the second quarter compared with $741 million in net income a year earlier and warned travel demand will likely remain depressed until
With the 2020 U.S. presidential election looming, crypto exchange Poloniex has added a way to bet on the outcome. “TRUMPWIN and TRUMPLOSE are the first new assets to join our Innovation Zone today,” Poloniex said in a recent statement. Assets valued according to election results The Poloniex listing comes several months prior to the November
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USD/CAD pair is posting modest daily gains on Friday. US Dollar Index continues to push lower below 95.00 ahead of US data. Crude oil rebounds modestly following Thursday’s sharp drop. The USD/CAD pair dropped to its lowest level since June 10th at 1.3349 on Thursday but closed the day flat above 1.3400 as falling crude
US 5-year yields fall to a record low of 0.255% Meanwhile, 10-year yields are seen lower by 2 bps to 0.558% and that is weighing across yen pairs as the bond market is looking to make waves towards the end of the week. As warned earlier, this is one spot to watch ahead of the