Main Market Trends on September 23
The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!
Friday’s news digest
Let’s see what drives the market on April 24.
US coronavirus aid package
There are good and bad news from the US. The bad one is that 4,427,000 Americans lost jobs. In total nearly 26 million people were fired because of the coronavirus. The good one is the 484-billion-dollar aid package was sent to those, who are struggling the most, small businesses and hospitals. It was the fourth relief package during the coronavirus crisis, their total sum passed 3 trillion dollars.
Oil climbed a little after dramatic fall
The WTI oil price rebounded to its previous level near $16 per barrel after its historic drop below zero. However, it will be a long way up to the pre-crisis price with the present massive glut and no visible rise in the demand side.
Stocks drop
European stocks slumped as the region’s leaders couldn’t come to the same opinion about how to mitigate the coronavirus impact in the long-term. Also, we have seen a slowdown in a global stock rally. It’s happened because the sentiment on the market is really negative these days. One of the reasons was that Gilead Sciences Inc.’s antiviral drug failed it first randomized clinical trial. As a result, all the hopes and dreams for the recovery disappeared.
UK retail sales drop
The monthly UK retail sales dropped dramatically by 5.1%. It was the largest fall over 30 years since records began. Most analysts anticipate the indicator to decline further in April by 20-30%. GBP is under the huge pressure now.
German Ifo Business Climate Index slump
The Ifo Business Climate indicator for Germany declined to 74.3 below expectations of 80. It is the historic low. The coronavirus spares no one, it stroke even the most sustainable and reliable German economy. EUR shouldn’t fall significantly but the short contraction could be.
Similar
German Ifo Business Climate
Germany, the leading economy in the Euro Zone, will reveal one of the key economic indicators – German Ifo Business Climate on September 24 at 11:00 MT time.
Big Event for GBP: Bank of England’s Statement
The Bank of England will hold a meeting on Thursday at 14:00 MT time (GMT+3).
Latest news
Oil Reached 2018 Highs, German Elections Affect Euro
Commodities (iron ore, oil) and commodity-linked currencies (AUD, CAD) surged. West Texas Intermediate has reached $75 a barrel, while Brent rose to the highest mark since October 2018.
What Will Move the Market on September 27 – October 1?
Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…
Turkey has Decreased Interest Rates, But is it a Buy?
Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.
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