News

Latest data released by Markit/CIPS – 5 July 2021 Composite PMI 62.2 vs 61.7 prelim The preliminary report can be found here. Although a little lower compared to May, UK economic conditions are still reaffirming a strong recovery with business activity near the 24-year high in May. The downside is that cost inflation hit a

OPEC+ ministers resume talks on Monday after failing to reach a deal on oil output policy in two days of talks last week amid a rare public standoff between Gulf allies Saudi Arabia and the United Arab Emirates. The spat erupted at a sensitive time for the oil market and could delay plans to pump

Important decisions will be made at this week’s RBA meeting. All monetary policy measures would remain unchanged. Yet, as indicated in June, policymakers would discuss on the format of QE purchases after completion of the current tranche in September, and the maturity of bonds in yield curve control. While the overall tone of the meeting

A Vitol executive speaking over the weekend, said that the 400K barrel per month (through to the end of this year) increase in supply being proposed by OPEC+ is insufficient to hold prices from rising. “There is very little doubt, that whatever OPEC agrees by way of lessening of the cutbacks it will surely ….

Petrol neared Rs 100 mark in the national capital as prices were hiked by 35 paise on Sunday. Oil Marketing Companies hiked prices on Sunday after keeping them unchanged for a day. Petrol is selling at Rs 99.51 per litre in Delhi while diesel is priced at Rs 89.36. In the other key cities too

The oil talks on Thursday (1 July) were delayed until Friday and after no agreement was finalised they’ll continue on Monday.  The United Arab Emirates blocked a final deal, long story short is the country wants a greater share of output. Negotiations were centring on 400,000K barrels of increased production in August, and then the

Sales volume of real-time power market (RTM), which allows consumers to buy power just one hour before delivery, jumped over three-fold to 1,726 million units in June compared to the year-ago month at (IEX). The RTM was launched last year on June 1, and had witnessed sales of 515 MU in the first month of

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -4.58 mmb to 1278.28 mmb in the week ended June 25. Crude oil inventory slumped -6.72 mmb (consensus: -4.69 mmb) to 452.34 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 3 (Gulf

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do

The Bureau of Indian Standards (BIS) website and FAQs do not capture many key points on hallmarking, discussed between the gems and jewellery industry and the government, causing confusion and disruption amongst jewellers, All India Gem and Jewellery Domestic Council (GJC) said on Saturday. In this regard, the industry body has written to Union Minister

Dollar ended as the strongest one last week but Friday’s steel fall after solid non-farm payroll job reports suggests that it’s rally is already losing steam. It’s still a bit early to call a bearish reversal for the greenback. Yet, strong risk-on sentiments could cap Dollar’s upside attempts ahead, and even trigger a deeper pull

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do

LONDON/DUBAI/MOSCOW: OPEC+ will resume talks on Monday after failing to reach a deal on oil output policy for a second day running on Friday because the United Arab Emirates blocked some aspects of the pact. The standoff could delay plans to pump more oil through to the end of the year to cool oil prices

After delaying the meeting to discuss output quota for a day, the OPEC+ still fails to reach a deal regarding production increase for the coming months. News headlines suggest that the increase could eventually be below market expectations. Crude oil prices jumped with the front-month WTI contract rose to near 3-year high of US$76.22/ bbl

Forex news for North American trading on July 2, 2020 In other markets as the week comes to a close shows: Spot gold is trading up $10.69 or +0.6% at $1787.29. Spot silver is up $0.44 or 1.69% $26.45 WTI crude oil futures are trading down nine cents or -0.11% at $75.15 Bitcoin is trading down $293

Gold rose on Friday, climbing further up from a two-month trough hit during the week, as the dollar weakened and investors weighed prospects for U.S. Federal Reserve tightening after a strong U.S. jobs report that nevertheless showed a slight uptick in the unemployment rate. Spot gold rose 0.3% to $1,781.77 per ounce by 12:48 pm

Dollar struggles to ride on stronger than expected non-farm payroll growth, and it’s indeed retreating notably in early US session. Stocks are also not too enthusiastic so far, with DOW futures up only around 0.2% at the time of writing. Still, the greenback is more likely to finish as the strongest one for the week,