Global recovery slows in November, but optimism for the year ahead surges higher
The global economic recovery hit a speed bump in November, as rising COVID-19 infections led to a renewed slowing of business activity. The JPMorgan Global PMI™ (compiled by IHS Markit) edged down from 53.3 in October, its highest since August 2018, to 53.1. While the PMI has now indicated expanding Continue Reading
Commodities Week Ahead: Gold Cautious Pre-Fed; Oil Charges On, Ignoring Risks
Will gold, like a phoenix, rise from the ashes of below mid-$1800 pricing, to reclaim its berth in $1,900 territory this week? Despite a Federal Reserve meeting on Wednesday that could spell out more asset purchases that would technically fuel inflation and be friendly to gold, buyer beware seems to be the Continue Reading
Fiat CEO Manley in pole position for top job at Ferrari
MILAN, Dec 12 (Reuters) – Fiat Chrysler FCA Chief Executive Mike Manley is in pole position to take over the top job at Ferrari RACE, Italian daily Il Messaggero said on Saturday in an unsourced report. Ferrari and Fiat declined to comment. Louis Camilleri retired with immediate effect as CEO of Ferrari late Continue Reading
Bitcoin Signaling Downturn, Why BTC Could Trade To New Monthly Low
Bitcoin price is showing bearish signs below $18,050 against the US Dollar. BTC is now likely to continue lower and it could even trade below $17,500 Bitcoin is showing a few bearish signs below the $18,200 and $18,500 resistance levels. The price is now trading well below the $18,500 level Continue Reading
UK Extends Ban On Evicting Pandemic-Hit Businesses Until March 2021
The UK government on Wednesday extended the ban on evicting business owners affected by the COVID-19 pandemic until March 31, 2020, according to a same-day release. The three-month extension allows for landlords and tenants to come to an agreement on unpaid rent. The government will also review the commercial landlord Continue Reading
UK grocery sales hit record 10.9 billion pounds in November
England’s second lockdown to stem rising COVID-19 infections started on Nov. 5 and ran until Dec. 1. All non-essential shops had to close, along with pubs, cafes and restaurants, except to offer takeaway food. People were also encouraged to work from home if possible. All those factors boosted supermarket sales. Continue Reading
Saudis Raise Crude Price to Asia as Vaccines Buoy Oil Market
(Bloomberg) — Saudi Arabia raised oil pricing for customers in its main market of Asia after optimism over coronavirus vaccines caused crude prices to climb to an nine-month high last week. The increase, the biggest in five months, indicates the world’s largest oil exporter is confident global energy demand is strong Continue Reading
UK House Prices Jump 7.6% In November, Says Halifax
UK house prices saw the biggest annual rise in more than four years at 7.6% in November from 7.5% in October, figures released by Halifax showed Monday. On a monthly basis, house prices rose by 1.2% in November, the report added.
UK car sales drop by more than a quarter amid lockdown
LONDON, Dec 4 (Reuters) – British new car registrations slumped by an annual 27.4% in November, according to industry data released on Friday, as England spent most of the month in a second national lockdown, shutting showrooms. “With a vaccine now approved, the business and consumer confidence on which this Continue Reading
Deutsche Bank the latest to forecast more misery for the dollar next year
Deutsche releases its latest forecast for the euro and pound expecting EUR/USD at 1.3000 and GBP/USD at 1.4600 respectively by the end of next year.There’s not much other details but I reckon it is a fair assumption that they are betting on dollar weakness being a key theme driving the Continue Reading