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Amazon stock rises after huge Cyber Monday sales

Economies.com
2020-12-01 17:01PM UTC

Shares of the online mega store "Amazon" rose on Tuesday, lifted by huge sales in yesterday's shopping season Cyber Monday.

 

Amazon revealed that sales by the companies working through its platform surged 60%during the period from last Friday (Black Friday) until yesterday (Cyber Monday).

 

The total electronic sales via Amazon platforms rose to $4.8 billion, with 70,000 small and medium-sized companies reporting strong sales.

 

Amazon confirmed that the season between Friday and Monday saw record sales, the largest ever, due to the coronavirus pandemic that forced many to shop online.

 

Bearing in mind that Amazon is one the few global companies that have benefited from the coronavirus crisis this year.

 

As of 16:59 GMT, Amazon's stock (AMZN) rose 0.9% to $3,195.7, after it hit a day high of $3,198.3 and a low of $3,157.1.

Oil drops after OPEC-Plus fails to agree on delaying output hike

Economies.com
2020-12-01 17:55PM UTC

Oil prices fell on Tuesday, ahead of the US inventories data, weighed down by concerns about OPEC-Plus failure to reach an agreement on cutting output.

 

The American Petroleum Institute will release its preliminary data on US crude inventories later today, and the Energy Information Administration will release its official report on Wednesday.

 

Bloomberg reported that OPEC and its allies, known as OPEC-Plus coalition, failed to reach an agreement on delaying the planned hike in production, and decided to postpone their meeting to overcome the hurdles.

 

The dollar index fell against a basket of major currencies by 0.6% to 91.3 points as of 17:42 GMT, after hitting a high of 91.9 points and a low of 91.2 points.

 

As of 17:39 GMT, WTI crude January futures fell 1.4% to $44.7 a barrel, after hitting a high of $45.7 and a low of $44.1.

 

Brent January futures fell 0.8% to $47.4 a barrel, after hitting a high of $48.3 and a low of $46.8.

Dollar deepens losses after weak US data

Economies.com
2020-12-01 19:14PM UTC

The US dollar fell against most currencies on Tuesday, after the release of weak economic data in the US.

 

The data showed that the US manufacturing PMI fell to 57.5 points in November from 59.3 points in October, missing analysts' forecasts of 57.9 points.

 

The administration of the outgoing US President Donald Trump announced that it would start distributing doses of two Covid-19 vaccines ahead of the Christmas holidays this month.

 

Moderna announced on Monday that its vaccine was 100% effective at preventing severe COVID-19 in the final analysis of the third and final stage of clinical trials, adding that it is also suitable for all age groups.

 

The dollar index fell against a basket of major currencies by 0.6% to 91.3 points as of 19:03 GMT, after hitting a high of 91.9 points and a low of 91.2 points.

Gold rebounds from 5-month low

Economies.com
2020-12-01 19:49PM UTC

Gold prices rose on Tuesday, as the US dollar fell against most currencies, after the release of weak economic data.

 

The data showed that the US manufacturing PMI fell to 57.5 points in November from 59.3 points in October, missing analysts' forecasts of 57.9 points.

 

The dollar index fell against a basket of major currencies by 0.6% to 91.3 points as of 19:30 GMT, after hitting a high of 91.9 points and a low of 91.2 points.

 

Markets are closely focusing the latest updates regarding the coronavirus crisis, keeping in mind that the Trump administration  intends to distribute two Covid-19 vaccines to US citizens later this month.

 

Gold February futures rose 2.1% or $38, and closed at $1818.90 an ounce, after hitting today's high at $1821.1, and the low at $1778.4.