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US crude inventories jump 7.5 million barrels

Economies.com
2020-02-12 16:02PM UTC

The US Energy Information Administration (EIA) showed today that the US crude inventories rose by 7.5 million barrels to reach a total of 442.5 million barrels during past week, beating forecasts of 2.3 million.

 

The gasoline stockpiles fell 100 thousand barrels to a total of 261 million, and distillate stockpiles declined by 2 million barrels to a total of 141.2 million.

 

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories rose by 6 million barrels during same period.

Copper tilts higher amid sideways trading

Economies.com
2020-02-12 14:26PM UTC

Copper futures edged up today, but remained range bounded in sideways trading due to lingering uncertainty in markets over the coronavirus.

 

Fed Chair, Jerome Powell, during the semi-annual testimony before the House services committee, said that he sees the monetary policy and the current interest rate are appropriate for economic growth, and will push inflation toward the Fed's target of 2%. 

 

However, Powell warned of the potential risks and economic impact of the coronavirus outbreak on the global economy.

 

The Chinese government revealed that the coronavirus has claimed more than 1,000 victims and over 45,000 were infected.

 

Whilst, Chinese officials stated that the spread of the coronavirus started to show signs of slowdown, and expressed their expectations for the virus to be eliminated by April.

 

Copper March futures were higher by 0.6% to trade at $2.59 per pound as of 14:12 GMT, after hitting a day high of $2.61 and a low of $2.58.

US stocks open at new record highs

Economies.com
2020-02-12 15:04PM UTC

The main US stock indices rose at Tuesday's opening sessions, reaching their all-time highs, as anxiety over the coronavirus outbreak started to diminish.

 

Chinese government officials stated that the spread of the coronavirus started to show signs of slowdown, which indicates containing the virus outbreak very soon.

 

President Donald Trump expressed yesterday that he expects the virus to be eliminated by April as temperatures start to rise.

 

While Chinese President Xi Jinping’s told President Trump, that Beijing will commit to its pledges in the Phase-One trade agreement, however, US officials are doubtful about the China ability fulfil that due to the coronavirus impact.

 

As for stocks, Dow Jones was higher by 0.9% or 256 points to trade at 29,530 as of 15:02 GMT, Nasdaq added 0.5% or 51 points to 9,689, and S&P 500 added 0.4% or 14 points to 3,372.

Gold continues slide amid improved risk appetite

Economies.com
2020-02-12 11:24AM UTC

Gold prices fell during European trade on Wednesday, to deepen losses for the second day, amid an improved risk-appetite, in addition to a surge in most global stock markets, while the retreat in the US dollar is ebbing the yellow metal's losses.

 

Gold prices fell 0.4% to $1,561.96 an ounce, after opening at $1,567.54, and hitting an intraday high of $1,568.53.

 

The yellow metal lost 0.2% yesterday, to post its first daily loss in 5 days, on weak safe-haven demand. 

 

Most European and and Asian stock markets reached new records, and the US stock futures jumped near all-time highs, ahead of Wall Street opening.

 

The record-breaking rally of most global stock markets is due to improved risk appetite, after official data in China today revealed that the coronavirus number of infected cases is slowing down to the lowest since Jan. 30.

 

Chinese chief medical advisor stated that the virus outbreak would end by April, which eased concerns over the Chinese economy.

 

The dollar index fell 0.1% today, to extend losses for the second straight day, pulling back from its 4-month high of 98.95 points, reflecting a drop against other major currencies.

 

The US dollar fell under pressure of a slowdown in demand after Federal Reserve Chairman Jerome Powell warned of the potential impact of the coronavirus outbreak on economic growth.

 

Gold stocks at the SPDR ETF rose by 6.15 metric tonnes yesterday, with the total at the highest level since Oct. 18 of 922.23 metric tonnes.