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  1. #71
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    November 2. Oil prices fall amid new quarantine measures in Europe

    World oil prices fell to $36 a barrel Monday morning on concerns over demand following the announcement of new quarantine restrictions in Europe. However, during the day the asset managed to recover, the current Brent quotation is $37.50.

    Experts note that the deterioration of the situation with the coronavirus is forcing the authorities of European countries to take additional quarantine measures, which negatively affects expectations for economic recovery and oil demand.

    British Prime Minister Boris Johnson announced on October 31 stricter quarantine measures from November 5 to December 2. In the region, measures are being introduced that are actually similar to the spring lockdown. Austrian Chancellor Sebastian Kurz on Saturday also announced the start of the second lockdown from November 3. Germany from Monday to the end of November switches to the «soft» lockdown for the second time since the beginning of the pandemic.

    At the end of October, another government decree came into force in Italy, providing for new measures to combat coronavirus. In France, President Emmanuel Macron announced the introduction of a nationwide quarantine from October 30.

    Analysts note that the quarantine measures announced in the UK and Italy only exacerbate the negative situation in Europe.
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  2. #72
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    November 3. Expert: OPEC+ countries should postpone the softening of the deal from January of the new year

    Anne-Louise Hittle, vice president of consulting firm Wood Mackenzie, said at the International Exchange Forum that in order to maintain a stable market situation, OPEC+ countries should extend their current oil production cuts. Previously, the organization intended to soften the terms of the deal from January 2021, implying an increase in production by almost 2 million barrels per day.

    The expert stressed that from the point of view of balancing the market in the interests of the producing countries, it is not worth lifting the restrictions in January, although such plans were fixed in the April agreements. Hittle also noted that if restrictions on oil production are lifted from January 1, a very rapid overstocking of the market will occur in the first quarter of the year.

    On November 17, the next meeting of the leaders of the OPEC+ countries will take place, at which the organization will have to make the correct decision that meets the current conditions.

    Recall that the new OPEC+ agreements started in May with a reduction in oil production by 9.7 million barrels per day for three months. Since August, the alliance has continued to reduce production, but in a smaller volume – by 7.7 million barrels per day for the period until the end of the year, and then – by 5.8 million until the end of April 2022.
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  3. #73
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    November 5. Bank of England expands government bond buyback program to £ 875bn

    Today a meeting of the Bank of England was held, following which the regulator kept the base interest rate at 0.1%. It was also decided to increase the volume of the government bond buyback program from 745 billion pounds to 875 billion pounds.

    This decision was supported by all members of the Monetary Policy Committee (MPC). At the same time, the increase in the volume of purchases turned out to be even higher than the forecasts of analysts, who had expected its growth to 825 billion pounds.

    The Bank of England also released an updated quarterly forecast, according to which the UK economy by the end of the year will fall by 11%, rather than 9.5%, as suggested by the August forecast. The regulator stressed that the development of the situation with the coronavirus in the country will affect spending in the short term more than predicted.

    Household spending and GDP will start to grow in the first quarter of 2021 amid easing quarantine measures, the Bank of England predicts. At the same time, in January-March of next year, economic activity will be significantly lower compared to the fourth quarter of 2019. Also, the Central Bank expects British GDP growth in 2021 by 7.25% instead of 9% and by 6.25% in 2022 instead of 3.5%.
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  4. #74
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    A broker is an important element in forex trading. Without broker a trader cannot trade in forex market. It is the main duty as a trader is to choose a good broker or him. There are a lot of fake or scam brokers in the market. So, it is really difficult to choose the best one from all of the brokers in forex market. I had faced same problem while i was choosing a broker for me to trade.
    At last I found TP Global FX. They are really great in all sectors. They give low spreads start from 0.01 pips. They also give maximum leverage of 1:500. They also provide 24X5 customer service to their account holder. They also have diverse tradable instrument. There are 56 pairs of FX in their site. So, overall it is the best broker for me. I am still trading with them.

  5. #75
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    November 9. OPEC+ deal parameters may be changed more than expected

    The head of the Ministry of Energy of Saudi Arabia, Prince Abdel Aziz bin Salman, at the oil industry conference ADIPEC-2020, said that OPEC+ could adjust the parameters of the deal to reduce oil production even more significantly than analysts believe.

    The politician stressed that in conditions of weak demand for oil, the organization can not only keep the production cut at 7.7 million barrels per day (or more), but also extend the deal until the end of 2022.

    Recall that the new OPEC+ agreements started in May with a reduction in oil production by 9.7 million barrels per day for three months. Since August, the alliance has continued to reduce production, but to a lesser extent – by 7.7 million barrels per day for the period until the end of the year. Further, it is expected to decrease by 5.8 million barrels per day until the end of April 2022.
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  6. #76
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    November 11. OPEC downgrades forecast for fall in global oil demand in 2020

    The Organization of the Petroleum Exporting Countries (OPEC) has once again lowered its forecast for global oil demand in 2020. Now experts are expecting its reduction by 9.75 million barrels per day to last year's level – up to 90.01 million barrels per day. The previous forecast assumed a decrease in demand in 2020 by 9.47 million barrels per day – to 90.29 million barrels per day.

    The outlook was lowered amid rising incidence of Covid-19 in the US and Europe, leading to new restrictive measures.

    The forecast for 2021 assumes that demand will grow by 6.25 million barrels per day – up to 96.26 million barrels. Previously, the organization was expecting an increase in demand next year by 6.54 million barrels per day – up to 96.84 million barrels.

    OPEC did not provide a forecast for its own oil production in 2020, but noted that in October, production of 13 cartel member countries increased by 0.32 million barrels per day compared to September – to 24.39 million barrels per day. Most of the growth was in Libya, Iraq and Nigeria.
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  7. #77
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    November 12. The number of applications for unemployment benefits in the United States fell

    According to the US Department of Labor, the number of Americans who filed initial applications for state unemployment benefits last week fell more than expected to 709 thousand. At the same time, the figure remains at a level that raises concerns about a slowdown in the labor market recovery by background of the resumption of coronavirus diseases.

    Analysts had expected the number of applications to drop to 735,000. The previous figures were revised to 757 thousand. The number of secondary applications fell to 6.786 million, which is also slightly below the forecast.

    Experts note that the number of initial filings is still close to the lowest level since late March, when the first wave of layoffs related to the epidemic hit the US economy. At the same time, the indicator still exceeds the level of applications before the start of the pandemic by more than three times.

    The total number of Americans receiving unemployment benefits in the United States for the week ended October 31 fell by 436 thousand from the revised figure of the previous week to 6.786 million.
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  8. #78
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    November 16. Asia created the world's largest trading block

    Fifteen countries in the Asia-Pacific region on Sunday formed the world's largest free trade bloc without the participation of the United States, but with the support of China. The new alliance was named the Regional Comprehensive Economic Partnership (RCEP).

    It is noted that the countries of the new trading bloc account for 30% of world GDP and almost a third of the world's population, and their total market is 2.2 billion consumers. The RWEP brought together the 10-member Association of Southeast Asian Nations (ASEAN), as well as China, Japan, South Korea, Australia and New Zealand.

    The RWEP could strengthen China's position in relations with Southeast Asia, Japan and Korea, as well as provide the world's second largest economy with leverage to shape the rules of trade in the region. In addition, the new partnership will help China reduce its reliance on foreign markets and technology, which is growing due to deteriorating relations with the United States.
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  9. #79
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    November 18. Gold prices drop on news of coronavirus vaccine

    Gold price is recovering weakly after a daily decline to $1,866.10 per troy ounce. The current gold quote is $1.883.05.

    The pressure on the precious metal is exerted by the news around the coronavirus vaccine. Investors give preference to the acquisition of risky assets, which has a negative impact on the value of gold as a «safe haven asset». Market participants look forward to a return to normal life in the near future and expect further easing of monetary policy in many countries.

    It was announced today that the Pfizer and BioNTech vaccine has achieved a final 95% efficacy, and Pfizer will submit it for regulatory approval in the United States in the coming days.

    At the same time, the American company Moderna said that the results of the third phase of trials of the coronavirus vaccine showed its effectiveness at 94.5%.
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  10. #80
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    November 23. Experts predict Europe «long years of pain»

    Analyzing the current state of affairs in Europe, experts note that the growth of corporate debts risks turning the region into long «years of pandemic pain».

    Analysts are confident that after the crisis support from the state ends, there will be a risk of a wave of defaults and bankruptcies, which will hit the banking sector and further exacerbate the economic downturn.

    Debt burden can hinder investment and job creation for years to come. In the first half of this year, eurozone companies borrowed more than 400 billion euros, compared with 289 billion euros for the whole of 2019.

    The European Commission has warned that debt servicing could be challenging, especially in the sectors hardest hit by the coronavirus pandemic. Experts note that paying off the debt accumulated during the pandemic is the second largest problem for business.
    Regards, ForexMart PR Manager

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