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American stock markets fell today, as European stock indices witnessed a significant decline due to fears of a second wave of the Coronavirus pandemic. This potential return to crisis levels of infection could delay the global economic recovery that has been anticipated – or hoped for – in second half of the year.
Markets have been relatively calm today in the light of official holidays in a number of markets such as China, the United States and the United Kingdom. The main economic event today were the testimony of Mario Draghi, Governor of the European Central Bank
After the suffering of the US dollar over the past two weeks, can the US jobs report provide enough support for the dollar again? There will also be a number of important economic data during this week which will have an impact on the movements of the market, and now we will take a look at the figures for this week's awaited:
This week was full of important events and economic data, which affected the movements of the markets markedly throughout the trading days of the week. The beginning was with Donald Trump, the American president who made his first visit outside the United States since taking office last January. He went to Riyadh and made a deal to sell weapons to Saudi Arabia,
OPEC decided today to extend production cuts by an additional nine months until March of next year, as it tries to control the world supply following the collapse of oil prices and the decline in revenues over the past three years. The reduction is planned with 12 members from outside OPEC.
Moody's agency surprised the markets this morning after downgraded China rating to A1 from Aa3 and changing its outlook from negative to stable. Debt levels in the Chinese economy were expected to rise further in the coming years, and reforms are likely to slow growth, the agency said. The debt burden is estimated to rise toward 40% of GDP by 2018.
British Prime Minister Theresa May described Monday's explosion in Manchester city as "callous terrorist attack" that killed 22 people and injured 59 others in the city's hospitals. The ISIS has claimed responsibility but has not provided any evidence.
During the weekend, the most significant events were the first foreign visit of US President Donald Trump, which included Saudi Arabia, as the White House sought to shift focus away from domestic affairs from its dismissal to the director of the FBI and reports on his administration's ties with Russia.
The US Dollar suffered last week as a result of the political turmoil that overshadowed the US atmosphere from the dismissal of US Federal Bureau of Investigation manager to leak of confidential information from US President Donald Trump to the Russian Prime Minister. Besides a slowdown in some economic data.
This week, the market is looking at many events and economic data that will have an impact on market movements.
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