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Gold and oil are retreating

Gold and oil are retreating.. Some markets are closed due to Easter

Gold and oil are retreating… Some markets are closed due to Easter

Gold and oil are retreating: While many markets all over the world are on holiday due to Easter,
both oil and gold declined, as the first was affected by strict restrictions in Europe,
while the last one was also affected due to signs of recovering the US economy.
Evest is following up all developments in the economic arena and it moves them to you in a simple and short form.

Oil retreats at the beginning of trading days

Today, oil prices declined, after a long weekend, as on Friday markets were closed due to Easter.
In London futures Exchange, the cost of oil futures for June delivery was $ 64.24 a barrel.
This is $ 0.62 (0.96%) lower than the price of the previous session.
According to Thursday’s trading results, these contracts rose by $ 2.12 (3.4%) and reached $ 64.86 a barrel.
In May, the price of West Texas Intermediate oil futures in e-commerce for commodity exchange in New York Nymex recorded $ 60.92 a barrel.
This is $ 0.53 (0.86%)below the level of closing of the previous session on Thursday.
The cost of these contracts rose by $ 2.29 (3.9%) to record $ 61.45 a barrel.
Last week, OPEC + countries had agreed to increase oil production by 350,000 barrels a day in May and so in June,
and another 440,000 in July.
In general, from May to July, OPEC + planned to reach production levels which were planned to from January.

Saudi Arabia

Saudi Arabia will return to the market, 1 million barrels of its oil, which it had voluntarily reduced.
While OPEC + countries agreed to a three-month oil production schedule,
they left the possibility of reducing production if necessary.
Decisions of OPEC + were recognized by the market as a signal of growing optimism regarding prospects of restoring the global economy.
Traders had positively analyzed this matter, taking progress made in vaccination programs in leading countries,
into account, as investors expect restoring the global economy in the second quarter,
in addition to increasing demand for oil and its products.
That is why the price had sharply increased after the fall.
At the same time, the spread of the third wave of the Covid-19 epidemic in Europe,
particularly major European countries raise new fears about prospects for a recovery in demand.
Decline in oil prices after figures show that new restrictions in European countries
and the slow pace of vaccinations will have a significant impact.
France panned hiking in more than 19 regions and cities throughout the country for four weeks.
This panned hiking will continue during the period between 19:00 and 06:00.
On other hand, Italy has reached the red zone, as strict measures are applied throughout the country.

Gold is retreating

Today, gold declined, assigns and the signals of recovering the US economy, have affected trading.
This effect has happened after publishing data on better-than-expected jobs.
American employers added more jobs in March, as major vaccination campaigns there,
along with fewer restrictions on business, helped to reduce unemployment,
as jobs increased by about 916000 during last month.
Meanwhile, traders are also watching progress in the debate on the $ 2.25 trillion infrastructure proposal,
as Republicans expressed their support for a limited plan.
Gold recorded its first quarterly decline since 2018, as it was affected by the rising of bond yields and major optimism eliminating epidemic soon thanks to vaccines, as investors’ morale for precious metal decreased.
Nikkei continues to trade above 30,000 points
Japanese stock market rose, at a time when Chinese and Australian stock exchanges are closed.

Tokyo Stock Exchange’s main index

Tokyo Stock Exchange’s main index, Nikkei rose by 0.79% on Monday,
after forecasts of economic recovery were boosted by better-than-expected US employment data for March.
916,000 jobs were added in March in the United States of America, while unemployment decreased by 6.0%.
Nikkei index, which includes a group of Japan’s 225 largest companies, rose by 235.25 points to reach 30089.25 points.
Of 225 largest companies listed within Japan’s Nikkei index, up to 57 suffered losses, while 155 were able to record profits.
Broader Topix index, which includes first-division companies, rose by 0.6%, or 11.92 points to record 1983.54 points.
Parquetto Tokiota opened at a height and maintained this throughout the cycle, following US employment data in March, which exceeded expectations, making traders expect a global economic recovery.

Japanese Nikkei index

Japanese Nikkei index exceeded the psychological barrier of 30,000 points 2 weeks ago,
although local analysts estimate that continuity of this motivation will depend on national corporate financial reports,
prepared to present results of the Japanese fiscal year, which ended last March.
On other hand, Naviera Mitsui OSK lines recorded the biggest progress today,
among companies listed on the Nikkei index, rising by 5.7%.
This was followed by the carriers, such as Nippon Yusen and Kawasaki Kisen Kaisha,
which were recently reassessed, rising by 5.66% and 4.86%.
Financial group, Nomura rose by 4.29%, to restore rising again after last week,
as losses accumulated by 25.95%, after information of international losses amounting to millions of dollars
associated with transactions in the United States of America.
Chinese and Hong Kong Stock Exchanges have been closed.
Today, European stock markets will not open, but Wall Street will open its doors again.
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