Weekly Market Updates

The Federal Reserve Board Meeting of the monetary policy committee for the month of July showed that some policy-makers who have the right to vote believe that there is a need to raise interest rates in the United States soon.

The meeting showed that members of the Open Market Committee who are responsible for setting interest rates in general are optimistic about the economic prospects in the country and the labor market.
The Fed has announced that it will launch a Facebook page in an attempt to communicate directly with the public.

• European stock markets fell in early trading on Friday, heading Stoxx 50 Index to the biggest weekly losses incurred since July, with the decline of all major sectors. Stoxx 600 Index fell 0.2 percent from its highest level in seven weeks recorded earlier this week.
• Japanese Shares closed higher at the end of Friday’s trading. Nikkei increased 0.4 percent and closed at 16,545.82 points, Topix index rose 0.4 percent up to 1295.67 points.
• Australian Shares closed higher at the end of Friday’s trading. ASX 200 closed higher at 0.31%.

Crude oil prices rose above $ 51 a barrel on Friday to reach the highest level in eight weeks and tend to rise for the seventh straight session amid hopes that the producers agree on measures to support prices.

Nigerian Oil Minister Emmanuel Ebi Katcheko said on Thursday that it is unlikely to reduce the production of the Organization of Petroleum Exporting Countries (OPEC) but there are hopes that contribute producers meeting in Algeria next month to support crude prices.

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