00:15 AM ET, New York: Here’s a roundup of the important market news from the weekend.
OPEC deal hints at output bump, oil prices slide
Over the weekend, Brent crude prices fell at least 1.5% with traders expecting output to climb – something that was discussed in the Vienna HQ of the Organization of the Petroleum Exporting Countries (OPEC) last Friday.
The international benchmark, Brent crude futures, fell to about $74.2 a barrel at 03:45 GMT (Monday morning in the time zone), 1.8% lower than the previous close. WTI crude (US West Texas Intermediate) futures slipped 0.3% to $68.4 per barrel with falling US drilling activity.
Gold gets dearer as US-EU tensions gain momentum
The Euro is keeping Dollar at bay, as the US currency finds it harder to hit its 11-month high. The trade tensions between the Union and the US further lifted bullion rates, as spot gold inched 0.3% higher to about $1,271.8 per ounce as of 00:59 GMT (Monday morning in the time zone.)
US President Donald Trump imposed a 20% tariff on all US imports of cars assembled in the EU. As the rest of the world waits for the response from the European Union, dollar-denominated gold saw lower prices than its international counterparts.
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard