Weekly News Summary for October 2-8, 2020

Friday, Oct. 2, 2020: European Recovery Runs Out of Steam

Consumer price inflation fell to a four-year low in the European Union in September, marking its first time experiencing falls two months in a row.

The figure had fallen to minus 0.2 percent in August, then to minus 0.3 percent in September.

Monday, Oct. 5, 2020: Regeneron Pharma Stock Surges Over Test Trials

American biotechnology company Regeneron Pharmaceuticals shined bright in the stock market after giving its trial coronavirus vaccine to US President Donald Trump.

The drug-making company’s stock surged by more than 25 points on Monday as investors became more optimistic over its vaccine development progress.

Tuesday, Oct. 6, 2020: Oil Prices Fell After Trump Halts Stimuli Talks

US President Trump dashed hopes for another stimulus package prepared to soothe the economy from another coronavirus slump, plummeting demand for oil across the board.

The move drove the market towards safer investments, shown by the increase in oil inventories in the most recent week, Brent crude futures upped 1.6%, and WTI crude fell 1.8%.

Wednesday, Oct. 7, 2020: Bitcoin Might Reach $14,000 by December

Analysts claim that Bitcoin, the top cryptocurrency in the market, will lift its prices up to $14,000 in 2020 and $100,000 in 2025 driven by institutional investors and the rising demand for digital safe havens in the market.

Bitcoin traded as high as $10,632 throughout the day and managed to keep support levels above $10,500.

Thursday, Oct. 8, 2020: Global Markets Surge Over a New Wave of Stimuli

Riskier markets reached one-month highs thanks to improving hopes that he House of Representatives will implement fiscal stimuli in the US over rising coronavirus cases across the country.

Gold was left nearly 25% higher for the year, oil rose above $42, while MSCI Emerging Market currency index saw a month-high over rising risk appetite.