Daily review

The price of crude oil declined sharply as investors reacted to the ongoing crisis in Asia. In a statement, Beijing said that it would bypass Hong Kong’s parliament and implement national security laws, which have long been resisted by activists.

The euro gained against key currencies as traders reacted to the latest manufacturing and services PMI. The data, compiled by Markit, showed that manufacturing PMI rose to 39.5 in May.

The British pound rose slightly as the market reacted to the latest inflation data from the UK. The numbers showed that the headline inflation rate dropped to the lowest level since 2016 in April.

The euro jumped today after Angela Merkel and Emmanuel Macron reached a funding deal for the region. The two leaders pledged to help mobilize more than $545 billion to help countries rebuild after the pandemic.

Crude oil price rallied today as the market reacted to positive news from the industry. On Friday, data from Baker Hughes showed that American producers slashed oil rigs to their lowest level since 2010.

Global stocks soared today as the market reacted to the mixed economic data from China. In a report earlier today, the country’s statistics office showed that industrial production rose by 3.9% in April.

The price of crude oil bounced back as the market reacted to the news on demand. In a statement, the International Energy Agency (IEA) said that a drop in demand will not be as severe as earlier anticipated.

The British pound jumped today after the ONS released better-than-expected economic data. The numbers showed that the UK economy contracted by 5.8% in March.

European stocks were trading slightly higher today, with a slowing in new coronavirus cases. The major indices inched higher, even as the shares of Europe’s two largest steel giants melted due to declining demand.

European stocks turned lower as concerns over a new wave of the coronavirus grew. In Germany, the DAX index declined by about 75 points while in France, the CAC index fell by 56 points.