News affecting your trades: Chinese media, PayPal, and more

 News affecting your trades: Chinese media, PayPal, and more

News affecting your trades

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US designates Chinese media companies as foreign missions

Six media companies based in China will be designated as foreign missions, Mike Pompeo, Secretary of State, announced. The claim Pompeo made during the announcement was that these six companies are either substantially owned or actively controlled by a foreign government.

Precious metals show a further increase while silver jumps more than 2%

Previous metal price movements have moved into the green territory following investments into safe-haven assets, as coronavirus infections steadily increase around the world. In addition to this, the US dollar index saw a decrease as negotiations in the fourth coronavirus relief bill indicate it may bear fruit.

US oil stockpiles see a substantial decline of one million barrels

There was a substantial slip in crude oil inventories to 488,1 mill barrels after stockpiles dropped by 3,8 mill barrels the week prior to October 16. Refineries operated at 72,9% of their total capacity, while crude oil inputs in the US averaged around 13 mill barrels during last week, which saw a 0,6 mill decrease in barrels per day.

PayPal Holdings Inc joins the cryptocurrency market, Bitcoin up 5%

The price on Bitcoin has soared to more than $12 500 due to PayPal’s acceptance of the cryptocurrency, by allowing customers to trade cryptocurrencies using their PayPal wallets.

US dollar sees a dip as hopes for the stimulus bill continue to grow

The US dollar saw a dip against other major world currencies, as both the White House and the Democrats draw closer to a deal regarding the fourth coronavirus aid bill for the country. Both sides are currently working towards coming to some form of agreement within the next 48 hours.

Chris Louw

Featured Financial Writer for SA Shares - Read more about Chris's Bio -

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