Reported 5 months ago
Oil prices dropped as the Federal Reserve's hawkish stance on interest rates led to a selloff in equities, with West Texas Intermediate falling by 1.4% to settle below $78. Despite earlier losses, oil recovered slightly due to rising gasoline demand and lower-than-expected US crude inventories. However, concerns over rising stockpiles and weak physical market indicators continue to weigh on prices, which have remained within a narrow range this month. Global benchmark Brent, up 6% this year, faces supply cuts and geopolitical risks, but prices have cooled since mid-April.
Source: YAHOO
Reported 5 months ago
French President Emmanuel Macron expressed support for companies that have faith in France, urging oil major TotalEnergies to remain in the country amid discussions of a potential U.S. listing. Macron emphasized the significance of TotalEnergies to France's influence and the blow a change in listing would pose to Paris's international trading reputation. TotalEnergies' CEO has mentioned the possibility of a primary listing in New York to attract U.S. investors, but assured that the company would maintain its French listing. Macron highlighted that it is in TotalEnergies' best interest to stay in France.
Source: YAHOO
Reported 5 months ago
Mid-tier IT firms in India's tech sector have gained market share from larger industry players like Tata Consultancy Services and Infosys by focusing on short-term cost-cutting deals for clients amidst economic uncertainties and slowing demand in key markets like North America and Europe. Companies like LTI, Mindtree, Coforge, Mphasis, and Persistent Systems are being seen as challengers in winning Fortune 500 accounts, with analysts predicting that they could outperform larger rivals once discretionary spending improves. Despite the top five IT firms in India still owning a significant market share, the stock prices of mid-tier firms like Mphasis and Persistent Systems have shown strong gains compared to the broader Nifty IT Index.
Source: YAHOO
Reported 5 months ago
China's main stock exchanges have cracked down on speculation involving the trading of shares of two firms, Nanjing Chemical Fibre Co. and Zhongtong Bus Co., suspending relevant accounts for 15 days for spreading fabricated information that led to wild price swings. Regulators are tightening measures against stock manipulation following viral stock calls, with concerns about the market's rebound amid China's growth outlook. The exchanges are investigating whether these events were coincidences or cases of market manipulation, emphasizing the need for punishment if manipulation is found.
Source: YAHOO
Reported 5 months ago
UK inflation fell to 2.3% in April, nearing the Bank of England's target of 2%, driven by lower energy costs. While the drop from 3.2% in March was greater than expected, economists are cautious about a potential interest rate cut in June due to lingering price pressures, especially in core inflation and the service sector. Financial markets have revised their expectations for a rate cut in August, with services inflation showing more resistance than anticipated. Despite the decline in inflation, policymakers are hesitant to commit to an early rate cut due to strong economic growth and elevated wage growth.
Source: YAHOO
Reported 5 months ago
Xpeng's shares surged over 10% as a result of increased revenue from research and development services provided to Volkswagen, leading to a doubling of service income in the first quarter. The company's gross margin also saw significant growth due to these services, and Xpeng expressed optimism about advancing its self-driving technology to level four by next year. Additionally, Xpeng expects second-quarter deliveries to increase and plans to launch a mass-market EV with level-two autonomous driving capabilities priced under 200,000 yuan.
Source: YAHOO
Reported 5 months ago
American Idol alum Haven Madison recently graduated high school and released her debut EP, "Turn Off All the Lights," showcasing a mix of emotional songs. With a move to Nashville and a successful start in the music industry, Madison is gaining attention for her unique musical style and ability to hit impressive notes effortlessly. She has a close bond with her brother, whom she collaborated with on a song about his battle with depression, and the two share a special connection through music.
Source: YAHOO
Reported 5 months ago
Japan's 10-year sovereign bond yield has reached 1% for the first time since the Bank of Japan implemented stimulus measures in 2013, sparking discussions on potential monetary policy adjustments. Analysts predict further increases in yields for 20- and 30-year bonds due to persisting inflation levels above the central bank's target, with projections of the 10-year yield potentially rising to 1.2% in the coming weeks. Speculation suggests the Bank of Japan may raise rates to prevent yen depreciation, while the upcoming policy meeting in June will likely address inflation outlook.
Source: YAHOO
Reported 5 months ago
Stronger-than-expected UK inflation data has led traders to reduce bets on interest rate cuts, diminishing Prime Minister Rishi Sunak's hopes for a June rate cut. The Consumer Prices Index rose 2.3% in April, higher than the forecasted 2.1%, putting the Bank of England's 2% inflation target within reach. As a result, the chance of a June rate cut has decreased, with traders now looking towards November for a potential move by the central bank. The data has sparked political narratives as both the Conservatives and Labour Party aim to address economic concerns ahead of an expected election.
Source: YAHOO
Reported 5 months ago
US equity futures are steady as investors await Nvidia Corp.'s pivotal earnings, with the Nasdaq 100 flat and the S&P 500 slightly lower. Nvidia's results, anticipated to show a 243% increase in revenue, could influence further market gains after the stock hit record highs. Concerns about high inflation impacting central bank policies are also prevalent, highlighted by UK data showing slower-than-expected inflation and the Reserve Bank of New Zealand keeping rates unchanged. European markets are monitoring a potential takeover bid by BHP Group Ltd. for Anglo American Plc, while US stock movers include Target Corp., Lululemon Athletica Inc., and Tesla Inc. amid various announcements.
Source: YAHOO
Reported 5 months ago
Barclays Plc and other Wall Street firms are considering requiring some employees to commute to company offices five days a week, following regulatory adjustments for supervising remote work by the Financial Industry Regulatory Authority. While some managers have started warning staff to prepare for daily commutes due to advanced discussions, not all firms may choose to enforce this stricter in-person mandate. The new rules from Finra will require brokerages to list home offices in regulatory records and set up regimes for periodic workplace inspections, potentially impacting work-from-home protocols. Executives at Deutsche Bank AG believe they can comply with these requirements without significant impact on their remote work policies. Truist Financial Corp. has already announced a five-day office policy for some Wall Street staff, reflecting a trend among financial firms tightening remote work rules despite the majority still allowing partial remote work.
Source: YAHOO
Reported 5 months ago
The article discusses the bearish outlook on Tesla (NASDAQ:TSLA) stock due to declining vehicle sales, falling margins, and high valuation, with a focus on Elon Musk's announcement regarding the unveiling of a Robotaxi on August 8. Despite challenges faced by Tesla in Q1, including negative cash flow and underperformance, the potential of AI technology, particularly in the autonomous vehicle segment, could impact the stock's performance. Analysts view Tesla as a Hold with a target price of $174.60, suggesting a 6.4% downside potential. The article concludes that while Robotaxi and autonomous vehicles offer significant potential, the current valuation of Tesla at 70x forward earnings makes it a risky investment.
Source: YAHOO
Reported 5 months ago
Saudi fintech company Rasan Information Technology Co. conducted an IPO priced at 37 riyals a share, raising 841 million riyals, with orders reaching a staggering 108.6 billion riyals ($29 billion). The IPO was 129.1 times oversubscribed, reflecting strong investor demand for share sales in Saudi Arabia. This IPO is part of a trend of diverse companies listing on the Riyadh bourse, with recent offerings drawing significant investor interest, such as Saudi Manpower Solutions Co. and a hospital group. Rasan, operating online insurance platforms, is one of the first fintech firms to go public in the kingdom, with other tech companies like Tabby and Nice One also eyeing IPOs. Retail offerings for Rasan will open on May 29.
Source: YAHOO
Reported 5 months ago
G7 finance ministers met in Italy to discuss pulling forward earnings from frozen Russian assets to support Ukraine's war effort and address China's export strength. The ministers are considering ways to utilize around $300 billion in Russian financial assets, with the U.S. proposing a loan that could provide $50 billion near-term. However, legal and technical aspects need clarification, and a detailed agreement is not expected immediately. Other topics on the agenda include global trade, taxation, and a proposal for a global wealth tax on billionaires, with the U.S. resisting the latter.
Source: YAHOO
Reported 5 months ago
China's major banks are encouraging branch managers to provide loans to state-owned companies purchasing unsold homes, showing support for the government's housing rescue plan. Industrial & Commercial Bank of China Ltd. and other state lenders are advising managers to lend against the bought properties as collateral, highlighting the urgency to tackle the nation's property crisis. The People’s Bank of China announced a program to release 300 billion yuan ($41.5 billion) in funding to aid state-owned firms in buying unsold homes, aiming to address the real estate sector's challenges.
Source: YAHOO
Reported 5 months ago
The article discusses the decline of the African National Congress (ANC) in South Africa, once revered for its role in ending apartheid and promoting democracy. Over the years, the ANC has faced growing dissatisfaction due to unfulfilled promises, widespread corruption scandals involving officials enriching themselves, and internal infighting since Nelson Mandela's presidency. The upcoming national election on May 29 is anticipated to reflect a significant rejection of the ANC, potentially leading to a loss of its parliamentary majority for the first time and necessitating a coalition government.
Source: YAHOO
Reported 5 months ago
The Reserve Bank of New Zealand kept interest rates unchanged at 5.5% but signaled that policy will need to remain tight for longer to combat stubborn inflation, with cash rate cuts now expected to start later in the third quarter of 2025 instead of the second quarter. The central bank is finding it challenging to bring inflation back to target levels despite the country being in a recession, leading to expectations of rate cuts later this year or in the first or second quarter of next year by some economists. Governor Adrian Orr indicated that a rate hike was a real consideration at the recent meeting, emphasizing the Committee's limited tolerance for inflation surprises. The New Zealand dollar surged almost 1% after the decision before settling at a 0.4% gain on the day at 61.19 US cents.
Source: YAHOO
Reported 5 months ago
The Boston Celtics won a dramatic Game 1 against the Indiana Pacers in the Eastern Conference finals, with Jaylen Brown hitting a game-tying 3-pointer and Jayson Tatum sealing the victory in overtime. Despite some mistakes and meltdowns, the Celtics managed to come out on top, led by Jrue Holiday's standout performance. The game was filled with chaos and uncertainty, but ultimately Boston passed their first real test of the playoffs.
Source: YAHOO
Reported 5 months ago
Nvidia's upcoming earnings report is set to test the U.S. stock market's record run, with its shares up 90% this year and now ranking as the third-largest U.S. company by market value. Nvidia's performance is seen as a barometer for the AI industry, impacting broader markets due to its chips being the gold standard in AI. The company's strong results could influence the stock prices of AI-related companies, with options markets implying an 8.6% share price move in either direction. Investors are looking for Nvidia to meet high expectations in its earnings report, which could have a significant impact on market sentiment and valuations.
Source: YAHOO
Reported 5 months ago
Indiana Pacers coach Rick Carlisle took full responsibility for the team's Game 1 loss against the Boston Celtics in the Eastern Conference finals, admitting his errors in crucial moments. Despite playing well, the Pacers made costly mistakes such as turnovers and a missed timeout that led to Boston's victory. Carlisle acknowledged the need to clean up these areas and emphasized the team's resilience moving forward in the series.
Source: YAHOO
Reported 5 months ago
World Tarot Day 2024 is on May 25th, celebrating the Tarot as a tool for spiritual guidance and personal growth. Founded in 2003 by Deb Elder, the day is marked by classes, parties, and gatherings centered around the 78-card deck. Each zodiac sign receives a special reading for the occasion, with messages ranging from emotional realignment for Aries to financial opportunities for Leo and decision-making for Virgo.
Source: YAHOO
Reported 5 months ago
During a game between the New York Yankees and the Seattle Mariners, Yankees' pitcher Clarke Schmidt believed he tipped his pitch to Mariners' Dylan Moore, who hit a two-run homer to secure a 6-3 victory for Seattle. Schmidt acknowledged the possibility of tipping pitches as part of the game and mentioned making adjustments after reviewing video footage. Despite the loss, Schmidt maintained a positive attitude and expressed a determination to continue improving and adapting throughout the season.
Source: YAHOO