With the start of a corporate earnings season this week, the stock market will face its next big test. Analysts’ concerns over inflation and the economy’s health are expected to dominate the policy debate. According to FactSet, analysts anticipate S&P 500 firms to report their first year-over-year quarterly earnings decline since the Covid-19 pandemic in …
Why Are Wall Street Analysts as Pessimistic as Ever? Read More »
As rivals prepare to launch new vehicles in the launch market, SpaceX is seeking to increase its flight rate this year. In 2023, Elon Musk’s rocket-and-satellite company aims to do up to 100 orbital flights. This is suggested in his tweet from August last year. That would amount to a 64% increase over the 61 …
The Chinese economy track to recover steadily Experts and economists are optimistic about China’s prospects, anticipating stronger policy support and domestic demand to support the world’s second-largest economy’s steady recovery, even though the outlook for global growth in 2023 is clouded by uncertainty. The optimized epidemic response in China is anticipated to support growth all …
Sterling falls in value On Thursday, sterling fell against the euro and the US dollar after business data suggested that Britain is already in recession. The December S&P Global/CIPS UK Services Purchasing Managers’ Index (PMI) was revised slightly lower. While it was higher than in November, new business was down for the second month in …
Oil recovers after the largest decline Oil recovered more than 2% on Thursday after posting the largest two-day loss for the start of a year in three decades, but gains were constrained by economic concerns. Sharp declines in the previous two days were caused by worries about a global recession, particularly because the two biggest …
According to payroll processing firm ADP, the job market ended 2022 on a positive note. Companies have added much more positions than expected in December, outperforming estimates significantly. Private payrolls increased by 235,000, beating the Dow Jones estimate of 153,000. That’s more than 50% over what was initially expected. Compared to the previous month’s report, …
The New York State Department of Financial Services highlighted its intention to set the regulatory agenda for digital currencies with a $100 million settlement made public on Wednesday. This boosted Coinbase shares by 5%. Coinbase Global Inc., a cryptocurrency exchange, is regulated by the Securities and Exchange Commission. To resolve accusations that it breached anti-money-laundering …
Coinbase Shares Surge as It Agrees to A Settlement Read More »
After tumbling the previous session, oil fell precipitously on Wednesday, pressured by worries about weak demand caused by the state of the world economy and China’s rising COVID cases. Brent futures had dropped $1.88 to $80.22 per barrel, a 2.3% loss. To reach $75.25 per barrel, U.S. crude fell $1.68, or 2.2%. Tuesday saw a …
On Wednesday, the dollar lost ground to commodity currencies like the Australian dollar and the euro, which gained strength from a slew of data that suggested that European inflation may have reached its peak. Investors who have grown more confident about the possibility that China’s relaxation of strict COVID restrictions will give the world’s second-largest …
As Europe’s Inflation Slows, the Dollar Declines Read More »
On the first day of trading in 2023, shares of the electric vehicle company plummeted sharply after it announced poor fourth-quarter shipment numbers, reigniting demand worries and weighing on a Tesla stock that has just seen its worst-ever yearly performance. On Tuesday, Tesla stock finished at $108.10, down 12% from the day before. With shares …
Tuesday’s volatile trading saw oil prices edging lower as weak Chinese demand data, and a bleak economic outlook weighed. Brent crude futures had dropped 46 cents, or 0.54%, to $85.45 per barrel. At $79.88, U.S. WTI crude had fallen 38 cents or 0.47%. While Brent lost $1 in earlier trading, both contracts increased by more …
The primary topic of discussion was the Federal Reserve’s December meeting minutes, and the yen rose to a seven-month high on growing speculation that the Bank of Japan might abandon its ultra-accommodative monetary policy. On Wednesday, the Fed will release the minutes from its December meeting, and traders will look for indicators of the likely …
Many of the stock market’s previous darlings became duds in 2022. Investors flocked to fast-growing big tech firms. They showed impressive gains year after year. This backed expectations that they had nowhere to move but up for the better part of the previous decade. Facebook parent Meta Platforms, Amazon, Apple, and Netflix are among the …
Exxon Mobil Corp. (XOM.N), the largest oil company in the United States, is suing the European Union to get it to repeal the bloc’s new windfall tax on oil companies. Exxon Mobil claims Brussels overstepped its legal bounds by enacting the tax. This year’s record profits for oil companies, which benefited from high energy prices, …
Tesla stock took a beating in December. The carmaker’s shares dropped on fresh demand worries and a halt at its China plant. The year should be its worst ever. Tesla Motors suffered a seven-day losing streak through Tuesday’s close, having seen its worst December stock performance. Since September 2018, when the firm was trying to …
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