After Talks With Joe Biden, Opec+ Goes For 'Minuscule' Output Hike
OPEC+ responded to months of diplomatic efforts from US President Joe Biden with one of the smallest oil production increases in its history. The cartel will add only 100,000 barrels a day of oil in September, giving a tight market extra supplies at a much slower pace than in recent months despite pressure from the White House to help cool prices.
Robinhood shares jump 13% after job cuts, smaller-than-feared loss
Shares of Robinhood Markets rose more than 13% on Wednesday, a day after the commission-free brokerage announced job cuts and posted a smaller-than-expected quarterly loss in an earnings announcement that came a day earlier than scheduled.
Oil prices fall as China slowdown spurs concern over demand outlook
Oil fell as the week’s trading kicked off, after poor Chinese economic data added to concerns that a global slowdown may sap demand. West Texas Intermediate dropped toward $97 a barrel after sinking almost 7% in July in the first back-to-back monthly loss since late 2020. Weekend data indicated a surprise contraction in Chinese factory activity, highlighting the cost of Beijing’s preference for mobility curbs to tackle Covid-19.
Investors Lap Up Shares Of Firms That May Benefit From Monkeypox
As health authorities all over the globe search for ways to stop the monkeypox outbreak, investors are snapping up shares of companies that could benefit from the race to quell the disease. Shares of vaccine producers, antiviral drug makers and protective equipment manufacturers are in demand as investors tap a strategy that delivered gains during the coronavirus pandemic.
US SEC Files Charges Against Several Indian-Americans For Insider Trading
The US Securities and Exchange Commission (SEC) has filed insider trading charges against several Indian-Americans in connection with three separate schemes that together yielded more than $6.8 million in illicit gains. The SEC alleged that Amit Bhardwaj, the former chief information security officer (CISO) of Lumentum Holdings
Asian Stocks Wobble On Walmart Warning, Looming US Fed Rate Hike
Asian shares wobbled on Tuesday and bonds were firm as a profit warning from Walmart put consumption and company earnings under a cloud ahead of what is likely to be another sharp U.S. interest rate hike.
MSCI's broadest gauge of Asia stocks outside Japan meandered just above flat. Japan's Nikkei fell 0.2% and S&P 500 futures were down 0.4%
Global Growth Fears, Fed Reserve Rate Hike Keep US Dollar Propped Up
The dollar wobbled around just below multi-decade peaks on Tuesday, as traders waited on a rate hike from the U.S. Federal Reserve and for any clues about whether hints of a slowing economy will prompt a shift away from its focus on inflation. The euro inched up to $1.0235 but was hemmed in by uncertainty over Europe's energy security which is not helped by a looming cut in the westbound flow of Russian gas.
Tesla Results: Revenue improves, margins impacted and nearly 75% of Bitcoin converted into fiat currency in Q2
Elon musk’s Tesla continued to make significant progress across the business during the second quarter of 2022. Though the company faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, Tesla achieved an operating margin among the highest in the industry of 14.6%