Wall Street Today | U.S. Fed expected to raise interest rates in week ahead, as Ukraine crisis adds volatility
Federal Reserve expected to raise interest rates in week ahead, as Ukraine crisis adds volatility
Investor focus remains on Ukraine, which continued to rattle markets in the past week, creating volatile swings in oil and sending stocks lower.
“Earnings are over. Monetary policy is obviously going to be important here. I don’t see the Fed surprising anyone next week,” said Steve Massocca, managing director at Wedbush Securities. “It’s going to be a quarter point and then step into the background and watch what’s happening in Europe.”
Gold dealers swamped by demands as war creates inflation scare
Gold is playing its age-old role as a safe haven in times of wars and crises, and people all over the world are piling in.
The almost 10% surge in gold prices since the start of the year is turning into a boon for bullion dealers like Rudolf Brenner, founder of Philoro Edelmetalle GmbH, whose shops in German-speaking Europe now have long lines of buyers - a trend that's likely to continue with the conflict showing no signs of abating.
‘Uncertainty reigns’ as credit market looks to Fed to set tone
Credit investors are preparing for an anticipated rate increase by the Federal Reserve next week that will set the tone for a choppy market already battered by volatility.
"While the uncertainty stemming from the Ukrain conflict seems likely to persist for some time, we think that the focus in the very near term is likely to intensify on the persistently high inflation readings and their effect on monetary policy,” $BARCLAYS PLC(BCLYF.US$ analysts Bradley Rogoff and Dominique Toublan wrote in a note Friday.
Russians liquidating crypto in the UAE to seek safe havens
Crypto firms in the United Arab Emirates (UAE) are being deluged with requests to liquidate billions of dollars of virtual currency as Russians seek a safe haven for their fortunes, company executives and financial sources said.
One real estate broker, whose company has partnered with a cryptocurrency service to help people buy property, said: “We’ve been seeing a lot of Russians and even Belarusians coming to Dubai and bringing whatever they can bring, even in crypto.”
Warren Buffett is still buying Occidental Petroleum, adding shares worth $1.5 billion
After spending around $4.5 billion last week to buy 91.2 million shares of $Occidental Petroleum(OXY.US$, he’s spent more than $1.5 billion this week to add another 27.1 million shares to Berkshire Hathaway’s stake.
As a result, OXY moves up a notch to 9th place on $Berkshire Hathaway-A(BRK.A.US$’s list of biggest reported holding of publicly-traded U.S. shares. OXY are up nearly 90% over the last 12 months as oil prices have surged.
Uber adds fuel surcharge because of high gas prices
$Uber Technologies(UBER.US$ is adding a surcharge on fares and deliveries in the U.S. and Canada in response to surging gas prices, the company said on Friday. The company said that the fees will go to drivers, who are responsible for paying for gas they use.
Riders taking Uber trips will pay a fee of $0.45 to $0.55 per trip, and Uber Eats deliveries will include a $0.35 to $0.45 surcharge, the company said. The fees are temporary and will last for at least two months.
Why Starship is the holy grail for SpaceX
SpaceX CEO Elon Musk has said that the “holy grail” to making human life multiplanetary lies in our ability to make a completely reusable rocket system that can carry a massive amount of equipment, supplies — and people — deep into space.
The project could be alluring to investors. According to McKinsey & Co., private funding in space-related companies topped $10 billion in 2021 — a tenfold increase over the past decade. Traditionally, most of that funding has concentrated on activities closer to Earth, such as building out satellite communications, but there’s some evidence that may be changing.
EU and UK open antitrust probes into Google and Meta over 2018 ad deal
EU and UK open antitrust probes into Google and Meta over 2018 ad deal
Regulators in the EU and U.K. have opened antitrust probes into $Alphabet-A(GOOGL.US$ and $Meta Platforms(FB.US$, formerly Facebook, over the tech giants’ 2018 ad deal.
The parallel probes, announced Friday, will look at whether the so-called “Jedi Blue” agreement between the two companies hampered competition in markets for online display advertising services. Online display ads are graphic ads that appear on websites, mobile apps and social media.
Source: Bloomberg, CNBC
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