Market Update

Billionaire Elon Musk has raised $7.14 billion in funding from a group of investors including Oracle Corp. co-founder Larry Ellison and Sequoia Capital to fund his $44 billion acquisition of Twitter, according to a disclosure Thursday. The disclosure showed that Saudi investor Prince Alwaleed bin Talal, who initially opposed the …

The OPEC+ alliance is likely to stick with a plan to raise oil production modestly on Thursday and confirm that it is not responsible for global supply disruptions while stressing that the coronavirus-related shutdowns in China threaten demand expectations. Five OPEC+ delegates are expected to agree to an increase of …

The Bank of England on Thursday raised interest rates by 25 bps to 1.0%. Six of the bank’s nine rate-setters supported the 25 bps hike, though three wanted a larger 50 bps move. The rate hike was in line with expectations, but the vote split was more hawkish than expected, …

The German Factory Orders fell sharply in March, suggesting that the manufacturing sector of Europe’s economic powerhouse is seeing a fresh downturn. Contracts for goods ‘Made in Germany’ declined by 4.7% on the month vs. -1.1% expected and -0.8% last, the latest data published by the Federal Statistics Office showed on …

Turkey’s annual inflation rate jumped to 69.97 percent in April, exceeding expectations and constituting the highest inflation level in two decades, data showed on Thursday, driven by the Russian-Ukrainian conflict and the rise in commodity prices after the lira collapsed late last year. The Turkish Statistical Institute said consumer prices …

European shares rose on Thursday, tracking Wall Street’s rally overnight, after the US Federal Reserve raised interest rates as expected but calmed bets on a major tightening, with sentiment rebounding further thanks to a streak of big profits. The pan-European Stoxx 600 index rose 1.8 percent, reversing many of the …

Gold prices rose on Thursday after the US Federal Reserve raised interest rates by 50 basis points to curb inflation, which the central bank sees as a factor threatening the economy, while ruling out a larger rate hike this year. Gold in spot transactions rose 0.9 percent to $ 1898.06 …

The EUR/USD pair has witnessed a juggernaut upside move after the Federal Reserve decided to raise a rate hike by 50 basis points in the New York session. The Euro bulls have established the asset above 1.0600 and are driving it higher towards the next barricade at 1.0650.An interest rate …

The US dollar plunged on the remarks by the US Fed’s monetary policy decision. As expected, the US central bank has hiked rates by 50 bps to a range of 0.75% to 1% while announcing trimming the balance sheet as of June 1. They would start with a $47.5 billion …

The US Bureau of Labor Statistics is expected to release non-farm payroll data and unemployment rate data for April on Friday. The current prevalent mixed concerns across financial markets could be linked to some sort of anxiety ahead of this week’s US Nonfarm Payrolls data.The US dollar rose slightly on …