Market Update

Stocks edged mostly higher in afternoon trading on Wall Street Wednesday but were held back by streaming entertainment giant Netflix, which lost more than a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead.US stock indexes posted a …

Tesla has just reported Q1 results, 2022, and beaten analysts’ expectations on top and bottom lines. For the period ending March 31, 2022 Tesla reported $3.22 earnings per share, and revenue of $18.76 billion.Automotive revenue reached $16.86 billion, up 87% from the same period last year. Automotive gross margins jumped …

Supply chain bottlenecks, the highest inflation in decades and a persisting labour shortage are weighing on businesses across the country, according to a new Federal Reserve report. In its region-by-region roundup of anecdotal information known as the Beige Book, the Fed reported that while economic activity increased at a “moderate …

The Gold Price fall was capped by falling US Treasury yields amidst a risk-on market mood. US Treasury yields dropped from three-year highs and undermined the US dollar. Bulls start to engage at the start of a demand area, eyes on daily M-formation.Gold Price is higher in the US session, …

San Francisco Fed President and FOMC member Mary Daly on Wednesday said that the case for a 50 bps rate hike in May is now “complete” and that the Fed can also make an announcement on the reduction of its balance sheet at the next meeting, reported Reuters. Daly said …

A combination of factors assisted AUD/USD to gain strong positive traction on Wednesday. Hawkish RBA minutes extended support to the aussie amid a sharp USD corrective pullback. Bets for aggressive Fed rate hikes should limit the USD losses and cap the upside for the pair.The AUD/USD pair maintained its bid …

Existing-home sales fell for the second straight month in March to a seasonally adjusted annual rate of 5.77 million. Sales were down 2.7% from the prior month and 4.5% from a year ago. With slower demand, the inventory of unsold existing homes increased to 950,000 as of the end of …

Annual headline inflation in Canada jumped to 6.7% in March, according to the latest Consumer Price Index (CPI) figures released by Statistics Canada on Wednesday. That was well above the median economist forecast for a rise to 6.1% from 5.7% YoY in February. The larger than expected jump in the …

Bundesbank President and ECB governing council member Joachim Nagel said on Wednesday that he expects the ECB’s first rate hike to come in Q3 of this year, though he also said he is against hasty rate hikes. Nagel warned that getting inflation back to the ECB’s 2.0% target is looking …

The Japanese yen hit a new record low on Wednesday at a 20-year low after the Bank of Japan again intervened defending ultra-low interest rates in Japan, widening the spread with the United States as bond yields hit fresh new hard highs. The Bank of Japan again offered to buy …