Amazon shares dropped as much as 9% in extended trading on Thursday after the company issued a revenue forecast that trailed analysts’ estimates.Amazon on Thursday gave a revenue forecast that trailed analysts’ estimates. Growth rates are at their slowest since the dot-com bust in 2001. The company recorded a $7.6 …
Read More »WTI Rallies Into $105.00s As Germany Approves EU’s Russia Oil Embargo
WTI crude oil has rallied to its highest level since last Tuesday above $105.00 and is now eyeing a retest of recent near $110 highs. Traders cited a report alleging that the EU nations are nearing agreement on a Russian oil import embargo as supporting prices.At current levels in the …
Read More »US equities rally as strong earnings push sentiment higher
US equities have enjoyed a strong tech-led rebound on Thursday after stronger than expected Meta Platforms earnings. The S&P 500 was last up nearly 3.0% and above 4,300 and the Nasdaq 100 was last up nearly 4.0%.But the major US indices remain on course to post hefty on-the-month losses and …
Read More »Fed Could Decide Three Successive Hikes 50bp Each
Analysts at Danske Bank continue to expect the Federal Reserve will hike interest rates by 50bp three meetings in a row (May -next week-, June and July) and 25bp on each of the last three meetings (September, November and December). They are still of the view that risks are skewed …
Read More »America’s Q1 GDP much stronger than what data suggests
The US economy contracted at an annualized rate of 1.4% during the first quarter, data showed on Thursday. According to analysts from TD Securities, GDP growth was impacted by large setbacks in net exports and inventories. They point out that the details of the report were actually much stronger than …
Read More »Germany no longer opposes embargo of Russian oil imports
Germany has dropped its opposition to an embargo on Russian oil imports, government officials reportedly said according to the WSJ. According to the WSJ, this “clears the way” for a wider EU ban on oil imports from Russia, given that Berlin had been one of the main opponents on an …
Read More »ECB Official Hints at first rate hike during Q3
European Central Bank Governing Council member Ignazio Visco has added his voice to heated discussions on when the ECB will begin to raise its benchmark interest rate.Rates in the Eurozone have been negative following the region’s sovereign debt crisis, and the ECB has confirmed that it will conclude its net …
Read More »Despite US GDP Contraction, Three Reasons Support USD’s Strength
Recession is generally defined by two consecutive quarters of economic shrinking. The US economy squeezed by 1.4% in the first quarter of 2022, so it would only take another one to have an official downturn. Not so fast – not a recession, nor the dollar. The US economy grew by …
Read More »USD/CAD eases from multi-week highs on dismal US GDP data
The relentless USD buying pushed USD/CAD to a fresh multi-week high on Thursday. The disappointing release of the US GDP capped the upside for the USD and spot prices. Softer crude oil prices, aggressive Fed rate hike bets support prospects for further gains.The USD/CAD pair trimmed a part of its …
Read More »US: Weekly Initial Jobless Claims fall to 180K
There were 180,000 initial claims in the US economy in the week ending on 23 April, in line with consensus estimates and a slight decline from last week’s 185,000 reading which was revised up from 184,000, according to data released by the US Department of Labour on Thursday. That meant …
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