ISM index rebounds with six-point gain in January to 55.2 Orders measure matches highest since beginning of 2022 A gauge of US services snapped back in January after an end-of-2022 slump, suggesting a resurgence in consumer demand that leans against concerns of an imminent economic slowdown. The Institute for Supply Management’s non-manufacturing index rose 6 …
Continue reading “US Service Gauge Tops Estimates in Biggest Advance Since 2020”
Nonfarm payrolls by 517,000 in January, The unemployment rate stood at 3.4% labor force participation rate rose by to 62.4% leisure and hospitality sector gained 128,000 jobs Professional and business increased by 82,000, government sector which added 74,000 jobs. Average hourly earnings YoY increase of 4.4%. The US labor market burned red-hot in January as …
Continue reading “Unemployment fell to a 53-year low, Fed must raise interest rates”
Qualcomm Inc. revealed on Thursday that its revenue in the first quarter of the fiscal 2023 amounted to $9.46 billion, falling 12% year on year. Diluted earnings per share (EPS) slumped by 34% year-on-year to $2.98 as net income also plunged by 34% to $2.24 billion. “The long-term trends driving demand for our differentiated technologies …
Federal Reserve Chair Jerome Powell had a clear message on Wednesday: as “gratifying” as it is that inflation has begun to slow, the central bank is nowhere near to reversing course or declaring victory. “It’s going to take some time” for disinflation to spread through the economy, Powell said in a news conference following the …
Continue reading “Fed’s Powell says no rate cuts this year, and markets hear it differently”
https://youtu.be/yiKs5D1wX3k Environmental activists are bracing for one last push to try and cancel the Willow oil project in Alaska, which they have slammed as a “carbon bomb”. The project, led by ConocoPhillips, was awarded to the company by the Trump Administration’s Bureau of Land Management in 2020. The project could deliver 160,000 bpd of crude, …
Morgan Stanley Says October Lows Will Be Retested Rally a reflection of seasonal effect, short covering: Wilson Markets forgetting cardinal rule of ‘Don’t Fight the Fed’ Investors flocking to the equity rally will be disappointed as they’re in direct defiance of the Federal Reserve, according to Morgan Stanley strategists.“Better price action in stocks has started …
Continue reading “Don’t Buy into this Rally as in the next few months the Fed will pounce again”
Prices of oil in future contracts fell over 3% on Wednesday after the United States Energy Information Administration (EIA) reported that crude oil in the country’s stockpiles increased by 4.1 million barrels from a week ago. Similarly, the American Petroleum Institute (API) private data supposedly showed a 6.33 million barrel buildup in domestic inventories. Traders …
China’s oil and gas demand declines in 2022 as a result of its covid-19 policies. IEA: China to account for 50% of currently projected global oil demand growth in 2023. OPEC: China’s plans to expand fiscal spending to aid the economic recovery is likely to support oil demand in manufacturing, construction and mobility. For the …
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U.S. Fed, ECB and BoE all expected to raise rates this week OPEC+ panel meeting unlikely to alter policy Oil rose initially after drone attack in Iran HOUSTON, Jan 30 (Reuters) – Oil prices dipped 2% on Monday, extending losses as looming increases to interest rates by major central banks weighed on demand …
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Investors have got the jitters as a big week unfolds — several central bank meetings including the Fed, earnings from Apple and Amazon.com, and jobs data. Yikes. The Fed and the stock market are set for a showdown this week. What’s at stake. Any investor out there who isn’t nervous, perhaps should recheck his gut, …
Continue reading “It’s a key week for the stock market. If you’re not nervous”