Summary of weekly news from January 27 to February 2
Friday, Jan 27: Fed’s key inflation measures slow in December
The Federal Reserve’s key inflation measures cooled in December to the slowest annual rates in more than a year, while US consumer spending fell 0.2% for the second straight month, giving it gives the central bank room to further reduce the pace of its interest rate hikes next week. .
Official figures showed the core US Personal Consumption Expenditure (PCE) price index rose 0.3% last month from a 0.2% rise in November, a 4.4% more than the previous year, while the general indicator increased by 5% year-on-year, even higher. than the Fed’s 2% target, but both were the slowest since late 2021.
Monday January 30: The shares of the subsidiaries of the Adani Group extend their losses
Most Adani Group companies extended their sharp falls on Monday as the Indian conglomerate tried to counter a weekend report by US short seller Hindenburg Research LLC on alleged stock manipulation and accounting fraud.
Shares of Adani Enterprises Ltd. pulled back from earlier gains, ending the session 4.76% higher, but the company’s share price remained more than 25% lower month-to-date, while that other affiliates also posted losses, such as Adani Total Gas Ltd. and Adani Green Energy. Ltd. both falling 20%.
Tuesday Jan 31: Elon Musk Wants Twitter Payments to Support Crypto
Twitter Inc. CEO Elon Musk is reportedly looking to add cryptocurrency to the platform’s payment system, supporting Musk’s plans to make the social media service a full app.
Two people familiar with the matter said San Francisco-based Twitter is developing a system that would allow payments through its platform and is expected to initially support fiat currencies, with Musk aiming to include crypto in the future, but not yet. I knew if I would. they involve blockchain or cryptographic technology.
Wednesday, February 1: The Federal Reserve raises rates and expects more hikes to come
The Federal Reserve raised its benchmark interest rate by 25 basis points (bps) or 0.25% on Wednesday and said it plans to continue its rate hikes as it aims to create more opportunities in its fight against high inflation.
The Federal Open Market Committee (FOMC) raised interest rates to a target range of 4.5% to 4.75% from the previous range of 4.25% to 4.5%, marking the highest level since October 2007, while a post-meeting statement from the Fed noted that US inflation eased slightly but remained high.
Thursday February 2: Asian currencies soar after the Fed’s 25bp rate hike
Asian currencies rose sharply on Thursday, while the US dollar index and dollar index futures weakened despite the Federal Reserve’s 25 basis point (bp) rate hike, with markets expecting a slowdown in the world’s largest economy would push the central bank to be less aggressive. this year.
The Japanese yen gained 0.3% to close at a nine-month high against the dollar, and the Chinese yuan added 0.4% to trade near a seven-month high, while the Philippine peso and China’s ringgit Malaysia rose 1% and 0.7%. respectively.
The weekly news roundup for January 27-February 2 appeared first on FinanceBrokerage.
