Weekly news summary from (February 16 to 22)
Friday: February 16: US consumer sentiment rose for the third time in a row
On Friday, experts reported that U.S. consumer confidence rose from January's reading, showing consumers' confidence about the economy. According to them, practical improvements were made in December and January that affected different economic areas.
The index showed a reading of 79.6, better than January's 79.0. However, it was still below the 80 that economists anticipated. On the other hand, sentiment increased by 30% compared to November's result. Additionally, January's Consumer Price Index (CPI) showed higher-than-expected consumer prices, while retail sales reported their lowest monthly decline in almost a year.
Monday: February 19: Seven Group offers $1.2 billion to control Boral
Australian investment outfit Seven Group Holdings offered A$1.9 billion ($1.2 billion) to fully control Boral, a construction products maker, to maintain the momentum of Australian infrastructure spending in the years ahead.
Seven Group fell -0.29% to A$40.65 a share, while Boral rose 4.62% to A$6.12 per share. On the other hand, Boral recommended its shareholders not to get involved in the takeover bid. He also indicated that an independent board committee was created to reevaluate the offer.
Tuesday, February 20: Sony plans a launch of the 'Pro' version of the PlayStation 5 this 2024
According to analysts, Sony could launch a better version of the PlayStation 5 this year after lowering sales expectations for its flagship console. It was an effort to increase interest in the game console and offer a better vehicle ready for the release of Grand Theft Auto VI next year.
In 2023, Sony launched a slightly improved PS5 and a PlayStation Portal handheld console. However, the new PS5 Pro could be a huge upgrade. Despite the early launch of the new gaming device, Sony is facing a problem with profit margins in its critical gaming business, which are hitting near decade lows.
Wednesday: February 21: Australian bitcoin sentiment rises amid approval of the US bitcoin Spot ETF.
According to a recent survey, Australian retail interest in bitcoin increased after the January approval of spot bitcoin exchange-traded funds (ETFs) in the US. Australian cryptocurrency sentiment rose 25% as that their adoption rates increased this year. People 55 and older were the main drivers of the 100% increase in sentiment.
Additionally, the survey found that 19% of respondents would invest in a spot bitcoin ETF listed on the Australian Stock Exchange (ASX) if it were available. Meanwhile, those 25 to 34 and 35 to 44 showed an enthusiasm of 29% and 30%, respectively.
Thursday: February 22: US crude oil rises amid signs of lower supply
Oil inched higher on Thursday, building on last session's gains generated by signs of weaker supply. U.S. West Texas Intermediate crude oil futures for April delivery rose 19% to $78.07 a barrel.
According to analysts, the premium of spot prices over short-term futures has increased in recent weeks, showing a strong demand outlook for the coming period. Additionally, U.S. refinery restarts are driving demand after multiple outages reduced U.S. refinery rates to their lowest levels.
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