Author: FX
© Reuters. FILE PHOTO: A representation of cryptocurrency is seen in front of Coinbase logo in this illustration taken March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo By Manya Saini and Niket Nishant (Reuters) -Coinbase Global Inc said on Tuesday it will cut about 950 jobs, or 20% of its workforce, as part of a restructuring plan that marks the third round of layoffs for the cryptocurrency exchange since last year. The company, whose shares were up 3.3% at $39.52, said it expects to incur about $149 million to $163 million in restructuring expenses. “The entire industry is going through a crisis…
The major US stock indices are picking up some steam to the upside. The major indices are near their highs on the day.A snapshot of the market currently shows:Dow Industrial Average up 128 points or 0.3% at 33645.52 S&P index of 21.96 points or 0.56% 3914NASDAQ index up 90.78 points or 0.85% at 10726.01S&P index moves back above its 200 hour moving averageLooking at the hourly chart of the S&P index, the prices move back above its 200 hour moving average currently at 3905.43. On Monday, the price gap above the level reaching a high of 3950.57 before rotating back…
Reuters reported that the European Central Bank’s governing council member Mario Centeno said on Tuesday the current process of interest rate increases is approaching its end. ”The central banker, who was answering Portuguese legislators during a committee hearing in Lisbon, added even though inflation may have some resistance in January and February it will resume falling in March.” Key notes We are approaching the end of the interest rate rise process. Inflation may have some resistance in January and February but will fall again in March. EUR/USD update EUR/USD Price Analysis: Bulls could be running into a trap EUR/USD is…
Justin Sullivan/Getty Images News Bloom Energy (NYSE:BE) +9.2% and Stem (NYSE:STEM) +14.5% after Morgan Stanley upgraded both names to Overweight from Equal Weight with respective $35 and $15 price targets, as the Inflation Reduction Act and the expected easing of supply chains in battery storage provide a path to profitability in 2023. Current “highly discounted valuations” do not reflect strong multi-year growth and margin improvement for clean tech that likely will result from the IRA in 2023, Morgan Stanley’s Stephen Byrd wrote. For Bloom Energy (BE), the analyst anticipates a strong setup into 2023 as the company gains operating leverage…
© Reuters. World Bank President David Malpass attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Andrew Kelly WASHINGTON (Reuters) – World Bank President David Malpass said on Tuesday that the lender is not considering giving up its top-tier credit rating as a means to expand lending as it revamps its business model to address climate change and other global crises. “The triple-A rating is very important to the financial stability of the bank, and also is a huge benefit to the clients, because we pass on the benefits of that good credit…
EURUSD trades in a narrow range todayThe EURUSD has been chopping up and down in a fairly narrow trading range. The high to low trading range is only 47 pips. That compares to the average over the last 22 trading days of 92 pips (about a month of trading). The low price today stalled near the high from December 30 near 1.07127. The pair then moved back higher and stalled just short of the high from yesterday at 1.07601. The high price reached 1.07587 on the run back up. The price currently trades around the high going back to December…
The World Bank announced on Tuesday that it expects the global economy to grow by 1.7% in 2023, down sharply from 3% in June’s forecast, as reported by Reuters. Key takeaways “World Bank forecasts US 2023 GDP growth at 0.5% vs 2.2% in June forecast; weakest non-recession performance since 1970.” “Growth outlook dimmed by effects of monetary tightening, slowdowns in US, Eurozone, China and Ukraine war spillovers.” “World Bank sees Eurozone GDP flat in 2023 vs 1.9% growth in June forecast due to soaring energy costs, rising borrowing costs.” “Investment in emerging market and developing economies projected to grow at…
S&P 500 News and AnalysisBig US banks prepare for a challenging 2023 ahead of fourth quarter earnings reportS&P 500 technical considerations: Lack of bullish follow through poses a challenge for US equities as the long-term downtrend dictates direction into 2023The analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library Recommended by Richard Snow What do our analysts foresee in equities for Q1 Big US Banks Prepare for a Challenging 2023 Ahead of Fourth Quarter Earnings ReportFour of the main lenders in the US are expected to…
cmannphoto/iStock via Getty Images A.O. Smith (AOS) fell 3.5% in premarket trading Tuesday after analysts at UBS downgraded the maker of water heaters to Sell from a previous investment rating of Neutral. They said they expect the stock to underperform based on limited sales growth and growing competition in key markets such as North America and China. A.O. Smith (AOS) was down 2.8% to $59.75 a share by 8:38 a.m. ET. “North America headwinds include declining housing starts and commodity deflation (25% of water heaters indexed to steel), as well as market share bleed,” Damian Karas, analyst at UBS, said…
Europe and the EURO– 2023 Outlook With weaker growth, tight labour market and higher and longer-lasting inflation in 2022, the outlook for the euro area has worsened. Headline inflation may have ended the year at a lower level than initially anticipated, but partly thanks to one-off government support in Germany, core inflation actually moved higher, which has increased expectations for a short and shallow recession in 2023 while the case for additional ECB hikes remains strong. Consumer and business confidence have remained low as the economic effects of the war in Ukraine play out and intensify the strong inflationary pressures,…