Stocks Hit by Tech Rout as War Jitters Lift Oil…
What Does It Mean – A selloff in major technology companies, driven by geopolitical concerns and expectations of a smaller Federal Reserve rate cut, led to a 1% drop in the S&P 500. Alphabet Inc. fell 2.4% due to a legal ruling, while Amazon.com Inc. and Apple Inc. also saw significant declines. Brent crude surged above $80 per barrel amid Middle East tensions. Strong U.S. jobs data reduced the likelihood of a significant rate cut, pushing Treasury yields above 4%. Despite market volatility, strategists remain optimistic about cyclical stocks and U.S. equities, citing economic resilience and cooling inflation.
Kamala Harris Says US Will Keep Pressuring Israel for Gaza Cease-Fire…
What Does It Mean – Vice President Kamala Harris emphasized that the U.S. will continue to pressure Israel and Arab leaders to reach a ceasefire in Gaza, focusing on humanitarian aid and the release of hostages. Despite ongoing military support for Israel, the U.S. aims to balance this with diplomatic efforts to end the conflict. Harris highlighted the importance of maintaining U.S. principles in the region, including the need for a ceasefire and humanitarian relief. The U.S. remains committed to working with regional leaders to achieve these goals, despite the complexities and ongoing violence.
Boeing Returns to Wage Talks After Two Weeks of Strike Stalemate…
What Does It Mean – Boeing and its largest union have resumed wage negotiations after a two-week strike stalemate. The company’s direct offer to workers failed, prompting a return to traditional consultation and shuttle diplomacy. A federal mediator has called for renewed talks in Seattle, aiming to resolve the dispute that has significantly impacted Boeing’s financials and workers’ benefits. The strike, now in its fourth week, has halted jet deliveries and increased economic strain on both sides. The union demands include reinstating a defined benefit pension plan, while Boeing’s previous offer included a 30% wage increase.
ECB Will ‘Quite Probably’ Cut Rates This Month, Villeroy Says…
What Does It Mean – The European Central Bank (ECB) is likely to cut interest rates at its next meeting, according to Governing Council member François Villeroy de Galhau. This decision is driven by inflation falling below the ECB’s 2% target and weak economic growth, which raises the risk of undershooting the inflation goal. Villeroy emphasized the need for a balanced approach to avoid overly restrictive monetary policy. Market expectations for inflation in 2025 are below 1.8%, supporting the case for rate cuts. The ECB aims to return to a neutral rate by 2025, assuming inflation stabilizes at 2%.
After 31 years, a French treasure hunt may have a winner. The prize: a valuable golden owl…
A 31-year-long treasure hunt that drew in thousands of enthusiasts across France appeared to have come to an end Thursday, after official social media accounts linked to the search said the token needed to claim the grand prize had been found.
The hunt, “On the Trail of the Golden Owl,” was based on a book of riddles published in 1993. Participants had to solve 11 puzzles in the book — and a 12th one that was hidden — to decipher the exact location of the token.
“Don’t go digging!” warned a message on a channel on the chat app Discord with tens of thousands of followers. “We confirm that the Golden Owl countermark was unearthed last night,” the message read, unleashing a wave of sad and crying emojis. “It is therefore useless to go digging.”
The solutions provided by those who claimed to have unearthed the token were currently being vetted, the message said.
Data supplied by HS Dent Research
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