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-- 358.180 Wall Street Today | Amazon split could set it up for being included in the Dow Industrials
Asia to join stock rebound as oil sinks with bonds
Asia looks set to join a rebound in global equities today as dip-buyers leaned into speculation that weeks of market gyrations may have priced in the economic impact of the conflict in Ukraine. Treasuries and the dollar sank.
Australia's index edged higher and futures rose in Japan and Hong Kong. U.S. contracts opened little changed after the sharpest gains since June 2020 for the S&P 500, while the Euro Stoxx 50 rallied the most in two years.
Oil drops 12% for the worst day since November as wild ride triggered by Russia disruption continues
Oil prices dropped in a sudden move on Wednesday, giving back some of the rally this month amid supply disruptions stemming from Russia's invasion of Ukraine.
WTI crude oil tumbled more than 12%, or $15, to settle at $108.7 per barrel, registering its worst day since Nov. 26. Earlier this week, WTI topped $130 per barrel briefly — a 13-year high — during escalated geopolitical tensions.
As war spurs race for wheat, world has limited room to grow more
Wheat farmers around the world are running at full tilt and there's not much scope to produce more of the food staple and replenish supplies shut off by Russia's invasion of Ukraine.
"Russia is out, obviously, at the moment,"said Ole Houe, chief executive of IKON Commodities, an Australian company providing risk management and brokering services. "South America is getting a lot of resistance with their acreage because the only way they increase acreage is from deforestation. So globally we do have an issue: where do we get the extra grain from?"
Ukraine war impact reverberates through world's factory floor
The warnings from Asia, the world's biggest manufacturing region, how the war in Ukraine is piling pressure on factory managers that were with supply snarls from the pandemic. The United Nations estimates around 41% of global exports are sourced from the region.
Prices are soaring for raw materials that go into everyday household goods. Copper, used in appliances and wiring, reached new highs . Nickel, used in lithium-ion batteries, has spiked to a record while other raw materials including aluminum and palladium have jumped.
Consumer inflation was likely high in February, and rising fuel prices will turn up the pressure
February's consumer price index is the last important look at inflation before Federal Reserve officials meet next week, and it's going to be a scorcher.
Economists expect headline inflation rose 0.7% last month, or 7.8% on an annualized basis, according to estimates from Dow Jones. That's compared to January's increase of 0.6% or 7.5% YOY. CPI is released Thursday at 8:30 a.m. ET.
McDonald's says Russian shutdown will cost the fast-food chain $50 million a month
$McDonald's (MCD.US)$'s CFO Kevin Ozan said at the UBS Global Consumer and Retail Conference on Wednesday that the company is still calculating the impact on its business.
However, McDonald's currently estimates that it will cost about $50 million per month, or roughly 5 cents to 6 cents per share. For comparison, McDonald's reported Q4 net income of $1.64 billion and earnings per share of $2.18.
Amazon split could set it up for being included in the Dow Industrials
Amazon's stock price would have closed today at a split-adjusted price of $139.28. Just as with $Alphabet-A (GOOGL.US)$, $Amazon (AMZN.US)$'s stock split makes the e-commerce giant's stock more palatable as a component in the price-weighted $Dow Jones Industrial Average (.DJI.US)$.
Apple's budget 5G iPhone SE expected to outperform in Asia
In a note to investors Wednesday, analysts at Cowen wrote that the performance features of the iPhone SE "position it well vs Android devices in cost sensitive markets." The 5G compatible device, which starts from $429. The new iPhone SE comes with Apple's A15 chip, which is also in the $799 iPhone 13, and a 4.7 inch LCD screen.
They added that the third generation SE could help Apple to gain incremental share among price-sensitive consumers, especially in Asia.
Source: Bloomberg, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Mrrichierich : Only reason it was down so much is cause these hedgefks and shorts know where everyone went, and that’s what they do….and they continue to fk us unlubed daily!!!
Mrrichierich : I mean for real oil at epic ATH’s with no sign of slowing down but the markets worse oil day in 6 fkn months
GTFOH!!!! It’s ok, you short POS are gunna get yours eventually!!!