Wall Street Today | Inflation reached 7.9% in February, consumer prices are the highest in 40 years
Asia stocks fall on inflation angst; oil edges up
Asian equities fell Friday, following declines on Wall Street as the fastest inflation in 40 years drove U.S. bond yields higher and raised expectations for steeper interest-rate hikes.
Stocks in Japan and Australia slid and futures pointed to a weaker open for Hong Kong. U.S. contracts were little changed after a selloff Thursday. The $Nasdaq Composite Index (.IXIC.US)$ took the brunt the war in Ukraine showed no sign of easing, weighing on sentiment, though the $S&P 500 Index (.SPX.US)$ closed off the day's lows.
Inflation reached 7.9% in February, consumer prices are the highest in 40 years
Rising energy, food and services prices pushed already elevated U.S. inflation to a 7.9% annual rate last month—another four-decade high—with oil and commodity market disruptions from the Ukraine crisis expected to add more cost pressures.
Russia devises plan to seize firms abandoned in foreigner exodus
Russia's government moved closer to seizing and even nationalizing foreign-owned companies that are leaving the market over the invasion of Ukraine while planning measures to coax others into staying.
In the first explicit response to the exodus of foreign businesses from Ikea to $McDonald's (MCD.US)$, the Economy Ministry has outlined new policies to take temporary control of departing companies where foreign ownership exceeds 25%.
Oil's sizzling rally takes a breather after tumultuous week
Oil is set for the biggest weekly loss since November, taking a breather after a period of wild trading and a surge in prices that followed Russia's invasion of Ukraine.
Rivian automotive curtails production in 2022 due to supply-chain disruptions
$Rivian Automotive (RIVN.US)$'s losses deepened in the fourth quarter and the electric-car startup said supply-chain challenges would sharply curtail its factory output this year.
The California-based truck maker said after the close of trading Thursday that it expects to produce 25,000 vehicles in 2022. The company said it would be able to double that output if it weren't for constraints on getting parts and materials.
Chinese EV maker Nio completes fast-path Hong Kong stock debut without raising new funds
Shares of Chinese electric-vehicle maker $NIO Inc (NIO.US)$ began trading on Hong Kong's exchange on Thursday, after the company chose a shortcut path to listing that didn't involve raising new funds.
That path, referred to as a listing "by way of introduction," allowed Nio's shares to begin trading less than two weeks after it announced its plan to list in Hong Kong. The stock closed at HK$158.90 in its first day of trading, compared to a close of $20.17 ( $NIO-SW (09866.HK)$) for its New York-listed American depositary shares on Wednesday.
Oracle misses on earnings as investments drag down quarterly profit
$Oracle (ORCL.US)$reported fiscal third-quarter earnings on Thursday that trailed analysts' expectations. The stock initially slid 6% in extended trading before rebounding.
Oracle's revenue increased 4% from a year earlier in the quarter, which ended Feb. 28, according to a statement. Net income declined 54% to $2.32 billion.
Amazon stock has its second-best day of 2022 on planned 20-for-1 split
$Amazon (AMZN.US)$ shares bucked a down day for the market, rallying more than 5% after the company announced a 20-for-1 stock split and said it will buy back up to $10 billion worth of additional stock.
It was the second-best day of the year for Amazon, which jumped 14% on Feb. 4, after an upbeat fourth-quarter earnings report. The stock closed at $2936.35 on Thursday.
Source: Bloomberg, CNBC
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102568460 : The inflation rise is certainly a cause of concern, coupled with the ongoing war and logistical bottleneck.
It is important to temper the inflation rate, not just in the USA and also in other other countries/regions. It will serve to hamper growth rates and opportunities for the current and generations to come.
PeppaMum : Inflation on basic necessities and the lower income population will be affected most.
Pnixx : inflation is squeezing everyone on every end rent, food, gas, thousands of homes will be lost for those on variable interest rates once the rates rise trying to slow inflation! its a ball on waiting to burst