Commission to Present Suggestions for Worker Radiation Safety Directive
9:32 AM - The scorching heatwave has sent shares of British clothing brand Joules spiraling down 41%. The stock plummeted to its low point at around 10:59 AM. The company blames the drop on decreased demand for their outdoor and rainwear, coupled with general consumer wariness due to mounting expenses. As a result, Joules predicts a hefty loss in the first half, which could translate to an overall pre-tax loss for the year.
9:31 AM - The mighty dollar is squeezing gold prices. The precious metal, usually favored by investors as a shield against inflation, has dropped by 0.4%, reaching a three-week low of $1751 per troy ounce. This tumble is due to growing anticipation of additional interest rate hikes in the U.S., which makes commodities more costly for foreign investors.
9:05 AM - The sale of a 33% stake in iFood to tech investor Prosus has ignited a surge in Just Eat Takeaway shares. The stocks peaked at €21.60, their highest level in over two months. Prosus adds €1.5 billion in cash, plus an additional contingent consideration of up to €300 million, to secure the stake. Despite Just Eat preferring to keep the stake, they couldn't ignore the financial rewards of the deal, according to investment bank Jefferies.
9:00 AM - Cryptocurrency Bitcoin is taking a nosedive as the week wraps up. The digital coin plunged by as much as 8.6% to a three-week low of $21,397 within minutes. Ethereum also took a hit, dropping over 8% to $1,725. The reason behind this sudden downturn remains unclear. Over the weekend, Bitcoin temporarily breached the psychologically significant $25,000 mark for the first time since June, powered by optimism over a cautious U.S. monetary policy.
7:32 AM - The outlook of further substantial interest rate hikes in the U.S. is propelling the U.S. dollar upward. The dollar index surged to a one-month high of 107.72 points, an increase of 0.2%. Heading the St. Louis Fed, James Bullard advocated for a 0.75 percentage point rise in interest rates at the upcoming U.S. central bank meeting in September. The interest rate now ranges between 2.25% and 2.50%. Meanwhile, the euro is slipping, despite reassurances from ECB board member Isabel Schnabel that rates will keep climbing. The common currency dipped as much as 0.2% to a five-week low of $1.0068, flirting with parity. Commerzbank analyst Esther Reichelt notes in her commentary that the ongoing debate over whether the ECB will raise the key interest rate by 25 or 50 basis points in September underscores the disparity between the ECB and the Fed. "Given the increasingly bleak growth forecast, this is becoming an increasingly pressing concern for the euro," she explains.
Certain economic uncertainties can drive investors toward gold, elevating its price. These factors include market volatility, domestic economic concerns, geopolitical tensions, and demand from central banks. On the other hand, the price of Bitcoin is influenced by factors such as market sentiment, regulatory changes, competition from other cryptocurrencies, and economic conditions. Crucial factors impacting Joules, a British clothing firm, remain undetermined. Typical factors that may affect clothing companies encompass market trends, economic situations, competition, and production and supply chain costs. For a detailed understanding of Joules' current state, it is beneficial to examine news specific to the company and general economic conditions affecting the UK retail sector.
- The price of gold can be elevated by economic uncertainties, such as market volatility, domestic economic concerns, geopolitical tensions, and demand from central banks.
- In the technology industry, investment in cryptocurrencies like Bitcoin can be influenced by factors such as market sentiment, regulatory changes, competition from other cryptocurrencies, and economic conditions.
- Despite the scorching heatwave and decreased demand for their outdoor and rainwear, the causes driving Joules' stock drop remain undetermined, requiring a detailed examination of news specific to the company and general economic conditions affecting the UK retail sector.
- In the finance sector, the ongoing debate over whether the ECB will raise the key interest rate by 25 or 50 basis points in September underscores the disparity between the ECB and the Fed, potentially impacting the euro's value.
