Weekly News Summary for April 12 to 18
Friday: April 12: European Markets End at a Slight Rise as UK Hints Recession Rebound
On Friday, the UK’s economic report signaled a bumpy US inflation outlook, leading to a slight boost in the European markets close. Britain’s February data showed a 0.1% increase in economic output, hitting experts’ expectations and giving another sign of slow economic growth this year.
Also, the European Central Bank steadied its interest rates for the fifth time. Despite uncertainty about the US Federal Reserve’s following actions, the meeting pointed towards an upcoming rate cut. Moreover, the producer price index went lower than anticipated, relieving investors of the start of Fed policy easing.
Monday: April 15: Johnson & Johnson Releasing Mixed Earnings Results
Johnson & Johnson (JNJ) announced mixed financial data for Q1 of 2024 and an adjusted earnings per share (EPS) of $2.71 that slightly beat analysts’ expectations of $2.64. However, revenue dropped to $21.38 billion, lower than experts estimated $21.4 billion.
According to Joaquin Duato, JNJ’s Chairman and CEO, the company’s unique contribution to healthcare and achieved objectives in the quarter made it bounce back as an innovation leader. Additionally, the firm’s satisfying sales and financial results signaled confidence in continued growth.
Tuesday: April 16: Samsung to Receive $6.4 Billion in Grants from the US to Boost Texas Chip Output
South Korea’s Samsung will receive up to $6.4 billion in grants from the Biden administration to expand its chip production in Texas. This move aims to broaden Samsung’s efforts to improve US chipmaking. According to reports, the 2022 Chips and Science Act funding will support two chip production factories in the mentioned state.
Moreover, Samsung would expand its semiconductor facility in Austin, Texas, and boost chip output for the aerospace, defense, and auto industries. The Commerce Department secretary said that the investments will enable the US to lead again in the semiconductor space and the manufacturing, advanced packaging, and research and development industries.
Wednesday: April 17: Bitcoin and Ethereum Declines, Correction Still Ongoing
On Wednesday, cryptocurrencies dipped as Bitcoin declined to under $60K for the first time since the beginning of March from $64,000. It bounced from Saturday’s bumpy selloff and served as its weakest price since the start of the month. During press time, Bitcoin traded at $60,200.
Moreover, the top two ranked crypto asset by market capitalization, Ethereum, slid under $3,000 over the same period. The adverse outcomes influenced most crypto markets as all CoinDesk Market Index sectors are in red, and the broad-market CoinDesk 20 Index tumbled by 1.8%.
Thursday: April 18: Oil Price Dips Extended on Easing Middle East Issues and Demand Concerns
On Thursday, oil prices extended losses after a 3% dip as investors shifted their focus on hints of a broader conflict in the Middle East and demand conflicts. Brent contracts decreased by 0.72% to $86.66 per barrel, and US West Texas Intermediate crude futures traded lower by 0.77% to $82.05 a barrel.
Additionally, investors are slowing the geopolitical risk premium oil costs on signals pointing toward that any Israeli fighting back against Iran’s attack will be moderated by international pressure.
