Weekly news summary for January 21 to January 27
Friday, Jan. 21: Intel to Invest $100B in Ohio Chipmaking Factory
Intel Corp. is looking to invest $100 to build what could be the largest chip manufacturing factory in central Ohio to ease a worldwide shortage in semiconductors that enable smartphones and cars to function.
The Ohio plant is also part of Intel Chief Executive Pat Gelsinger’s plan to put the company back on the top spot of the chipmaking business and lessen the US’s need for Asian manufacturing factories, which keep a solid hold on the market.
Monday, Jan. 24: Bitcoin Hits Six-Month Low Amid Ukraine Tensions
The price of Bitcoin dropped to a six-month low on Monday, as investors continue to sell riskier assets due to concerns over the Russia-Ukraine conflict.
The world’s largest cryptocurrency is now 50% below its all-time high reached in November 2021 and was trading at $32,970 on Monday, its lowest level since July, while the selloff resulted in a $130-billion loss in the cryptocurrency market’s total value.
Tuesday, Jan. 25: US Stocks Decline Ahead of Fed Meeting
US major stock indices were down on Tuesday after a volatile session, with slumps in the tech, consumer services, and utilities mainly contributing to weaknesses in shares, and as investors anticipate the possibility that the Federal Reserve will hike interest rates as soon as March.
Tech-heavy Nasdaq Composite index slipped 2.2%, following a 3.2% fall posted earlier and near a 5% loss in Apple Inc. and Microsoft Corp. on Monday, while the Dow tumbled 0.1% and the S&P 500 index shed 1.2%, on track for its worst January on record.
Wednesday, Jan. 26: Oil at 7-Year High on Tight Supply, Russia Spat
Oil prices rose to their highest in seven years on Wednesday, driven by the continuous decline in inventories worldwide and investors’ concerns about the escalating political spat in Russia, which strengthened the prospect of more disruption in the already-tight oil market.
Global benchmark Brent crude oil gained 2.3% to $90.22 per barrel, a level not seen since October 2014, while the US West Texas Intermediate (WTI) crude oil rose 2.4% to $87.69 per barrel.
Thursday, Jan. 27: Dollar Gains as Fed Chair Signals More Rate Hikes
The US dollar surged to multi-week highs against a basket of major currencies on Thursday, as investors digested Federal Reserve Chair Jerome Powell’s statement about being open to faster and more than four rate increases than expected if necessary.
The dollar reached a two-month high of $1.12 against the euro and was steady at 114.62 against the Japanese yen, while it posted its highest in over a year against its New Zealand counterpart, a seven-week high on the Australian dollar, and was trading at its best since early January against the pound.
