Weekly news summary for January 7 to January 13

Friday, Jan. 7: GameStop Rises on News of NFT Marketplace

Shares of GameStop Corp. climbed on Friday after news of the US videogame retailer reportedly looking to expand its marketplace for non-fungible tokens (NFTs).

GameStop rose 7.3% to $140.62 after a source with knowledge of the matter stated that the company plans to create an online platform for trading NFTs and partner with cryptocurrency firms to develop games and collectibles for the platform.

Monday, Jan. 10: Bond Yields Extend Gains After Payrolls Data

Bond yields extended gains on Monday after the less-than-expected US jobs figures in December presented a tight labor market, with workers’ wages increasing sharply as the unemployment rate fell 3.9%, highlighting near full-employment.

The 2-year Treasury yield was trading at 0.87%, closing in on a two-year high, while the US benchmark Treasury 10-year yield soared 1.78%, and European bond yields lost some momentum after reaching their highest in two years in the previous week.

Tuesday, Jan. 11: Oil Prices Climb to Register 2-Month Highs

Oil prices edged higher on Tuesday, with the US prices hitting a two-month high on tight supplies and easing concerns over the COVID-19 Omicron variant disrupting the demand for oil worldwide.

February contract West Texas Intermediate crude futures gained 3.8% to $81.22 per barrel, its highest since Nov. 11, while March contract Brent crude oil futures added 3.5% to $83.72 per barrel to also mark its highest since Nov. 9.

Wednesday, Jan. 12: US Inflation Rate Hits Near 40-Year High

US consumer prices climbed in December to drive the inflation rate close to a 40-year high, raising the possibility that the Federal Reserve will start hiking interest rates as early as March.

Data from the Labor Department showed the country’s consumer price index (CPI) surged to 7% in the previous year, its highest annual rise since 1982, while the inflation gauge was up 0.5% from November.

Thursday, Jan. 13: Asian Stocks Mixed After Latest US Inflation Data

Asian stocks traded unevenly on Thursday, following small increases in US stocks overnight, while the dollar fell as investors worldwide saw that the US inflation hitting a 40-year high in December was not concerning enough to affect the Federal Reserve’s hawkish stance.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down by 0.06%, having registered its largest daily surge in a month on Wednesday, the Nikkei shed 0.96% after rising almost 2% in the previous session, while the S&P/ASX 200 jumped 0.48% and the blue-chip CSI 300 declined 1.64%.

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