Weekly News Summary for March 15 to 21
Friday: March 15: US Consumer Slightly Dips as Inflation is Expected to Ease Further
Consumer economic optimism slightly declined this month as ongoing anticipation for further inflation cooling indicates a consistent slowdown of price increases. The latest economic outlook can potentially have a significant impact on the American presidential race, as it heavily focuses on President Biden’s economic record.
Moreover, Friday’s consumer sentiment figure reports prices rising for the second consecutive month, faster than the Federal Reserve’s 2% target. Also, the consumer price index jumped by 3.2% in February from 3.1% in January.
Monday: March 18: Ethereum Upgrade Boosts Bybit’s Latest Offering
On Monday, Bybit, one of the top three cryptocurrency exchanges by volume, rolls out its latest offering, Deposit Dash. The promo marks the much-awaited Ethereum Dencun Upgrade, which is a significant move to enhance the blockchain’s scalability and efficiency.
From March 13 to 27, Bybit’s Deposit Dash will offer a substantial opportunity for crypto fans. New users who buy a minimum of $100 worth of ETH through Fiat Deposit, One-Click Buy, or P2P Trading will gain $10 worth of mystery Layer-2 tokens or USDT.
Tuesday: March 19: Stifel’s Buy Rating on Micron Remains with a $120 Price Target
Stifel reconfirmed on Tuesday that its Micron Technology Buy rating maintained a $120 price target. It expects Micron to announce a reduced loss for the second fiscal quarter of February. Also, the firm anticipates a recovery to modest profitability in the fiscal Q3 of May.
In addition, Micron’s strategies on high-value products can lead to potential gains from the following market upcycles. Moreover, Stifel’s analysis shows confidence in the company’s direction and the anticipated advancements in market conditions.
Wednesday: March 20: SAP and NVIDIA Collabs for Generative AI Customer Assistance
SAP and NVIDIA teamed up to improve enterprise customers’ ability to integrate the transformative power of data and generative AI into SAP’s portfolio of cloud solutions and applications.
According to Christian Klein, SAP CEO and a member of its executive board, the companies’ partnership’s strategies aim to invest in technology to maximize the potential and opportunity of artificial intelligence for business. Also, he added that enterprise customers want to boost state-of-the-art technology that provides real business value.
Thursday: March 21: Oil Recovers After Sudden US Crude Drop, Gasoline Supply Weakens
On Thursday, oil prices bounced back on US crude and gasoline stock declines, which hinted that the American Federal Reserve may maintain higher interest rates for a while. US West Texas Intermediate futures for May delivery went up by 0.6% to $81.74 per barrel after a 1.8% slide the previous session. Moreover, Brent contracts rose by 0.6% to $86.50 a barrel.
In addition, supplies fell as exports boosted while refiners worked on sustaining higher activity. Gasoline stockpiles fell for the seventh week straight by 3.3 million barrels a day to 230.8 million, hinting toward consistently robust fuel demand. According to analysts, the market benefitted from the latest inventory numbers after prices dropped lower a day prior to the Fed’s mixed outlook on the commodity.
