European and US share prices rose on August 22 following Federal Reserve signals of potential interest rate cuts, while the dollar remained weak and oil prices stabilized after a recent decline.
Industry
US Economic Growth Paces Stronger Than Expected, Thanks to High Consumer Spending
The US economy grew at a 3.0% annualized rate in Q2 2024, driven by strong consumer spending and a rebound in corporate profits, reflecting continued economic growth.
US Crude Oil Price Nears $79 as Libya Crisis Escalated and China’s Demand Weakens
US crude oil prices rose to $74.92 per barrel on Thursday, driven by supply disruptions in Libya and weak demand from China.
Eli Lilly Takes Action Against Counterfeit Weight Loss Drugs With New, Affordable Zepbound
Eli Lilly is launching a lower-priced version of its weight loss drug Zepbound to increase access and combat counterfeit versions.
Oil Prices Expected to Hit $85 per Barrel Following Israeli Air Strikes
Oil prices are rising due to recent conflicts between Israel and Hezbollah, with fears of Iranian retaliation potentially disrupting global oil supplies and pushing Brent crude to $75-$85 per barrel in September.
Latest News
A Greek oil tanker, the Sounion, was set on fire and left drifting in the Red Sea after an attack by gunfire from small boats off Yemen, raising environmental and insurance concerns.
Canada's Alimentation Couche-Tard has made a $37.5 billion bid to acquire 7-Eleven, valuing 7-Eleven at twice its previous Tokyo listing.
As of August 19, gold prices have hit new highs, with spot gold at $2,508.14 per ounce and U.S. futures at $2,540.8 per ounce, amid rising expectations that prices could reach $3,000 by mid-2025.
The US and China have signed a new financial stability agreement to boost cooperation on key issues like capital markets and cross-border payments.
Due to an impending labor dispute, Canada's two largest railroads may face a work disruption soon, threatening to also disrupt the US supply chain for an indefinite amount of days.
Saudi Aramco is expanding its partnership with China by investing in petrochemicals and low-carbon technologies, aligning with China's energy security and sustainability goals.
Walmart's Q2 revenue hit $169.34 billion, exceeding expectations, with a 4.8% increase from last year and a 9.8% rise in adjusted earnings per share.
Huawei is set to launch its Ascend 910C AI chip, designed to rival Nvidia’s restricted H100, with initial orders expected to top $2 billion.
As markets await crucial inflation data this week, investors hope it will allow the Federal Reserve to implement its anticipated interest rate cut next month amid recent market stability.
