Author: Financial Reporter
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Wells Fargo Announces End of Bear Market: What Does It Mean for Cryptos?
Wells Fargo & Co., one of America’s largest banks, has announced that the bear market is over, according to the bank’s top equity strategist Chris Harvey. The bear market, which wiped out as much as $12 trillion in US equity values, has been a long and turbulent period for investors, causing significant losses.[0] Harvey’s report…
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US CPI Increases to 6.2% in January, Pointing to Sticky Inflation
Economists are expecting the US consumer price index (CPI) to show a 0.4% increase in January, translating into 6.2% annual growth, according to a Dow Jones survey.[0] Excluding food and energy, core CPI is projected to have risen by 0.3% on a monthly basis, to 5.5% annually.[0] Richmond Federal Reserve President Tom Barkin said in…
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Federal Reserve Interest Rates May Peak at 6% This Year
The US Federal Reserve has been steadily raising interest rates in an effort to bring inflation down to its 2% annualized target, currently standing at 6.5%. On Feb. 1, the Fed lifted its benchmark interest rate another 0.25 of a percentage point to a range of 4.50% to 4.75%. This is the highest level the…
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Is a US Stock Market Crash Inevitable by 2050? A Look at Klaus Grosby’s Paper
Recent financial instability has sparked warnings of an impending stock market crash.[0] A Finnish economics professor and researcher from the University of Vaasa, Klaus Grosby, has recently released a paper titled “Armageddon of Financial Markets: Is the US equity market eventually going to collapse?” in which he argues that the US stock market will face…
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Investors Remain Cautious Despite Equity Market Rally
Equity markets have been on a relentless march higher as inflation cools, but investors remain unconvinced the broad rally will last, according to Bank of America’s Global Fund Manager survey.[0] The survey, which canvassed 262 fund managers with US$763 billion under management, showed that most investors still see stagflation as the most likely macro backdrop…
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OPEC Revises Oil Demand Forecast Upward to 2.3 Million BPD
The Organization of the Petroleum Exporting Countries (OPEC) has revised its 2023 global oil demand growth forecast in its first upward revision for months, due to China’s relaxation of COVID-19 restrictions. The revised estimate is for 2.3 million barrels per day (bpd), up 100,000 bpd from the last forecast.[0] The group anticipates that global oil…
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Wells Fargo: Bear Market Over, Stocks & Crypto Markets Gain Confidence
Wells Fargo & Co., one of America’s largest banks, has declared that the bear market in stocks is over. This news has been welcomed as a positive sign for investors, as well as for the crypto market. The research note from Wells Fargo stated that the bear market is over, being replaced by “a different…
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Oil Prices Dip as U.S. Announces Sale of Stockpiles from Strategic Petroleum Reserve
On Tuesday, the cost of oil decreased following the US’s declaration of its intent to release more stock from its Strategic Petroleum Reserve, further exacerbating the already-unstable balance between supply and demand in the international market.[0] On Monday, the Biden administration announced it will be selling 26 million barrels of crude oil from the Strategic…
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Lael Brainard Appointed to Lead National Economic Council
President Joe Biden has chosen Federal Reserve Vice Chair Lael Brainard to lead the National Economic Council (NEC), a crucial role in the administration at a difficult time for the U.S. economy.[0] Brainard, 61, has been a force in Washington for two decades, beginning as an economist in the Obama and Clinton administrations before she…
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Adani Group Plummets After Hindenburg Research Accusations, SEBI Investigates
On January 24, US-based short seller Hindenburg Research accused the Adani Group of financial irregularities, triggering a stock rout and wiping out $127 billion off the group’s market value.[0] The personal fortune of Gautam Adani, the founder and chairman of Adani Group, has dropped sharply from its peak at $150 billion last September and is…