The Day Today 13th May 2022

  • Powell: controlling inflation will “include some pain” but stable prices are “bedrock” of the economy; admits it “would have been better” to start hiking rates sooner but “not sure how much difference it would have made”.
  • Powell finally confirmed for his second term almost six months after he was re-nominated, Senate votes 80-19 in his favour.
  • After SoftBank posts record loss, CEO Son says “I believe the market is in confusion” and they will now turn defensive.
  • Robinhood shares jump almost a third after CEO of crypto exchange FTX revealed to have taken a 7.6% stake.
  • EU diplomats are looking at delaying a complete ban on Russian oil, but move on other sanctions, to get round Hungarian PM Orban’s reluctance on banning Russian oil.
  • FT reports Conservative MPs critical of BOE over iinflation.
  • Chinese chipmaker SMIC says demand for mobile phones and PCs has dropped “like a rock”… “Some of our customers are holding more than five months of that type of inventory”.
  • Some of Dubai’s food delivery riders have illegally gone on strike over low wages.

US stock markets has another rollercoaster day but recovered losses to close almost flat. The S&P500 has now lost almost 20% from its January all time high. Asian shares rose, helped by China tech and in Japan the Nikkei rose over 2% aided by Softbank rising 9%. Today brings US Michigan Consumer Sentiment.

On this day in 1940 as the German army crossed the Meuse to begin its conquest of France Winston Churchill made his “blood, toil, tears, and sweat” speech to the House of Commons.

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