Instacart Secretly Files to Go Public
Instacart, the American firm popular for its grocery delivery and pick-up services, has filed a confidential filing with the U.S. Securities and Exchange Commission (SEC) to go public via an initial public offering (IPO). During the pandemic, Instacart's growth soared as stuck-at-home customers flocked to its doorstep delivery services, but because of recent contemporary volatility, the company was forced to slash its valuation by roughly 40% to over $24 billion in March. In the statement, the San Francisco-based startup provided no information about the size or timing of its market debut.
MACROECONOMIC DATA ANALYSIS
At its June monetary policy meeting, India's central bank is expected to enhance its inflation projection for the current fiscal year and contemplate further interest rate hikes, according to a source familiar with the situation. Following an emergency meeting earlier this month, the Reserve Bank of India (RBI) lifted the repo rate by 40 basis points (bps) to 4.40%, its first-rate adjustment in two years and its first hike in nearly four.
The weekly inflation rate in Russia fell further in early May, according to figures released by the statistics office Rosstat on Wednesday, after escalating substantially shortly following Russia’s launch of a "special military operation" in Ukraine on February 24th. The central bank cut its key interest rate from 17% to 14% in April, hand-in-hand with its statement that it saw the potential for future cuts as it tries to manage a declining economy and skyrocketing inflation, and current inflation is moderating.
The U.S. dollar rose on Thursday morning after U.S. inflation dropped less than predicted, leaving the Federal Reserve on track to aggressively tighten monetary policy. Such initiatives are likely to push the value of the dollar greenback even further. The U.S. Dollar Index, which measures the value of the greenback against a basket of other currencies, rose 0.16% to 103.980.
Gold was down in Thursday’s early hours, amid investors analyzing the U.S. consumer price index (CPI), which portrayed that inflation is still solid but has peaked in April, alleviating fears about the Federal Reserve raising interest rates more aggressively. Gold futures were up by 0.20% to price at $1,841 per ounce.
Oil prices declined over 1% in Thursday’s early trading session, capping a turbulent week in which economic concerns and fears of a worldwide recession outweighed supply concerns and geopolitical tensions in Europe. Brent futures slipped by 1.31% to $106.08 a barrel, and WTI oil futures dropped by 1.51% to $104.08 per barrel.
USA: S&P500 -1.65%, Dow Jones Industrial Average -1.02%, Nasdaq Composite -3.06%
Europe: FTSE 100 +1.44%, DAX +2.17%, CAC 40 +2.50%
Asia: Nikkei 225 -1.77%, Hang Seng -2.02%, CSI 300 -0.36%, Nifty 50 -2.00%
Shares of social media stocks, including Meta & Twitter plunged, the Snapchat stock collapsed by more than 40% on Tuesday’s trading session. The Snapchat parent of the popular social media platform has warned that it expects to miss profit & revenue estimates due to macroeconomic deterioration.
As a result, the company's market capitalization has plummeted to $20.92 billion, almost three-fold away from its highest levels of the year; nearly $82 billion in early February. The Snapchat stock (NYSE: SNAP) fell sharply from $22.49 to $12.79 on Tuesday, down from its debut price of $17 in 2017.
Samsung Electronics announced shall invest 450 trillion won ($356 billion) over the next five years to bolster growth in semiconductors, biopharmaceuticals, and other next-generation technologies.
Samsung stated on Tuesday that the investments will aid the firm in achieving long-term growth in pivotal spectrums like the chip industry, while also promising aggressive expenditures in the biopharmaceutical industry to make it as successful as its chip segment.