Iran Confirms Qatar’s Upcoming Visit to Tehran
According to Reuters, Iran’s ministry spokesperson Saeed Khatibzadeh stated during a news conference, that Qatar's Emir will visit Iran soon. As said by Khatibzadeh, "the visit of the Emir of Qatar to Tehran is on the agenda and includes bilateral, regional and international issues. After this trip, Iran's President will travel to a Gulf country," Khatibzadeh said. The two nations are expected to discuss an array of issues that are most impactful in the region.
MACROECONOMIC DATA ANALYSIS
Even as some observed signals of change in the country's low-inflation environment, Bank of Japan (BOJ) officials remained steadfast in their determination to preserve significant monetary stimulus, minutes of their March policy meeting revealed on Monday. Multiple officials in the nine-member board stated that large corporations were increasing wages, and companies were passing on the cost of escalating raw materials to households.
Westpac Banking Corp of Australia said on Monday that it was on pace to fulfill its expense targets by 2024, despite inflation forcing peers to abandon cost-cutting efforts, and that the lender's half-year results were above expectations, sending its shares up 3%. The country's third-largest bank predicted that second-half costs for the fiscal year 2022 would be flat to 2% lower than the previous year, indicating that its daring cost-cutting approach was paying off.
Due to growing concerns & worries about slowing global economic growth and rising interest rates, investors sought safety and income on Monday, pushing the dollar to a two-decade high. Inflationary pressures, the war in Ukraine, and tougher COVID-19 restrictions in Beijing & Shanghai have left investors uneasy on several fronts, but are certain that US interest rates will escalate, and the greenback will follow. The U.S. dollar index, which compares the greenback against a basket of six other major currencies, escalated by 0.38% to 104.085.
Gold prices fell in Monday’s early trading sessions, as the dollar hit a two-decade high, making the greenback-priced bullion less appealing to non-dollar holders while rising US Treasury yields added to the pressure. Due to looming concerns about slowing global economic growth and rising interest rates, the U.S. dollar rose as investors sought safety and yield. The safe haven dropped by 0.58% to $1,871 per ounce.
Oil prices fell on Monday, along with Asian stock markets, on worries that a worldwide recession will depress oil consumption, with investors eyeing European Union discussions on tightening the Russian oil embargo. Brent futures dropped by 0.19% to $112.18 a barrel, and WTI oil futures fell by 0.33% to $109.42 per barrel.
USA: S&P500 -0.57%, Dow Jones Industrial Average -1.64%, Nasdaq Composite -1.22%
Europe: FTSE 100 -1.54, DAX -1.64%, CAC 40 -1.73%
Asia: Nikkei 225 -2.53%, Hang Seng -3.81%, CSI 300 -1.03%, Nifty 50 -0.68%
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.