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Twitter Ad Spending Falls 70% in December

Top advertisers cut their spending on Twitter by 71% in December as a result of Elon Musk’s recent takeover, according to data from an advertising research firm.

The latest Standard Media Index (SMI) data comes as Twitter works to reverse the advertiser exodus. It has launched a slew of initiatives to win back advertisers, including offering some free ads, lifting a ban on political advertising, and giving businesses more control over the placement of their ads.

MACROECONOMIC DATA ANALYSIS

After outgoing Prime Minister Jacinda Ardern's resignation last week, Labour leader Chris Hipkins was sworn in as New Zealand's prime minister on Wednesday in a formal ceremony. On Sunday, the 44-year-old Hipkins, a former minister of COVID-19 Response and Police, was chosen by the Labour party to lead the organization and the nation. Last week, 42-year-old Ardern announced her resignation, claiming she no longer had "it in me" to lead the country.

Due to unexpectedly high inflation in Australia last quarter brought on by rising airfares and electricity prices, the country's central bank will likely increase interest rates again next month. The Australian dollar rose to a five-month high of $0.7085 as investors sharply decreased their odds that the Reserve Bank of Australia (RBA) will increase its cash rate by a quarter point to 3.35% when it meets on February 7.

CURRENCIES

The US dollar held steady on Wednesday as investors are waiting for the US economic growth data this week. Expectations of slower interest rate hikes from the Federal Reserve also weighed down on the dollar. The dollar index which measures the value of the greenback against a basket of six other currencies fell by 0.05% to 101.620.

GOLD

Gold prices traded in a narrow range on Wednesday as investors avoided large bets ahead of this week's US economic growth data, while dovish expectations of slower Fed rate hikes kept the bullion's outlook positive. Gold futures fell by 0.15% to $1,932 per ounce.

OIL

Wednesday’s early trading hours saw a slight increase in the price of crude oil as hopes for a recovery in Chinese demand and a decision by major oil producers to keep their output cuts in place were offset by concerns about the world economy. Brent crude futures rose by 0.53% to $86.59 a barrel, while the West Texas Intermediate increased by 0.36% to $80.42 a barrel.

INDICES

USA: S&P500 -0.07%, Dow Jones Industrial Average +0.31%, Nasdaq Composite -0.22%

Europe: FTSE 100 -0.35%, DAX -0.07%, CAC 40 +0.26%

Asia: Nikkei 225 +0.35%, Hang Seng +1.82%, CSI 300 +0.61%, Nifty 50 -1.16%

Newest

Intel "Historic Collapse" Slashes $8 billion in Market Value

About $8 billion of Intel’s market value was lost on Friday as a result of the American chipmaker's gloomy earnings forecasts, which stoked concerns about a downturn in the personal computer market.

The business also struggled with slowing growth in the data center industry, which contributed to its first-quarter surprise loss forecast and $3 billion below-estimated revenue forecast.

Morgan Stanley Fines Employees For Messaging Breaches

Morgan Stanley has fined employees who use messaging apps like WhatsApp and others for work-related communications, the Financial Times reported on Thursday. The fines, which ranged from a few thousand dollars to over $1 million per employee, were established by taking into account various elements, including the quantity of messages sent, seniority, and whether or not they had previously been warned.

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