Beat the street: central bank focus; Adobe; Bitcoin; Copper
Global traders eye the Fed, BoE, BOJ, RBA policy meetings next week. Adobe shares indicated lower after the company’s weak Q2 revenue forecast.
Crypto stocks including Marathon Digital and Coinbase Global ease as Bitcoin falls. Copper futures scale new highs thanks to a potential output cut in top producer China.
(AI Video Summary)
Focus on the central banks
In today's edition of "Beat the street", the host, Angeline Ong, talks about different things happening in the financial markets. She starts by saying that the decisions and actions of central banks and interest rates are important right now. Traders are paying attention to meetings by the Federal Reserve, Bank of England, Bank of Japan, and Reserve Bank of Australia that will happen in the next week.
Adobe shares drop amid lower sales projections
Ongthen moves on to talk about Adobe, a company that makes software. They predicted that their sales for the next three months will be lower than expected, and because of this, the price of their shares went down.
She also mentions that the value of Bitcoin, a digital currency, is dropping, and this is affecting other companies that deal with crypto money like Marathon Digital and Coinbase Global.
New York Fed Manufacturing report
Next, she tells us about the New York Fed Manufacturing report and import/export prices. She says that the manufacturing report was not good, but it didn't have a big impact on the US dollar or Wall Street. She also talks about the upcoming decisions that central banks will make. One interesting thing she mentions is that the Bank of Japan might raise interest rates because people are starting to make more money. This could give more options to the markets.
The Reserve Bank of Australia is also meeting to talk about interest rates, and some people think they might lower them in the future. The Federal Reserve is expected to lower rates later in the summer, but recently, Jerome Powell, the leader of the Federal Reserve, suggested that they might not do it in June like people thought.
Stock market updates
Finally, she gives us updates on the stock market. She talks about how Adobe's shares are going down, but also about Merck, a pharmaceutical company, which had good news about a drug they are testing. She also mentions the price of Bitcoin, as well as the oil and commodity markets, including some changes in China that might affect copper and iron ore. Finally, she says that the Dow Jones, a group of companies, are expected to start the day with their shares being a bit more expensive.
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