Beat the street: US inflation; another Bitcoin record; oil; iron ore; Oracle
Investor focus shifts to US CPI and PPI data later this week following a solid February jobs report. Iron ore tumbles on continued weak fundamentals in China.
OPEC releases its monthly report. Cloud services provider Oracle reports after the close.
(AI Video Summary)
Focus on US inflation
Welcome to today's edition of "Beat the street", a show that provides news and data for Wall Street trading, presented by Angeline Ong. In this upcoming week, we'll be focusing on US inflation, which is a measure of the increase in prices for goods and services. Investors are paying close attention to the Consumer Price Index (CPI) and the Producer Price Index (PPI) data after a strong February jobs report.
Bitcoin's new record-breaking high
Now, let's dive into some exciting updates in the financial world. Bitcoin, a digital currency, has reached another record-breaking high. It's gaining a lot of attention and popularity among investors. There's also great news for cryptocurrency enthusiasts in Britain, as the financial watchdog has announced that recognized investment exchanges will now be able to launch crypto-backed exchange-traded notes.
Expectations are high for Oracle, a multinational technology company, as it is expected to report a more than 7% increase in quarterly revenue. This is a positive sign for the company and its shareholders.
Stock market updates
Taking a look at the stock market, there are some interesting trends. The Dow Jones chart shows an overall upward trend, but it seems to be slowing down and showing signs of reversing. It's expected to open slightly lower.
Investors are anxiously waiting for the CPI and PPI data, as they could provide important clues about the possibility of a rate cut in June. The NASDAQ, another major stock market index, is also showing similar patterns, with upward trends still in play but crossing a trend line, which might impact the timing of the first interest rate cut.
Meanwhile, Reddit, a popular online platform, is planning to go public with an initial public offering (IPO). They are aiming for a valuation of up to $6.4 billion.
Lastly, let's talk about Microsoft, a leading technology company. Its stock sessions have been affected by the European Union's privacy watchdog stating that Microsoft's use of software breaches EU privacy rules and doesn't have enough safeguards for personal data transferred to non-EU countries.
Forex and commodities
In the currency market, the dollar has weakened against the pound. This is due to expectations that both the Federal Reserve (Fed) and the European Central Bank (ECB) will cut rates before the Bank of England.
Gold prices are holding steady after reaching record highs. The CPI data, the potential for an early rate cut, and geopolitical tensions are some factors supporting the value of gold.
Iron ore prices have dropped due to worries about demand from China, which could affect earnings for mining companies that produce various minerals. Oil prices have also seen a decline because of bearish Chinese data and uncertainty surrounding the Gaza war and Israel's military plans.
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