Crude Oil Prices Slide For Second Straight Day
European Markets Brace For Fed’s Tightening
European stock markets followed Asian peers to tread deep into the red, bracing for interest rate hikes by the Fed as early as March.
U.K.’s FTSE 100 is 0.19 percent below the previous closing level of 7563.85. It is currently trading at 7549.35. In the 101-scrip index, 34 scrips are in positive territory.
France’s CAC 40 index’s current level of 7139.35 is 0.86 percent below the previous close of 7201.14. Of the 40 scrips in the index, 10 are trading above Thursday’s levels.
Germany’s DAX is currently trading at 15886.28, after shedding 0.91 percent from Thursday’s close. 15 of the 40 scrips have gained since previous close.
Switzerland’s Stock Market Index is also down from previous close and is currently trading at 12536.06 after losing 0.67 percent.
The pan-European Stoxx 600 too declined by 0.78 percent from previous close and is currently trading at 482.26.
The EURUSD pair is currently hovering near 1.1448 whereas the GBPUSD pair is near 1.3712.
On Thursday, European markets had traded weak amidst a lingering fear against the imminent interest rate tightening by Fed. U.K.’s FTSE 100 had gained 0.16 percent, Germany’s DAX gained 0.13 percent, the pan European Stoxx 600 moderated 0.03 percent, Switzerland’s SMI shed 0.39 percent and France’s CAC 40 declined 0.50 percent.
Likewise, American stocks continued their decline with the Nasdaq-100 dropping 2.57 percent to close at 15,495.62 and the Dow Jones Industrial Average moving down 0.49 percent to end at 36,113.62.
Thousands of Universal Credit claimants could get compensation in ‘£150m payout’
Pensions, Universal Credit and other payment rates from April
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50,000 claimants who lost money when they transferred from old benefits systems to Universal Credit could now get compensated and receive a cash boost, reports suggest. Two disabled men on benefits were discriminated against when they lost money moving onto Universal Credit, the High Court found.
The men, known as TP and AR, today won their legal challenge against the Department of Work and Pensions.
This is a breaking news story. More to follow…
FedEx starts EV trials in India
FedEx Express, a subsidiary of FedEx Corp., has announced the start of electric vehicle (EV) trials in India as part of its global goal to achieve carbon neutral operations by 2040.
The trial, which is expected to conclude in a month in Bengaluru, will test the vehicle technology within the company’s operations, assessing the vehicles’ operational effectiveness on a standard route fully loaded with packages, FedEx Express said. Upon positive results, the company said it would extend the trials to Delhi.
Mohamad Sayegh, V-P, India Operations for FedEx Express said, “With the growth of e-commerce in India, we are constantly looking for ways to support this momentum while reducing environmental impact. The commencement of EV trials brings us one step closer to this vision.”
The company is approaching vehicle electrification goal through a phased manner to replace the existing vehicles. The aim is for 50% of the company’s global pickup and delivery vehicle purchases to be EVs by 2025, rising to 100% by 2030. “The trial is a critical part of the integration of EV technology across our operations. Finding the right technology to serve our business, our customers, and our team members will play a key role in the successful integration of EV into the fleet,” Mr. Sayegh said.
Save Foods Stock Gains 27%
Shares of Save Foods, Inc. (SVFD) are currently gaining over 27% on Friday morning despite no stock related news to drive the shares.
SVFD is currently trading at $5.29, up $1.15 or 27.72%, on the Nasdaq.
Save Foods develops and sells eco-friendly green solutions to enhance food safety and shelf life of fresh fruits and vegetables. Its products include SavePROTECT or PeroStar, a processing aids used in post-harvest treatment added to fruit and vegetable wash water; and SF3HS and SF3H, a post-harvest cleaning and sanitizing solution to control both plant and foodborne pathogens.
On Wednesday, the company announced that Chief Financial Officer Vered Raz-Avayo has resigned, citing personal reasons. The company announced the appointment of Omri Kanterovich as its interim CFO.
Crude Oil Prices Slide For Second Straight Day
Oil prices fell finished lower on Friday for the second straight session, although they came up from session lows.
Crude’s correction continued after touching a seven-year high earlier in the week on demand optimism and news of short-term supply disruptions.
West Texas Intermediate (WTI) crude futures were down 0.86 percent at $84.81 after falling as much as 3.2 percent earlier.
Investors resorted to profit booking after data showed a build-up in U.S. crude and fuel inventories.
The Energy Information Administration reported on Thursday that U.S. crude inventories rose by 515,000 barrels for the week ended Jan. 14. According to a poll conducted by S&P Global Platts, analysts had forecast a fall of 700,000 barrels.
Gasoline inventories in the United States, the world’s biggest oil consumer, rose by 5.9 million barrels to their highest since February 2021, the report showed.
The EIA also reported a slight decline in refinery runs, indicating lower demand for crude.
The International Energy Agency (IEA) said on Wednesday that oil supply will soon overtake demand as some producers are set to pump at or above all-time highs.