DIFX Buzz: Here’s a weekly market recap for you to start your Monday with the top news of the week.
Let’s see what happened in markets this week
❖The pound is on track for its biggest monthly gain in four months of 3% and a 2.4% quarterly gain.
❖ The Fed raised 25 basis points last week Wednesday which resulted in a small gain in the Dollar.
❖ The Canadian dollar held near a five-week high against the US dollar on Friday, despite slipping slightly.
❖ The Canadian currency has benefited from the strong performance of the stock market and expectations of a softer monetary policy from the Federal Reserve, following a cooling in US inflation.
❖ Tesla Inc delivered a record 422,875 vehicles in the first quarter of 2023, up 4% from the previous quarter and 36% higher than a year ago.
❖The basic Model Y which used to cost $65,990, currently sells for $54,990, following the January price cuts.
❖McDonald’s is temporarily closing its U.S. offices this week as part of its restructuring efforts, which include layoffs.
❖The S&P 500 gained 7% in the first quarter of 2023, rebounding from a nearly 20% drop in 2022, while the Nasdaq Composite surged 16.8%, its largest quarterly rise since 2020.
❖ Elon Musk has asked a judge to dismiss a case worth $258 billion filed against him by Dogecoin investors.
❖ Attorney has stated that it may take up to 2 months for the court to announce a verdict on the Ripple vs SEC case.
❖ Bitcoin has held near a strong key level even as the market stumbles.
❖ Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts, leading to a surge in oil prices.
❖ Brent oil futures jumped $3.94 to $83.83 a barrel, while U.S. crude climbed $3.84 to $79.51.
❖The involvement of the largest OPEC+ members suggests that adherence to production cuts may be stronger than in the past.
❖The latest reductions could lift oil prices by $10 per barrel.