How did the market react ahead of the Fed's meeting?
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World Market News: Fed and market updates!
We’re starting this week’s edition with some positive news from the crypto world. Bitcoin was up 8%, Ethereum 25%, and Dogecoin rose 77% over the week as Elon Musk commenced his Twitter takeover.
As per the Fed’s next moves, the Federal Reserve is expected to increase interest rates once more by three-quarters of a percentage point on Wednesday, and there's still a chance that we’ll witness another rate increase before the year ends.
The Fed’s moves mirror those of the European Central Bank: The Central Bank announced another significant increase in interest rates last Thursday.
When will the Fed meet?
The Fed is set to meet two days before the next labor market update as experts predict that there will be a little slowdown in job growth.
However, whether or not the Fed will continue to hike interest rates is not really our main concern. The great concern for many investors, as well as American consumers, is if these significant rate rises by the Fed won't cause a recession.
Any Silver linings?
Many are hopeful that any downturn would not be extreme, so let’s see how the situation unfolds.
On Friday, October 28, Wall Street's major indexes saw gains of around 2.5% or more as investors' appetite for risk increased before the Fed’s two-day policy meeting!
Source: CNN
GCC Market News: Various news from the GCC!
On Wednesday, Dubai registered property transactions of $326.7 million and reached a new high.
TECOM Group Updates
Net profit increased by 51% to $173.9 million for TECOM Group, and the corporation attributes an improvement in earnings to a steady rise in occupancy rates.
Saudi Arabia caps local gas prices
Saudi Arabia set a restriction on domestic gas prices to protect the economy, the choice was made in consideration of the uncertain state of the global economy, according to Minister of Finance Mohammed Al-Jadaan.
Source: Arabian Business
Weird Financial Facts: When was the $1 bill last redesigned?
Did you know that the $1 bill that we’re all accustomed to hasn’t been redesigned in more than 50 years!
It’s not that there was a lack of designs or any sentimental value attached to a specific drawing or face, the reason is simple: The $1 bill wasn’t worth redesigning since it is so rarely counterfeited!
Actually, as of 2015, amending the design was made illegal because the makeover would lead to costly changes affecting primarily the vending machine industry.
Source: Yahoo Finance
Things to look out for: News from Europe and earnings report
EU GDP and Eurozone inflation:
Keep an eye on these important updates from the European continent, investors!
US jobs report
The US jobs report will come out on Friday. We hope that its numbers will provide a glimmer of hope for the economy.
Earnings from Goodyear, Aflac and Avis Budget!
If you own any of these stocks, keeping an eye on them is surely a great idea!
Source: Reuters