Powell Straight Talk, Oil Firms and Tentative Porsche IPO

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📚 Daily Digest | Monday, Aug 29, 2022

Powell Straight Talk, Oil Firms and Tentative Porsche IPO - What's Moving Markets

Investors weigh up comments from the Federal Reserve's top policymaker and several other global central bankers, as they pledge to rein in soaring inflation - even if it slows economic growth. The U.S. gears up for another key monthly jobs report later this week and how that figure could play into the Fed's monetary policy calculus. Oil prices move higher, Bitcoin's most recent sub-$20,000 period marches on, and preliminary steps to list Porsche are reportedly in the works. Here's what you need to know in financial markets on Monday, 29th August.

Today's Top News

Stock Markets

Hedge and Mutual Funds are Buying Growth Stocks Again - Goldman Sachs

Hedge and mutual funds are rotating into Growth from Value with the exposure to Info Tech and Consumer Discretionary increased, notes Goldman Sachs top U.S. equity strategist, David Kostin.

Stock Markets

Elon Musk: focused on getting self-driving Teslas in wide release by year-end

Tesla chief Elon Musk said on Monday he aimed to get the electric auto maker's self-driving technology ready by year-end and hopes it could be in wide release in the United States and possibly in Europe, depending on regulatory approval.

Stock Markets

Dow Futures Down 300 Points as Rate Hike Bets Weigh

U.S. stock futures were broadly lower on Monday, as losses on Wall Street looked set to continue after a steep selloff on Friday as expectations for more aggressive rate hikes by the Federal Reserve and the European Central Bank weighed.

Economy

Stocks and bonds slump, dollar hot as rate fever takes hold

World stocks slumped on Monday as the growing risk of more aggressive interest rate hikes in the United States and Europe inflicted fresh pain on bond markets and pushed the dollar to new 20-year highs, just as recession fears mount.

Economy

Dollar zooms higher as markets brace for higher for longer rates

The dollar shot higher on Monday, briefly scaling fresh 20-year highs against a basket of other currencies, as Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down uncomfortably high inflation.

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