Fidelity Top Stories
OPEC+ rubber stamps crude oil output quota increase for August
The world's largest grouping of crude oil exporting countries went ahead with plans to raise its permitted output ceiling, as expected.
Powell says US economy in 'strong shape', validates expectations for Fed rate hikes
Federal Reserve chairman Jerome Powell believed his country's economy was in "strong shape" and that inflation could be brought back to target without undermining the solid jobs market.
BoE's Bailey leaves door open to 50bp hike but says economy "at something of a turning point"
The head of the Bank of England walked a fine line between hawkishness and its gradual approach to interest rates up until now at the European Central Bank Forum in Sintra, Portugal.
US Q1 GDP growth revised a tad lower on slower consumption growth
The American economy shrank at a slightly faster than expected clip over the three months to March, as consumption slowed more than previously thought.
Euro area money supply growth data for May are a 'red alert', economist says
Lending to companies in the euro area picked up heartily last month, but for some economists the ongoing decline in so-called 'narrow money' was a "red flag" heralding a big drop in loans to the private sector over the next six to nine months.
ECB set to tighten gradually while keeping options open, Lagarde says
The European Central Bank will start raising interest rates gradually when the governing council met during the following month, Christine Lagarde said.
US consumer expectations fall to lowest since March 2013
American consumers' confidence soured in June as expectations for their personal finances, business and jobs plumbed fell to their lowest levels in nearly a decade, the results of a closely-followed survey revealed.
US durable goods orders jump past forecasts in May
Orders in the US for goods made to last more than three years rose more quickly than expected last month.
BofA's contrarian 'Breadth Rule' triggers buy signal
Another one of Bank of America's contrarian equity strategy indicators moved into 'buy' territory over the past week, the investment bank's analysts said.
Private equity takeover of Ultra Electronics set to be approved
The £2. 6bn takeover of British defence manufacturer Ultra Electronics by a US private equity firm looks set to be waved on by the UK government after the Department for Business said it was minded to accept the deal.
US factory and services PMIs add to recession risks, but inflation may have peaked
Output from America's private sector increased in June at its slowest pace since the appearance of the Omicron variant of Covid-19 in January and was at its second-softest since July 2020, the results of two closely-followed survey revealed.
US current account deficit hits record high in first quarter of 2022
America's current account deficit reached a fresh record high equivalent to 4. 8% of the country's gross domestic product over the first three months of 2022.
Fed strongly committed to returning inflation to 2.0 per cent, Powell says
The head of the US central bank said the Federal Reserve was "strongly committed" to reining in inflation and believed that further rate increases would be "appropriate" and that policy decisions would be made meeting by meeting.
Royal Mail shares fall as postal workers ballot for strike action over pay
Shares in UK letter and parcel carrier Royal Mail fell more than 5% on Wednesday after the union representing staff said they would ballot for industrial action over pay.
EasyJet to buy 56 A320neo planes from Airbus
Budget airline easyJet on Tuesday said it was buying 56 Airbus A320neo aircraft for delivery between 2026 and 2029.
EasyJet cuts more flights to mitigate travel chaos
Low-cost airline easyJet said it was cutting more flights this summer and faced higher-than-expected costs as a result of staff shortages across the industry that has led to travel chaos at most British airports.
ECB's Kazaks leaves door open to inter-meeting action to forestall fragmentations risks
The European Central Bank will react in a clear-headed and steady manner to any undue volatility in markets if needed, a top official said, even as he left the door open to action in between policy meetings, also if required.
Opportunity knocks, BofA says
Financial markets have reached a critical juncture with positioning across asset classes as bearish as at any time seen since August 2002, July 2008, 11 September, September 2015, January 2016 and March 2020, but opportunity might be about to knock on investors' door, said strategists at Bank of America.
Euro area CPI rises at record pace in June, energy and food prices pace gains
Euro area consumer prices rose at a record clip last, revised data confirmed, pushed higher energy and food prices in particular.
Fed is 'acutely' focused on returning inflation to 2.0 per cent, Powell says
Policymakers at the US central bank are "acutely" focused on maintaining price stability as well as financial stability, with the latter of key importance for meeting the Federal Reserve's mandate of achieving 2. 0% inflation and full employment, Jerome Powell said.