Weekly news summary for the month (February 16 to 22)
Friday: February 16: US consumer confidence rose for the third time in a row
On Friday, experts reported that consumer sentiment in America rose above January's reading, indicating consumer confidence about the economy. According to them, practical improvements were made in December and January, covering various economic areas.
The index showed a reading of 79.6, better than 79.0 in January. However, it was still below the 80 level that economists had expected. On the other hand, sentiment rose by 30% compared to the November result. In addition, the January CPI showed consumer prices higher than expected, while retail sales recorded their lowest monthly decline in almost a year.
Monday: February 19: Seven Group offers $1.2 billion to take control of Boral
Australian investment team, Seven Group Holdings, has offered A$1.9 billion (US$1.2 billion) for full control of Boral, a building products manufacturer, to sustain increased spending on Australian infrastructure in subsequent years.
Seven Group fell -0.29% to A$40.65 per share, while Boral shares rose 4.62% to A$6.12 per share. On the other hand, Boral recommended shareholders not to participate in the takeover bid. It also stated that an independent committee of the Board of Directors has been formed to re-evaluate the offer.
Tuesday: February 20: Sony plans to launch the “Pro” version of the PlayStation 5 in 2024
According to analysts, Sony may launch a better version of the PlayStation 5 this year after it lowered sales expectations for its flagship console. It was an attempt to increase interest in the gaming console and provide a better ship ready for the release of Grand Theft Auto VI next year.
In 2023, Sony released a slightly upgraded PS5 and a portable PlayStation Portal console. However, the new PS5 Pro could be a huge upgrade. Despite the expected launch of the new gaming console, Sony is facing an issue with profit margins for its important gaming business, which are at their lowest levels in nearly a decade.
Wednesday: February 21: Australian Bitcoin sentiment rises amid approval of a US Bitcoin ETF
Based on a recent survey, Australian retail interest in Bitcoin has increased following the January approval of Bitcoin spot trading funds (ETFs) in the US. Cryptocurrency sentiment in Australia has been boosted by 25% with increased adoption rates this year. People ages 55 and older were the main driver of the 100% increase in sentiment.
Furthermore, the survey saw 19% of respondents would invest in an Australian Securities Exchange (ASX) Bitcoin ETF if it was available. Meanwhile, those aged 25 to 34 and 35 to 44 showed 29% and 30% enthusiasm, respectively.
Thursday: February 22: US crude oil rises amid hints of reduced supply
Oil prices rose on Thursday, holding on to gains from the previous session due to signs of weak supply. US West Texas Intermediate crude futures for April delivery rose 19% to $78.07 per barrel.
According to analysts, the premium for spot prices compared to nearby futures contracts has risen over the past weeks, showing a strong outlook for demand in the coming term. Moreover, the restart of US refineries is boosting demand after multiple outages brought US refinery prices to their lowest levels.
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