Ukrainian troops announced the liberation of several towns, while Moscow sought to prevent an encirclement of its forces in the east and south of the country. Soldiers posted footage of themselves unfurling the Ukrainian flag over Davydiv Brid and claimed the liberation of Starosillya, Arkhangelskoye and Velyka Oleksandrivka.
GLOBAL NEWS
Tech Stocks Face New Blow as Strong Dollar Threatens Earnings
Technology stocks are having their worst stretch in decades. Upheaval in the currencies market might make the rout even worse.
Large technology companies generate 58% of their revenue outside of the U.S.-the highest share of the S&P 500's 11 groups, according to FactSet. That makes them particularly vulnerable to fallout from the surging dollar. When the dollar strengthens, sales that companies earn in nondollar currencies are worth less. That in turn can shave millions of dollars off company earnings.
Commodity-Trading Hedge Funds Are Having a Strong Year
Some hedge funds that trade raw materials have generated blockbuster returns this year, making them among the major beneficiaries of exceptionally volatile commodity markets.
Prices for oil, natural gas, metals and grains ripped higher earlier this year as economies reopened from lockdown and the Ukraine war disrupted flows of energy and raw materials.
RBNZ Continues to Raise Rate Sharply to Counter Inflation Threat
The Reserve Bank of New Zealand raised its official cash rate by a further 50 basis points on Wednesday, citing continued inflation pressures across the economy.
The hike takes the official rate to 3.50%, and marks the fifth 50-basis-point rise in the current tightening cycle. Most economists expect the RBNZ will take the cash rate well above 4.0% before it is satisfied that inflation has been tamed.
Fed Official Says Inflation Fight Will Take Time, Despite Signs of Progress
Bringing inflation down from 40-year highs is likely to take time and will require a slowdown in economic growth and reduced demand for workers by employers, a Federal Reserve official said Tuesday.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
10-05-22 0518ET
