ADVANCED SHARE REGISTRY Stocks advanced Tuesday following Federal Reserve Chair Jerome Powell's comments that inflation was on the decline.The Fed Chair repeated post-FOMC meeting messaging during his appearance at the Economic Club of Washington, noting that the disinflationary process will be bumpy and further rate increases will likely be necessary. He stated that if strong labour market data continues, the Fed will raise rates, but he expects the labour market to soften
President Biden delivers his annual State of the Union address tonight at 9pm Eastern and is expected to raise concerns on big tech, call for increasing levies on share buyback under IRA and revive the billionaire tax. Overnight the S&P 500 was up 1.3 per cent, while the Nasdaq Composite gained 1.9 per cent. The Dow Jones Industrial Average added 262 points, or 0.8 per cent. The major indexes ricocheted during and shortly after his remarks in a midday conversation at the Economic Club of Washington, D.C.
In company news, Meta Platforms is making strides in the ongoing battle to return time spent back to its Instagram platform, and take share from TikTok, according to UBS. That's evident in the fact that global time spent in January for Instagram rose 5 per cent year over year, while declining 6.4 per cent year over year for TikTok. More tech layoffs ahead for Zoom which is laying off 15 per cent of its workforce, or 1,300 employees, due to slowing growth after the pandemic-driven increase, and CEO Eric Yuan is reducing his salary by 98 per cent and forgoing his bonus for the coming fiscal year.
Across the Atlantic, European markets closed mixed. London's FTSE added 0.4 per cent, Frankfurt lost 0.2 per cent while Paris closed 0.1 per cent lower. In Asian markets, Tokyo's Nikkei closed flat, Hong Kong's Hang Seng added 0.4 per cent while China's Shanghai Composite closed 0.3 per cent higher. Yesterday, the Australian sharemarket closed 0.5 per cent lower at 7,504.
Iron ore futures are pointing to a 0.7 per cent fall. Gold added 0.2 per cent. Silver fell 0.1 per cent. Copper rose 0.9 per cent and oil gained 4.3 per cent.
| Dow Jones | 34,156.69 | +265.67 | +0.78% |
|---|---|---|---|
| US S&P500 | 4,164.00 | +52.92 | +1.29% |
| US Nasdaq | 12,728.27 | +263.76 | +2.12% |
| UK FTSE 100 | 7,864.71 | +28.00 | +0.36% |
RECENT INDIAN OCEAN SECURITIES TRANSACTIONS
| Balkan Mining Minerals Limited (ASX:BMM) | Mining Exploration Sector | IPO at $0.20 | Price Change from IPO Investment: + $0.175 / 85.50% |
|---|---|---|---|
| Smart Auto Australia Limited (NSX:SAL) | Electric Commercial Vehicles Sector | IPO at $0.10 | Price Change from IPO Investment: + $0.10 / 100% |
| Azure Health Technology Limited (NSX:VTL) | Health Technology | IPO at $0.20 | Price Change from latest Investment entry: - 0.05 / 25% |
| Albion Resources Limited (ASX:ALB) | Diversified Metals & Mining | IPO at $0.20 | Price Change from latest Investment entry: - $0.015 / 7.5% |
| Sprintex Limited (ASX:SIX) | Auto Parts & Equipment | IPO at $0.086 | Price Change from latest Investment entry: - $0.013 / 15.12% |
| Jadar Resources Limited (ASX:JDR) | Diversified Metals & Mining | Private Placement at $0.03 | Price Change from latest Investment entry : - $0.007 / 23.33% |
| Krakatoa Resources Limited (ASX:KTA/KTAOC) | Gold Sector | Private Placement at $0.06 | Price Change from latest Investment entry : - $0.008 / 13.33% |
| PYX Resources Limited (NSX:PYX) | Diversified Metals & Mining | IPO at $0.40 | Price Change from latest Investment entry: + $0.76 / 190% |
| Cokal Limited (ASX:CKA) | Steel Sector | Funding at $0.04 | Price Change from latest Investment entry: + $0.036 / 90% |
| Cyclone Metals Limited (ASX:CLE) | Steel Sector | Placement: at $0.0017 | Price Change from latest Investment entry: + $0.0073 / 429.41% |
| Food Revolution Limited (ASX:FOD) | Packaged Foods & Meat | Placement at $0.035 | Price Change from latest Investment entry : - $0.0007 / 20% |
| Synertec Corporation Limited (ASX:SOP) | Technology Sector | Placement at $0.023 | Price Change from latest Investment entry: + $0.077 / 334.78% |
| Douugh Limited (ASX:DOU) | Wireless Telecommunications Services | Placement at $0.020 | Price Change from latest Investment entry: + $0.074 / 370% |
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The information provided was based on information available at the time of publishing. We believe that the information in this report is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness. To the extent permitted by law, neither Advanced Share registry (ABN 14 127 175 946) nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this report. The report has been prepared without taking account of the objectives, financial situation or needs of any particular individual. For this reason, any individual should, before acting on the information in this report, consider the appropriateness of the information, having regard to the individual's objectives, financial situation and needs and, if necessary, seek appropriate professional advice. This report does not purport to be a complete statement or summary.
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Advanced Share Registry Limited published this content on 08 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2023 08:43:07 UTC.
