Weekly news summary for August 26 to September 1

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Weekly news summary for August 26 to September 1

Weekly news summary for August 26 to September 1

Friday, Aug. 26: Chinese Firms’ US-Listed Shares Rise on Audit Deal

Shares of Chinese companies, including Alibaba Group Holding Ltd. and Nio Inc., soared in the US on Friday after Washington and Beijing agreed to an audit review that could help foreign firms avoid a delisting from the New York Stock Exchange (NYSE).

The potential deal sent US-listed shares of Alibaba up 1% and Nio’s American Depositary Receipts (ADRs) adding more than 3%, while Tencent Music Entertainment Group, iQiyi Inc., and Baidu Inc. registered gains between 1% and 5%.

Monday, Aug. 29: Bitcoin Trades Under $20,000 on Risk Asset Selloff

Bitcoin traded under $20,000 on Monday after Federal Reserve Chair Jerome Powell’s remarks to continue with higher interest rates to curb inflation prompted investors to divest their risk asset holdings.

The world’s largest cryptocurrency by market cap was down by 5% to an intraday low of $19,526, its lowest level since mid-July, although it later recovered to trade at $20,266, while Ethereum also weakened to hit its lowest in a month of $1,423.

Tuesday, Aug. 30: Oil Prices Lost Almost $6 on Demand Concerns

Oil prices fell sharply to lose almost $6 per barrel on Tuesday, as concerns over weaker demand increased due to interest rate hikes around the world, and the conflict in Iraq had no impact on the Organization of the Petroleum Exporting Countries’ (OPEC) exports.

Global benchmark Brent crude futures dropped $5.78 or 5.5% to $99.31 per barrel, having hit $97.55 earlier in the session, while the US West Texas Intermediate (WTI) crude futures shed $5.37 or 5.5% to $91.64 per barrel.

Wednesday, Aug. 31: Eurozone Inflation Posts New Record High in August

Eurozone inflation reached another record high in August, as the bloc saw higher prices in the food and energy sector, adding more pressure to the European Central Bank’s (ECB) inflation control measures.

Preliminary data from Eurostat showed on Wednesday that Eurozone’s consumer price index (CPI) was up to a new record of 9.1% annually, ending above the 8.9% posted in the previous month, while inflation in the food and energy segment climbed 38.3% and 10.6% respectively in August.

Thursday, Sept. 1: Gold Extends Losses Ahead of Nonfarm Payrolls Data

Gold prices extended losses to a five-week low on Thursday as the US dollar soared ahead of vital nonfarm payrolls data expected to be lower in August, while copper prices also weakened on concerns over a potential global recession.

Spot gold slipped by 0.4% to $1,704.36 after hitting its lowest level since late July, and gold futures were down by 0.5% to $1,716.45 per ounce, while concerns over a global economic slowdown led copper futures to stumble for the fifth consecutive session by 1.4% to $3.46 per pound.

With both instruments declining significantly over the last five months due to higher US interest rates pushing the greenback and Treasury yields.

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Source: Weekly news summary for August 26 to September 1