On Wednesday (Procter & Gamble) quartly P&G earnings and revenue reported that topped Wall Street’s expectations as price hikes helped offset higher commodity and freight costs. On the heels of its strong performance, the company also raised its outlook for sales growth but said it expects inflation to weigh even more heavily on its fiscal 2022 results.
The 10-year U.S. Treasury yield jumped to its highest point in two years on Tuesday morning, topping 1.83%. The yield on the benchmark 10-year Treasury note soared 5 basis points to 1.8305% at 3:40 a.m. ET. The yield on the 30-year Treasury bond climbed 3 basis points to 2.1492%.
In a recent Twitter exchange, with Grammy award-winning rapper Cardi B, former Twitter CEO Jack Dorsey said today that Bitcoin will replace the US dollar. Cardi B asked on Twitter if crypto would replace the US currency to which Dorsey replied, “Yes, Bitcoin will.”
Antitrust of Italy said today it had fined e-commerce giant Amazon 1.13 billion euros ($1.28 billion) for alleged abuse of market dominance. In a statement the watchdog said e-commerce giant’s had harmed competing operators in the e-commerce logistics service.
Reliance Industries Limited (RIL) named Yasir Al-Rumayyan, chairman of Saudi Aramco and governor of the kingdom’s wealth fund Public Investment Fund, as a director on its board during the AGM.
Oil Industry News: Indian state-owned oil and gas producer Oil and Natural Gas Corporation Limited (ONGC) is told to sell its stake in the country’s oil fields as part of the Ministry of Petroleum and Natural Gas seven-point plan to boost production after a year of limited production.
Crude oil up settled yesterday by 0.13% at 4658 on reports the Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to delay their plans to any significant increase crude output for now.
On Friday the 10-year US Treasury yields fell slightly but held above the 1.5% level, ahead of data out later in the morning showing the number of jobs added in February.
The 20 biggest nations need to back a $650 billion boost to the International Monetary Fund’s currency, reallocate existing reserves and extend debt payment relief to the poorest countries, former policymakers and poverty campaigners said.
The spike in diesel and petrol prices in India has brought attention to the country’s high dependence on crude oil imports. India produces less than one-fifth of its oil requirements and imports the rest.