Tyson Foods Inc. shares plunged 16 percent to a three-year low on Monday as the U.S. meatpacker posted a surprise second-quarter loss and cut its full-year revenue forecast amid slowing consumer demand. The weaker-than-expected results indicate cash-strapped shoppers are cutting back on meat spending in a high-inflation environment while a shrinking cattle herd forces Tyson…
Australian Government Forecasted to Deliver Brief $4 Billion Budget Surplus
Treasurer Jim Chalmers will announce a small budget surplus on Tuesday evening, the first in 15 years primarily driven by record-high iron ore, coal, and gas prices. The $4 billion (US$2.7 billion) surplus for the 2022-23 financial year is expected to be short-lived, and the budget will soon dip back into deficit as commodity prices…
Stock Market Today: Wall Street Steadies as Banks Stabilize
NEW YORK—Wall Street held steady Monday ahead of a week full of reports on some of the market’s biggest worries, including how stubbornly high inflation remains across the economy. The S&P 500 edged up by 1.87, or less than 0.1 percent, to 4,138.12 coming off its worst week in nearly two months. The Dow Jones…
Millions Affected as Eastern Australia Suffers 12 Hour Mobile Blackout
Millions of Australians in the states of New South Wales (NSW) and Queensland were left without mobile phone services after a 12-hour mobile outage hit the eastern states last night around 10 p.m. on Monday night. Independent outage tracker Down Detector noted on Twitter that outages were detected last night at around 10:17 p.m. Telstra alerted…
IN-DEPTH: Why Biden Admin’s Latest Push for EVs, Wind, and Solar Is Likely Headed to the Supreme Court
May 8, 2023
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Two new Environmental Protection Agency (EPA) regulations that are currently being finalized will leverage the EPA’s authority to regulate emissions in order to force both America’s electricity network and America’s automotive industry to shift production to wind, solar, and electric vehicles (EVs). However, new EPA initiatives targeting America’s fossil fuel industry will face legal challenges…
Closing Prices for Crude Oil, Gold and Other Commodities (May 8)
May 8, 2023
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Benchmark U.S. crude oil for June delivery rose $1.82 to $73.16 a barrel Monday. Brent crude for July delivery rose $1.71 to $77.01 a barrel. Wholesale gasoline for June delivery rose 8 cents $2.46 a gallon. June heating oil rose 7 cents $2.38 a gallon. June natural gas rose 10 cents to $2.24 per 1,000…
Australia’s Largest Super Funds Invest $34 Billion in Fossil Fuels in 2022: Report
New research has found that the 30 largest superannuation funds in Australia invested $34 billion in fossil fuel companies, both domestic and overseas, in 2022. Market Forces, an environmentalist organisation that wants financial institutions to “go green,” has released an analysis indicating that Australia’s biggest funds have raised their investment in companies developing coal, oil…
Subprime Auto Defaults Heading to 2008 Financial Crisis Levels, Portfolio Managers Warn
Consumers with lower credit scores are falling behind on their auto loans at a rapid pace and will likely reach levels not seen since the 2008 financial crisis and recession, said an investment group in a recent note. Inflation and higher interest rates have been taking chunks out of Americans’ paychecks in recent months, but…
Investors Should Prepare for Threat of a ‘Minsky Moment,’ Says Economist
May 8, 2023
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Investors should prepare for months of market readjustments due to the imminent threat of a “Minsky Moment,” said a top economist. The “Minsky moment” is named after economist Hyman Minsky’s description of a precipitous drop in asset prices after a build-up of debt. Ludovic Subran, the chief economist at Allianz, formerly worked at the World Bank…
Elon Musk Says Twitter Is Removing Inactive Accounts, Freeing up Desired Usernames
Twitter owner Elon Musk said the platform is permanently removing inactive accounts to release desirable usernames back into rotation, a move that had long been promised but never delivered. While Twitter does have an inactive account policy in place, it hasn’t done much to enforce it. The platform encourages users to log in at least…
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