The Dow dropped 1,100 points on Wednesday, marking its biggest decline since 2020 as the sell-off this year on Wall Street intensifies. Is this the beginning of the end or are we just getting started?
In this episode, Piers and I look at some troubling signs from US retailers Target and Walmart this week and what their performance tells us about the macro environment.
Meanwhile, one of the biggest headlines for single stocks was that the infamous investor Micheal Burry of the 'Big Short' now has Apple in the crosshairs. Find out how his hedge fund is executing his bearish view in what he has described as the "greatest speculative bubble of all time in all things".
Finally, we talk ESG. A relatively new investment class in the asset management world, we look at where it sits in the investment spectrum and why Elon Musk thinks it's a scam!
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AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.