Oil could be this week’s dark horse.
US Treasury Secretary Janet Yellen on Thursday vowed to protect investors but said financial market regulators needed to fully understand the recent trading frenzy involving GameStop Corp and other retail stocks before taking any action. Yellen is one of many regulators around the world looking into the flurry of retail investors hitting the market.
Oil hit its highest level in a year on Friday, closing near $60 a barrel on economic revival hopes and supply curbs by producer group OPEC and its allies. With the rise of new orders for US-made goods higher than expected in December, pointing to continued strength in manufacturing. Along with President Biden’s upcoming COVID relief oils outlook is optimistic.
US job growth rebounded in January as authorities began easing COVID-19 restrictions on businesses with the ebbing pace of infections. However, this should not impact the relief bill proposed by Biden and Democrats, which could offer the strongest signal yet that the worst of the labor market turmoil was behind after the economy shed jobs in December. This is a good sign for the US economy as a whole.
Bank of England Governor Andrew Bailey said on Thursday that Britain’s economic performance during the COVID-19 pandemic was nowhere near as bad as official data has suggested, compared with other countries. Britain suffered the biggest real-terms drop in economic output of any G7 nation between the first and third quarters of 2020. Recovery is expected to be slow but should pick up later this year as the BoE withheld its stimulus package.
The dollar saw its best weekly gain in three months on Friday, lifted by growing confidence that the US economic recovery will outpace global peers. The current bout of dollar strength could continue for “several weeks,” said Tohru Sasaki, J.P. Morgan’s head of Japan market research in Tokyo.
||Google on Friday launched a platform in Australia offering news it has paid for, striking its own content deals with publishers in a drive to show legislation proposed by Canberra to enforce payments is unnecessary.|
|From cars to VR Apple Inc is looking to diversify from its current iPhone dependent model and create other larger revenue streams. News of both projects continues to fuel interest in the brand.|
|Baidu, Inc. affirmed its comprehensive leadership position in China’s autonomous driving industry with the results of the recently-published 2020 Beijing Autonomous Vehicles Road Test Report, in which Baidu Apollo topped industry peers across every testing category for the third consecutive year. In addition to maintaining the largest fleet of test vehicles and accumulating the highest total testing mileage, Baidu is also the first and only company that has obtained permission to operate fully driverless road tests on public roads in Beijing, which will enable Baidu to spearhead the development of smart transportation in the intelligent era.|