Interest rates – The Reserve Bank of Australia has lifted the cash rate target by 25 basis points to 2.6 per cent. RBA Governor Phillip Lowe, stated that it is likely rates will continue to increase as inflation is likely to remain an issue.
Credit Suisse – In a memo to staff on Friday, Credit Suisse CEO Ulrich Korner attempted to ease concern surrounding the Investment Bank as he assured the staff, the stock price gives no indication on the bank’s capital strength and liquidity. The stock is currently down about 53.61% year to date.
US stocks – The three largest US stock indexes, the Dow Jones Industrial average, S&P 500, and the Nasdaq have all started the new quarter higher. Both the S&P and Nasdaq had their best first day of a quarter since 2009 with the S&P up 2.6% and the Nasdaq composite up 2.3% that day.
Appen – Australian artificial intelligence data services company Appen, revealed on Thursday that trading conditions were poor as they released their earnings which were 51 per cent lower than analyst consensus estimates. The stock dropped 13.8% as a result of the release.
Tesla – Elon Musk’s Tesla has dropped in share price significantly this week, currently down about 10%. This drop in share price can be explained by the shortfall in deliveries with Tesla signalling that the delivery shortfall reflected changes it is making to its processes.
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