ECB raises rates – The European Central Bank has raised interest rates by 0.75 points, the largest increase in 23 years. This increase has surprised many with Europe currently challenged by the energy crisis putting it on the brink of a recession.
S&P 500 – Chief equity strategist of Morgan Stanley, Mike Wilson believes the largest US index, the S&P 500 is headed sharply lower as he expects that slowing economic growth will become a big concern for stocks.
Industrial metal prices – The S&P GSCI index of industrial metals has fallen more than 9 per cent since mid-August with Copper falling 6 per cent this week and iron ore has dropped below $US100 a tonne from a high of over $US160.
Myer – Myer has seen its share price rice rise more than 20% this week with speculation about a potential acquisition driving the share price up. Myer is seeking advice from Investment Bank Jeffries.
Rivian – One of the largest electrical automotive makers in the world Rivian will partner with Mercedes to build all-electric commercial vehicles with this news increasing the share price of Rivian by about 11%.
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