In today’s Recap, Marcello talks about the hacking that the Dole Food Company suffered, leaving ALL its North America Production in a halt, This firm is one of the world largest producers of fruits and vegetables; Poland has started Installing Anti-Tank barriers along its order with Belarus; Tuesday was the worst session of the year so far for all the US stock indexes.
U.S. inflation data for January was hotter than expected. The core price index y/y came in at +4.7% vs the estimate of +4.3%. January’s rate M/M was +0.6% vs +0.4% estimated. Price index inflation for the month y/y is at +5.4%. Personal spending was up +1.8% vs +1.3% estimated. January’s personal income up +0.6% vs. +1.0% expected. Inflation is now costing American consumers an extra $395.00 a month.
Labor Department data shows that the average cost for food consumed in U.S. homes climbed +11.3% in January from a year earlier. That was nearly 5% above the overall rate of inflation, among the widest gaps since the 1970s. Food cost increases have now outstripped broader inflation for nearly a year. Higher prices on food have led to fewer sales of electronics, toys, home & apparel.
Russia’s invasion of Ukraine, Europe’s biggest conflict since WWII has disrupted economies & markets globally, from energy & food prices to European banks, emerging market stocks & Russia’s currency. The U.S. dollar remains the ultimate safe haven in a time of uncertainty. The economic fallout of the war, which hit currencies such as the Euro hard, instead lifted the dollar. U.S. dollar is down from Sept’s 2-decade high, but it’s still up +8% vs. a basket of major currencies since the conflict began a year ago.
The Group of Seven nations consisting of Canada, France, Germany, Italy, Japan, U.K. & the U.S. are preparing new, further-reaching sanctions on Russia a year after its invasion of Ukraine, targeting key economic sectors & other countries or organizations who help Moscow’s war effort. Leaders of the bloc of developed nations will meet virtually on Friday with Ukrainian President Zelenskiy to mark the 1-year anniversary of Russia’s invasion & are expected to announce the sanctions package.
Archaeologists have discovered a 4,500-year-old remains of a lost palace from the ancient Sumerian city of Girsu in southern Iraq, by using tech & drone photography, to identify the subsurface remains of a previously unknown large complex.
South Africa is now experiencing an unprecedented level of power blackouts; The Labor Department Thursday said that the number of Americans filing new claims for unemployment benefits unexpectedly fell last week; House Depot misses its revenue expectations for 1st time since Nov 2019.