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February 26: Cyber Attack At Food Companies, Poland preparing Russia Invasion, Stock Markets Puke (Recap ep216)

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.

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