Author: Fiona Craig
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ExxonMobil predicts EU will secure long-term U.S. gas agreements – report
ExxonMobil (NYSE:XOM) is forecasting that the European Union will enter into multi-decade natural gas contracts with the United States, aligning with its broader commitment to purchase American energy, according to a report in the Financial Times on Wednesday. In July, the EU pledged to acquire $750 billion worth of U.S. energy by 2028 as part…
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Oracle Sees Wave of Price Target Increases Amid Strong Cloud and AI Outlook
Oracle Corporation (NYSE:ORCL) experienced a flurry of price target upgrades on Wednesday as analysts reacted to the company’s bullish forecast for cloud orders, fueled by rising demand for artificial intelligence services. The tech giant projected cloud infrastructure revenue growth of roughly 77% to $18 billion in the current fiscal year, with expectations to surge further…
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Novo Nordisk Announces Global Workforce Reduction of 9,000 Jobs
Novo Nordisk (NYSE:NVO) revealed on Wednesday plans to reduce its global workforce by 9,000 positions as part of a broader initiative to streamline operations and manage costs. The Danish pharmaceutical company, known for its weight-loss drug Wegovy and diabetes treatment Ozempic, said the cuts represent roughly 11.5% of its total 78,400 employees, with approximately 5,000…
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Dollar stabilizes as markets await key inflation data; euro under pressure
The U.S. dollar held steady on Wednesday, recovering slightly after recent losses as investors prepared for crucial inflation reports that could shape the Federal Reserve’s next steps on interest rates. At 04:45 ET (08:45 GMT), the Dollar Index, which tracks the greenback against six major currencies, rose 0.1% to 97.820, following a 0.3% gain on…
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Gold Prices Remain Near All-Time Highs Amid Fed Rate Cut Speculation
Gold continued to trade near record levels in Asian markets on Wednesday, following gains from the previous session, as investors positioned themselves ahead of expectations for a Federal Reserve interest rate reduction next week. Spot gold climbed 0.5% to $3,646.14 per ounce at 02:17 ET (06:17 GMT), after touching an all-time high of $3,674.09/oz on…
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Oil Prices Edge Higher as Middle East Tensions and U.S.-Russia Sanctions Loom
Oil prices rose in early Asian trading on Wednesday, driven by heightened geopolitical concerns after Israel launched strikes on Hamas positions in Qatar, raising fears of supply disruptions in the Middle East. Market sentiment was further bolstered by the prospect of additional U.S. sanctions on Russian oil, following reports that President Donald Trump has called…
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Dow Jones, S&P, Nasdaq, Wall Street Futures, Markets Eye PPI; Oracle Forecasts Surge; Novo Nordisk Announces Layoffs
U.S. stock futures were mixed Wednesday as investors awaited fresh inflation data. Economists expect the annualized producer price index (PPI) for final demand in August to match July’s pace, highlighting persistent inflation pressures ahead of the Federal Reserve’s key rate decision next week. Meanwhile, Oracle (NYSE:ORCL) posted a blockbuster booked revenue forecast, boosting pre-market trading,…
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QMMM Stock Jumps 30% Following Move Into Cryptocurrency Sector
Shares of QMMM Holdings Ltd. (NASDAQ:QMMM) surged 30% after the company unveiled plans to expand into the cryptocurrency and blockchain AI space. The Hong Kong-based firm, known for its digital media advertising and virtual avatar technologies, intends to combine artificial intelligence with blockchain to develop cryptocurrency analytics and establish a crypto-autonomous ecosystem. QMMM plans to…
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Wells Fargo CFO Notes Strong Consumer Spending and Healthy Credit
U.S. consumers continue to spend actively and keep up with their payments, reflecting robust financial health, Wells Fargo Chief Financial Officer Mike Santomassimo said Tuesday. “Despite what you may read in terms of softening, we are seeing activity levels still to be quite strong and credit performance to still be quite good on the consumer…
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Vertical Aerospace Shares Rise Following Completion of Major Flight Test Phase
Vertical Aerospace (NYSE:EVTL) shares gained 1% in premarket trading after the company confirmed it had successfully completed phase 3 wingborne testing with its full-scale VX4 prototype, achieving stable and efficient flight performance. The aircraft exceeded expectations during piloted flights covering 250 miles (400 km), generating over 22 billion data points. Vertical Aerospace is now moving…