February 7, 2023

Great Indian Mutiny

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5 Keys to Wall Street by Investing.com

© Reuters.

By Jeffrey Smith

Investing.com – All indications are the U.S. will add 250,000 new nonfarm jobs in July, the fewest since November but still a good number by historical measures. Democrats Sen. Kirsten softens their financial plans under the influence of cinema. Warner Bros. Discover fell after announcing a possible move to free, ad-supported streaming. India raises interest rates more than expected and oil falls to new seven-month low.

Here are the top five things to watch out for in the financial markets this Friday, August 5.

1. Employment data

A week of data tracking the strengths and weaknesses of the US labor market ends in July with the release at 2:30 PM ET.

Analysts expect nonfarm payrolls to have risen by 250,000 by the middle of the month, marking the slowest level of hiring since November and a further cooling — albeit relatively mild — from the warm conditions early last month. of the year.

The current dynamics of inflation will result in a sequential increase fueling great expectations, as well as . Earlier this week the folks at Uber (NYSE: ) gave a strong signal that a cooling economy and the end of pandemic-era savings are forcing people back into the job market.

2. The cinema allegedly supports the IRA

Democratic Senator Kirsten Sinema secured a key concession from her party on the so-called “De-Inflation Act,” set to be the most important piece of U.S. economic legislation between November’s midterm elections.

According to the Wall Street Journal, Democrats will cut taxes on large profitable corporations by at least 15% and abandon plans to raise taxes on shifted interest income, marking another victory for the private equity sector.

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The IRA funds many of the Democrats’ pet programs on climate and health.

3. Stocks Point to Steady Open; WBD fell apart after announcing a free streaming plan

Stock markets in the United States are pointing to a start with a restrained approach pending the employment report, which will have a major impact on the Federal Reserve’s rate.

At 12:10 AM ET, {{8873|Jones futures}} were up 24 points, or 0.1%, while the same amount was down 0.2%.

Stocks to watch this Friday include Warner Bros. Discovery, which fell 10% before the open after CEO David Zaslau said it would add a free, ad-supported version of its streaming service. Markets don’t like the implications of this new cycle for earnings and profits.

Meanwhile, earnings season is winding down, but reports from Canopy Growth, DraftKings, Fluor and Waptech are yet to come. Also of interest may be the results of EOG Resources, which rose 3% before the open despite missing revenue estimates in its earnings report on Thursday. Overnight, it rose sharply after posting better-than-expected earnings.

4. India’s Tariff Hike Exceeds Expectations; European industrials steady in June

The tightening cycle of global monetary policy continues, raising key interest rates by 50 basis points to 5.4%. As has been the case throughout the year, the magnitude of this increase surprised many.

This year, India is poised to overtake the UK as the world’s fifth largest economy. Britain is facing 13% inflation and five consecutive quarters of economic contraction, according to the latest Bank of England forecasts released on Thursday, the highest in more than 20 years. UK house prices, famous for defying gravity for decades, fell in July, according to the lender’s survey.

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In the rest of Europe, industrial production was better than expected in June, and , although it fell in the case.

5. Oil hits new seven-month low during risk-free period; Renegotiation with Iran

Despite dipping below $90 a barrel before the New York open, oil prices hit fresh seven-month lows before recovering slightly.

On the other hand, negotiations to renew the nuclear deal with Iran will resume, leading to the lifting of economic sanctions on the Islamic Republic. However, it is difficult to achieve real progress instead of just talk.

Futures were trading at $88.75 a barrel by 12:30 p.m., while up 0.2% to $94.33.