Can GM catch up with Tesla in terms of EV sales?
During the latest quarterly earnings report the CEO of General Motors, Mary Barra, has stated that she “absolutely” believes that the company can catch Elon Musk´s Tesla in the number of sales of their electronic vehicles (EV). Barra believes that GM can achieve this by 2025.
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FRC gains 30% amid banking mayhem
After a banking bloodbath for the past few weeks, First Republic Bank (FRC) gained 30%. The stock jumped from $12 to $16, but is still down from $120 three weeks ago.
EU stock indices rise over 1% 📈
The European stock indices rose despite the ongoing fears of more bank collapses. DAX jumped 1.1%, slowly heading back to 15,000, and STOXX is up 1.4%.
The European stock market digested inflation data negatively. This sent DAX 40, EU 50, and other EU stock indices approximately 2% lower on Friday.
SVB Financial Group files for bankruptcy
To facilitate the sale of its assets, SVB Financial Group has filed for Chapter 11 bankruptcy protection. This comes days after the US government seized its subsidiary, Silicon Valley Bank.
US regional bank stocks tank 🚨
First Republic Bank tumbles 64% 📉
The fear spread to First Republic Bank, whose stock dropped over 64% pre-market. The stock fell to the lowest level in 11 years. It poses a risk as another potential bank failure.
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Fed raised interest rates by 25 bps
The Federal Reserve raised interest rates by 25 bps as expected, from 4.75% to 5%. The news pushed Bitcoin to $29,000 and Nasdaq close to $13,000.
Enterprise blockchain adoption will be sped up thanks to a new partnership between Chainlink Labs and PwC Germany. Chainlink Labs will offer services to traditional businesses who are already working with PwC but have not yet adopted blockchain technology.
Magic Eden supports Bitcoin NFT trading
Magic Eden has become one of the first major NFT marketplaces to support Bitcoin NFTs (Ordinals). The company aims to leverage the rising interest in Ordinals after over 560,000 inscriptions were made. This is the fourth supported blockchain after Solana, Ethereum, and Polygon.
Russia to internationalize Chinese Yuan
Putin advocated for the internationalization of the Chinese yuan, saying that around two-thirds of trade between Russia and China is conducted in yuan and ruble. The president said his country supports the use of the yuan in trade between Russia and countries in Asia, Africa, and Latin America.
The annual inflation rate in the UK unexpectedly jumped from 10.1% to 10.4%, significantly higher than the 9.9% forecast. Lebanon’s inflation surged from 123.53% to 189.67%. South Africa’s inflation jumped by 0.1% from 6.9% to 7%.
The euro strengthened against all fiat currencies, supporting the ongoing trends. EUR/AUD jumped 1.5%, while EUR/JPY and EUR/GBP are up 1.2%.