06 May 2022 1 Min Read
BUSINESS WATCH WITH MICHAEL AVERY
WATCH: The week in perspective
Michael Avery and guests put the week in perspective
in Companies by Michael Avery
The European Central Bank headquarters building is seen in Frankfurt, Germany. File photo: REUTERS/RALPH ORLOWSKI
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A day after celebrating the Federal Reserve’s signal that it wouldn’t be making any big moves, traders woke up on Thursday deciding that the central bank will struggle to fight high inflation amid the lingering threat of a recession.
In a sharp about-face, investors sold stocks, bonds and cryptocurrencies on Thursday. The S&P 500 Index lost 3.6%, erasing about $1.3-trillion of market value, and the tech-heavy Nasdaq 100 dropped 5.1%, the most since September 2020. The Dow Jones industrial average tumbled 3.12%.
The positive sentiment melted after the BoE raised its rate for the fourth straight meeting, taking its benchmark to the highest in 13 years.
Zondo’s fourth report into state capture and the NPA’s victory in its battle to take on state capture corruption — by overturning a Gauteng High Court ruling that unfroze R1bn in assets allegedly linked to the looting of Transnet — raised fresh hope on the accountability front. Watching the ANC debate on how to fix Eskom in parliament reminds one that the only power change the ruling party should be allowed near is at the ballot box.
Let’s welcome the panel — Warwick Lucas, head of Galileo Securities, Raymond Parsons, professor in the School of Business and Governance at Northwest University, and Isaah Mhlanga, chief economist at Alex Forbes.
In a sharp about-face, investors sold stocks, bonds and cryptocurrencies on Thursday. The S&P 500 Index lost 3.6%, erasing about $1.3-trillion of market value, and the tech-heavy Nasdaq 100 dropped 5.1%, the most since September 2020. The Dow Jones industrial average tumbled 3.12%.
The positive sentiment melted after the BoE raised its rate for the fourth straight meeting, taking its benchmark to the highest in 13 years.
Zondo’s fourth report into state capture and the NPA’s victory in its battle to take on state capture corruption — by overturning a Gauteng High Court ruling that unfroze R1bn in assets allegedly linked to the looting of Transnet — raised fresh hope on the accountability front. Watching the ANC debate on how to fix Eskom in parliament reminds one that the only power change the ruling party should be allowed near is at the ballot box.
Let’s welcome the panel — Warwick Lucas, head of Galileo Securities, Raymond Parsons, professor in the School of Business and Governance at Northwest University, and Isaah Mhlanga, chief economist at Alex Forbes.
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