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On August 30th, it was reported that on August 29th local time, Magnus Brenner, the European Commissioner for Home Affairs and Migration, stated that Spain had requested further support from organizations including the European Border and Coast Guard, Europol, and the European Asylum Service in response to the migration crisis. The EU is processing the request and will make a decision quickly. He emphasized that the current priority remains the swift repatriation of those illegally residing in the Spanish enclave of Ceuta. Ceuta experienced a large-scale smuggling incident at the end of July, and thousands of illegal immigrants remain stranded there. Spain requested EU assistance on August 28th to address the migration crisis.On August 30th, the National Park Service endorsed President Trumps proposed 250-foot-high triumphal arch, despite the agency finding that the project would negatively impact historic heritage and views around Washington, D.C. "The proposed arch continues historical tradition, introducing a visual focal point that reflects the intended character of the site and celebrates the 250th anniversary of American independence," the federal agency wrote in a report released Friday. However, the report also confirmed that dozens of historic sites, including the Lincoln Memorial, the Washington Monument, and other landmarks, would be negatively affected. The anticipated "adverse impacts" relate to changes in views and the skyline, rather than any physical damage to these historic buildings.On August 30th, it was reported that on August 29th local time, the Israeli State Security Directorate (Shin Bet) confirmed that Prime Minister Benjamin Netanyahus eldest son, Yair, had faced a "significant" security threat while in the United States. Therefore, Shin Bet decided to urgently evacuate him and his security team back to Israel. Netanyahu has two sons. In an interview on August 24th, he claimed that Iran had "attempted to assassinate one of his sons." However, he did not reveal which son it was, nor did he specify the time of the incident. Subsequent reports indicated that Netanyahus eldest son, Yair, became an Iranian "assassination target" while living in Florida, USA.Market news: Iraqi Kurdistan is exporting approximately 150,000 barrels per day of oil to the Turkish port of Ceyhan.On August 30th, US President Trump posted: "At the invitation of the PGA Tour and its outstanding new Commissioner Brian Lolap, I am honored to accept the position of Honorary Chairman for the upcoming Presidents Cup, which will be held at the Medina Country Club in Chicago. It will be an exceptionally exciting tournament. Both teams are full of talent. I look forward to being there in person and meeting all these outstanding players from both teams!"

Wall Street Mixed Ahead of Friday’s US Jobs Data; Energy Stocks Drop 3.6% on Oil Price Decline

Skylar Shaw

Aug 05, 2022 15:39

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Indices Are Mixed, and Energy Stocks Are Hurt Due to the Declining Oil Price

On Thursday, the major US stock indexes were uneven, with the Nasdaq 100 index rising 0.44 percent to new highs over 13,300 since early May, the S&P 500 maintaining flat at 4,150, and the Dow falling 0.26 percent to close to 32,725 points. A near 6.0 percent increase in Advanced Micro Devices and a more than 2.0 percent increase in Amazon's share price were the main drivers of Nasdaq 100 outperformance. While this was happening, Walmart's near 4% decline and Chevron's almost 3% decline weighed on the Dow.


Chevron was hardly the only US oil company to suffer; in fact. Exxon Mobil had a decrease of almost 4.0 percent, while the S&P 500 Energy GICS sector as a whole lost 3.6 percent. This was due to additional drops in the world's oil markets and a dimming demand forecast. WTI dropped to below $90 per barrel, its lowest point since February 2014, just before Russia invaded Ukraine.


The price of Coinbase Global's stock increased by 10% at the close of business on Thursday as a result of the announcement that global asset management firm Blackrock would provide its customers with access to cryptocurrency trading services via Coinbase's institutional platform, Coinbase Prime. Shares of COIN had increased by as much as 44% throughout the day at one point.

Investor Attention Turns to the NFP Data on Friday

Wall Street was neutral on Thursday, but none of the main indexes experienced significant swings outside of previous levels due to investors' caution ahead of the Friday publication of important US job market data. The assumption that US inflation has peaked and the notion that the labor market is now weakening as the US economy slows are just two emerging economic storylines that recent data has shown are forming.


The second of these two storylines was in fact strengthened on Thursday by new data showing an increase in US weekly unemployment claims, perhaps putting pressure on the US currency and US rates. Traders will consider Friday's data in light of how it contributes to these stories. It may be more confident in a less aggressive Fed tightening forecast if the pace of job increases slows from June's 372,000 and the pace of average hourly wage growth moderates from June's 5.1 percent YoY.


Given that the battle against inflation is far from being won, Fed officials have been careful this week to caution the markets not to get ahead of themselves by betting on rate decreases in 2023. The Fed's Loretta Mester signaled that the bank is open to another 75 basis point rate rise in September, depending on the data, and said that the Fed would need to see many months of inflation drifting down before the central bank would take its foot off the throttle in terms of tightening.

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