Day: February 6, 2022

Bollywood singer Lata Mangeshkar, ‘the Nightingale’, given state funeral

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World5 hours ago (Feb 06, 2022 03:12PM ET)

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Bollywood singer Lata Mangeshkar, 'the Nightingale', given state funeral© Reuters. Bollywood playback singer Lata Mangeshkar looks at a bouquet she received on her 75th birthday during a celebration in Bombay September 28, 2003. REUTERS/Sherwin Crasto/File Photo

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By Abhirup Roy and Shilpa Jamkhandikar

MUMBAI (Reuters) -Lata Mangeshkar, one of India’s best known cultural icons and a singer who defined music for generations of her countrymen, died on Sunday and was given a state funeral as politicians and personalities united in mourning.

Mangeshkar, 92, made her name in the world of Bollywood and her voice has rung out on television sets, on crackly airwaves and from movie theatres for most of independent India’s three quarters of a century, earning her the name “the Nightingale”.

“I am anguished beyond words,” Prime Minister Narendra Modi wrote on Twitter (NYSE:). “She leaves a void in our nation that cannot be filled.”

Modi joined mourners at a packed open air state funeral late on Sunday after her body, wrapped in the Indian flag, had been paraded through the streets of her home city Mumbai on a truck decorated with flowers.

Thousands of people gathered round Shivaji Park, where she was cremated, climbing walls and trees to get a glimpse of the proceedings and pay their own respects however they could, despite police erecting barricades and restricting public entry.

The government will observe state mourning with the flag at half-mast through Monday, the Home Ministry said.

Mangeshkar died of “multi-organ failure after more than 28 days of hospitalisation post COVID-19”, said Pratit Samdani, who was treating her at Mumbai’s Breach Candy Hospital, according to Reuters TV partner ANI.

“The coming generations will remember her as a stalwart of Indian culture, whose melodious voice had an unparalleled ability to mesmerise people,” Modi wrote.

Other Bollywood personalities and politicians also paid their tributes https://www.reuters.com/world/india/reaction-indian-singer-lata-mangeshkars-death-2022-02-06. “The voice of a million centuries has left us,” veteran actor Amitabh Bachchan said.

Maharashtra, Mangeshkar’s home state, declared a public holiday on Monday. India’s central bank rescheduled its monetary policy committee meeting by a day to Feb. 8-10 due to the holiday. The policy decision is now expected on Thursday.

The state of West Bengal declared a half-day holiday and urged the administration to play Mangeshkar’s songs at important crossings all over the state for 15 days.

The Indian Cricket Team wore black armbands as they kicked off the first of three one-dayers against the West Indies. Former Indian captain Virat Kohli said her songs had touched people around the world. Another former captain, Sachin Tendulkar, was among those at the funeral.

‘A GIFT FROM GOD’

Born in 1929 in pre-independence India, Mangeshkar began singing in her teens, and in a career spanning 73 years sang more than an estimated 15,000 songs in 36 languages.

She enthralled music-mad Indians with her lilting voice and sheer range, singing everything from patriotic songs to romantic numbers, both in films and albums.

The world of Bollywood – where movies were unthinkable without at least six songs and where everything from romance to grief was narrated with the help of a ballad – was where Mangeshkar cut her teeth.

Classically trained, Mangeshkar moulded her voice to the demands of singing for Bollywood movies, even voicing songs in her 60s for an actress who was in her 20s.

Her songs motivated millions of Indians during wars with China and Pakistan to pay homage to the defence forces. Some of her songs are used as prayers in temples, shrines and schools.

“My voice is a gift from God,” she once told an interviewer. “I learned to emote through my voice. When I sang a lullaby, I became a mother, when it was a romantic song, I was a lover.”

The only songs she refused to sing were cabaret numbers and songs that had bawdy or racy lyrics, saying those did not fit with her personal values. Mangeshkar, nevertheless, dominated the Hindi film industry for almost five decades until the 2000s, along with her younger sister Asha Bhosle.

Detractors accused her of using her Bollywood clout to limit the entry of newcomers. Her influence was such that Mumbai authorities in 2006 scrapped a planned highway flyover after she objected that it would disturb her privacy.

Known for soft-spoken nature and wearing a saree, her hair in two schoolgirl-like braids, Mangeshkar received India’s highest civilian honour, the Bharat Ratna, in 2001. She was awarded France’s highest civilian honour, the Legion of Honour, in 2009.

“Music is incomplete without your voice,” actor Amitabh Bachchan said of Mangeshkar in 2019, commemorating her 90th birthday. “It has done the work of saints.”

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Hundreds in Minneapolis protest police killing of Black man in raid

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World3 hours ago (Feb 06, 2022 03:56AM ET)

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Hundreds in Minneapolis protest police killing of Black man in raid© Reuters. FILE PHOTO: Children hold up Black Lives Matter signs during a protest for Amir Locke, a Black man who was shot and killed by Minneapolis police’s SWAT team, in Minneapolis, Minnesota, U.S., February 4, 2022. REUTERS/Tim Evans

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MINNEAPOLIS (Reuters) – Hundreds of protesters took to the streets of downtown Minneapolis on Saturday demanding justice in the fatal police shooting of a young Black man, Amir Locke, during a “no-knock” raid on his apartment earlier this week.

The boisterous but peaceful crowd, chanting Locke’s name and the slogan “no justice, no peace,” rallied at Government Plaza in Minnesota’s largest city three days after Locke, 22, was shot on his couch by police.

The day after the killing, police released video footage from the raid, which showed Locke was holding a gun as he twisted beneath a blanket on his sofa after being roused by officers moments before he was slain.

Police have said the officers were exercising a “no-knock” search warrant, which authorizes police to enter private property without first alerting occupants or announcing their presence.

The warrant was issued in relation to a homicide probe led by detectives from the neighboring Saint Paul Police Department. Locke was not named in the warrant, and Minneapolis police have acknowledged it was unclear how or whether he was connected to that investigation.

On Thursday, interim Minneapolis Police Chief Amelia Huffman told a news conference the county attorney’s office was reviewing the shooting, and that video from the incident appeared to show Locke’s gun pointed toward officers when they opened fire.

Activists at the protest said Locke had a right to possess a weapon in his own home and was never given the chance to disarm himself in the chaotic moments as police stormed into his apartment without warning.

At least 500 demonstrators assembled in below-freezing temperatures on Saturday, demanding an unconditional ban on no-knock warrants, the dismissal and arrest of officers involved in the shooting, and the resignation of the mayor and police chief.

A series of speakers led the crowd through chants demanding racial justice and denouncing police violence against Black people, who organizers said have been disproportionately targeted by heavy-handed, and discriminatory law enforcement tactics.

Live video footage of the protest from Reuters showed the crowd remained orderly, while police kept a low profile presence on the fringes of the rally.

On Friday, Mayor Jacob Frey responded to the Locke shooting, ordering a moratorium on “no-knock” search warrants, saying he was acting to “ensure safety of both the public and officers until a new policy is crafted.”

The Locke shooting was the latest of a string of incidents to put Minneapolis-area police department under scrutiny.

Almost two years ago, George Floyd, an unarmed Black man, was killed by a white officer who knelt on Floyd’s neck for over nine minutes during an arrest on suspicion of trying to pass a counterfeit $20 bill. Outrage over Floyd’s death sparked a nationwide movement challenging police brutality and bias in the U.S. criminal justice system.

The video of Locke’s arrest showed police unlocking his apartment with a key and officers shouting, “Police, search warrant, get on the ground,” as they entered.

An officer then kicks at the couch where Locke was lying and as Locke turns, his arm emerges from under the blanket with a gun seen in his hand. Almost immediately, police fired at least three shots.

Lawyers for Locke’s family said he had no criminal history and legally possessed a firearm at the time of his death.

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Olympics-Snowboarding-Proud Kiwi Sadowski-Synnott bags New Zealand's first Winter Games gold

Olympics-Snowboarding-Proud Kiwi Sadowski-Synnott bags New Zealand’s first Winter Games gold By Reuters – Feb 06, 2022

By Mari Saito and Winni Zhou ZHANGJIAKOU, China (Reuters) -Zoi Sadowski-Synnott of New Zealand said she was a “proud Kiwi” after winning gold in the women’s slopestyle event at…

Prince Charles leads tribute to Queen after 70 years on the throne

Prince Charles leads tribute to Queen after 70 years on the throne By Reuters – Feb 06, 2022

LONDON (Reuters) – Britain’s Prince Charles led tributes to his mother, Queen Elizabeth, on the 70-year anniversary of her accession to the throne on Sunday, saying it was an…

Indian singer Lata Mangeshkar,

Indian singer Lata Mangeshkar, “the Nightingale,” dies at 92 By Reuters – Feb 06, 2022 1

By Abhirup Roy and Shilpa Jamkhandikar MUMBAI (Reuters) – Lata Mangeshkar, one of India’s biggest cultural icons and a singer who defined music and melody for generations of her…

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

China estimates 31.7% growth in Lunar New Year passenger trips from 2020

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Economy5 hours ago (Feb 06, 2022 05:35AM ET)

China estimates 31.7% growth in Lunar New Year passenger trips from 2020

(Corrects name of ministry in second paragraph)

BEIJING (Reuters) – The number of passenger trips during China’s Lunar New Year holiday this year is expected to have grown 31.7% from last year, China’s state television CCTV said on Sunday, citing the transportation ministry.

The estimated number of trips totalled 130 million, CCTV quoted the Ministry of Transport as saying.

(This story corrects name of ministry in second paragraph)

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Energy & Precious Metals – Weekly Review and Outlook

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CommoditiesFeb 06, 2022 06:52AM ET

Energy & Precious Metals - Weekly Review and Outlook© Reuters.

By Barani Krishnan

Investing.com — The Fear and Greed Index measures investor sentiment in stocks, bonds and cryptocurrencies with a 0-100 reading, where 0 is the state of extreme fear causing extreme selling pressure while 100 suggests extreme buying or extreme greed. In commodities though, supply constraints and geopolitics can cause fear and greed to intertwine, meaning fear that something’s scarce can make investors extremely greedy in buying it — like with oil now.

The unhinged oil rally of the past two months had everything going for it, from geopolitics to supply politics. The only thing missing was a real weather crisis. That was made up this past week by fears of a Texas freeze that tipped the market firmly above $90 on the notion that the Permian oil-and-gas basin could get frozen again like last year.

U.S. crude’s benchmark as well as its U.K. peer rallied for a seventh straight week, racing toward Wall Street banks’ call for $100 a barrel. To be sure, that target was made well before the Russia-Ukraine crisis, half-hearted production hikes by OPEC+ and the arctic blast that gripped much of America earlier this past week, including Texas — typically the fourth hottest U.S. state when it isn’t winter.

The oil rally gained new impetus this week as temperatures in Texas were initially forecast to dip to below 20 Fahrenheit (-7 Celsius).

West of Texas is home to the Permian oil and gas basin which spills over into New Mexico’s southeast.

“The relative strength of the cold in mid-Texas cannot be understated – consecutive days of freezing temperatures within this week have the potential to lead to additional freeze offs in the Permian,” Dan Myers, analyst at Houston-based energy consultancy Gelber & Associates, said on Wednesday.

But weather forecasts are just that — forecasts. Readings on something as fickle as temperature should always be taken with more than a few grains of salt, especially when they are made well in advance.

In the case of Texas, forecasts from early in the week had Midland, which sits at the heart of the Permian, averaging a low of 11 Fahrenheit by Sunday, Houston 28F Dallas 18F. 

But as I sat to write this at pre-dawn Sunday, Midland’s low was projected at just 23 Fahrenheit with an intraday high of 53 by late afternoon; Houston was seen at 29-57F and Dallas was forecast at 28-50F.  

The stakes of another super freeze are high in Texas, where last year’s winter storm led to blackouts and deaths of more than 200 people. 

But Texas had begun thawing from the worst of the week’s cold by Thursday, and as crude oil futures opened Friday’s session in Asia, it was clear the Permian wasn’t in such bad trouble, said some traders who spoke to Investing.com on Saturday after closely following the weather there all week.

Utility officials in Texas are also confident the Lone Star State’s power grid will avoid a repeat of last year’s blackouts from storms sweeping through the region. Since the 2021 catastrophe, new rules have been put in place requiring grid operators to increase reserve capacity and make it easier for industrial users to get paid to reduce consumption. 

The traders who spoke to Investing.com on Saturday also pointed out that — a commodity used for heating and cooling and as important as oil during the peak of winter and heating — plunged 18% between Thursday and Friday, giving back all of Tuesday’s 16% rally, after it became apparent that the fear factor over the Permian had been overplayed. 

If anything, gas supplies were at a greater risk of being run down in the near term than oil, with the five-year average for storage nearly 15% below where it stood a year ago, the traders said.

Still, the current buying mania in oil has edged out any rationality, they said, reducing it to a race where both rider and horse — i.e. trader and market — were wearing blinkers in the dash toward $100.

“Crude prices seem to have a one-way ticket to $100 oil,” Ed Moya, analyst at online trading platform OANDA, wrote in his weekend commentary. “Everything seems to be turning very bullish for WTI crude and the bullish momentum might not see much resistance until the $95 level.”

As I said at the outset, with commodities, supply constraints and geopolitics can cause fear and greed to intertwine, and that’s what’s happening with oil now. Last week, the height of the fear-greed focus in oil was on the Russia-Ukraine conflict, which has contributed at least $10 of the premium in a barrel of WTI and Brent over the past month — despite not a missile fired yet by either side in the conflict. 

As if the exuberance in oil buying wasn’t enough, some markets commentators, including CNBC’s “Power Lunch” co-host Kelly Evans, wondered aloud on Twitter this week why pension funds were divesting — instead of going long — on energy and recycling their constituents’ own dollars back into their own future pensions payments.

Well, perhaps their decision has to do with long-term foresight on the economy as well as morals (the last of which has, unfortunately, has become a dirty word in investing).

As I said in my previous week’s column, oil  is the commodity that literally powers and moves the planet. Oil is indispensable to the earth’s mobility. It is the underlying commodity in almost every commercial activity. Higher prices of oil lead to higher prices of food, gas, clothing and nearly every essential. 

Thus, it makes me laugh when people say they are buying oil as a hedge against inflation because nothing could be further from the truth. Using gold as an inflation hedge doesn’t contribute to inflation. But it’s a different story with oil.

It’s disingenuous to say you’re hedging against inflation by buying oil when your purchase is actually helping drive up the price of that oil. Call it a money-making opportunity in a bull market, which is exactly what it is. Just don’t use the bull that it’s an inflation hedge.

While we are a pro-investing website, Investing.com sometimes balances its markets’ coverage with commentaries on the social impacts of investors’ actions, especially when those actions could be destructive to the global economy as a whole. And that’s exactly where we are with oil prices threatening to blow well past $100 a barrel, especially when world economic recovery from Covid is still at a fledgling phase. History is full of examples of hyper-inflation and stagflation, whose seeds were planted by high oil prices. 

While we apportion blame to the Biden administration’s short-sighted energy policies (anyone with common sense would have had a renewables plan working vigorously alongside with that of fossils before a transition is made), we must also ask ourselves if FOMO (Fear Of Missing Out) from a rally — or rather RNTMO (Right Not To Miss Out) — is more important than the economy we earn our keep from. 

Remember that the seeds for the financial crisis were sown by some of the same Wall Street banks calling for $100 oil today, as much as the Bush administration was to blame for its role in mismanaging the economy. While that collapse was triggered by subprime mortgages, oil at nearly $150 a barrel was a catalyst too.

Oil Prices & Technical Outlook

New York-traded WTI, or West Texas Intermediate, settled up $2.04, or 2.3%, at $92.31 per barrel, after a session high at $93.17. Week-to-date, the U.S. crude benchmark was up nearly 7% while the cumulative gain for the seven weeks running was 30%. This year alone, WTI has risen some 23%. 

London-traded Brent, the global benchmark for oil, settled up $2.16, or 2.4%, at $93.27, after a new eight-year peak at $93.69. Week-to-date, Brent was up about 4% while its cumulative advance over seven weeks was 27%. Year-to-date, Brent has gained 20%. 

Sunil Kumar Dixit, chief technical strategist at skcharting.com, says his view is that the fundamental triggers for WTI have been “overreacted on, well above acceptable elasticity.”

“Short term upside likely to remain capped at $95, whilst breaking below $86 should be the first sign of exhaustion, as the weekly chart is clearly sending overstretched signs and parabolic ascent, after seven weeks in a row of rallying.”

“A bearish reversal top will most likely form if the $86 handle gives further way to the south.” 

But Dixit concedes that WTI could have a little more upside to push toward $95 even with news of the Russia-Ukraine conflict calming 

“Though the stochastic reading at 94 and RSI at 70 on the weekly chart are at overbought territory, some limited upside to $95 is possible. But on the whole, a technical correction seems more likely than not.”

Gold Price & Market Activity

Two steps forward and one behind — gold’s measured dance on its return to $1,800 pricing continued this week as it survived the onslaught of a powerful U.S. for January, although it could not advance strongly enough to excite longs in the market.

Gold futures’ most active contract on New York’s Comex, , settled up $3.70, or 0.2%, at $1,807.80 an ounce. For the week, it rose 1.3%. 

While a weekly gain north of 1% isn’t bad for any market, in gold’s case it’s a painful reminder to bulls in the market of how underplayed the commodity is as an inflation hedge, when key price indicators in the U.S. are all pointing at 40-year highs.

“The $1,800 level is key for gold and if gold can continue to hover around it, that would be very positive for bullion bulls,” Ed Moya, analyst at online trading platform OANDA, wrote in his weekly commentary.

“If gold breaks below $1,780, conditions could get treacherous and prices could see significant momentum-selling targets towards $1,700.”

Gold longs briefly had a panic moment on Friday morning when gold broke below that $1,800 level, although it never really got far — reaching a session bottom of $1,792.20. Given the circumstances of the jobs report, that was actually pretty impressive on gold’s part.

U.S. employers added 467,000 jobs in January, beating economists’ expectations, although the moved up fractionally to 4% from a previous 3.9%, the Labor Department said in its non-farm payrolls report. Economists tracked by Investing.com had forecast a jobs growth of around 150,000 for last month versus December’s 199,000.

Following the jobs report, fed funds futures suggested there could be as many as five interest rate hikes this year as the extraordinary labor market conditions create a solid base for the Federal Reserve to fight inflation.

“The US jobs report has the market now pricing in a greater than 50% chance that the Fed will hike five times in 2022,” economist Greg Michalowski said in a post on the ForexLive financial media platform. “Expectations for March and May hike are now at 100%. There is an 82% chance of a June hike and a 56% chance of a July and November hike.”

The quantum for each hike remains at 25 basis points. Rates are currently at between zero and 0.25%, and the five hikes could bring them to a range of 1.25-1.50% although some hikes could be more than 25 basis points, depending on the performance of the labor market, the economy and, ultimately, inflation.

After staggering unemployment triggered by the Covid-19 outbreak in 2020, the labor market has picked up dynamically, showing a jobless rate of just 4.0% in the January non-farm payrolls report released on Friday — versus a record high of 14.8% in April 2020. An unemployment rate of 4.0% or lower is considered as “maximum employment” by the Fed, which has a dual mandate of growing jobs and keeping inflation under control primarily through interest rate controls.

Since slashing rates to nearly zero in March 2020, the Fed has provided stimulus of more than $2 trillion over the past 20 months to sustain credit markets. On top of that, the federal government spent trillions of dollars more on pandemic relief measures, while employers paid out higher wages to working Americans.

All that money, along with supply chain bottlenecks arising from the pandemic, have created soaring inflation as the economy grew 5.8% last year from a 3.5% contraction in 2020. The US Consumer Price Index, a key barometer for inflation, jumped 7% in the year to December, growing at its fastest since 1982. The Fed’s own tolerance for inflation is a mere 2% a year.

Gold Technical Outlook

SK Charting’s Dixit noted that gold managed to keep its head above water this week, post the dreadful $73 drop from the $1,853 high that pushed the metal down to $1,780.

“Gold’s further move into next week will be closely monitored by price reaction to the $1,785 low and the rebound to $1,797, which is a 50% Fibonacci level.”

“Breaking and sustaining below $1,785 will invalidate the recovery and extend the selling to test the lower Fibonacci level of 61.8% at $1,768.”

Following the U.S. jobs report, expectations had been heavy for gold to correct from $1,800 to $1,797 and even test $1,790, said Dixit.

“Gold, in fact, surprised by rebounding to above $1,800. If it succeeds holding above $1,785 in any volatility that comes this week, then the rebound could extend to $,1825, a level which is critical for further upside.”

Disclaimer: Barani Krishnan does not hold a position in the commodities and securities he writes about.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

CPI Report, Earnings, Russia/Ukraine – Top 5 Things to Watch in Markets This Week

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EconomyFeb 06, 2022 07:00AM ET

CPI Report, Earnings, Russia/Ukraine - Top 5 Things to Watch in Markets This Week© Reuters

By Daniel Shvartsman

Investing.com – February started with a tug-of-war in markets, or with a game of follow-the-leader crossed with musical chairs. Outsized moves from tech giants Alphabet (NASDAQ:) (+7.3%), Facebook/Meta Platforms (NASDAQ:) (-26.4%), and Amazon (NASDAQ:) (+13.5%) dragged the market along with it, best illustrated by the yo-yo finish to the week. A surprisingly strong U.S. jobs report also suggested continued strength in the economy, while oil climbing to 7-year highs and cryptocurrencies back on the upward march are a reminder of the inflation hedge trade. The end result was a 1.5% rise for the on the week, with the Nasdaq up 2.4% and the up 1%.

Which sets us up for a week with a CPI report and a slew of earnings reports. Many will be watching the Russia-Ukraine conflict as well, with its obvious geopolitical import as well as direct effects on the commodity sector.

Here’s what you need to know to start your week:

1. U.S. CPI Report

January saw the U.S. add , surprising economists and analysts who expected that the Omicron variant disruption might have a deeper impact. It’s a reminder of how much of the U.S. has decided COVID-19 is not a cause of huge concern, and also that the U.S. economy is fairly hot. Thus inflation.

The and come out Thursday pre-market. Economists expect to come in at a .5% increase month over month and 7.3% year over year, with (excluding food and energy prices) also expected at .5% month over month and 5.9% year over year. With rumblings that the Fed might not only hike four times this year but also jump straight to a 50 basis points hike in March, this report will have real weight.

See also:

2. Earnings read-through part 1 – pandemic related effects

One way to read Meta Platforms’ muted guidance and earnings report was as a new sign that pandemic-related tailwinds are gone for tech companies. Amazon’s rebound after its reports was as much about the worst already being priced into the shares, as the company took a big hit in Q3.

We’ll continue to get read-throughs on both “Covid plays” and “reopen plays” this week, with the following companies reporting:

  • Simon Property Group (NYSE:) ()
  • Pfizer (NYSE:) ()
  • Peloton (NASDAQ:) ()
  • Lyft (NASDAQ:) ()
  • Disney (NYSE:) ()
  • Uber (NYSE:) ()
  • Twitter (NYSE:) ()
  • AstraZeneca (NASDAQ:) ()

    Cloudflare (NYSE:) ()
  • Expedia (NASDAQ:) ()

Peloton’s report will get extra attention with news breaking of Amazon’s in the fitness equipment and subscription company, which is at least a sign that Peloton could be up for sale. Uber will also have an investor day on Thursday morning following its report, which will be closely watched.

See also:

3. Earnings read-through part 2 – inflation effects

The other big story to watch across this earnings season is the impact of inflation on different companies. We have companies from the materials sector, consumer goods and food, and healthcare reporting, all of which should add to the picture of how widespread inflation is and whether there are signs of easing ahead, whether supply-chain related or otherwise.

This batch of companies includes:

  • Tyson Foods (NYSE:) ()
  • Sysco (NYSE:) (()
  • Centene (NYSE:) ()
  • CVS Health (NYSE:) ()
  • ArcelorMittal (NYSE:) ()
  • Coca-Cola (NYSE:) ()
  • PepsiCo (NASDAQ:) ()
  • Cleveland-Cliffs (NYSE:) ()
  • Enbridge (NYSE:) ()

See also: Our full earnings season calendar

4. Russia/Ukraine developments

Diplomatic efforts and military maneuvering is set to continue between Russia and Ukraine as well as Western countries. Reuters reports that French President Emmanuel Macron is set to visit Russia to speak with President Vladimir Putin Monday and Tuesday, while the Washington Post reports that U.S. President Joe Biden is scheduled to meet with German Chancellor Olaf Scholz on Monday. This comes after reports of a briefing given by the Biden administration to U.S. congress officials that Russia has built up 70% of the necessary force to invade Ukraine entirely, though the briefing did not affirm that would be Russia’s final decision.

The stakes for Ukraine and then Russia and the broader geopolitical landscape are significant, and from the market perspective, the price of – which crossed the $90/barrier for the first time since 2014 as it continues its recent ascent – and will be in focus and susceptible to any resolution or escalation.

See also:

5. Cryptocurrencies revving up again

Cryptocurrencies were an asset class that appreciated the turn of the calendar page. After losing nearly 20% in January, has risen nearly 8% in February, and has risen nearly 12%.

As ever, the question is what will be the incremental driver of price performance in the sector. The rebound has timed pretty closely with the Nasdaq’s (at least temporary) bottom from the January correction, suggesting that crypto performance – and maybe tech stocks too? – is just an output of risk appetite. With another part of the rationale for bitcoin, at least, being its use as an inflation hedge, the CPI report may have be the next catalyst, for higher or for lower.

See also: Our cryptocurrencies section

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

China, Argentina pledge closer ties on currency, ‘Belt and Road’

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Commodities2 hours ago (Feb 06, 2022 08:30AM ET)

China, Argentina pledge closer ties on currency, 'Belt and Road'

BEIJING (Reuters) -China and Argentina pledged on Sunday to deepen strategic cooperation on trade, currency and the infrastructure-focused Belt and Road Initiative, the government and state media said after a meeting of presidents Xi Jinping and Alberto Fernandez.

The leaders, who met on the sidelines of the Beijing 2022 Winter Olympics, agreed on a five-year plan for agricultural cooperation and identified key areas to grow and diversify trade and investment in the sector.

China is a major buyer of Argentine soybeans and beef. It also has a major currency swap deal with the country, which helps to bolster its dwindling foreign reserves. Fernandez is battling to revive the economy of Argentina, a major grains producer.

Argentina’s government said in a statement that the two sides had highlighted the importance of the currency swap between their central banks and agreed to continue “strengthening cooperation” in this regard.

The two also signed a memorandum of understanding related to China’s signature Belt and Road initiative, a platform for Chinese investment in railways, ports and highways worldwide.

“This strategic decision will allow the national government to sign different agreements that guarantee financing for investments and works for more than $23.7 billion,” Argentina’s government said. The Chinese side did not give such a figure.

In a 40-minute meeting, Xi and Fernandez agreed to cooperate and invest in areas such as green and sustainable development, as well as digital economy.

China is willing to share development opportunities with Argentina and help it expand exports and upgrade its industries, China’s foreign ministry quoted Xi as saying.

He was quoted as saying the two countries should deepen cooperation in trade, agriculture, energy and mining, infrastructure, investment and financing, anti-epidemic efforts, the digital economy, green development and other areas.

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Ukraine foreign minister urges people to ignore ‘apocalyptic predictions’

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Economy10 hours ago (Feb 06, 2022 11:30AM ET)

Ukraine foreign minister urges people to ignore 'apocalyptic predictions'© Reuters. FILE PHOTO: Ukrainian Foreign Minister Dmytro Kuleba meets with U.S. Secretary of State Antony Blinken (not pictured) in Kyiv, Ukraine, January 19, 2022. Alex Brandon/Pool via REUTERS/File Photo

KYIV (Reuters) – Ukrainian Foreign Minister Dmytro Kuleba on Sunday urged people to ignore “apocalyptic predictions” about an imminent Russian invasion, saying his country was strong and had unprecedented international support.

President Volodymyr Zelenskiy said a week ago Ukraine was not a sinking Titanic and accused Washington and media of fuelling panic that weighed on the economy when there were “no tanks in the streets”.

“Today, Ukraine has a strong army, unprecedented international support and Ukrainians’ faith in their country,” Kuleba said in a tweet.

“The enemy should be afraid of us, not us of them.”

A day earlier two U.S. officials said that Russia may be ready for a full-scale invasion of Ukraine by mid-February as it had in place about 70% of the combat power it believed it would need and was sending more battalion tactical groups to the border.

White House national security adviser Jake Sullivan said on Sunday Russia could take military action “any day now” but could still opt for diplomacy.

“Different capitals have different scenarios, but Ukraine is ready for any development,” Kuleba said.

EU Economic Commissioner Paolo Gentiloni said on Sunday the focus should be on diplomacy.

“We must help the NATO countries bordering Russia and strengthen them also from a military point of view,” he said on Italian national broadcaster RAI.

“We must also be prepared for economic reactions and sanctions if there is a deterioration.”

Russia has massed more than 100,000 troops near the Ukrainian borders, sparkling fears of a planned assault. Moscow has said it is not planning an invasion but could take unspecified military action if its security demands are not met.

Those include a promise that NATO will never admit Ukraine, a demand Washington and NATO have said is unacceptable.

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Satellite images show troop deployment to Belarus border with Ukraine ahead of Russian drills

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Satellite images show troop deployment to Belarus border with Ukraine ahead of Russian drills© Reuters. A satellite image shows a troop housing area and a vehicle park in Rechitsa, Belarus, February 4, 2022. Picture taken February 4, 2022. Maxar Technologies/Handout via REUTERS

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MOSCOW (Reuters) – Satellite images by a private U.S. company published on Sunday showed details of military maneuvres at the Belarus border with Ukraine ahead of joint drills announced by Moscow and Minsk that NATO has called the biggest deployment to Belarus since the Cold War.

Russia and Belarus have said they will hold joint exercises called Union Resolve 2022 on Feb. 10-20 aimed at training to repel an attack on southern borders of their alliance, and Russia has given some details of missiles and warplanes it is sending for the event.

The new deployment and planned exercises are taking place at a time when tensions are high between Russia and the West over Russia’s massing of troops near its border with Ukraine. Western countries have accused Russia of preparing to invade Ukraine while Moscow denies it has such plans.

The images from U.S.-based Maxar Technologies (NYSE:) showed that military units armed with missiles, multiple rocket launchers and attack aircrafts had deployed to Belarus at three locations close to the border with Ukraine.

Reuters could not independently verify the imagery.

The Russian defence ministry did not immediately reply for a request for comments. Belarusian military officials did not pick up calls on Sunday.

Maxar Technologies said it had collected images of military hardware near Yelsk, Rechitsa and Luninets on Feb. 4. All locations are within around 50 kilometres (30 miles) from the Ukrainian border.

Satellite images showed what Maxar Technologies identified as 15 Su-25 ground attack aircrafts and S-400 air defense system at Luninets airfield, as well as SS26 Iskander missiles and multiple rocket launchers near Yelsk.

The Russian defence ministry said on Saturday that it had sent S-400 missile systems and Su-25 warplanes to take part in the drills. Ahead of the exercises, Russian Defence Minister Sergei Shoigu visited a firing range in western Belarus on Thursday.

NATO Secretary-General Jens Stoltenberg last week called the Russian maneuvres in Belarus the biggest Russian deployment in the area since the Cold War and added that nuclear-capable Iskander missiles were a part of it.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

ECB’s Knot sees first interest rate hike in fourth quarter of 2022

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Economy16 hours ago (Feb 06, 2022 12:30PM ET)

ECB's Knot sees first interest rate hike in fourth quarter of 2022© Reuters. FILE PHOTO: ECB board member Klaas Knot appears at a Dutch parliamentary hearing in The Hague, Netherlands September 23, 2019 REUTERS/Eva Plevier/File Photo

By Toby Sterling and Bart H. Meijer

AMSTERDAM (Reuters) – Klaas Knot, the Dutch central bank president and a member of the European Central Bank’s Governing Council, said on Sunday he expects the ECB to raise interest rates in the fourth quarter of this year.

In an interview on Dutch television programme Buitenhof, Knot, known as one of the more hawkish members of the ECB’s board, said he supported winding down the euro zone central bank’s asset purchasing programme as quickly as possible.

“Personally I expect our first rate increase to take place around the fourth quarter of this year…. Normally we would raise rates by a quarter percentage point, I have no reason to expect we would take a different step.” He added that he thought a second hike would likely follow in early 2023.

Knot’s remarks come after ECB President Christine Lagarde https://www.reuters.com/business/ecb-seen-hold-may-acknowledge-inflation-risks-2022-02-02 on Thursday opened the door to an interest rate increase in 2022 but said it was “unlikely”.

The bank must first end its asset purchasing programmes, currently set to be wound down in steps to 20 billion euros ($22.89 billion) per month by the fourth quarter. However, since Thursday bond markets have begun pricing in around 40 basis points of rate hikes by December.

“The first two rate increases will follow each other quite quickly, as they will take us out of negative territory,” Knot said.

“After that, if we don’t see a wage-price spiral and inflation expectations remain anchored around our 2% target there is not much reason for us to increase rates significantly and quickly.”

Knot said that inflation in the euro zone, at 5.1% in January, was too high, and will probably last into 2023 before receding – assuming there is no further unexpected increase in energy prices.

($1 = 0.8736 euros)

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Russia invasion of Ukraine could be soon but talks still an option, U.S. official says

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World4 hours ago (Feb 06, 2022 12:46PM ET)

Russia invasion of Ukraine could be soon but talks still an option, U.S. official says© Reuters. FILE PHOTO: A service member of the Ukrainian armed forces walks in a trench at combat positions near the line of separation from Russian-backed rebels outside the settlement of Zaitseve in the Donetsk region, Ukraine February 5, 2022. REUTERS/Oleksandr K

(Corrects television attribution in paragraph 3 to say NBC not ABC)

WASHINGTON (Reuters) – Russia could invade Ukraine within days or weeks but could still opt for a diplomatic path forward, White House national security adviser Jake Sullivan said on Sunday.

“We are in the window. Any day now, Russia could take military action against Ukraine, or it could be a couple of weeks from now, or Russia could choose to take the diplomatic path instead,” Sullivan, who gave a round of television interviews, told the “Fox News Sunday” program.

Any possible Russian action could include annexing Ukraine’s Donbass region, cyberattacks or a full-scale invasion of Ukraine, Sullivan NBC News’ “Meet the Press” program, adding that Russia could act as soon as on Monday though it could also be weeks.

Russia has in place about 70% of the combat power https://www.reuters.com/world/europe/russian-forces-70-level-needed-full-ukraine-invasion-us-officials-2022-02-05 it believes it would need for a full-scale invasion of Ukraine and is sending more battalion tactical groups to the border with its neighbor, two U.S. officials said on Saturday.

As Russia masses more than 100,000 troops near the border, Moscow has said it is not planning an invasion but could take unspecified military action if its security demands are not met. Those include a promise that NATO will never admit Ukraine, a demand the United States and NATO have called unacceptable.

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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