FX Secret Story: Fed rate hike, PacWest teeters, Apple ahead

Thursday, May 4, 2023

Fed rate hike, PacWest teeters, Apple ahead - what's moving markets

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📚 Daily Digest | Thursday, May 4, 2023

Fed rate hike, PacWest teeters, Apple ahead - what's moving markets

The Federal Reserve signals a possible end to its year-long rate hiking campaign, while yet another struggling regional bank in the U.S. flirts with collapse. Meanwhile, Apple is forecast to unveil billions of dollars in fresh share buybacks and Shell becomes the latest oil major to post better-than-expected quarterly results.

Today's Top News

Economy

ECB to raise interest rates for a seventh time in inflation fighting cycle

The European Central Bank will raise interest rates for the seventh meeting in a row on Thursday as its long fight against stubborn inflation continues, with only the size of the move still open to debate.

Stock markets

Pacwest, Western Alliance plunge on shaky confidence in regional banks

Many regional banks have their shares trade sharply lower in pre-market Thursday as confidence in regional lenders remains weak.

Stock markets

Apple results could mark weak finish to Big Tech earnings

Apple will likely report a more than 4% drop in revenue, its second straight quarterly decline, weighed down by consumers shunning non-essential purchases such as iPhones and Mac computers and slowing growth at its services business.

Stock markets

White House to meet Microsoft, Google CEOs on AI dangers

The White House will host CEOs of top artificial intelligence companies, including Alphabet's Google and Microsoft, on Thursday to discuss risks and safeguards as the technology catches the attention of governments and lawmakers globally.

Stock markets

French antitrust body tells Meta to change conditions for access to ad verification

France's antitrust watchdog on Thursday gave Facebook-owner Meta two months to change its access rules for ad verification partners, saying the company was potentially taking unfair advantage of a dominant market position in online advertising.

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