Jobs Report Friday. Let’s see if the numbers give us some reason for cheer after markets whipsawed into the red—hard—a day before. [But best to temper hopes for any market recovery, no matter what jobs are, as early signs point to an “extended selloff”] - NYTimes and WSJ and Bloomberg and MarketWatch
Yesterday’s rate-hike exuberance on the Street proved short lived, as the reality of the Fed’s new guidance took hold on Thursday and drove big losses across all three major indices. Volatility’s the name of the game for now, folks. Buckle up - NYTimes and WSJ and Bloomberg and MarketWatch
The precipitous drop also sent the price of Bitcoin plummeting - WSJ
Boeing announced on Thursday that it would end its company’s 20-year HQ stay in Chicago in favor of Arlington, VA. The move “underscores the importance of the federal government and its regulatory bodies to Boeing, which is a leading military contractor as well as a major manufacturer of commercial aircraft.” It also comes as Boeing is working to “reduce costs” in the wake of its 737Max scandal - NYTimes and WSJ and Bloomberg
The latest OPEC+ meeting—complete with reps from Russia—met this week and vowed to make modest additions to the global oil supply in coming months. Not that everyone is taking the group at its word. “Many” of the group’s members “are struggling to meet their own production quotas,” and “war, sanctions and government releases” from oil reserves “are wielding major influence on the world’s oil markets, leaving the pledges of OPEC Plus far less important” - NYTimes
New reporting from the Journal suggests that the chaos Facebook caused last year in Australia when it “blocked news” and “took down the pages of . . . hospitals, emergency services and charities” in the country “in response to potential legislation making platforms pay for content” was all part of an intentional plan to “exert maximum negotiating leverage over the Australian Parliament.” Facebook claimed publicly that it was “targeting only news outlets,” but it employed an algorithm “for deciding what pages to take down that it knew was certain to affect more than publishers” - WSJ
Taking a page out of the Fed’s inflation-fighting playbook, the Bank of England has moved to push UK interest rates up 25 bps to 1%, “their highest level since 2009.” As here, the Brits are hoping to “arrest rapidly rising prices even as the risk of recession is growing” - NYTimes
Lawyers for former Nomura senior trader James Im—on trial for allegedly defrauding the firm’s clients “by misrepresenting bond price information to boost the bank’s profit and his own bonuses”—went with a combination of “everyone lies” and “the clients were too sophisticated to believe him anyway” in defending Im during closing arguments - Bloomberg
Eye-care company Bausch + Lomb picked a heckuva time to go public, and that’s reflected in its decision to price its IPO “at the low end of expectations later Thursday in the latest sign of the challenges whipsawing stock prices pose for the new-issue market” - WSJ and MarketWatch
A new spate of investors (and its $7 billion) is looking to join Elon’s Twitter party - NYTimes and WSJ and Law360 and Bloomberg and TechCrunch
Unpacking Americans’ “obsession” with ancestry (and the dangers linked to genealogical fixation throughout history) – NewYorker
Stay safe, and have a great weekend,
MDR
The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.
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