OPEC +, JPMorgan Alert, Musk – What’s Happening in the Markets By Investing.com

Β© Reuters.

By Noreen Burke and Alessandro Albano

Investing.com – On a festive day for European markets, Wall Street is aiming for a positive session as it gathers to decide what to do about increasing crude oil production at a time when the EU has decided to ban 90% of Russian oil imports. JPMorgan (NYSE πŸ™‚ CEO warns of an upcoming economic hurricane, while Musk threatens Tesla (NASDAQ πŸ™‚ employees who prefer smart-working. Here is the main news of this Thursday:

1. Release Zuckerberg’s right arm

After 14 years, the Chief Operating Officer of Meta Platforms (NASDAQ πŸ™‚ Sheryl Sandberg has decided to resign, resulting in a -2.6% of the stock on the. Her place will be taken by Javier Olivan former Chief Growth Officer Javier Olivan, as CEO Mark Zuckerberg wrote in a post, specifying that for the moment the role of COO of Sandberg will not be directly covered.

β€œI have no intention of replacing Sheryl’s role in our existing facility. I’m not sure it would be possible, as she is a superstar who defined the role of COO in a unique way. Meta has reached the point where it makes more sense to integrate our businesses, rather than having all commercial and operational functions organized separately, ”wrote the founder of the social media.

Sandberg joined Facebook (:FB) in 2008 as Mark Zuckerberg’s right-hand man, helping to transform the company into today’s giant. β€œToday I announce that after 14 years I will leave Meta”, wrote Sandberg in a post on Facebook. “I am more than grateful to the thousands of brilliant people I have had the privilege of working with over the past 14 years.”

2. Economic hurricane

Speaking at the Sanford Bernstein conference on Wednesday, JPMorgan (NYSE πŸ™‚ CEO Jamie Dimon said he was preparing “for an economic hurricane caused by the Fed and war in Ukraine”.

With the US central bank starting to shrink its balance sheet, and the war showing no signs of stopping, for Dimon there will be “a huge shift in the flow of funds around the world. I don’t know what the effect of that is but I am prepared, at the very least, for enormous volatility. “

“With all this uncertainty about the capital, we will have to act,” emphasized Dimon. “I want to eliminate non-operational depots again, which we can do in terms of size, to protect ourselves so that we can serve customers in difficult times. This is the framework we are dealing with.”

3. Stop smart working

In a note sent to staff and then leaked on social media, Tesla CEO (NASDAQ πŸ™‚ Elon Musk asked employees to return to the office or leave the company. “Anyone wishing to work remotely must return to the office for a minimum (and I mean minimum) 40 hours a week or leave Tesla,” the note read.

In response to the note, tweeted from an unverified account, Musk said employees “They should pretend to work somewhere else”, and that he will “consider and approve” any instances where an employee will not be able to satisfy. minimum requirements.

Tesla joins the chorus of companies that have forced staff to return to the office, while some tech giants like Google (NASDAQ πŸ™‚ and Twitter (NYSE πŸ™‚ have given their staff more freedom.

4. Argentina sets prices for lithium

U.S.-listed lithium-related stocks fell sharply in the U.S. session on Wednesday after Argentina, one of the world’s largest lithium producers, decided to set a benchmark price on raw material exports to reduce alleged unfair tariff practices applied by exporters.

Argentina’s customs agency set a benchmark price of $ 53 per kilogram for lithium carbonate exports to prevent so-called “under-voicing” and improve transparency on lithium trades, according to federal tax agency AFIP, after the irregularities detected in the last two years by the Argentine authorities.

Argentina currently has the largest lithium project portfolio in the world, with lithium carbonate exports exceeding 27,000 tons, or approximately $ 185 million, in 2021. The Buenos Aires decision, however, could have serious repercussions on the entire sector. According to Credit Suisse analysts, “the rally in lithium prices is coming to an end and prices will begin to contract as the supply deficit ends.”

5. OPEC + Meeting, Scholarships

Pending the outcome of today’s meeting of the cartel of oil exporting countries and its allies (OPEC +), crude oil is moving downwards driven by rumors that Saudi Arabia and the UAE could replace the Russian oil that will fail after Western sanctions. -2.4% and -2.5%.

Wall Street is expected to rise after Wednesday’s sell-off, with Nasdaq trading at + 0.7%, S&P 500 at + 0.5% while the derivative on the upside is + 0.45%.

In Europe, exchanges marked by few volumes on the day of the Republic Day in Italy and the closure of the London Stock Exchange for the celebrations of the Platinum Jubilee of Queen Elizabeth. + 0.5%, + 0.9%, + 0.9%.

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OPEC +, JPMorgan Alert, Musk – What’s Happening in the Markets By Investing.com


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