Weekly News Summary for (February 16 to 22)

Friday: February 16: US Consumer Sentiment Rose for its Third Time Straight

On Friday, experts reported that America’s consumer sentiment rose higher from January’s reading, showing consumers’ assurance about the economy. According to them, practical improvements were made in December and January, hitting different economic areas.

The index showed a reading of 79.6, better than January’s 79.0. However, it was still below the 80 that economists anticipated. On the other hand, sentiment was up by 30% compared to November’s result. Additionally, January’s Consumer Price Index (CPI) showed higher consumer prices than expected while retail sales reported their lowest monthly decline in almost a year.

Monday: February 19: Seven Group Offers $1.2 Billion to Control Boral

The Australian investment team, Seven Group Holdings, offered A$1.9 billion ($1.2 billion) to fully control Boral, a building products maker, to maintain the boost in Aussie infrastructure spending in later years.

Seven Group declined by -0.29% to A$40.65 apiece, while Boral rose by 4.62% to $6.12 per share. On the other hand, Boral recommended that its shareholders should not get involved with the takeover offer. Also, it stated that an independent board committee was set up to reassess the offer.

Tuesday: February 20: Sony Plans a ‘Pro’ version launch of the PlayStation 5 this 2024

According to analysts, Sony might launch a better version of the PlayStation 5 this year after it slashed expectations for sales of its flagship console. It was an effort to spike interest in the gaming console and offer a better vessel ready for the release of Grand Theft Auto VI next year.

In 2023, Sony released a slightly upgraded PS5 and a PlayStation Portal handheld console. However, the new PS5 Pro could be a massive upgrade. Despite the anticipated rollout of the new gaming device, Sony faces an issue regarding its critical gaming business profit margins that are hitting near-decade lows.

Wednesday: February 21: Aussie Bitcoin Sentiment Rose Amid US Spot Bitcoin ETF Approval

Based on a recent survey, Australian retail interest in Bitcoin increased after January’s approval of spot Bitcoin exchange-traded funds (ETFs) in the US. The crypto’s sentiment in Australia was boosted by 25% as its adoption rates increased this year. People aged 55 and above were the main drivers of the 100% increase in sentiment.

Moreover, the survey saw 19% of respondents would invest in an Australian Securities Exchange (ASX)-listed spot Bitcoin ETF if available. Meanwhile, those aged 25 to 34 and 35 to 44 showed enthusiasm at 29% and 30%, respectively.

Thursday: February 22: US Crude Oil Rises Amid Hints of Lower Supply

On Thursday, oil inched higher, grasping onto gains from the last session brought by signs of weaker supply. US West Texas Intermediate crude futures for April delivery rose by 19% to $78.07 per barrel.

According to analysts, the premium of spot prices over near-date futures heightened over the past weeks, showing a strong demand outlook for the coming term. Moreover, refinery restarts in the US are boosting demand after multiple outages slashed US refinery rates to their lowest levels.