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Pessimism weighing on Britain's households has hit unprecedented levels, as wages struggle to keep pace with inflation t...
18/06/2022

Pessimism weighing on Britain's households has hit unprecedented levels, as wages struggle to keep pace with inflation that reached 9% in April and is heading for double digits. Food inflation is predicted to hit 15% this summer.

"We are seeing higher frequency shopping trips, so there's an elevation in the number of shopping trips, we are seeing basket sizes coming down a little bit," Tesco Chief Executive Ken Murphy told reporters after Tesco reported a fall in underlying UK sales in its first quarter.

By Joey Roulette and Eric M. Johnson(Reuters) - At least five employees were fired by private rocket company SpaceX afte...
18/06/2022

By Joey Roulette and Eric M. Johnson

(Reuters) - At least five employees were fired by private rocket company SpaceX after drafting and circulating an open letter criticizing founder Elon Musk and calling on executives at the start-up to make the company’s work culture more inclusive, according to two people familiar with the matter.

SpaceX did not immediately respond to a Reuters request for comment.

The New York Times reported on Thursday that SpaceX had fired employees associated with the letter, citing three employees with knowledge of the situation.

It had not detailed the number of employees who had been terminated.

The central banks’ rate hikes are pressuring the oil prices, despite ongoing tight supplies,” CMC Markets analyst Tina T...
17/06/2022

The central banks’ rate hikes are pressuring the oil prices, despite ongoing tight supplies,” CMC Markets analyst Tina Teng.

Investors now shifted focus to tight supplies as the U.S. announced new sanctions on Iran.

“The market has been watching negotiations between the West and Iran in anticipation of a revival of the nuclear deal in recent months. This brought back into focus the ongoing supply-side issues in the market,” ANZ Research analysts said in a note.

The U.S. imposed sanctions on Chinese and Emirati companies and a network of Iranian firms that help with Iran’s petrochemicals exports, aiming to pose pressure on Tehran to revive the 2015 Iran nuclear deal.

Both contracts had fallen by more than $1 earlier in the session.Brent was on track for its first weekly dip in five wee...
17/06/2022

Both contracts had fallen by more than $1 earlier in the session.

Brent was on track for its first weekly dip in five weeks, and U.S. crude for its first decline in eight weeks, in line with a fall in equity markets amid fears of a possible recession as central banks joined a chorus of outsized rate hikes.

"The influence of the macro environment has started to take over from oil specific fundamentals in recent days," said Investec's head of commodities Callum Macpherson.

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