Oil Extends Losses On US Rate Hike Jitters

Oil prices slipped for a third day running on Thursday amid worries that aggressive policy tightening by the Federal Reserve to fight inflation could slow global economic growth.

Benchmark Brent crude futures slipped 0.1 percent to $82.58 a barrel, while WTI crude futures were down 0.2 percent at $76.53.

The downside remained capped by a surprise stockpile draw and a stable dollar.
Growth worries weighed on prices after Fed Chair Jerome Powell once again signaled bigger interest-rate hikes, saying the U.S. central bank was wrong in initially thinking inflation was only the result of “transitory” factors.

Weaker-than-expected data from China also pointed to a sluggish economic recovery in the country.

China’s consumer inflation rate slowed to a one-year low and producer price deflation deepened, casting doubt on the economic recovery.

On the positive side, data released by U.S. Energy Information Administration showed crude stockpiles in the U.S. fell for the first-time last week after rising for 10 straight weeks.

The EIA data showed crude inventories in U.S. dropped by 1.694 million barrels last week versus expectations for an increase of 0.395 million barrels.

The dollar dipped slightly in European trade but remained elevated as investors looked ahead to the release of weekly jobless claims figures later in the day, Friday’s jobs data and inflation figures due next week for additional clues on the U.S. rate outlook.

Dassault Aviation FY22 Adj. Profit Rises

Dassault Aviation (DUAVF.PK) announced its Board of Directors has approved the 2022 statement of accounts. Consolidated net income for 2022 was 716 million euros, compared with 605 million euros, prior year. Consolidated net income per share was 8.62 euros, compared with 7.28 euros. Adjusted net income was up 20% at 830 million euros, compared with 693 million euros. Adjusted net income per share was 9.99 euros, compared with 8.34 euros.

Adjusted net sales were 6.93 billion euros compared to 7.23 billion euros, previous year. Order intake was 20.95 billion euros compared to 12.08 billion euros.

The Board of Directors decided to propose to the Annual General Meeting a dividend distribution, in 2023, of 3.00 euros per share, corresponding to a total of 249 million euros.

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Gold Holds Steady As Dollar Dips Ahead Of Key Data

Gold held steady on Thursday as the dollar came off its recent highs ahead of the U.S. jobs report due Friday.

Spot gold edged up 0.2 percent to $1,817.26 per ounce, while U.S. gold futures were up 0.1 percent at $1,820.80.

The dollar slipped but remained elevated after Federal Reserve Chair Jerome Powell reiterated his warning to lawmakers that the central bank may raise interest rates higher than previously anticipated.

During a second day of congressional testimony, Powell once again acknowledged that the U.S. central bank was wrong in initially thinking inflation was only the result of “transitory” factors.

U.S. Treasury yields were mixed as investors looked ahead to the release of weekly jobless claims figures later in the day, Friday’s jobs data and inflation figures due next week for additional clues on the U.S. rate outlook.

Economists expect U.S. employment to jump by 203,000 jobs in February after an increase of 517,000 jobs in January. The unemployment rate is expected to hold at 3.4 percent.

Angel’s Share Finds a New Home in Greenwich Village

The pioneering cocktail bar will move to a building with landmark status, just down the street from Via Carota.

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By Robert Simonson

Pre-market Movers: TORO, SI, AMBI, BCAN, SIVB…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 07.25 A.M. ET).

In the Green

Toro Corp. (TORO) is up over 64% at $6.35.
Ambipar Emergency Response (AMBI) is up over 35% at $12.30.
BYND Cannasoft Enterprises Inc. (BCAN) is up over 32% at $4.83.
Asana, Inc. (ASAN) is up over 20% at $21.45.
Emergent BioSolutions Inc. (EBS) is up over 18% at $12.27.
Appreciate Holdings, Inc. (SFR) is up over 18% at $2.13.
Day One Biopharmaceuticals, Inc. (DAWN) is up over 16% at $22.55.
Xilio Therapeutics, Inc. (XLO) is up over 14% at $3.25.
Cassava Sciences, Inc. (SAVA) is up over 11% at $27.75.
FIGS, Inc. (FIGS) is up over 6% at $6.38.
Nerdy, Inc. (NRDY) is up over 6% at $3.74.

In the Red

Silvergate Capital Corporation (SI) is down over 47% at $2.60.
SVB Financial Group (SIVB) is down over 29% at $188.80.
Edible Garden AG Incorporated (EDBL) is down over 11% at $3.10.
MongoDB, Inc. (MDB) is down over 10% at $204.48.
TherapeuticsMD, Inc. (TXMD) is down over 9% at $4.23.
VYNE Therapeutics Inc. (VYNE) is down over 8% at $2.80.
Signature Bank (SBNY) is down over 7% at $95.43.
Intrepid Potash, Inc. (IPI) is down over 7% at $30.00.
Clearwater Analytics Holdings, Inc. (CWAN) is down over 7% at $14.86.
Southland Holdings, Inc. (SLND) is down over 7% at $8.11.
Etsy, Inc. (ETSY) is down over 5% at $106.40.

FuelCell Energy Q1 Results Top Estimates

Clean energy technology company FuelCell Energy, Inc. (FCEL) on Thursday reported a first-quarter net loss attributable to common stockholders of $19.42 million or $0.05 per share, narrower than $41.42 million or $0.11 per share in the prior-year quarter.

Total revenues for the quarter grew 17 percent to $37.07 million from $31.80 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share on revenues of $28.11 million for the quarter. Analysts’ estimates typically exclude special items.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com