European Economic News Preview: ECB Set To Lift Rates By 25 Bps

The European Central Bank is expected to raise its benchmark rates by 25 basis points on Thursday although the US Federal Reserve decided to hold its key rate after ten consecutive rate hikes.

The ECB’s monetary policy announcement is due at 8.15 am ET. ECB Chief Christine Lagarde holds press conference following the governing council meeting in Frankfurt at 8.45 am ET.

Foreign trade from the euro area and final inflation figures from France are the other major economic reports due today.

At 2.30 am ET, the Federal Statistical Office publishes Swiss producer and import prices.

At 2.45 am ET, France’s statistical office is scheduled to issue final inflation data. The initial estimate showed that consumer price inflation eased to 5.1 percent from 5.9 percent in April.

At 5.00 am ET, Eurostat is slated to release euro area foreign trade data for April. The trade surplus is expected to fall to EUR 21.5 billion from EUR 25.6 billion in March.

Two bodies inside Lakewood home prompts homicide investigation

Two bodies were found inside a Lakewood residence and police are looking for a suspect in a double homicide.

At 6 p.m. Monday police were sent to the Lakewood Village Estates, 1400 block of Allison Street, after a call to report two bodies found inside a home, according to the Lakewood Police Department.

A suspect is at-large, police said on Wednesday.

The body of 60-year-old Debra Thomas was found as well as the body of man who was not identified Wednesday by police pending notification of family.

An investigation is ongoing.

Fans attending concert injured by hail at Red Rocks Amphitheater

Thunderstorms rolled across the state on Wednesday, with some storms producing severe weather and hail.

West Metro Fire responded to Red Rocks where several people were injured by hail at the Louis Tomlinson concert.

Fans ran for cover at the open-air venue, looking for any shelter they could find.

Red Rocks announced multiple weather delays earlier in the evening, and officially postponed the show at 10:25 p.m.

308ft ‘last chance’ ship arrives at stranded Titanic sub with hours to spare

A 308ft rescue vessel dubbed the “last chance” ship in the frantic search for the missing subermsible has arrived at the site of the Titanic wreckage with just hours before the five explorers’ emergency oxygen levels are set to run out.

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Pre-market Movers: EDTX, MVIS, LEJU, SPRB, LAES…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 07.30 A.M. ET).

In the Green

EdtechX Holdings Acquisition Corp. II (EDTX) is up over 103% at $22.49.
MicroVision, Inc. (MVIS) is up over 22% at $5.62.
Leju Holdings Limited (LEJU) is up over 19% at $3.48.
Spruce Biosciences, Inc. (SPRB) is up over 18% at $2.82.
Verastem, Inc. (VSTM) is up over 15% at $10.80.
Aldeyra Therapeutics, Inc. (ALDX) is up over 9% at $11.40.
CarGurus, Inc. (CARG) is up over 6% at $23.69.

In the Red

SEALSQ Corp (LAES) is down over 15% at $15.02.
Gambling.com Group Limited (GAMB) is down over 14% at $9.38.
Greenidge Generation Holdings Inc. (GREE) is down over 12% at $2.10.
BeiGene, Ltd. (BGNE) is down over 8% at $190.74.
IperionX Limited (IPX) is down over 7% at $7.79.
InnSuites Hospitality Trust (IHT) is down over 7% at $2.50.
Vitesse Energy, Inc. (VTS) is down over 5% at $23.01.
Cipher Mining Inc. (CIFR) is down over 5% at $2.45.

Darden Restaurants Inc. Announces Rise In Q4 Profit

Darden Restaurants Inc. (DRI) reported a profit for its fourth quarter that increased from last year

The company’s earnings came in at $315.1 million, or $2.58 per share. This compares with $281.7 million, or $2.24 per share, in last year’s fourth quarter.

The company’s revenue for the quarter rose 6.5% to $2.77 billion from $2.60 billion last year.

Darden Restaurants Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $315.1 Mln. vs. $281.7 Mln. last year.
-EPS (Q4): $2.58 vs. $2.24 last year.
-Revenue (Q4): $2.77 Bln vs. $2.60 Bln last year.

Oil Prices Fall On Fuel Demand Concerns

Oil prices fell more than 1 percent on Thursday as inflation and interest-rate worries returned to the fore, raising concerns about the outlook for fuel demand.

Benchmark Brent crude futures fell 1.4 percent to $76.06 a barrel, while WTI crude futures were down 1.3 percent at $71.56.

After Federal Reserve Chair Jerome Powell signaled more interest rate hikes to tame inflation, investors in the Treasury bond market are betting that additional rate hikes will drive the U.S. economy into recession.

Elsewhere in Europe, some European Central Bank (ECB) policymakers said on Wednesday that euro zone inflation is stubborn and may require a protracted period of high interest rates.

Earlier today, the Swiss National Bank continued its policy tightening with yet another hike to its interest rates and said more such moves are likely to counter rising inflationary pressure.

The Norges Bank also turned hawkish and raised its benchmark interest rate by 50 bps to a 15-year high.

Traders are divided over the possibility of a big interest rate move by the Bank of England later in the day after inflation data came in higher than expected.

On the positive side, inventory data from the American Petroleum Institute showed that U.S. crude oil inventories fell by about 1.2 million barrels in the week ended June 16, defying forecasts for a build.