Week in a Glance: US Inflation, Scotland, Pipeline Hacking
The past week was very busy and volatile. For the cryptocurrency market, it started with the shouts of DogeCoin owners "we will all die" following Musk's performance at the Saturday Night Show and the fall of this 'currency dropout' by 30%. For crypto enthusiasts, the week continued with curses towards the head of Tesla after he announced that Tesla no longer accepts Bitcoins as payment for the company's products and dropped Bitcoin by 15%. Well, Musk finished off Bitcoin already at the weekend, when he hinted that Tesla had sold all his Bitcoins.
Tellingly, there were no curses towards Musk and accusations of market manipulation while he contributed to the growth of cryptocurrencies. And after a couple of resounding slaps in the face, everyone suddenly remembered that Musk's tweets were after all manipulation of market prices and it was time to bring him to justice for this.
For the UK, the start of the week turned out to be potentially extremely gloomy. This refers to the results of the elections to the Parliament of Scotland, where the majority was received by the parties in favor of the independence of Scotland. Judging by the polls, if we manage to hold another referendum, then Great Britain will have minus 8% of GDP and other problems due to the fact that one country in the Kingdom will become less.
For the oil market, the week also started with a rich news about the hacking of one of the largest US oil pipelines. The US domestic market for petroleum products has not seen such a collapse for a long time. But at the end of the week, the problem was solved (according to rumors, they paid 4-5 million to hackers).
Well, the main event of the week was inflation data from the United States. Consumer inflation reached its highest levels since April 2008, and industrial inflation - over the entire history of observations. Naturally, the markets rushed to revise forecasts for the Fed rate hike, which triggered a wave of panic in the stock market. However, by the end of the week, the panic subsided somewhat, since there was an excuse for increased inflation - the whole point is in the underestimated base, which was formed a year ago. In general, they decided that this was a local anomaly, and not a systemic problem. But we all understand that this is not like that. The economy has just demonstrated that the basic laws have not gone anywhere - you throw money right and left, get ready for inflation.
Tellingly, there were no curses towards Musk and accusations of market manipulation while he contributed to the growth of cryptocurrencies. And after a couple of resounding slaps in the face, everyone suddenly remembered that Musk's tweets were after all manipulation of market prices and it was time to bring him to justice for this.
For the UK, the start of the week turned out to be potentially extremely gloomy. This refers to the results of the elections to the Parliament of Scotland, where the majority was received by the parties in favor of the independence of Scotland. Judging by the polls, if we manage to hold another referendum, then Great Britain will have minus 8% of GDP and other problems due to the fact that one country in the Kingdom will become less.
For the oil market, the week also started with a rich news about the hacking of one of the largest US oil pipelines. The US domestic market for petroleum products has not seen such a collapse for a long time. But at the end of the week, the problem was solved (according to rumors, they paid 4-5 million to hackers).
Well, the main event of the week was inflation data from the United States. Consumer inflation reached its highest levels since April 2008, and industrial inflation - over the entire history of observations. Naturally, the markets rushed to revise forecasts for the Fed rate hike, which triggered a wave of panic in the stock market. However, by the end of the week, the panic subsided somewhat, since there was an excuse for increased inflation - the whole point is in the underestimated base, which was formed a year ago. In general, they decided that this was a local anomaly, and not a systemic problem. But we all understand that this is not like that. The economy has just demonstrated that the basic laws have not gone anywhere - you throw money right and left, get ready for inflation.
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