Markets Experiencing High Volatility From The Outbreak Of Hostilities In The Middle East

0:00 Speaker 1 Well, this was an unusual week. What a roller coaster with us today? Give us a financial report for Sunday morning. We have John Terrett, a longtime reporter. We’re in good friend. Well John, give us an update. What the heck is going on?

0:16 Speaker 2 Good morning, John, Well, you don’t need me to tell you what the big story of the week is. Of course, it was that outbreak of hostilities in the Middle East. Walltreet wonders how long it will last, what the end game is, what the outcome will be. Watreet is not at all certain. We thought there’d be a big sell

0:32 off on Monday. There wasn’t. The Dow was down then as that Yes, some people were in the green, which is pretty eye popping for most of us. On Waltrem Tuesday, there was a big sell off after Asia panicked over nine Wednesday recovery because the fundamentals of the US economy are still pretty strong. We have had up until last Friday,

0:48 strong jobs growth, inflation is coming down, and the fad is in the mood to cut. Thursday. There was another sell off Friday. Well, the worst week at the end of Friday since November of last year. And the problem is oil. Will Iran close the Strait of horn Moose or not can Iran close the Strait of Horn Moves,

1:05 No one knows for certain. But on Friday WTI, the American benchmark was up thirteen percent Brent the global benchmark was up about nine percent. And this on the day when Kuwait is apparently stopping production because it has no more storage space left to store its crude oil because it can’t get it out because of the closure of

1:24 the Strait of Horn Moves is not officially closed, but shipping companies won’t go through it at the moment, even though the White House is offering insurance and naval production for vessels going forward, and it’s thought that Iraq might be the next country to slow down its oil production.

1:37 We shall see. Of course, we did have that job shock on Friday, which nobody was expecting. Ninety two thousand jobs lost in the month of February, mainly because of healthcare issues. The Federal Reserve will have to deal with that when they meet a week on Tuesday. In the crypto space, the big story of the week was present

1:54 Trump weighing in on the Clarity Act, urging it to get done and criticizing the banks for holding it up company News want a discovery moving ahead without one hundred and eleven billion dollar takeover bid by Paramount. We had earnings from Abercrombie and Fitch, from Kroger, from Costco, from CrowdStrike, and from Broadcom. And late on Friday, the German media

2:15 company Axcel Springer, which owns Politico, the Washington DC Insider website and publication. They’re buying the UK’s Telegraph newspaper, very famous Broad Street newspaper for five hundred and seventy five million dollars. In this changing media landscape, and so to the market as well. As I said just now, the worst week last week was since November of last year,

2:37 for all the reasons I’ve just outlined. And in the week ahead, we have earnings from the department store Cold. We’ve got a lot of inflation data next week, John CPI that’s consumer inflation, retail sales, pretty much the same thing.

2:48 And right at the end of the week we get GDP a look at the US economy and its growth.

2:53 Speaker 1 John, Well, thank you for the update, and well, let’s pray for America. And I think you know what I said to Well, I said to people on Friday, and I think I said that to Forbes magazine. I said, under President Biden, we had four years of oil at eighty dollars ninety dollars one hundred dollars a barrel. Well,

3:15 I said, maybe in a month’s time the price of oils go back down again, so you can have four years of President Biden or maybe just one month of President Trump. Have a nice week, you know.

3:27 Speaker 2 One of the things that’s happening on Wolfriere I think is so people are saying to themselves, well, looking at we’ve kind of lived through this before. You know, the first Gold War, the Second Gold War, there have been there’s been the COVID, there was the global financial career, and it all kind of you know, comes out right

3:41 in the end. I think that is part of the reason why we haven’t seen a massive massive sell off on Wall Street this week.

3:48 Speaker 1 Just gone, thank you so much, and let’s catch up again next week. And God bless America.

3:55 Speaker 2 Thanks very much, John, and you’ve seen you next week. Bye bye.