Renewed hopes for a second rate cut in 2024 emerged following a weaker US labour report, giving markets some reason to celebrate in this anxiety-driven week ended May 3. Disappointing data releases from the US, coupled with a less hawkish stance from the Federal Reserve, pushed the dollar lower towards the 105 levels. ISM Manufacturing PMI contracted to 49.2 in April from 50.3 in March.
Open Flip
Britannia Industries announced their Q4 results on 03 May, 2024, reporting a 1.15% increase in revenue year-over-year. However, the company saw a 3.65% decrease in profit compared to the same quarter last year. Quarterly, the revenue declined by 4.39% and the profit decreased by 3.25%. Operating income was down by 4.4% quarter-over-quarter and decreased by 3.81% year-over-year.
Open Flip
Billionaire investor Warren Buffett sought to turn attention from the rising US debt to the fiscal deficit, which he said could be a trouble area, since it is not in control of the Fed chair Jerome Powell. “I don’t worry about the quantity of debt, I worry about the fiscal deficit,” Warren Buffett said at Berkshire Hathaway’s annual shareholder meeting in Omaha.
Open Flip
