Overview of Top weekly news 12.1. 2022

12 / 01 / 2022
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South Korea has approved the vaccine

In an effort to prevent the rapidly spreading Omikron mutation, the country is waiting for the Novavax Inc. vaccine and is preparing to distribute the first Pfizer antiviral tablets. Antiviral drug Paxlovid will arrive in the country this week and another delivery is expected by the end of the month. The use of Novavax has been authorized by the South Korean Ministry of Food and Drug Safety.

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Performance of Novavax over for 5 years. (Source: Investing.com)

Higher profits for the UK retailer

JD Sports Fashion has raised its profit forecast for 2021 and is likely to exceed market expectations. 2 seasons, Christmas and Black Friday, helped the seller the most. JD is the UK’s largest sportswear retailer. Expected pre-tax profit is expected to climb to £ 875 million per year by 29 January, ahead of current market expectations of £ 810 million. [1]

Oil prices have stabilized

Jerome Powell, the Fed’s chairman, said the United States economy, the world’s largest oil consumer, should survive the current surge in COVID-19 without major restraint. Oil is high because the highly contagious variant of Omicron COVID-19 does not affect fuel demand like previous variants. The market has supported an improved outlook for oil demand from the US Energy Information Administration.

The dollar’s recovery thanks to Powell

The US dollar rose slightly and stabilized as Federal Reserve Chairman Jerome Powell eased fears that the central bank would tighten monetary policy this year. So far, Powell has not supported four rate increases in 2022, nor did March begin raising. On the contrary, he expressed the belief that the US economy was strong enough to cope with higher interest rates.

Watch this week:

On Thursday, Pentti Hakkarainen, member of the Supervisory Board (ECB representative), is set to speak. His speeches often contain indications on the future possible direction of monetary policy.

On Friday, will be published U.S. Core Retail Sales MoM

* Past performance is no guarantee of future results

[1] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or based on the current economic environment which is subject to change. Such statements are not guaranteeing future performance. They involve risks and other uncertainties which are difficult to predict. Results could differ materially from those expressed or implied in any forward-looking statements.

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