Lumber Sheds More than 70% from Its May Record High as Demand Wanes
(Bloomberg) September lumber futures plunged by up to 4.4% to a price of $482.90 per thousand board feet, a record low since October 30. At $482.90 per thousand board feet…
Crude Inventories Makes a U-Turn to Fall by 0.4M Barrels but Misses Estimates
(EIA) US crude oil inventories fell by 0.4 million barrels for the week that ended August 6, less than the expected drop of 1.2 million barrels. The decrease in the…
US Natural Gas Inventories to Fall Below Average in Winter — EIA
(EIA) US Energy Information Administration expects natural gas inventories to hit 3.592 billion cubic feet at the onset of the winter heating season in November. The inventories are 159 Bcf…
China’s Move to Tighten Online Insurance Regulations Displeases Global Investors
(Bloomberg) The Chinese banking and insurance regulators are tightening regulations on the insurance technology platforms, a move that has annoyed global investors. The regulator has ordered firms and local agencies…
US Average Hourly Earnings Decline by 0.1% in July as Inflation Bite
(Bureau of Labor Statistics) Real average hourly earnings for US employees fell by 0.1% from June to July. The decline reflects a 0.4% surge in average hourly earnings, combined with…
U.S. Senate Dems Approve $3.5 Trillion Budget Paving Way for Biden’s Economic Agenda
(Bloomberg) The U.S. Senate Democrats passed a $3.5 trillion budget framework touching on the environment, poverty eradication, and the welfare of elderly Americans. The resolution unveils measures to achieve 80%…
US Consumer Price Index Eases to an Expected 0.5% Increase in July
(Bureau of Labor Statistics) US Consumer Price Index rose by 0.5% in July, the same as expected, after a 0.9% uptick in June. The food index rose by 0.7% in…
Wix Profit Jumped to $37 Million in Q2 Driven by a Growing Customer Base
(Wix.com) Wix reported a net income of $37 million in the second quarter, compared to a loss of $57.7 million in the same period last year amid positive business traction. …
Unity Software Raises Guidance after a 48% Uptick in Revenue in the Second Quarter
(Unity) Unity Software Inc. recorded a revenue of $273.6 million revenue in the second quarter, up 48% year over year. Unity’s loss from operations widened to $149.2 million, or 55%…
U.S. Senate Passes a $550 Billion Infrastructure Plan Shifting Focus to the Lower House
(Bloomberg) The U.S.’s $550 billion infrastructure bill that will see the biggest public expenditure in decades passed by the Senate now awaits clearance by the legislature. President Joe Biden said…
Coinbase Q2 Profit Jumps to $1.6B Buoyed by High Trading Volumes
(Coinbase) Coinbase Global Inc. reported a net income of $1.6 billion in the second quarter, a jump from $32 million in the same quarter of 2020. The company, which operates…
Ether’s Market Share is up at 26% Following London Hard Fork Upgrade
(Business Insider) The London hard fork upgrade saw holdings of ether and ether-related products rise to the highest since May. CoinShare’s data shows that Ether products under management were 12,651,…
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