U.S. indices higher, following Biden-Xi talks
Indices in the United States traded higher on Friday, as markets reacted to the news that Biden and Xi had held talks.
During the talks, China’s leader Xi reportedly said to Biden that, “the Ukraine crisis is not something we want to see”.
These comments sent gold to a low of $1,921, following highs above $1,950 during yesterday’s session.
|💡What was the purpose of the talks?|
Biden’s goal in speaking with Xi directly was partly to ascertain where exactly the Chinese President stood, and it remained unclear afterward whether he’d gained much clarity. He did not make any specific requests of Xi, the White House said, choosing instead to offer a broader view of the international situation.
According to the Chinese account of the meeting, both leaders “share the view that China and the US need to respect each other, coexist in peace and avoid confrontation, and that the two sides should increase communication and dialogue at all levels and in all fields”.
The NASDAQ was 2.05% higher as of writing this.
Oil back above $100 per barrel as Russia pays bond debts
As of writing this, crude oil prices were once again trading above $100 per barrel, as price volatility remained in markets.
This volatility was helped by the news that Russia had made good on its debt obligations, and not defaulted on payments, as many had anticipated.
The debt was linked to interest payments of two dollar-denominated Eurobonds, however Russia’s finance minister confirmed that a payment was made.
According to the Russian finance ministry, a payment of $117 million was made to the London branch of Citibank, who were acting as the paying agent.
|💡 Ceasefire agreements|
Oil prices have been on a rollercoaster ride as Russia’s conflict with Ukraine continues, surging COVID cases affect China, and stumbling nuclear talks with Iran have been a wild cardon the market. Peace talks have a way to go but alleged progress has been made.
WTI crude rose to an intraday high above $105 per barrel.
GameStop rises, despite disappoint Q4 losses
Shares in GameStop were higher on Friday, even as the company reported an unexpected quarterly loss.
The company, which was one of the big gainers during the 2020 COVID outbreak, also announced that revenue for the quarter was up.
Overall, GameStop reported a loss of $147.5 million for the quarter, which is the equivalent of $1.94 a share.
It also reported that revenue rose to $2.25 billion for the quarter, which is better than the $2.12 billion figure the year before.
$GME was up 5.25% as of writing.
“Remember that stocks are never too high for you to begin buying or too low to begin selling.”-Jesse Livermore.