Closing post
Time to recap….
Shares in Boeing have tumbled 9% at the opening bell on Wall Street, as the airline manufacturer is shaken by the fallout from in-flight blowout on a 737 Max last Friday.
Fuselage manufacturer Spirit AeroSystems dropped 12% in early trading, but have now recovered to a loss of 8%.
Investors gave their first reaction to the news that the plug door on an Alaska Airways flight tore away from the plane soon after it took off from Portland airport for Ontario, California.
The door plug is a panel fitted to replace an emergency door in some versions of the 737 Max 9 plane. US regulators ordered the temporary grounding of all Max 9 models with door plugs pending inspections after Friday’s incident.
In other news…
The oil price has fallen almost 4% today after Saudi Arabia cut the cost of its crude exports.
The move is being interpreted as a sign that demand is easing, and that Opec+’s voluntary output cuts are not preventing gobal supplies building up.
Channel 4’s chief executive has confirmed to its 1,200 staff that a round of major job cuts is looming, as the broadcaster seeks to hasten its shift to streaming amid the worst TV advertising downturn in 15 years.
Gambling group Bet365 is facing criticism after paying its billionaire boss more than £270m last year, even though it made a loss.
Three UK energy companies have been given permission to begin force-fitting prepayment meters in customers’ homes again if they adhere to strict new rules, ending a near year-long moratorium on the practice.
Industry bosses across UK manufacturing are more confident about the sector’s prospects, but also fear that “headwinds of sustained economic challenges” still remain.
A Russian oligarch will this week accuse Sotheby’s of helping an art dealer to trick him into overpaying for art masterpieces including Leonardo da Vinci’s Salvator Mundi, which went on to become the most expensive artwork ever sold.
U.S. consumers’ inflation expectations have dropped to their lowest level in almost three years – news which may cheer America’s central bankers.
The New York Federal Reserve has reported that inflation one year from now is expected to be at 3%, the lowest reading since January 2021.
That’s down on a forecast of 3.4% in November.
Looking further ahead, inflation in three years time is forecast to be 2.6%, compared to 3% in November, while price pressures five years ahead were at 2.5% versus 2.7% in November.
