- The euro and sterling were on Tuesday trying to recover from multi-year lows against the dollar hit the day before, as policy makers tried to get a grip on the energy crisis, though the rate sensitive Japanese yen slipped to a new 24 year-low. The pound and euro both gained over 0.6% with the pound reaching as high as $1.19609, and the euro $0.9987 up from its 20-year low hit on Monday.
- Last week, the finance ministers of the US, Germany, Italy, Japan, UK, France, and Canada approved the notion of restricting the price of Russian petroleum to lessen Moscow’s income in retaliation for its invasion of Ukraine. Russia will increase its shipments to Asia in response to oil price limits.
- After soaring on Monday, Gas Benchmark futures plummeted as much as 4.4%. Russia’s choice to forgo resuming supplies through Nord Stream after it was shut down last week for maintenance has compelled European governments to devise market interventions, such as price controls and windfall taxes on energy companies’ profits.
During Premarket hours today (Tuesday – 06.09.2022):
- Bed Bath & Beyond (Symbol: BBBY) — The beleaguered home goods retailer dropped another -14.1%, adding to several straight days of losses. The latest move comes after CFO Gustavo Arnal committed suicide Friday. Bed Bath & Beyond said in a statement Sunday that Arnal was “instrumental” in guiding the company through the pandemic.
- FedEx (Symbol: FDX) — The transportation stock dipped -1.5% after Citi downgraded it to neutral from buy and lowered its price target, citing pressures to earnings per share growth this year.
- Dropbox (Symbol: DBX) — Shares advanced +1.7% after Bank of America initiated coverage of the file storing and sharing service with a buy rating, saying strong free cash flow generation should be attractive to shareholders.
- CVS Health (Symbol: CVS) — CVS is acquiring in-home health-care company Signify Health in an $8 billion transaction, the two companies said. Shares of CVS rose +0.6% in premarket trading.
- Volkswagen (Symbol: VWA) — Volkswagen is intending to list sports car brand Porsche in an initial public offering later this year, which could be one of the world’s largest listings this year.
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