fbpx
  • Market Insights  >  Weekly Outlook

22 August 2022,01:19

Weekly Outlook

Congress Passes Inflation Reduction Act

22 August 2022, 01:19

Share on:
FacebookLinkedInTwitterShare
Share on:
FacebookLinkedInTwitterShare

Despite its name, the Inflation Reduction Act does not, nor is it meant to ease inflation. Instead, the broadly-named $750 billion bill covers health care, taxes, and climate change in what president Joe Biden called a win for the American people and a loss for special interests. Some of the primary constituents of the act include a 15% corporate minimum tax rate for corporations with at least $1 billion in income. Medicare will now be allowed to negotiate the price of certain drugs, lowering the price of medication for people. Significant investments will also be made into energy security and climate change considerations. $80 billion will be put into beefing up the IRS over the next 10 years, improving the American tax agency’s ability to do its duties. Coincidentally or not, famed investor Michael Burry has also exited all his stock positions except one: The GEO Group, a REIT that invests in private prisons.  

Tencent Logs First-Ever Revenue Decline

Tencent Holdings Ltd, China’s most valuable company with a market cap of over US$380 billion, recorded its first-ever drop after its online advertising sales had a record drop of 18%. Revenue fell more than expected by 3% to $27.29 billion, while net income missed estimates and dropped 56% in Q2. Tencent has cut 5000 jobs, or about 5% of its workforce. All this comes as tech giants in China continue to face regulatory headwinds from the Chinese government. There’s also the fact that China seems to be facing an economic downturn, with a recent glut of underperforming macroeconomic data, property slump, and covid-related lockdowns. 

Over 2 Billion Lost to Crypto Hacks in 2022

Crypto losses due to hacks have surged as the financial markets declined this year. A large portion of these come from the large incidence of vulnerabilities in cryptocurrency bridges, like the $625 million Ronin hack in March and the $326 million hack at the start of February. $1.9 billion have been lost to DeFi (Decentralised Finance) protocols, of which more than half the hacks are estimated to originate from hackers affiliated with North Korea. 

Middle East Set For a $1.3 Trillion Windfall

The International Monetary Fund (IMF) has estimated that the oil-rich gulf states are set to earn as much as $1.3 trillion in extra oil revenue in the coming four years – relative to the projections made before the war in Ukraine. Middle Eastern Sovereign Wealth Funds (SWFs), including Saudi Arabia’s $620 billion Public Investment Fund, are set to swell proportionately. Financial growth for the Gulf Cooperation Council, which includes Saudi Arabia, UAE and Qatar, has been forecast to accelerate to 6.4% this coming year. 

Start trading with an edge today

Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.

  • Start trading with deposits as low as $50 on our standard accounts.
  • Get access to 24/7 support.
  • Access hundreds of instruments, free educational tools, and some of the best promotions around.
Join Now

Latest Posts

Szybkie i łatwe otwieranie konta

Utwórz Konto na Żywo
  • 1

    Zarejestruj się

    Zarejestruj się na Live Account w PU Prime za pomocą naszego procesu bez żadnych kłopotów.

  • 2

    Fundusz

    Bez wysiłku doładuj swoje konto za pomocą szerokiego zakresu kanałów i akceptowanych walut.

  • 3

    Rozpocznij Trading

    Uzyskaj dostęp do setek instrumentów w ramach wiodących na rynku warunków handlu

Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.

Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.

By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.

Thank You for Your Acknowledgement!

Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.

Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.

Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.

Thank You for Your Acknowledgement!