NEWS

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Social media beast Facebook reported better than expected second quarter earnings after the close Wednesday. $FB stock lost around 4% after guiding total revenue growth rates to decelerate significantly on a sequential basis. Sees itself transitioning from a social media company to a metaverse company in coming years.

The Federal Reserve kept rates unchanged at their July meeting, kept QE infinity open with TALF for open-ended Treasuries, MBS and corporate bonds in amounts needed. Inflation has risen, largely reflecting transitory factors

WTI Oil futures circled $72 after EIA reported crude draw of 4089kbbl (incl -1268kbbl draw at Cushing, now at lowest since Jan 2000, Midwest crude stocks lowest since Oct 2018). Gasoline stocks fell -2253kbbl,  Utilization fell 0.3% to 91.1%. Production fell -200kpd to 11,200 kbpd.

Inflation continues to bubble along in Australia to the highest since Q3 2008. Australian consumer prices rose 0.8% in the second quarter. Automotive fuel prices climbed 6.5% and Electricity prices jumped 3.3%. The ABS expects the sharp jump in annual inflation to be temporary

Amgen today announced it will acquire privately held, clinical stage biotechnology company Teneobio in a deal that includes a $900 million upfront cash payment, plus future contingent milestone payments. Complements $AMGN Antibody Research Capabilities Across Therapeutic Areas.

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