LBLV US may abandon the JEDI project given to Microsoft 2021/11/05

LBLV provides an overview of economic news.


The main economic news for Tuesday, May 11:

0:00 US may abandon the JEDI project given to Microsoft
1:08 Dogecoin crashes after Musk on SNL, goes to space
1:59 Global stock markets tumble on inflation concerns
3:04 Oil prices fall despite Colonial pipeline renewal

1. US may abandon the JEDI project given to Microsoft

2. Dogecoin crashes after Musk on SNL, goes to space
Dogecoin lost nearly a third of its value after its chief proponent Elon Musk failed to create new momentum for the digital currency meme during his appearance on Saturday Night Live. The token hit a high of $0.69 last week. Before Musk's appearance on SNL, its value was rising to a record high of $0.73, but it fell 30% during the broadcast. The businessman wanted to explain to the presenters what Dogecoin was all about, but eventually agreed that "it's a scam". More important, however, was the lack of any attempt to promote the token to the audience. Meanwhile, SpaceX will launch a satellite to the moon on a mission that will be paid for entirely with Dogecoin cryptocurrency. This was announced by the head of the corporation, Elon Musk, on Twitter.

3. Global stock markets tumble on inflation concerns
Asian tech stocks fell on Tuesday along with European stock futures after a sell-off on Wall Street as investors awaited US inflation data and continued anti-trust crackdowns in China put pressure on the country's biggest tech companies. In early European trading, Euro Stoxx 50 futures fell 1.35% and FTSE futures in London fell 1.26%. In Asia, the regional stock index experienced its biggest fall in almost two months, with the broadest index of Asia-Pacific shares outside Japan, the MSCI, falling 1.6% in the afternoon, the biggest drop since late March. Japan's Nikkei index fell 3.16%. Hong Kong also saw an active sell-off, which followed a 2.55% drop in the Nasdaq overnight. The retreat also came after China's top antitrust regulator said on Friday that it would continue to promote a fix for internet companies. Meanwhile, a test of US inflation will be given this week when the US Labor Department releases its latest Consumer Price Index report on Wednesday.

4. Oil prices fall despite Colonial pipeline renewal
Oil prices are declining today amid a gradual resumption of operations by Colonial Pipeline Co. The company, which was forced to suspend operations last Friday because of a hacking attack, said Monday it expects to restore most operations by the end of this week. July Brent crude futures on London's ICE Futures exchange stood at $67.72 a barrel, down 0.88% from the previous session's close. June WTI futures on the NYMEX by this time stood at $64.36 a barrel, down 0.86%. The Colonial pipeline system is the main source of gasoline, diesel and jet fuel to the US East Coast. The impact of the pipeline shutdown on US regions will vary, with some regions experiencing stockpiling and others experiencing shortages of petroleum products, experts say.