The British pound sterling fell sharply after British PM Boris Johnson announced he was asking for Parliament to be suspended from mid-September until mid-October ー a highly controversial move known as "progrogue" which was given formal approval by Queen Elizabeth II Wednesday.
Critics say the move is intended to keep MPs from avoiding a no-deal Brexit and plunged the British government into crisis once again, two months before a looming deadline. The surprise move drew immediate outrage from opposition leaders, and the leader of the Liberal Democrat party had even written to the queen in hopes of her witholding consent for the suspension.
At midday in London, the GBP was down 1 percent against the U.S dollar, a sign that investors once again believe the UK is increasingly likely to "crash out" of the European Union on October 31.
Johnson's plan would extend a previously planned suspension for political party conferences and would further shorten the time Parliament has to debate Brexit after it returns from its summer recess next week.
Other members of Parliament took to Twitter to express shock at the maneuver to keep Parliament from assembling.
An online petition to demand Parliament not be prorogued had received more than 300,000 signatures in a matter of hours. Meanwhile, word of organized protests spread across social media.
The news from London helped push Treasury yields lower in the U.S., which had already been under pressure over China trade tensions. The yield on the 30-year Treasury dripped below 2 percent ー a signal that the combination of geopolitical worries from London to Beijing is increasing the odds of a global recession.
The value of most cryptocurrencies have plummeted in recent months since reaching all-time highs in November, wiping out more than $1 trillion in value globally. The steep crash has some talking about the possibility of a crypto winter, a term referring to a prolonged bearish period where asset prices persistently fall over many months. This all comes as the Fed is expected to raise interest rates, and the Biden administration is working on an executive order to regulate Bitcoin and other assets. Josh Goodbody, COO of Qredo, joined Cheddar's Opening Bell to discuss the crypto crash, and how the industry might recover from it.
Logitech posted better-than-expected earnings in its third quarter, reporting sales of $1.63 billion dollars, down 2% from the year ago quarter, but well ahead of the Wall Street consensus of $1.48 billion dollars. The PC and gaming peripherals company also raised its annual guidance for both sales and profitability. Bracken Darrell, Logitech CEO, joined Cheddar to break down his reaction to the results, how the pandemic played a role in its growth, and where he wants to take the company next.
Starbucks is scheduled to report its fiscal first quarter 2022 earnings Tuesday, February 1 after the bell. The coffee giant is expected to report revenue of nearly $8 billion and earnings per share of 79 cents. Starbucks has seen a solid recovery in demand since the beginning of pandemic lockdowns, but is now facing a unionization push, labor shortage, and the Omicron variant. Thomas Hayes, chairman of Great Hill Capital, joined Cheddar's Opening Bell to give a preview of Starbucks earnings.
GM is scheduled to report its Q4 earnings after the bell on Tuesday February 1. Wall Street expects a miss as the automaker navigates the global chip shortage, which has hit car sales hard. Investors are looking for an update on production, as well as outlook for the electric vehicles that GM is investing billions to bring to market. Karl Brauer, executive analyst at iseecars.com, joined Cheddar to give a preview of the automaker's report.
Recent data reveals that streaming giants are struggling to retain subscribers in the months following a major release.
According to data from Antenna, subscriber trends show that users will subscribe to a given streaming service just to watch a particular show, and then cancel those subscriptions shortly after. This comes as the streaming space continues to heat up as new entrants crowd the space. Jon Christian, Founding Partner + Digital Supply Chain Leader at OnPrem joined Cheddar's Opening Bell to discuss.
As airlines continues to face massive pilot shortages, United Airlines is opening a training academy for future pilots. United projects that the academy will train around 5,000 new pilots by 2030. David Slotnick, Senior Aviation Business Reporter at The Points Guy joined Cheddar's Opening Bell to discuss.
Stocks opening mostly higher to close out a wild week on Wall Street. It comes as investors continue to digest comments from the Federal Reserve, as well as the latest slew of earnings. Gene Goldman, Chief Investment Officer at Cetera, joined Cheddar's Opening Bell to discuss.
Jim Lacamp, Senior VP of Investments at Morgan Stanley, recaps the headwinds markets faced over the last four weeks and what to expect from this month's Jobs report.
Stephanie Akin, Politics Reporter for CQ Roll Call, breaks down
Senator Manchin's donation pool, and highlights what this support means for the conservative Democrat as well as the Republican party.
Julie Gillespie, Trading Analyst at TipRanks, breaks down Apple's record-breaking quarter and highlights areas of the business where the tech giant may see potential growth throughout the year.
