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Regulatory

USO

Oil traders have increased their holdings in crude oil futures to the highest levels in nearly a year, anticipating a price rise despite recent stagnation. The Nymex WTI crude oil futures contract saw a slight increase, trading at $73.83 per barrel, with a 3% rise in early 2024. The United States Oil Fund ETF (USO) also saw a minor uptick. Despite geopolitical tensions in the Middle East, the market remains range-bound, with speculative net positions decreasing since October 2023. U.S. gas prices are rising, with a notable increase in gasoline demand.

Portfolio Pulse from Neil Dennis

February 07, 2024 | 5:49 pm

AMZN

BABA

GOOG

MSFT

Microsoft Corp is in talks with the Cloud Infrastructure Services Providers in Europe (CISPE), including Amazon.Com Inc and 26 smaller cloud providers, to address a complaint to the EU about its cloud computing licensing practices. The aim is to avoid a potential EU antitrust investigation that could lead to fines and operational changes. The complaint, initiated by CISPE, accuses Microsoft of contractual terms that harm the European cloud computing market. Notably, licensing changes made by Microsoft excluded major competitors like Amazon, Alphabet Inc's Google, Alibaba Group, and Microsoft's own services. The European Commission has received multiple complaints against Microsoft, focusing on its Azure platform and investments in OpenAI, as well as issues with Microsoft Teams.

Portfolio Pulse from Anusuya Lahiri

February 07, 2024 | 5:43 pm

MSTR

MicroStrategy Inc. co-founder Michael Saylor emphasized Bitcoin's potential as an institutional asset class and store of value, predicting 2024 as the year Bitcoin becomes an institutional-grade asset. He compared Bitcoin's evolution to significant financial milestones like the creation of gold ETFs and the S&P index ETF. Saylor highlighted Bitcoin's transition from an unregulated retail asset to a regulated institutional asset, likening it to the digital transformation seen in tech companies like Microsoft, Google, and Apple. He also mentioned the growth of new job opportunities within the Bitcoin industry and argued that Bitcoin ETFs represent a catalytic moment, shifting the narrative towards Bitcoin as a significant store of value.

Portfolio Pulse from Murtuza Merchant

February 07, 2024 | 5:42 pm

SPY

Fed's Collins remarks on future deflation risks being likely lower than pre-pandemic levels, citing recent volatile data. This perspective could influence monetary policy and market expectations.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 5:25 pm

SPY

Fed's Collins has indicated that future interest rates could surpass pre-pandemic levels, according to Reuters. This statement suggests a more aggressive stance on inflation control, potentially impacting financial markets and investor strategies.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 5:17 pm

SPY

Fed's Collins emphasized the importance of being on a path to lower inflation, stating it's not necessary to return to 2% inflation to begin easing. She also mentioned the limitations of supply chain improvements in aiding lower inflation and expressed uncertainty about the neutral rate level.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 5:07 pm

CTLT

NVO

Novo Nordisk faces manufacturing challenges for its drugs Wegvoy and Ozempic due to high demand, leading to a deal to acquire three fill-finish sites from Novo Holdings for $11 billion. These sites, located in Italy, Belgium, and the US, specialize in sterile drug filling. The acquisition follows FDA scrutiny of Catalent's Bloomington plant, revealing quality control issues, including a pest on the manufacturing line and numerous unexplained discrepancies. Catalent's shares dropped by 0.56% to $58.16.

Portfolio Pulse from Vandana Singh

February 07, 2024 | 5:02 pm

SPY

Fed's Collins remarks on the economic risks coming into better balance, indicating a potential shift in monetary policy or economic outlook. This could influence investor sentiment and market trends, particularly affecting broad market indices like the S&P 500.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 4:59 pm

SPY

Fed's Kugler indicates that new rent measures suggest a slowdown in housing inflation, emphasizing that every meeting going forward is 'live' for potential policy adjustments.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 4:57 pm

CTLT

NVO

The European Medicines Agency (EMA) announced it will evaluate the potential impact on the availability of medicines produced at Catalent facilities that have been sold to Novo Nordisk. This assessment follows the sale of certain Catalent sites to Novo Nordisk, raising questions about the future availability of these medicines in Europe.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 4:56 pm