Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Commodities

26 Jan 2022

Oil Tumbles after Investors Lock in Profits amid Anticipation of Fed Policy Update

The Index Today

Oil prices took a tumble on Wednesday after investors locked in profits prior to the upcoming update on the Fed monetary policy following their two-day meeting. However, limited supplies informed by rising geopolitical tensions between Russia and Ukraine helped to curb further losses.

Brent crude futures dropped by 0.4% to $87.88 per barrel at 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures also dipped by 0.5% to $85.15 a barrel.

Tsuyoshi Ueno of NLI Research Institute said, "Investors locked in profits just in case of a collapse in global share prices following the Fed's update on its monetary policy."

The Fed is expected to provide an update on its monetary policy on Wednesday at 1900 GMT, following the conclusion of its two-day meeting. Investors are anticipating an earlier-than-expected interest rate hike due to come into effect in March with additional three hikes set to be implemented this year.

Clay pottery with table linens