2/26/2024 0 Comments Farm frenzy 1 level 14![]() The Swiss National Bank kept rates unchanged while reserving the option to intervene to weaken the currency, which has seen solid gains in recent weeks. The rationale for the unexpected hike appeared to be driven by concern over recent weakness in the currency which appeared to trump concerns over the weaker macro-outlook. The Norwegian Krone surged after the Norge Bank unexpectedly raised rates by 25bps to 4.5%, in a complete contrast to the narrative of only a few hours ago set by the Federal Reserve when chairman Jay Powell signalled the prospect of multiple rate cuts next year. For Q1 Adobe said it expects revenue of $5.1bn to $5.15bn and profits of $4.35 to $4.40, however on annual basis saw revenues of $21.4bn midpoint slightly below consensus with the company saying that the AI effect was likely to take longer to bleed through. Not everyone has been caught up in last night’s pivot frenzy with Adobe shares sharply lower after reporting guidance that was a little underwhelming, even though the company beat expectations on its Q4 results. The latest economic numbers continue to point to resilience for the US economy and a soft landing after November retail sales rose 0.3%, against an expectation of -0.1%, while weekly jobless claims slipped to 202k from 221k the previous week. Today’s follow through reaction in Europe has seen US markets carry on from where they left off last night opening sharply higher, with the Russell 2000 leading the way after underperforming for most of this year, as investors become more bullish in the US economy for 2024, with the small cap index pushing above the 2,000 level and its highest levels this year. With the Dow Jones closing at a new record high yesterday, the focus turns to the Nasdaq 100 and S&P500 to see whether they can follow suit in the wake of last night’s surprise pivot by the US central bank in guiding to rate cuts for next year. The disposal of the Greece operation is expected to finalise early next year, with full year guidance kept unchanged. ![]() While the UK remains challenging from an EBIT point of view, both Greece and Nordics saw a substantial improvement in earnings. H1 revenues came in at £4.16bn a decline of 7%, while the adjusted loss before tax came in at £16m, better than was expected at £30.4m loss. It’s also been a strong session for electrical retailer Curry’s after the company reported H1 results that were better than expected due to a recovery in its Nordic operations. The basic resources sector is also seeing a strong session as markets price in the possible stimulus effect of multiple cuts for next year, which if they happen could well help to give a solid lift to growth prospects. ![]() Today’s move has also helped to push the UK index above its 200-day SMA, a key technical level, and to its highest level in almost 3 months. The FTSE100 on the other hand has managed to dodge some of this pushback helped in some part by the sharp falls in yields which are helping to provide a lift to the commercial real estate and housing sector. These strong gains appear to have run out of steam in the afternoon session, after the ECB and Bank of England pushed back on following a similar rate cut outlook, with the DAX finishing the session lower. You can even buy a larger truck capable of delivering more goods to market! All of this makes dealing with the occasional bear easier.Last night’s Fed inspired rate pivot saw a strong start to the day with the DAX and CAC 40 trading up to new record highs, as yields fell sharply across the board in terms of country, as well as duration. Each new level is more challenging than the last, so you must increase the capacity of your warehouse and improve the performance of your production facilities. To beat a level in Farm Frenzy, you must complete a specific task, such as producing a certain number of eggs. Building a cheese dairy, for example, allows you to process your milk on the spot and make even more cash! ![]() Slip into a pair of overalls and try your hand at running a farm! From tending to the fields where your cows graze to gathering eggs for sale at the town market, Farm Frenzy is as stimulating as the real thing- only you won't have to experience the nasty smells! You will, however, be required to invest the money you earn in new equipment.
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