Oil jumps above US$107 as Asia sells off, Fed and BOJ rate decisions now collide with a fresh energy shock Markets are opening the week under renewed pressure. Brent crude has jumped about 3% to above US$107 , Asian equities are falling sharply, and U.S. Treasury yields remain close to 5%. At the same time, investors are preparing for possible rate hikes from both the Federal Reserve and Bank of Japan this week . For investors, the central question has become: Can central banks contain inflation without causing a much larger slowdown when energy prices are surging at the same time? 30-second market snapshot Market / Asset Latest 🇺🇸 S&P 500 7,656.98, +0.86% Friday 🇺🇸 Dow Jones +0.98% Friday 🇺🇸 Nasdaq +0.96% Friday 🇲🇾 FBM KLCI 1,686.74, -1.10% Friday 🇯🇵 Nikkei -1.7% Monday morning 🇰🇷 Kospi -3.3% Monday morning 🌏 MSCI Asia ex-Japan -0.8% 🛢️ Brent crude ~US$107.36, +2.6% 🛢️ WTI crude ~US$102.48, +2.4% 🇺🇸 U.S. 10Y Treasury ~4.97% 🥇 Gold ~US$4,336...
Key Takeaway: Super Micro Computer Inc. (SMCI) saw its shares soar 38% overnight after announcing a plan to maintain its Nasdaq listing status and the appointment of a new auditor.
Details of the Announcement:
- New Auditor: The company’s board has appointed BDO USA, P.C., an affiliate of BDO International, as its independent auditor.
- Compliance Plan: Super Micro has submitted a plan to Nasdaq, requesting additional time to meet its compliance standards.
Next Steps:
- The company expects to finalize its annual report for the fiscal year ending June 30, 2024, and its quarterly report for the period ending September 30, 2024, within the grace period that Nasdaq may provide.
- Super Micro expressed confidence in its ability to become compliant with Nasdaq’s periodic reporting requirements.
Market Impact:
The proactive measures have boosted investor confidence, reflected in the sharp rise in the company’s share price.
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