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Weekly news summary for February 4 to February 10

Friday, Feb. 4: Amazon Posts Highest Ever Single-Day Gain in Value

Amazon.com Inc. soared on Friday to record its highest ever single-day value surge, a day after Meta Platforms Inc. posted a $200-billion stock market value loss, the largest one-day decline for a US company, as the Facebook owner provided a weak forecast.

Following a solid fourth-quarter earnings report in the previous day, shares of the e-commerce giant rose 13.5% on Friday, taking its market cap at about $190 billion by the end of the session and its value at around $1.6 trillion.

Monday, Feb. 7: Peloton Gains on Amazon, Nike Takeover Interests

Shares of Peloton Interactive Inc. climbed 23% pre-market on Monday as Amazon.com Inc. and Nike Inc. reportedly expressed interest in buying the US fitness equipment maker that had fallen as much as 84% from its record high in 2021 when it was worth $50 billion.

Multiple reports over the weekend stated that Amazon might be considering a bid to acquire Peloton and talking to advisers about the idea, while Nike was also reportedly looking into a potential takeover offer for the company.

Tuesday, Feb. 8: Russia May Treat Crypto as Analogue of Currencies

The Russian government and the country’s central bank have agreed to create a law that may soon treat cryptocurrency, such as Bitcoin, as a form of currency, according to local media reports.

The reports stated that the government and the Bank of Russia (BoR) are currently working on drafting legislation that will regulate and recognize cryptocurrencies as an analogue of currencies instead of digital assets expected to be released on Feb. 18.

Wednesday, Feb. 9: Ruble Hits 4-Week Low as Fears of Ukraine War Ease

The Russian ruble reached a fresh four-week low on Thursday, signaling local investors are becoming more and more optimistic over the possibility that Ukraine will not be invaded.

A diplomatic blitz to prevent an all-out war Ukraine in the week had seemed to help ease tensions, although the Kremlin and US Secretary of State Anthony Blinken downplayed reports that French President Emmanuel Macron and Russian President Vladimir Putin made progress toward de-escalation.

Thursday, Feb. 10: High US Inflation May Lead to Fed’s Biggest Hike

A high US inflation figure in January could lead the Federal Reserve to make its single and biggest interest rate increase in over 20 years.

A reading above the expected 7.3% annual surge in consumer price index (CPI), set to be released later in the day, would be the largest since 1982 and may push the US central bank to hike rates by 50 basis points for the first time since 2000, instead of raising rates by a quarter-point.

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