Gold Slips Ahead Of Powell’s Speech

Market Pantry White Fudge Animal Cookies Recalled

D. F. Stauffer Biscuit Co., Inc. is recalling 44 oz Market Pantry White Fudge Animal Cookies due to possible foreign object contamination, as they may contain metal, the U.S. Food and Drug Administration said.

The recall involves product with Best By Date of 21FEB2023, UPC code of 085239817698 and lot number of Y052722.

The product, which comes in a clear plastic jug formed to a bear shape, were distributed to Target stores nationwide.

The recall was initiated when metal (wire) was found inside a portion of the cookies.

Foodborne foreign objects that are hard, sharp, and large are more likely to cause serious injury or dental injury, while flexible, not sharp, and smaller in length objects would cause minor injuries.

Consumers who have purchased the recalled product are urged to stop consuming the product and return it to the place of purchase for a full refund.

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Apple Warns Of Security Flaws In IPhones, IPads, Macs

Apple Inc. has released an emergency security update noting that some of its iPhones, iPads and Macs had certain vulnerabilities. The tech major said the flaws potentially allow full admin access to devices.

The models affected by the issue include iPhone 6S and later models, several models of the newer iPads, and Mac computers running macOS Monterey and above. The flaws also affect the iPod Touch 7th generation models.

The software update was made to safeguard its products. Security experts warned users to be aware of the issues.

The company noted that in the first issue, an application may be able to execute arbitrary code with kernel privileges. An out-of-bounds write issue was addressed with improved bounds checking.

The second issue was in WebKit, a layout engine designed to allow web browsers to render web pages. The company said processing maliciously crafted web content may lead to arbitrary code execution.

Apple received reports that both issues may have been actively exploited.

The update comes ahead of its planned launch event in September to unveil its latest iPhone 14 line as well as latest version of three Apple Watch models including Series 8.

Last year, the company had issued an emergency software patch in its Messages app to block a no-click spyware that could infect iPhones and iPads.

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Oil Set For Weekly Gain On Tight Supply

Oil prices rose on Friday and were set to end the week higher by around 3 percent after OPEC+ members lined up to support the Saudi suggestion for market intervention to stabilize world oil markets.

Benchmark Brent crude futures jumped 1.1 percent to $100.42 a barrel, while WTI crude futures were up 0.9 percent at $93.35.

Iraq, Algeria, Kuwait, Equatorial Guinea, Venezuela, Libya and Congo all released statements expressing their support after Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said that OPEC might have to curtail production.

“Futures prices don’t reflect the underlying fundamentals of supply and demand, which may require the group to tighten production when it meets next month to consider output targets,” Saudi Arabia said earlier this week.

Better-than-expected U.S. GDP data released overnight also helped ease fears about a recession and the outlook for demand.

The U.S. GDP has been confirmed at -0.6 percent in Q2, slightly better than the expected figure of -0.8 percent.

Gold Slips Ahead Of Powell’s Speech

Gold prices dipped on Friday for the first time in four days, as investors awaited a speech by the Federal Reserve chair Jerome Powell at Jackson Hole Economic Symposium later in the day that is expected to offer clarity on the pace of future rate hikes.

Spot gold dipped half a percent to $1,750.85 per ounce, while U.S. gold futures were down half a percent at $1,762.75.

Powell is expected to adopt a hawkish stance on interest rates and indicate that the central bank is likely to continue with its aggressive rate hike plan to tame inflation.

U.S. Treasury yields rose and the dollar held onto recent gains against the euro and sterling after jobless claims declined in the latest week and a revision for Q2 GDP showed a smaller decline compared to an earlier reading.

The U.S. GDP has been confirmed at -0.6 percent in Q2, slightly better than the expected figure of -0.8 percent.

Looking ahead, U.S. personal income and spending data, wholesale inventories for July and University of Michigan’s final consumer sentiment index for August will be featured in the New York session.

The Federal Reserve’s preferred gauge of inflation, the PCE price index, is due at 8:30 am ET.

The core PCE price index is expected to ease to 4.7 percent year-on-year in July from 4.8 percent last month.

Powell is scheduled to speak about the economic outlook at the Jackson Hole Economic Policy Symposium in Wyoming at 10.00 am ET.