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Oil Extends Losses On Fears Of Big Fed Hike

Built Brands Recalls Banana Cream Pie Puffs Protein Bar

Built Brands, LLC is recalling 4,196 individual bars of its “Banana Cream Pie Puffs” protein bar citing the potential to be contaminated with pathogenic Escherichia coli, the U.S. Food and Drug Administration said.

The affected product comes in a 40 gram package marked with lot # D22151011 on the outside of the wrapper. The recalled product was distributed across the United States to 1,049 potential customers through mail orders, and would have been received by customers after June 6.

Noting that the exact strain has yet to be determined, the agency urged customers not eat this product as it may pose a serious health risk.

The recall was initiated after a routine testing conducted by an accredited third-party laboratory at the request of Built Brands detected the presence of Escherichia coli.

Pathogenic Escherichia coli can cause diarrhea, severe stomach cramps and vomiting. Most people recover within a week, but some illnesses can last longer and can be more severe.

However, the American Fork, Utah-based company has not received any reports of illnesses related to the recalled products to date.

Consumers who have purchased the product are asked to contact the company for a full refund or replacement.

Trevor Noah Tricks His Audience Into Singing ‘Happy Birthday’ for Trump

After the boos ceased, Noah joked that “the haters can’t even give the poor man a day off.”

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By Trish Bendix

Waterdrop Inc. Q1 Earnings Summary

Below are the earnings highlights for Waterdrop Inc. (WDH):

Earnings: RMB104.958 million in Q1 vs. -RMB480.443 million in the same period last year.
EPS: RMB0.03 in Q1 vs. -RMB0.40 in the same period last year.
Excluding items, Waterdrop Inc. reported adjusted earnings of RMB127.312 million for the period.

Revenue: RMB648.688 million in Q1 vs. RMB883.367 million in the same period last year.

Pre-market Movers: XCUR, CYRN, EFOI, NVAX, AERC…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 06.35 A.M. ET).

In the Green

Exicure, Inc. (XCUR) is up over 35% at $0.1531
Cyren Ltd. (CYRN) is up over 29% at $2.29
Energy Focus, Inc. (EFOI) is up over 22% at $2.80
Novavax, Inc. (NVAX) is up over 18% at $56.21
Bilibili Inc. (BILI) is up over 7% at $30.20
Imperial Petroleum Inc. (IMPP) is up over 7% at $0.6355
Pinduoduo Inc. (PDD) is up over 6% at $62.77
EHang Holdings Limited (EH) is up over 6% at $11.21
BuzzFeed, Inc. (BZFD) is up over 5% at $2.42

In the Red

AeroClean Technologies, Inc. (AERC) is down over 18% at $9.83
BYND Cannasoft Enterprises Inc. (BCAN) is down over 14% at $4.44
Applied UV, Inc. (AUVI) is down over 9% at $1.97
Genfit S.A. (GNFT) is down over 6% at $3.55

Opinion | Trump and Sanders Opened Doors. Inflation Is Closing Them.

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By Ross Douthat

Opinion Columnist

Gold Inches Higher On Dollar Weakness

Gold prices rose on Wednesday and the euro jumped against the dollar on news that the European Central Bank’s policy-setting Governing Council will hold a rare, unscheduled meeting later today to discuss the recent volatility in government bond markets.

Spot gold rose 0.9 percent to $1,825.24 per ounce, while U.S. gold futures were up 0.7 percent at $1,826.50.

European bond yields fell and U.S. Treasury yields also eased ahead of the ECB meeting.

ECB executive board member Isabel Schnabel indicated on Tuesday that the central bank will fight any “disorderly” blowout in the borrowing costs of more indebted euro zone nations.

Investors also awaited the Federal Reserve’s interest-rate decision later in the day for clues on how aggressive the U.S. central bank intends to be in the coming months.

The consensus among Fed watchers is that the FOMC will raise its key Fed Funds rate by 50 bps later in the day. A move of 75 basis points would be a surprise, given the deteriorating outlook for growth around the world.

Elsewhere, economists expect another 25-bps rate hike from the Bank of England on Thursday to tame inflation without further hurting growth.

Oil Extends Losses On Fears Of Big Fed Hike

Oil prices fell on Wednesday to extend losses from the previous session after industry data showed U.S. crude inventories unexpectedly increased last week.

The downside also reflected caution ahead of a Federal Reserve meeting that’s expected to see further monetary tightening to combat rising U.S. inflation.

Benchmark Brent crude futures fell around 1 percent to $119.96 per barrel, while WTI crude futures were down 1.2 percent at $117.47.

The American Petroleum Institute (API) on Tuesday reported a build of 736,000 barrels last week, while analysts predicted a draw of 1.2 million barrel.

Gasoline stockpiles still fell by 2.2 million barrels last week, suggesting demand from American drivers remained strong despite the record prices.

The official data from the U.S. Energy Information Administration will be out later in the session.

Investors were also reacting to reports of a likely proposal to impose a federal surtax on certain oil companies to curb rising inflation.

U.S. President Biden has accused the U.S. oil industry of keeping gas prices artificially high by not drilling enough.

The Federal Reserve delivers its interest-rate decision later today and the consensus is that the FOMC will raise its key Fed Funds rate by 50 bps later in the day.
A move of 75 basis points would be a surprise, given the deteriorating outlook for growth around the world.