Weekly Digest - August 5, 2022

Aug 5, 2022

Welcome back to our Weekly Digest. Read on for the latest updates.

Gold makes steady gains early in the week

A weaker dollar and a dip in U.S. Treasury yields boosted demand for gold on Tuesday amid mounting worries of an economic slowdown.

American manufacturing rates slip

New numbers from the Institute for Supply Management show that manufacturing pace dipped in June to a 25-month low of 52.8%. The slip is seen as a sign of a weakening U.S. economy.

PepsiCo pours $550 million into energy drink maker

PepsiCo announced a $550 million investment in energy drink maker Celsius Holdings on Monday. Energy drinks are the fastest-growing non-alcoholic beverage category, and the investment would be part of a long-term distribution deal with the smaller company.

Treasury yields fall, causing some to wonder if inflation is starting to slow down

U.S. Treasury yields fell 56 basis points to 2.586% on Monday after a few key reports signaled that high inflation may be cooling off.

Investor tries to sue Elon Musk over botched Twitter deal

An investor has filed a proposed class action lawsuit to try to stop Musk from backing out of his $44 billion deal to buy Twitter, accusing him of breach of contract and breach of fiduciary duty to Twitter's shareholders.

Consumers treating back-to-school shopping as an essential category

Recent numbers for back-to-school shopping show that it is being treated as an essential spending category. Many consumers have pulled back their spending in other areas as inflation continues wreaking havoc on the U.S. economy.

Grain ship headed to market leaves Ukraine

A ship loaded with grain has left the port of Odesa, the first since the war began in February. It is hoped that it will be the first of many and will ease soaring grain costs around the globe.

IRS warns of scams to steal client data

As part of a special Security Summit series, the Internal Revenue Service is warning tax professionals to beware of evolving scams designed to steal client data. Details can be found here.