Australia’s central bank on Tuesday ruled out the possibility of an interest rate cut this year, saying core inflation is expected to come down only slowly, after it held interest rates steady for a sixth straight meeting.
The dollar has been hit hard of late by fears of a U.S. recession after a batch of weak readings on the labor market, which ramped up bets that the Federal Reserve will have to cut rates more than initially expected.
Oil prices are finding a floor as concern mounts that Iran, a major Middle Eastern producer, may retaliate against Israel and the U.S. following the assassination of a Hamas leader in Tehran and an Israeli attack that killed a Hezbollah commander in Lebanon, potentially leading to a wider regional war.
H.C. Wainwright attributes the sell-off in the crypto and equity markets to three primary factors: the fears of a hard landing for the U.S. economy after weak data, the unwinding of a popular global carry trade following the Bank of Japan’s rate hike, and escalating geopolitical tensions in the Middle East.
Olaplex’s professional channel saw an 18.4% YoY decline in sales to $33.4 million, while direct-to-consumer revenue dropped 11.5% to $34.1 million. This offset a 22.4% gain in specialty retail sales to $36.4 million.
