This Week in Markets: GDP Revision Up, Jobless Claims Fall, Reddit Slides Further

The final estimate for Q4 GDP growth in the U.S. is revised up to 3.4%, fueled by robust consumer spending and nonresidential fixed investment. A slight decrease in jobless claims to 210,000 further underscores the strength of the U.S. labor market. Reddit's shares continue to slide as the company becomes a target for short-sellers. Subscribe to InvestingPro now for under $9 a month and never miss another bull market again! This week's major events included an upward revision of US Q4 GDP growth, a larger-than-expected drop in initial jobless claims, a decline in Reddit stock as short sellers targeted it, and a surge in RH shares following a positive outlook. Q4 GDP Growth Adjusted Upward The US Bureau of Economic Analysis (BEA) reported in its final estimate that the U.S. economy grew at an annualized rate of 3.4% in Q4, higher than the previously estimated 3.2%. This revision was mainly due to increased consumer spending and nonresidential fixed investment, partially offset by a reduction in private inventory investment. Jobless Claims Dip, Highlighting a Robust Job Market The number of initial state unemployment claims decreased by 2,000, reaching a seasonally adjusted figure of 210,000 for the week ending March 23, which was below the economists' forecast of 212,000. This continued trend of low unemployment benefit applications indicates a strong economic environment. Reddit Shares Drop Further Amid Short-Sellers' Interest Reddit's (NYSE:RDDT) stock is falling for the second consecutive day as short-sellers reportedly set their sights on the company. Following its impressive debut last week, which saw a notable surge in its share price, the social media company attracted significant short-selling activity in its initial days on the market. After hitting a high of $74.90 on Tuesday, Reddit's share price fell by approximately 11% on Wednesday and an additional 14% on Thursday. Reuters reported on Wednesday that preliminary estimates from Ortex suggest that at least 7.1% of Reddit's freely traded shares have been shorted, based on 2.15 million shares out on loan. The decline in Reddit's stock on Wednesday was primarily triggered by a report from Hedgeye Risk Management, which added the stock as a short idea, predicting a potential 50% decrease in its price. RH Jumps on Optimistic Outlook RH (NYSE:RH), a retailer specializing in luxury home furnishings, saw its shares surge by over 17% on Thursday despite reporting Q4 results that fell short of Wall Street expectations for EPS and revenue, impacted by adverse weather and shipping delays. However, the company expressed optimism, anticipating demand trends to pick up throughout fiscal 2024. For the coming year, RH predicts a demand increase of 12% to 14% and revenue growth between 8% and 10%. In Q4, RH reported earnings of $0.72 on revenue of $738 million, missing analyst estimates of $1.69 and $778M, respectively. new year new year Markets are closed today for the Good Friday holiday in the US, but key data will still be released, including the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE), which is anticipated to influence the outlook for U.S. interest rates. Additionally, speeches from Fed Chair Jerome Powell and FOMC member Mary Daly are scheduled for today. *** Be sure to check out InvestingPro to stay in sync with the market trend and what it means for your trading. As with any investment, it's crucial to research extensively before making any decisions. InvestingPro empowers investors to make informed decisions by providing a comprehensive analysis of undervalued stocks with the potential for significant upside in the market. Subscribe here for under $9/month and never miss a bull market again! *Readers of this article get an extra 10% off our annual and 2-year Pro plans with codes OAPRO1 and OAPRO2. Subscribe here and never miss a bull market again! Disclaimer: This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way. I would like to remind you that any type of asset, is evaluated from multiple points of view and is highly risky and therefore, any investment decision and the associated risk remains with the investor.

Although discussions about the restitution of African artifacts predate independence in most African countries, they intensified in the latter half of the 20th century. Archaeologist and Nigeria’s head of the Federal Department of Antiquities, Ekpo Eyo, sent circulars to several European embassies in 1972 about the repatriation of the Benin Bronzes (thousands of 14th- to 16th-century plaques and sculptures taken by the British from the African Kingdom of Benin in the late 19th century) and spurred official pronouncements like the 1970 UNESCO Convention on the Means of Prohibiting and Preventing the Illicit Import, Export, and Transfer of Ownership of Cultural Property. This convention offers a shared framework among state parties regarding actions required to prohibit and prevent cultural property import, export, and transfer. The convention emphasizes that the return and restitution of these cultural properties are the linchpin of the convention, which mandates safeguarding the identity of peoples and promoting peaceful societies to strengthen the spirit of solidarity and stifle the expansionary rise of black-market trades across the continent. ‘A violation of human rights’: Will the UK government get away with deporting asylum seekers to Africa? Read more ‘A violation of human rights’: Will the UK government get away with deporting asylum seekers to Africa? After 150 years, the Ashanti Gold artifacts are held in various museums around the world, including major museums in Europe and North America. The British Museum in London holds 32 of the 39 historical artifacts, while seven treasures are at the Fowler Museum of the University of California in Los Angeles. Other minor artifacts, which receive little attention, are held in museums such as the Metropolitan Museum of Art in New York City, the Musee du quai Branly-Jacques Chirac in Paris, and other smaller regional museums or private collections. In restitution efforts for the Ashanti Gold artifacts, complex legal and logistical hurdles are at play. Firstly, there has to be established provenance through examining documentation, archives, and historical records, owing to the difficulty arising from the long years of history and multiple transfers. Variations in international laws governing the repatriation of cultural property also add to the myriad of challenges. Transporting the artifacts from current holders to their destination and settling associated legal disputes or financial concerns provides further complication. Collaboration among international partners toward this is essential for successfully repatriating these artifacts. In conclusion, this extensive discussion about restitution aims to deepen existing Euro-African diplomatic relationships. The emphasis on restitution primarily lies in its utility as a building block for reconciliation; it aims to rectify pre-colonial injustices, foster international dialogue, and advance the growing bilateral trade between countries on both continents. The Ghana restitution experience will provide the policy framework and lead the roundtable engagement for restitution claims from other countries in Africa. As noted earlier, this action will not only demonstrate contrition but also make the most declarative statement from the West and other collaborators regarding their penitence during this ruinous expedition in colonial Africa.