Hindenburg did it again! The short-selling research firm that releases reports on fraudulent allegations and misconduct has come for Jack Dorsey. Hindenburg Research, famous for the fall of Nikola and the $100 billion wipe out of Adani Group, has released another report on Block Incorporated, claiming that the number of users and customer acquisition costs were manipulated, including facilitating payments for criminal activity including sex trafficking and drug dealing, and allowed its users to defraud the US government’s pandemic relief programmes. Block, which is considering legal action against Hindenburg, has denied the allegations, which it called "factually inaccurate and misleading". The allegations could be a challenge to Dorsey, who co-founded Block with the aim of disrupting the credit card industry and is the firm's largest shareholder.

EQUITY

US stocks rebounded from opening losses and closed higher on Thursday, with the Nasdaq leading the way, as investors were reassured by US Treasury Secretary Janet Yellen's comments to keep deposits safe. However, a social media uproar over quantitative easing pointed to the Fed's expanding balance sheet, which has recovered by half since quantitative tightening began in mid-last year.

GOLD

For the second time this week, gold prices have remained steady near key levels, outpacing the dollar as traders seek gold as a safe haven amid signs of a less hawkish Fed and turmoil in the banking sector.

OIL

Oil prices fell on Friday due to concerns about a potential oversupply after the U.S. Energy Secretary said refilling the Strategic Petroleum Reserve may take several years. The continued supply of Russian crude to the global market also added to the pressure.

CURRENCY

The dollar recovered slightly after the Fed raised interest rates but changed its tone regarding future increases. Meanwhile, the Swiss National Bank and the Bank of England increased their rates by 0.5% and 0.25%, respectively. Europe expects to start tightening more than the US.