Warren Buffett acquires HP, food prices soar

News of the day, Friday, April 8

World food prices reached a record high in March after the war in Ukraine caused grains and edible oils supply concerns. The Food and Agriculture Organization (FAO) food price index was at 159.3 last month, while in February it was 141.4. Both Ukraine and Russia maintain major shares in the grains market, and Moscow’s invasion caused a massive shortage of Ukrainian exports. Last month FAO warned that food prices might rise by 20%.

US stocks are to open a bit higher after several days of losses caused by fears of monetary policy tightening and supply disruptions. Dow Jones futures were up 0.1%, while S&P 500 futures increased by 0.3%, and Nasdaq 100 futures were up 0.5%. HP stocks are likely to be in the spotlight after Warren Buffett’s Berkshire Hathaway has announced it had bought a $4.2 billion stake in the company. HP rose 10% following the announcement.

The price of Brent crude is $101.30, WTI — $96.70, GBP/USD — 1.3041, EUR/USD — 1.0871, and gold costs $1931.50 per ounce.