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Market analysis - August 10, 2022
Energy prices in 2022 have skyrocketed. This has seen operating costs for most businesses soar, at a time when many firms are already struggling to attract customers amid a cost of living crunch.
The gaming sector has seen substantial profits in recent years amid the Covid-19 pandemic. Industry giants such as Sony and Microsoft posted record growth figures at the end of 2021, with the console sector alone making over $45bn in 2020. Statistics show that time spent playing video games during the pandemic rose by 39% globally.
The euro spiked on Thursday, initially surging 0.75% against the pound and 0.85% against the US dollar, after the European Central Bank (ECB) raised interest rates by 50 basis points – its first rate rise in over a decade.
