Weekly Review, August 17-21 - COVID effects are still lingering

September 18, 2020
Weekly Review, August 17-21 - COVID effects are still lingering

Tech sector starts another journey after last week’s events

On Monday, HongKong45 gained 1.30%, as the People's Bank of China started injecting liquidity into the Chinese economy.

Tesla and Nvidia boosted the US tech sector, with TECH100 also growing 1%.

European markets were boosted by the positive China data and ended with a positive score: UK100 rose 0.3%, France40 added 0.3%.

One of the most pandemic impacted Asian countries, Singapore, released a 5th stimulus package.

Citigroup’s stock price fell 0.68% after Revlon and other various lenders sued each other over $900 million payment made by mistake by the bank.

Japan reported its biggest quarterly economic contraction since 1980. The GDP fell 7.8% on behalf of the pandemic, while on an annualized basis, the GDP contracted 27.8%. After the report, Japan225 fell by 0.8%.

On Tuesday, American benchmarks closed the day with surprise records, unseen since February: TECH100 grew 0.73%, USA500 gained 0.22%.

Australia200 gained 0.55%, after Victoria state reported the lowest daily increase of COVID-19 infections for the past month.

Oracle is thinking of buying TikTok, in Australia, New Zealand, Canada, and the US. Following the news, their stock price added close to 4%.

Toyota and Amazon start working together to develop cloud-connected vehicles. By the end of 2020, the cars sold in the US, China, and Japan will come with installed communication modules. Toyota aims to create self-driving cars and wants to develop connected vehicles before the 5G globalization.

Wall Street was impressed by Walmart after it posted better Q2 earnings, showcasing a revenue of almost $137.74 billion, while analysts forecasted $135.57 billion.

On Wednesday, the Federal Reserve meeting minutes pointed towards a slower economic recovery, making Gold lose 1.1% to $1,943.27.

Marks& Spencer plans to cut 3% of its workforce of 78,000 people to work around the pandemic's effects. To this day, the stock price lost 47%.

On Thursday, Nvidia posted revenues of $3.87 billion, showing an increase of 167% to $1.75 billion –the first time this segment's revenues overcame the gaming division's, also making the stock price grow by 0.83%.

With the pandemic pushing people to do more online shopping, Target reported an increase of 80.3% in profit to $1.7 billion, with revenues of $23 billion.

The Department of Labor posted unexpected unemployment claims. Weekly data showed that 1.106 million people filed for unemployment benefits, one week after the number dropped under 1 million.

Friday finds us with Alibaba posting revenues of $21.76 billion, a 34% increase from last year's results.

President Trump called for a Goodyear boycott because the tire-maker prohibited workers from wearing "Make America Great Again" merchandise supporting "Blue Lives Matter." According to the company, it is a longtime supporter of equal justice and law enforcement, having provided tires to police vehicles for over 100 years.

EstéeLauder had Q2 net losses worth $462 million, the sales figures brought in $2.43 billion. Since the start of the year, Estée Lauder's share price added 3%.

Sources: marketwatch.com, investing.com, forexfactory.com, finance.yahoo.com

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