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
