Weekly news summary for October 26 to 31
Friday, Oct 26: Amazon, Google Shares Drop after Revenue Miss
Amazon and Google experienced losses in their stock prices on Friday after the two tech giants presented disappointing revenue data.
Shares of the online retailer slid more than 10 percent in pre-market trade on Friday, while Google’s parent company saw its shares declined nearly 6 percent in extended trading.
Monday, Oct 29: IBM Announces Plans to Buy Red Hat for $34 billion
IBM Corp. will be acquiring US software firm Red Hat Inc. through $34 billion deal, as the computer maker seeks to expand its subscription-based software offerings.
The transaction, which is by far IBM’s largest purchase ever and the third-biggest in the history of US tech, will see IBM pay cash to buy all shares in Red Hat at $190 each.
Tuesday, Oct 30: China’s Yuan Hits 10-year Low on Trade Concerns
The yuan fell to a 10-year low against the dollar on Tuesday as the possibility of an escalation in the US-China trade war added to global markets’ already gloomy mood.
The Chinese currency has lost about 9 percent over the past six months, but as it drop to 6.9696 per dollar on Tuesday, growing speculation over whether Beijing will allow a decline beyond 7 per dollar.
Wednesday, Oct 31: Oil Prices Climb, Trade War Weighs Down Market
Oil prices rise for the first time in three days on Wednesday, although the market remained under pressure due to rising supply and concerns over the outlook for demand amid the US-China trade war.
Brent crude futures climbed$76.83 per barrel, while US West Texas Intermediate crude futures were up $66.78 a barrel. Both crude benchmarks fell to their lowest since August at $65.33 and $75.09 per barrel respectively on Tuesday.