Weekly news summary for July 15 to July 21
Friday, July 15: Citigroup Shares Rise 13% on Q2 Earnings Beat
Shares of Citigroup Inc. were up 13% on Friday after the US bank brought in better-than-expected profit and revenue in the second quarter, driven by more interest income and solid results in its trading division and institutional services business.
Citigroup said its profit fell 27% to $4.55 billion or $2.19 per share in the second quarter, still beating expectations of $1.68 per share, while its revenue rose more than anticipated by 11% to $19.64 billion, surpassing the forecast of $18.22 billion.
Monday, July 18: Bitcoin Climbs Above $22,000 on Improved Sentiment
Bitcoin rose above $22,000 on Monday to reach its highest in over a month, as the cryptocurrency market finds support in the global stock market rally and the possibility that the contagion and shakeout in the last weeks are about to end.
The world’s largest cryptocurrency was up 2.76% to close at $21,611 on Monday, having hit its highest level since June 16 of $22,757 earlier in the session, while the Ether ended the day with a near 9% gain.
Tuesday, July 19: NAHB Index Slides to its Lowest Since May 2020
Homebuilder sentiment in the US continues to weaken as it plunged to its biggest one-month decline in July and recorded its lowest since May 2020.
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) slipped 12 points from 67 in June to 55 in July, the lowest level since the start of the pandemic, with higher prices and mortgage rates weighing on the country’s confidence in building new houses.
Wednesday, July 20: Netflix Stock Up 7% as It Avoids Subscriber Bleed
The stock of Netflix Inc. climbed 7% in premarket trading on Wednesday after the US streaming giant said it expects to see subscriber growth of one million in the third quarter of 2022.
Netflix reported that its subscriber base shed 970,000 users in the second quarter, although the number was not as severe as the two-million loss the company predicted, and investors turned optimistic, pushing its stock as high as 8% in after-hours trading on the previous day.
Thursday, July 21: Oil Prices Continue to Decline on Demand Concerns
Oil prices were down for the second straight session on Thursday as traders grew more worried about demand than the tight global supply after US government data showed that the country’s gasoline stocks added 3.5 million barrels in the previous week.
Brent crude oil futures shed 0.7% to $106.08 per barrel after losing 0.4% in the last session, while the US West Texas Intermediate (WTI) crude futures fell 0.9% to $98.92 per barrel, having declined by 1.9% on Wednesday.
