Weekly Market Reviews
Hello traders, heres the weekly market reviews for July 19-25, 2019. Finance Brokerage will consistently update you on what is happening on the market.#FinanceBrokerage #OilPrice #CrudeOil #Iranian #Chinese #StarMarket #NASDAQ #Apple #Iphone #Smartphone #PMI #AsianStocks #ECBPosted by Finance Brokerage on Friday, July 26, 2019
Weekly News Summary For July 19-25, 2019
Friday, July 19: Oil Eases Gains, All Iranian Drones Accounted For
Oil prices rose over 2% on Friday, as tensions between the US and Middle East escalated once again, after US President Donald Trump reported that the Navy took down an Iranian drone in the Strait of Hormuz, a key choke point for crude flows worldwide.
The crude gave up some of those boosts, however, after Iranian deputy foreign minister Abbas Araqchi dismissed Trump’s claims, stating that the country had not lost any drone in the Strait of Hormuz, nor anywhere else.
Monday, July 22: Star Market Gains $44B in Market Cap on Debut
China’s new Nasdaq-style board for homegrown companies, the Science and Technology Innovation Board (STAR Market), registered a total shares gain of 520% during its debut on Monday, generating $44 billion in market capitalization and surpassing expectations.
Sixteen of the first batch of 25 firms, which included chipmakers and health care groups, increased their IPO prices by 136% on the Star Market, while its weakest performer gained 84.22%.
Tuesday, July 23: Apple to Buy Intel’s Smartphone-modem Chip Unit
iPhone-maker Apple is reportedly engaged in negotiations to acquire chipmaker Intel’s smartphone-modem chip division.
Sources familiar with the matter said, the deal, which is worth $1 billion or more, could be settled in the next week, provided that talks between the two companies do not collapse.
Wednesday, July 24: Bond Yields Drop on Weak Global PMI Readings
A flash analysis for IHS Markit’s PMIs for Australia, Japan, and the euro zone all showed a decline in July, while Germany’s manufacturing activity dropped to its fastest pace since 2009.
The news sent the German 10-year Treasury note down to -0.38%, only three basis points above its all-time low, while its US counterpart slightly fell to 2.06%.
Thursday, July 25: Asian Stocks Up, Euro Falls ahead of ECB Decision
Asian stocks edged higher after a cautious open, while the euro lingered close to two-month lows, as muted economic report reinforced expectations for a rate cut decision from the ECB at its meeting later in the day.
Market focus on Thursday will be on ECB’s rate decision after PMI figures showed the euro zone’s manufacturing sector weakened for the sixth straight month, which pushed the euro down to $1.1125, a level not recorded since May.
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