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Weekly News Summary for October 11-17, 2019

Friday, October 11, 2019: Oil Prices Climb on Iranian Tanker Explosion

Oil prices edged higher by 2% on Friday, driven by reports of an Iranian-owned oil tanker being hit, probably by missiles, in the Red Sea early in the day.

The incident, which has yet to be independently verified, could intensify the conflict between Tehran and Riyadh after Saudi Arabia had suspected Iran of striking major oil installations in its country and tankers in the Persian Gulf.

Monday, October 14, 2019: Turkish Lira, Stocks Drop on Potential Sanctions

The Turkish lira, as well as the local stock and bond markets, all experienced sharp declines on Monday after both the US and the European Union warned of enforcing economic sanctions on Turkey if it does not cease its military operations in Syria.

The lira was down to 5.92 per dollar, heading for its lowest since May and raising losses this year to nearly 12%, while the key BIST 100 index fell by 4.2%.

Tuesday, October 15, 2019: JP Morgan Chase Reports Record Revenue, Shares Up

Shares in JP Morgan Chase were up by 2.1% on Tuesday, as the firm’s latest profit and revenue climbed above expectations, with its robust consumer banking operations helping minimize the impact of lower interest rates in the third quarter.

JP Morgan reported that its third-quarter profit grew 8% to $9.1 billion, or $2.68 per share, while revenue also gained 8% to a record $30.1 billion, with the bank citing improvement in home loans, auto and credit cards as the reason for growth.

Wednesday, October 16, 2019: US Retail Sales Post Biggest Drop since Feb 2019

US retail sales unexpectedly weakened in September, snapping a 6-month winning streak and continuing to support the possibility of another rate cut from the Federal Reserve.

The Commerce Department stated on Wednesday that retail sales declined by 0.3% in the previous month, marking as its first and largest fall since February, as households tightened their spending on motor vehicles, building materials, personal interests, and online purchases.

Thursday, October 17, 2019: Netflix Returns to Subscriber Growth in Q3

Netflix Inc. gained more paying subscribers than what analysts had expected in the third quarter, putting investors’ minds at ease, after expressing concerns over the streaming giant’s performance as Disney and Apple prepare to venture into the streaming video industry.

With new seasons of its shows like Stanger Things and 13 Reasons Why, Netflix’s paying customers grew to 6.77 million worldwide, beating expectations of nearly 6.7 million, and setting the company on track to reach full-year operating margins of 13%.



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