Let’s Talk Business is BullMarketz weekly summary of the world’s most important trading news. It's a one-stop source for all the latest financial developments to base your investments on, whether it be in the global forex market, in the binary options world, or in relation to the stock markets. Additionally, it's the quickest way to get updated on any market and should be a part of every serious trader’s toolkit.
Tesla’s stock popped after good news was shared at Tuesday’s shareholder’s meeting. Musk has plans to reach the company’s weekly production goals by the end of the month, and they’re opening a new factory in Shanghai. In total, the Tesla stock has surged by close to 15 percent since early Tuesday, and it has a lot of room to grow further. Naturally, investors are very excited, but the bull run has had one negative effect. In less than two days, short sellers betting against Tesla have lost over $1 billion dollars.
Fintech startup Revolut is launching a new commission-free trading service. The plan is to take on the American trading app Robinhood which is already offering commission-free stock and cryptocurrency trading in the United States. Revolut’s new service will include stocks, commodities, ETFs, and options, and people are speculating that cryptocurrencies will be added to the selection as well. Instead of profiting from commission they will make interest on customer’s balances and charge small trading fees.
Early this week, Bitfinex was attacked by a group of hackers that tried to breach the cryptocurrency exchange’s security system. The attack was not successful, and the hackers did not get their hands on any information or cryptocurrencies. However, the hack put so much pressure on Bitfinex servers that the trading service was shut down for a short while before the system was restarted.
Indonesia, a country that recently banned the use of Bitcoin, is now looking in to regulating cryptocurrencies. The government’s plan is to regulate cryptocurrencies as commodities which will make it easier to tax and handle digital currencies. Also, since cryptocurrencies will be considered commodities, they will become available on exchanges which will make it easier to trade. Hopefully, it will be a win-win situation for the country.
Starbucks’ legendary chairman and former CEO Howard Schultz is stepping down at the end of the month. His decision to leave the company was already made last year when he left his position as CEO, but it took a lot of planning to get everything in order. Schultz will be leaving Starbucks that he turned into an international coffee giant in order to pursue his political goals. Some are even speculating that Schultz will be running for president in the 2020 American presidential election, although that has not been confirmed yet.
Dialog Semiconductor has been one of this past week’s worst performers. After Apple announced that they will cut their order of iPhone power-management chips from the manufacturer, the company stock plummeted close to 17 percent in less than 24 hours. The stock has since continued the downward trend, and it will most likely take a few weeks before it stabilizes. Instead of only using chips from Dialog, Apple will start to develop their own version.
The trade war has continued, and this time it’s Mexico that is taking charge. Mexico answered Trump’s threat to impose tariffs on the country by threatening with their own tariffs. Their plan is to raise fees for several American products including soybeans and whiskey. Just days after the Mexican threat, Trump announced that he has plans of demolishing the NAFTA deal and will instead make separate deals with Canada and Mexico.
Mastercard is looking to make a deal with Google and Amazon to offer payment services controlled by users’ voices. According to Mastercard’s Ann Cairns, the payment provider wants to use Google and Amazon’s voice assistants to handle online payments.
Twitter has had a great week with impressive gains. The Twitter stock is currently trading around $40 per share which is the highest levels seen since 2015.
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