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It hasn’t been the best of weeks for the market, and we have witnessed several negative developments. Some of those developments are rooted in the tariffs that were implemented last week between China and the United States, but some are based on overvalued stocks and an increasingly pessimistic market projection. That being said, we have a few positive news developments to report on as well such as a major cryptocurrency hiring as well as a strong forecast for tech giants.
Gemini Trust, the cryptocurrency exchange owned by the Winklevoss brothers, has hired a high-profile former NYSE executive. Robert Cornish will start at the exchange in early August, and his extensive experience working for the world’s largest stock exchange will be very beneficial to Gemini’s future development.
According to some, the tech giants will benefit greatly from stricter regulation in the industry. At the same time, minor companies will suffer and could even be forced out of business. Over the past 6 months, tighter regulation for the tech industry has been a hot topic, and by the looks of it, only the biggest such as Amazon, Apple, Google, and Facebook will benefit.
Airline stocks have been falling all week despite it being high season for tourism and travels. There are several reasons why but it’s mostly due to quarterly reports not hitting target – especially American Airlines – and poor yearly forecasts.
Twitter has been both downgraded and upgraded this week, and the stock is bouncing. Some analysts claim that Twitter shares are highly overvalued and that it is time to sell Twitter for other investments. Others claim that Twitter’s forecast is looking stronger than ever and on Thursday, Goldman Sachs raised their price target for the social media platform.
Netflix was also downgraded this week, but not everyone agrees with that prediction either. In fact, to most analysts and traders, Netflix is currently the most promising stock on the market. In fact, Netflix is so well-established as the leader in streaming videos that no one will be able to compete with them for years.
Chip makers are said to be the companies that will suffer the most from the latest proposed tariffs that were announced on Tuesday. Soon after the Trump administration announced their plans for new tariffs, chip makers Nvidia, AMD, and Broadcom all dropped by several percents. The reason being that the Chinese market is one of the biggest for chip makers today.
Speaking of which, who is actually winning the trade war? No one seems to be able to agree on that either. Since the tariffs were activated on Friday last week, we have seen several reports claiming that China is winning and the same amount claiming the opposite. Regardless of who is winning, it is becoming more evident that companies and consumers will be the ones losing out from the trade war.
Remember to stay up to date with the latest news from the finance world right here on BullMarketz. Make sure to visit us daily to not miss a beat and don’t forget to check out our cryptocurrency news and our weekly segment called Let’s Talk Cryptocurrencies for more information about the world’s digital currencies. Looking for a great CFD broker? Try a the IQ Option Demo Account for free or read our detailed review of Plus500 or eToro.