Overview of TOP weekly news

Saudi Arabia and United Arab Emirates are in the boxing ring

OPEC+ announced that it quits on a production deal. Problem between the long-time allies saw WTI crude soar another 2% to near $77/bbl, further squeezing an already tight oil market and raising concerns over inflation.[1] OPEC and its allies could not agree and make a key deal on their oil output policy last week. Abu Dhabi is forcing the group to accept risk unraveling the alliance. Crude prices could make an outsized move in either direction.

Jeff Bezos stepped down from Amazon

Amazon founder Jeff Bezos has officially leaving as the company‘s chief executive, role will take over Andy Jassy, and he will focus on “new products and early initiatives”. No major changes waits for Amazon in terms of strategy and operations since Andy Jassy has been in the firm since 1997 and he worked closely with Bezos. Amazon is constantly showing very good quarterly numbers and their slogan is “Don’t change what works.”

Performance of Amazon (Source: Investing.com)[2]

AirAsia have acquired Gojeks Thailand business

Malaysian airline AirAsia Group acquired part of Indonesian company Gojek, its business in Thailand. Regarding to source Nikkei, Gojek would take a stake in AirAsia‘s digital arm, and the low-cost carrier would gain Gojek’s business in Thailand. This deal can have connections with coronavirus restrictions and its signalizing prepared focus towards digital business as long as its fleet remains grounded.

Samsung Electronics in great growth

The South Korean company Samsung Electronics expects its operating profit increase by 53% to 12.5 trillion in 2Q. won.[3] Analysts estimate such results because of high demand for chips, which increased their prices. Samsung is the largest manufacturer of smartphones in the world and also he focus strongly at memory chips.

Watch this week:

On Thursday, ECB gonna release the minutes of its June policy meeting. There will be news of several meetings due to take place in the next weeks as part of the banks review of its monetary policy strategy.

On Friday, China will publish data of consumer price inflation and producer price inflation. Investors will pay attention to the price of raw materials, which have soared because of higher commodity prices.

[1] Past performance is no guarantee of future results.

[2] Past performance is no guarantee of future results.

[3] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or based on the current economic environment which is subject to change. Such statements are not guaranteeing of future performance. They involve risks and other uncertainties which are difficult to predict. Results could differ materially from those expressed or implied in any forward-looking statements