The decline in oil prices are smoking barrels at the moment; concerns over the spike in COVID-19 cases are threatening the future of oil demand and in a current market that is slowly trying to recover production levels, it’s not going to be an easy run.
Rystad Energy’s Head of Oil Markets, Bjornar Tonhaugen, has commented on the morning’s developments: “With OPEC+ signaling that more surprises are not to be expected on the oil supply side, and with production now set to rise as initially planned by the group, traders have realistically only two hard sets of information to trade on.”
These are the weekly level of oil stocks and how Covid-19 expands globally, with the latter being in direct correlation with how oil demand is expected in the future.
Much to the disappointment of Brits who want to enjoy the current heatwave, thousands of local pubs are at risk of closure after alcohol was excluded from government measures, aimed at stimulating the hospitality and leisure sectors across the UK, the industry has warned.
Restaurants, cafes, hotels, and public attractions such as zoos and cinemas all stand to gain from a six-month cut in VAT from 20% to 5%, which the government said would cost £4.1bn and help 150,000 businesses. The reduction in sales tax will apply to all industries related to food, accommodation, and public attractions.
It’s not quite a Lock but the euro strengthened by 0.3 percent to $1.146, its highest level against the dollar since early March. Against sterling, the euro jumped 0.53 percent to 91.36p. European equities indices were unmoved, however. The Europe Stoxx 600 fell 0.5 percent lower while Germany’s Dax was down 0.3 percent.
The Nasdaq has soared to record highs in recent weeks, significantly outpacing gains on both the S&P 500 and the Dow.
Volatile but mostly a positive week for markets with the ASX 200 gaining 0.4% on Friday and finishing around 2% higher for the week. The main driver being Australia’s main recovery hope, commodity exports, with the materials sector finishing up 4.2% as iron ore price above US$115 per tonne.
Long-time Chief Content Officer Ted Sarandos will join CEO Reed Hastings as co-CEO. The company has made a few impressive announcements of late. Netflix added 10.2 million subscribers in its second quarter, beating the company’s own estimates that it made in its first quarter, which suggested it could add around 7.5 million.
Who has been using Netflix more in Quarantine? Netflix has added 26 million paid new subscribers in the first two quarters of 2020, compared to 28 million in the whole of 2019 but still missed its optimistic revenue goals for the quarter.
The undeniably strong performances of the first two quarters are something the company is proud of, but executives still warn investors about reading too much into it.
“As a result, we expect less growth for the second half of 2020 compared to the prior year,” the letter to shareholders reads. “As we navigate these turbulent circumstances, we’re focused on our members by continuing to improve the quality of our service and bringing new films and shows to people’s screens.”
Tim Cook will be able to sleep at night knowing that Apple has been told they will no longer have to pay Ireland €13bn (£11.6bn) back in taxes after winning an appeal at the European Union’s second-highest court.