Overview of TOP weekly news 20.4.2022

20 / 04 / 2022
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Netflix shares crater 25%

Shares of Netflix cratered more than 25% after the company reported a loss of 200,000 subscribers during the first quarter. It’s the first time the streamer has reported a subscriber loss in more than a decade. Netflix blamed increased competition, password sharing as well as inflation and the ongoing Russian invasion of Ukraine for the stagnant subscriber growth. Company added that they are thinking of adding an option for cheaper accounts, which would be included with advertisement. They are also forecasting a loss of 2 million subscribers for second quarter.[1]

Movement of Netflix stock in the last five years. (Source: Investing) *

 

Mercedes-Benz unveils its new electric EQS SUV

Mercedes-Benz took the wraps off its new EQS SUV, its first fully electric SUV built domestically for the U.S. market. The vehicle is the sibling of the EQS sedan, released last year, but with seating for up to seven people and a taller, bubblier stance. The SUV is expected to go into production at Mercedes-Benz’s plant in Tuscaloosa, Alabama, in the coming months and arrive in U.S. showrooms in late 2022, the company said. The prices for EQS SUV are not yet known, however their sedan came out at the price of around 100.000 USD.

Russian rouble firms towards dollar fall

The Russian rouble firmed towards 78 to the dollar in early trade on Wednesday, while stock indexes extended losses as the market watched developments around Ukraine and sanctions against Russia. Russia faces soaring inflation and capital flight while grappling with a possible debt default after the West imposed harsh sanctions against Moscow. Meanwhile, UK is about to revoke Moscow’s stock exchange recognised status. The move will be just one more among the sanctions put on Russia by the West.

Gold at lowest in nearly 2 weeks

Gold prices fell on Wednesday to their lowest in nearly two weeks, as an elevated U.S. dollar and Treasury yields continued to weigh on demand for bullion. Spot gold was down 0.4% at 1,941.40 USD per ounce at 0741 GMT, after hitting its lowest since April 8. U.S. gold futures fell 0.7% to 1,944.80 USD. The dollar is still going strong and makes green-back gold less attractive for other currency holders. U.S. treasury yields were near multi-year highs, while traders were waiting for FED to aggressively raise interest rates.

Google to set up first Africa product development centre in Nairobi

Google is investing in its first-ever Africa product development centre in the Kenyan capital Nairobi, it said, as it positions itself to serve a growing base of internet users on the continent. By the end of this decade, the continent will host 800 million internet users, the California-based firm said, and a third of the world’s youth population, making it an attractive investment destination. Company is investing 1 billion dollars in various projects and is already hiring engineers, product managers and user experience designers for their new centre.

 

What to watch this week:

  • On Thursday we can check the U.S. Initial Jobless Claims
  • On Friday German´s Manufacturing Purchasing Managers Index will be released

* Past performance is no guarantee for future results.

[1] 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.

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