Overview of Top weekly news 28.7. 2021

28 / 07 / 2021
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Tesla beat expectations

Car company announced great results for Q2. The company published earnings which is $1.14 billion in net income for the quarter. At the other side, firm reported a $23 million impairment related to bitcoin. From energy business, which includes solar photovoltaics and energy storage systems for homes, businesses and utilities Elon Musk’s electric vehicle company had revenue $801 million. Tesla has debt and finance lease which caused them that the cash position decreased about 5% from last quarter.

Amazon influenced bitcoin

Market reacted to job listing from Amazon which was looking for digital currency and blockchain product lead. Bitcoin climbed to a six-week high of nearly $39,043 and other cryptos raised their values also. People started to discuss and impleay that the e-commerce giant could accept cryptocurrencies as payment in the near future. Later is company announcing news, they do not have plans to accept bitcoin.

Performance of Amazon company over for 5 years. (Source: Investing.com)*

Volkswagen closer to buy Europcar

German car producer wanted to buy Europcar before, but they refuse because of small offer. Now Volkswagen Group is at better way to close a deal  with Europcar Mobility Group after gaining support from the car rental company’s hedge fund backers with a adequate offer. Negotiations are complicated and prediction for company value is around 2.5 billion euros ($3 billion). [1]

 

Coffee prices go up  

The world’s top grower of coffee, Brazil, has a problem. Weather changed and frosts hit last week, hitting a relatively large area of coffee plantations. Damage is huge and Arabica coffee futures are hitting fresh highs. This year’s coffee harvest will be miserable in Brazil. The coffee market could be estimated to lose about 330 to 540 thousand tons of coffee.

Watch this week:

On Thursday, the conclusion of the US Federal Reserve’s monetary committee meeting, where we can see results, like if they gonna change monetary policy.

On Friday, will be release report in Germany which is focussed at Gross Domestic Product (GDP) and measure the broadest economic activity and is a key indicator of economic health.

[*] Past performance is no guarantee of 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 guarantees 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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