Connect with us

Hi, what are you looking for?

Oracle of  Omaha Says – Investing and Stock NewsOracle of  Omaha Says – Investing and Stock News

Economy

Weekly News Summary for July 14 to July 20

Weekly News Summary for July 14 to July 20

Friday: July 14: China Invites Global Investors amid Economy Issues

Financial regulators from China invited several significant investors globally to a rare symposium next week. They plan to encourage foreigners to continue investing in their economy despite weakness and increasing geopolitical tensions. According to sources, the meeting will be held on Friday in Beijing.

The symposium will focus on the current situation of US dollar-denominated investment companies in China and the issues they are experiencing. The efforts were made due to warnings about a slower economic outlook in the Asian nation.

Monday: July 17: Global Rules Walked Out of Crypto Firms

On Monday, the G20’s Financial Stability Board reported that globally agreed rules left cryptocurrency firms, leaving them to introduce basic safeguards to avoid problems similar to the FTX exchange dilemma and other crypto issues. Final recommendations were published as requested by the G20 to monitor companies that trade crypto assets like bitcoin.

FTX’s collapse in November 2022 underlined vulnerabilities from crypto companies. The FSB mentioned that all countries are required to apply the recommendations, regardless if they are not watchdog members. They added that crypto asset players should stop operating outside the regulated perimeters or not comply with the established rules.

Tuesday: July 18: Cocoa Hits Highest Price in 12 Years

Cocoa prices hit their highest in New York in more than 12 years. A few weeks after, the chocolate-making raw material in London climbed to its highest after 46 years as traders and producers faced limited supplies. Its value in the Intercontinental Exchange in New York rose to $3,429.99 per metric ton.

Usually, cocoa production lowers in an El Niño year. It remains unclear how strong the weather event would be. But forecasters estimated a strong one, which could significantly impact the 2023/24 mid-crop and the 2024/25 main crop. Cocoa-producing areas in Africa will be mainly affected. Also, the outputs from the Ivory Coast were down by 4.00%, lower than the previous year.

Wednesday: July 19: Chip Industry Trading Restricted by the US

According to the Chinese Semiconductor Industry Association, the US government wants to restrict trade, threatening globalization on the semiconductor industry and consumer interests. The association also stated that any damage to the global supply chain could harm the economy.

The semiconductor industry in China is open to cooperating and will resume innovations. Moreover, the industry association’s comment came after the chip company executives in the US met with top Biden administration officials to work on the policy in China.

Thursday: July 20: Tesla to Continue Cutting Prices

Tesla CEO Elon Musk hinted at more price cuts on their electric vehicles due to unstable times, although his all-out price war on automaker competitors narrowed the company’s margins. Since late last year, the automaker has cut down prices many times in the US, China, and other markets while increasing discounts and some incentives to lessen inventory.

Furthermore, it attempted to shield against rivals and economic uncertainty. Musk stated that the global economy is always moving. Tesla, significantly flat in the after-hours session, declined by 5.00% after Musk’s remarks.

The post Weekly News Summary for July 14 to July 20 appeared first on FinanceBrokerage.

Trending

You May Also Like

Latest News

A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

Stock

Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

Latest News

Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

Latest News

President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

Disclaimer: Oracleofomahasays.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 Oracleofomahasays.com