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Market Overview
The markets in the US closed higher yesterday for the first time in seven days after earnings from Twitter, Microsoft and Tesla was made public. The S&P 500 and Dow Jones Industrial Average indices increased 1.86% and 1.63% respectively. The market is yet to react however on disappointing results released after the market close by Amazon and Alphabet Inc (Google). In Europe, stocks opened lower this morning following worrying results posted by tech firms in the US and losses in the Asian market. The European Stoxx 600 declined by -2.99% by the time of reporting. Asian stocks continued to decline after a torrid week that dragged the region’s equities deeper into a bear market.
Twitter reports positive results
The social network giant reported revenue increases of 29% to $758m beating analysts’ estimates. Despite this, a worrying sign for the company is that users declined and their own forecasts suggest further decreases. Twitter, which makes most of its revenue through advertising, is struggling to convince businesses that its messaging platform is the best forum for their campaigns. However, through the introduction of live broadcasting of US sports, the company managed to increase advertising revenue by a third. During the quarter, Twitter have streamed the Major League Baseball (MLB) and the Major League Soccer (MLS) games as well as concerts in partnership with Live Nation.
Brexit talks on Hold
It is thought that no new plan will be devised by next Monday’s budget on Brexit negotiations following a stormy meeting of May’s cabinet last Tuesday, where two factions battled each other over custom checks at the Irish border (since they are still EU members after Brexit). A meeting on the issue which was set for today is cancelled due to no agreement being reached by May’s team on the matter. Both Britain and the EU hoped to finalize a divorce at a summit of national leaders last week, however, divisions between UK ministers appointed to lead Brexit resulted in a draft agreement being vetoed. At the summit May offered further compromises by suggesting extensions to the transition period and dropping her demand for an end-date to Brexit.
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