The G20 summit took place in Bali, Indonesia, on November 2022…
Amazon Skyrocketed to New Record
Information is not investment advice
Amazon is a US tech giant company, involved in e-commerce, cloud computing, digital streaming, and artificial intelligence. Amazon founder Jeff Bezos stepped down as CEO on July 5. Andy Jassy, who ran Amazon's cloud-computing business and worked in a company for 24 years (!), replaced Bezos.
However, it wasn’t the reason for the stock’s jump. What pushed the price up then? Pentagon! Yeah, it decided to divide the $10 billion contract of a cloud-computing deal between Microsoft and Amazon. The full contract should have gone to Microsoft only, but Amazon argued that it would be unfair and Pentagon agreed.
Moreover, Amazon made a multi-year deal with Comcast's Hollywood heavyweight Universal. Amazon will add Universal Pictures’ films to the Prime Video streaming service. It will make Amazon closer to Netflix in terms of gotta-see-it content and prominence. Overall, there has been just good news for Amazon so far.
It’s better to look at the weekly chart to see the whole picture. Since mid-summer of 2020, Amazon was moving back and forth in a horizontal corridor between $2900 and $3500. This week, it has escaped that corridor breaking above the resistance of $3500! Will it reach $4000 soon?
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?