Disappointing earnings for Amazon

Daily Analysis - 25/10/2019

Jeff Bezos yesterday lost about 7 Billion in stock value

amazon-earnings-report


Jeff Bezos, Amazon's CEO is currently the richest person in the world. However, yesterday after Amazon's disappointing earnings he lost about 7 Billion in a single day. On Thursday Amazon published its third-quarter earnings that failed traders and sent the popular Amazon stock way down. It basically lost as much as 9% in the after-hours session.

The CEO Jeff Bezos, currently holds 57,610,359 shares of Amazon, according to the SEC. If this drop continues today up to market close then the richest man on the planet will lose his title to Bill Gates, the co-founder of Microsoft according to the Bloomberg Billionaires Index.

Oil dropped a little over growth fears


On Friday Oil retraced back a bit following three days of profits, while the depressed economic growth projections resumed fears that the global economy is retracing and the demand for oil will drop. West Texas Intermediate (WTI) crude fell 35 cents, to $55.88. The popular benchmark grew 0.5% in the previous trading day and was headed for a 7-day increase of 4%. Brent crude dropped 36 cents, to $61.30. Having grown nearly 1% yesterday.

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Gold hits 14-day top, over poor US numbers


On Friday the popular safe-haven Gold climbed to a 14-day top while breaking the $ 1,500 ounce psychological area. This happened due to poor US economic numbers which pushed expectations for an additional interest rate reduction by the Federal Reserve after this month. U.S gold futures remained in a range at $1,504 per ounce.

Spot gold went to its most important level since Oct. 10 at $1,504.34. However, it fell slightly to $1,501.69 per ounce.

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GBP lost about 0.1% due to Brexit


On Friday The GBP sustained losses against the greenback and the euro, following Boris Johnson’s UK Prime Minister request for an election increasing the uncertainty covering Britain’s withdrawal from the European Union. The popular British currency is expected to continue to be weak before a gathering later today. In the meeting, it is expected that the European Union leaders will decide how long they will postpone the UK's deadline to withdraw from the EU beyond the current date of Oct. 31.

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