20th July 2022: Yesterday closed orders given +2.5287%; Stock Market and Cryptocurrency Overview; The real situation in the oil and gas market; A wave of layoffs and reductions in top companies
Symbol: USDJPY; Type: SELL; Open Price: 137.378; Close Price: 137.378; Profit: -0.108%.
Symbol: EURGBP; Type: BUY; Open Price: 0.8457; Close Price: 0.8457; Profit: +0.8457%.
Symbol: NZDUSD; Type: BUY; Open Price: 0.6143; Close Price: 0.62121; Profit: +1.112%.
Symbol: USDCHF; Type: SELL; Open Price: 0.96834; Close Price: 0.97141; Profit: -0.316%.
Symbol: AUDUSD; Type: BUY; Open Price: 0.67961; Close Price: 0.68644; Profit: +0.995%.
Stock Market and Cryptocurrency Overview
US market futures are moving down as persistent anxiety over the possibility of a worldwide recession caused by hawkish central bank policy weighs on investors’ minds. Despite the likelihood of a larger-than-anticipated increase in interest rates being implemented by the European Central Bank on Thursday, the value of the euro remained stable concerning the dollar. As the dollar strengthened, demand for Treasuries increased, which drove the yield on the 10-year note below 3 percent. After reporting profits that were better than expected and stating that it anticipates a return to subscriber growth by the end of the year, Netflix saw its share price increase by 7.5% before the market opened. (Closes): On Tuesday, the S&P 500 and the Nasdaq 100 finished the day higher above their respective 50-day moving averages.
After breaking out of a trading range that had been in place for the previous month, the price of bitcoin remained over $23,000. This week’s earnings feature reports from Tesla and the Bank of Japan and announcements on interest rates from the European Central Bank. On Thursday, the Nord Stream 1 pipeline is expected to become operational again after undergoing repairs.
The actual situation in the oil and gas market
Even if Russian President Vladimir Putin has indicated that Europe would start obtaining gas again through a crucial pipeline, he has also warned that shipments will be strictly curtailed until a dispute over sanctioned sections is resolved. The connection will only function at twenty percent of its capacity as soon as next week if a pipeline portion caught up in sanctions is not returned to Russia.
The European Union is operating under the presumption that flows will be reduced and is frantically searching for methods to limit consumption while states hurry to obtain alternative sources. The euro is becoming more vulnerable to a recession due to shortages. The gas supplies transported to Germany via Nord Stream originate at the Portovaya compressor plant, which is owned and operated by Gazprom. When it suspended supplies a month ago, Russia used the excuse that it was having problems with the station, which is a distinct legal entity from the pipeline and is owned by a third party. Gazprom is making preparations if tensions between Russia and the EU about energy supply escalate much further.
Before repair was performed on the pipeline, gas flows via Nord Stream were operating at around 40 percent of their capacity. Because of the sanctions imposed by Ottawa on Moscow, one of the turbines had to be left behind in Canada, where it was being serviced. The accusation that the decrease in flows was a political maneuver has been made by essential purchasers, Germany and Italy; however, Russia has dismissed this assertion.
A wave of layoffs and reductions in top companies
Industry titans, who have spent years amassing more resources, are now preparing for a downturn. According to those familiar with the situation, Apple has planned to cut down its hiring activities for the coming year. The recruitment drive undertaken by Google’s parent firm is being slowed down. Amazon is putting some of its warehouse space up for sublease and has halted the building of facilities intended for office employees. Carvana will not pay salaries for the remaining months to provide severance payments to former employees.
The grocery delivery startup GoPuff has announced that it will be shutting dozens of warehouses and laying off 10 percent of its workers. Compass Inc., which operates as a platform for real estate brokerage, has decided to eliminate 450 employees. Mark Zuckerberg, the CEO of Facebook, recently shared with staff his expectation that the company will experience one of the most severe recessions in recent memory. Lyft’s chief competitor, Uber, boasts that it is “recession resistant.” Employees were informed in May that Microsoft would reduce the number of new hires in the Windows, Office, and Teams areas.
Peloton Interactive has revealed that it intends to eliminate over 2,800 positions worldwide, accounting for approximately 20 percent of its corporate functions. Rivian Automotive has planned to eliminate hundreds of non-manufacturing workers and teams that perform redundant services. In June, the online customized styling business Stitch Fix said that it was looking to reduce the number of paid employment by 15%. Spotify Technology SA, which provides an online music streaming service, has decided to reduce its workforce by around 25 percent to accommodate various macroeconomic circumstances. The Chief Executive Officer of Rivian, RJ Scaringe, announced layoffs and stated that the firm “is not immune to the current economic difficulties.”
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