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Weekly Feed Mins Read

Kristal Weekly Feed | 13th May 2019

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Got only 15 seconds? Here’s what you need to know.

Here’s a succinct summary of major global events that transpired last week.

Positives

1. China stocks soar even as U.S. tariffs kick in

2. Bitcoins have a positive week to reach a 9-month high

3. Gold rises amid trade war losses

Negatives

1. Uber debuts on Wall Street; falls 7% in the first week

2. Dow records its worst week since March

Now, for more detail.

Positives

1. China stocks soar even as U.S. tariffs kick in

What You Should Know

President Trump stood true to his word, imposing tariffs of 25% (up from 10%) on $200 billion of Chinese goods. Instead of slumping as many expected, the news resulted in a rally on Friday; with a 3% increase for the Shanghai Composite, and a 3.8% jump for the smaller-cap Shenzhen Composite.

What You Should Lookout For

There is much heated rhetoric between the countries. China has threatened to retaliate if the tariffs are not rolled back, and some think this might put enough pressure on Trump to prevent any long-term repercussions. There is also speculation that Chinese officials may have intervened to prevent a market crash, in a show of strength. There is some positivity amidst all the rumours about the trade talks, and hope of a positive deal. Markets will continue to be volatile until an accord is formalised.

Suggested Reading:

China stocks soar to best one-day gain since March

2. Bitcoins have a positive week to reach a 9-month high

What You Should Know

Bitcoins have been in a slump since last August, and the New York General Attorney’s investigation has not really helped the situation. Despite this, the alternative currency has rebounded to a 9-month high and was trading on the Hong Kong market for $7,341.37 (as of 7:45 a.m. Hong Kong time on Sunday).

What You Should Lookout For

The Bitcoin peak was reached in 2017, when the alternative currency was trading at $19,000. Since then it has been a wild ride. Trade war fears have increased interest in the currency; and if it continues, investing in Bitcoins might become the norm again. Wait and watch, we say!

Suggested Reading:

Bitcoins jump to a 9-month high as cryptocurrencies roar back

3. Gold rises amid trade war losses

What You Should Know

As investors look for alternative trade havens amidst the raging U.S.-China trade war, gold seems to have looped back into the spotlight. For June delivery, gold traded on the Comex division of the New York Mercantile Exchange last week at $1,287.40 per ounce, up $2.20, or 0.2% on the day.

What You Should LookOut For

Despite being seemingly resistant to market fluctuations, there is a cap on how high gold prices can go. The 100-day moving average for gold is $1,300, and the 200-day moving average is around $1,267. Experts believe that the yellow metal might rise to about $1,300 but do not expect it to go beyond in the near future.

Suggested Reading:

Gold rises as tariffs increase on Chinese goods

Negatives

1. Uber debuts on Wall Street; falls 7% in the first week

What You Should Know

A classic case of hope not meeting hype. Despite all it’s claims, Uber’s IPO has gone the Lyft way with investors not showing much interest in the controversy-ridden company. Shares were trading at $42 – well below the IPO valuation of $45 – and lowered to $41.75 at the close of Friday.

What You Should Lookout For

In the last five years, only 10% of VC-backed tech IPOs have gone kaput in their first day of selling. Seen this way, Uber is among only a handful of its peers! Trade war tweets, and headlines about striking drivers and losses in the ride-sharing industry have obviously not helped its cause. Rival company Lyft is currently trading well below its opening price (25% fall since March), and it would seem that Wall Street is not happy with companies that bleed money but fail to make profits. Tech companies that have come to market in recent years have not traded above their IPO price – so that’s something investors should take note of.

Suggested Reading:

Uber falls more than 7% in disappointing Wall Street debut

2. Dow records its worst week since March

What You Should Know

It’s not only Twitter that has been at the receiving end of the Trump-China wars. Since Sunday, when Trump first talked of a tariff hike, there has been a steady decline. For the Dow, it was the worst week since March, while for the S&P500 and NASDAQ, it was the worst they had seen since the week of December 21. For the week, the Dow fell 2.1% while the S&P saw a 2.2% weekly fall and the Nasdaq shed 3%.

What You Should Lookout For

At the close of Friday, news about positive developments in the trade talks – from both President Trump and Treasury Secretary Mnuchin – were enough to buoy the falling indices. U.S. and global stocks have been reacting to every single piece of news coming from the trade delegation; and this whirlwind ride will continue unless a conclusion is reached.

Suggested Reading:

A recap of this week’s market selloff

Disclaimer

The materials and data contained herein are for information only and shall in no event be construed as an offer to purchase or sell or the solicitation of an offer to purchase or sell any securities in any jurisdiction. Kristal Advisors does not make any representation, undertaking, warranty or guarantee as to the update, completeness, correctness, reliability or accuracy of the materials and data herein. All opinions, forecasts or estimation expressed herein are subject to change without prior notice. Kristal Advisors and its affiliates accept no liability or responsibility whatsoever for any direct or consequential loss and/or damages arising out of or in relation to any use of opinions, forecasts, materials and data contained herein or otherwise arising in connection therewith.

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