Berkshire Hathaway – Warren Buffett’s Berkshire Hathaway has increased it’s stake in Apple by 3.9 million shares with the holding companies stake now more than $125 billion US and now representing 40% of their portfolio. Berkshire also purchased 22 million shares of Occidental Petroleum Corp and 2.3 million shares of Chevron.
Tencent – Chinese social-media and video game giant Tencent has reported its first quarterly revenue drop in more than two decades with China’s slowing economy denting advertisement revenue whilst regulation has impacted the video game business.
ASX – The ASX200 has continued its strong month, increasing another 1% throughout the week and now more than 10% off the low in June. This strong rebound has occurred despite a very pessimistic economic outlook.
Meta – Meta has slumped 3.4% so far this week with the tech company down almost 50% so far this year. This poor performance is in contrast to other well known tech companies such as Amazon, Netflix and Microsoft who all have had increases in their share price this week.
Unemployment rate –The Australian Bureau of Statistics reported that the jobless rate fell to 3.4% in July, the lowest since August 1974 and the first fall in employment since October 2021.
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