BNPL Frenzy – ASX BNPL stocks have rallied substantially this week with ZIP, SZL and OPY all making huge gains into Friday morning. Suggestions are that the rally in these stocks has been caused by a “short squeeze” – when investors buy back stock they have previously shorted.
AUS rebound – Australia’s largest index the ASX200 has reached a seven week high indicating an increase in investor sentiment.
Apple results – Apple has reported a 11% decline in profit which has interestingly been well received by the market. This result has been achieved despite supply constraints and shutdowns in China. Apple CEO also stated that “in the aggregate, we expect revenue to accelerate in September”
Amazon – Amazon has posted a net loss for a second straight quarter which can be attributed in part to the plunge in value of their stake in electric car maker Rivian Automative Inc and in part to the high costs and slowing growth in consumer demand in the e-commerce business.
ECB – The European Central Bank lifted rates for the first time in 11 years with hope of slowing the increase in consumer prices. The ECB intended to raise the rate by just a quarter-point however, with the increase in prices worse than expected the bank had to act more aggressively.
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