LBLV U.S. may ban travel for Chinese Communist Party 2020/17/07

LBLV provides an overview of economic news.


The main economic news for Friday, July 17:

1. Twitter faces high-profile cyber-attack this week

2. Netflix posts strong second-quarter results
World famous streaming giant Netflix Inc. posted financial results for the second quarter, surpassing analysts’ estimates with huge amount of new paid subscribers and a significant jump in revenue. Netflix reported 10.1 million new subscribers in the second quarter, topping the 10 million mark for a second consecutive quarter amid rise in orders due to the COVID-19 pandemic. The company said its net earnings climbed to $720 million, or $1.59 a share, compared with net income of $270.7 million, or 60 cents a share last year. Revenue improved to $6.15 billion from $4.92 billion a year ago. All figures were higher than the analysts’ average expectations. Despite the strong second-quarter results, Netflix shares declined amid fears of slowing second-half year growth. The company’s stocks lost more than 8% in after-hours trading on Thursday.

3. U.S. may ban travel for Chinese Communist Party
The Trump administration is considering the order, allowing banning travel to the United States by all members of the Chinese Communist Party and their families – a move that would worsen already tense U.S.-China relations. Such a ban, if implemented, could hit the ruling Communist Party from the highest levels down to its rank-and-file and would be certain to draw retaliation against Americans who travel to China. This could include not only diplomats, but also business executives, potentially harming U.S. interests in China.

4. Global shares recover amid hopes on new stimulus
Asian and American shares recovered their rise on Friday, as hopes of more government stimulus measures around the globe eclipsed fears of rising new coronavirus case numbers and worsening tensions between the U.S. and China. In China, the CSI300 index surged 1.1%, after the Thursday’s 4.8% drop. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.5%, rebounding a quarter of its 2% losses the previous session, while Japan’s Nikkei traded almost flat. Meanwhile, U.S. stock futures climbed 0.2%, recouping some Thursday’s losses when the S&P500 dropped 0.34% as investors locked in gains from rallies in high-flying tech shares ahead of earnings later this month. On the commodity market, oil prices showed a slight drop, with Brent futures declined 0.25% at $43.26 per barrel, while U.S. crude futures tumbled 0.22% at $40.84.