Deutsche, Nintendo, Crypto's: This Week's Top Trending Financial Tweets - Week 5

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02/03/2019 | 07:49 pm
Welcome back to our weekly recap of financial Tweets. We've got news about Deutsche Bank, Nintendo, Crypto's and more, so here goes: this week's selection of 7 trending financial Tweets.


#7. Fed on hold

On Wednesday, the Fed decided not to raise its interest rates during its policy meeting, CNBC reports. The American central bank voted unanimously to hold its policy rate in a range between 2.25 and 2.5%.

In reaction to the Fed's statements stocks jumped; the Dow Jones went up by 450 points shortly after the announcements.

#6. Gold miners are hot again

Good news for gold mining companies. After a several-year-long period of being shunned by investors, followed by a series of missteps and a stagnant bullion price, the industry has been turned upside down by a surprise mega-deal in September last year, Bloomberg reports.

That was when Barrick Gold Corp. acquired Randgold Resources Ltd. for $5.4 billion, a deal that led to a chain reaction and Newmont Mining Corp.'s $10 billion deal for Canada's Goldcorp Inc. last month. This, in combination with a surge in bullion prices, has re-ignited an interest in gold, according to the same Bloomberg article. 

#5. From Uber to shared kitchens

Former Uber CEO Travis Kalanick seems to be betting on cloud kitchens in China. Kalanick is partnering with former COO of bike-sharing startup Ofo, Yanqi Zhang and - according to TechCrunch - their project involves Kalanicka's L.A.-based company, CloudKitchens.

The company enables restaurants to set up kitchens uniquely to cater to customers who are ordering in. The kitchens are based in underused real estate and the concept has been taking off in particular regions such as India and China, TechCrunch continues.

#4. The end of the crypto fever?

According to Bloomberg, the main take away from the Paris Fintech Forum this week was that crypto fever has truly broken. Last year, crypto currencies were soaring and attendees jammed discussions on blockchain technology.

This year, however, the top 10 crypto assets are down 80% and skepticism is mounting. So instead, the conference was about getting back to banking basics, Bloomberg continues.

#3. Venezuelan oil sanctions

On Monday, the US imposed sanctions on Venezuela's state-owned oil giant in order to try and prevent the proceeds of crude sales to the US reaching the government of President Nicolas Maduro, the Wall Street Journal reports.

An inconvenient consequence of this decision is the shortfall of dense crude oil it creates, leaving fuel makers in the lurch and underlining the limitations of America shale oil.

#2. Nintendo's profit

Japanese video game company Nintendo posted $958 million of profit this week but cuts the target for its Switch console nevertheless, Yahoo Finance reports. The gaming giant reportedly also wants to develop a smaller Switch version that focuses on portability with a slimmed down functionality to make it more affordable.  

Releasing a cheaper Switch could potentially open up Nintendo to newer markets - hence boosting 2019 sales.

#1. Deutsche Bank's troubles

Deutsche Bank has been going through a bit of a rough period for several years now. After a period of decreasing revenue, failed turnaround plans and the ongoing departure of senior executives, its next obstacle may be the solution the German government seems to be thinking of; a merger with its German rival Commerzbank, Bloomberg reports.

There you have it, the first week of February all captured in Tweets. As always, we'll continue to track Twitter and bring you the top financial micro-messages from the web. See you back here next Friday.


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