Marriott, OPEC, Goldman: This Week's Top Trending Financial Tweets - Week 48
#7. OPEC meeting tests Saudi-Russia alliance
OPEC and non-OPEC members are set to meet in Vienna, Austria next week on Thursday. The goal of this reunion is to reach an agreement about potential output cuts in order to boost the falling oil prices, CNBC reports.
Since early October, crude futures have gone down more than 25% as a result of increasing concerns over an oversupply and an economic growth that is slowing down.
According to the same CNBC article, Saudi Arabia and Russia are not (yet) on the same page when it comes to the details of a potential output restriction. The former wants the cartel to trim the oil output while the latter isn’t too keen on reversing the production strategy.
OPEC meeting marks the 'toughest test yet' for Saudi-Russia energy alliance, analysts say https://t.co/jre6t0Muin— CNBC (@CNBC) November 30, 2018
#6. A new US, Canada & Mexico deal
On Friday, the leaders of the United States, Canada, and Mexico formally signed an agreement to replace Nafta, the Financial Times reports. The new trade deal, named USMCA, will rule over an estimated $1 trillion worth of trade.
According to the Financial Times, the signing of the agreement is mostly ceremonial since the deal still needs to be ratified by the legislatures of the three countries.
The leaders of the US, Canada and Mexico formally signed the agreement to replace Nafta (North American Free Trade Agreement), with a new trade deal dubbed USMCA on the sidelines of the G20 summit in Argentina https://t.co/qFkiemFREv— Financial Times (@FinancialTimes) November 30, 2018
#5. Eurozone inflation dips
The inflation in the Eurozone slowed down in November, Reuters reports. Consumer prices in the 19 euro countries went up by 2% year-on-year after an almost six-year high of 2.2% in October, according to Eurostat.
The ECB still plans to end its 2.6 trillion euro bond purchase scheme next month. The central bank argues that the inflation is now on its way to the target and that the euro zone economy will continue to grow even if the support declines, according to the same Reuters article.
#4. Goldman shares down
Goldman Sachs stock was falling 1.7% in pre-market trading on Friday after people briefed on the matter said that the FED is ramping up its investigation into how the bank’s executives avoided internal controls while helping Malaysian authorities raise billions of dollars that later went missing, Bloomberg reports.
Goldman shares already fell 14% over the past month following concerns about the potential fallout from the bank’s involvement in raising money for Malaysia’s scandal-plagued state investment company, according to the same Bloomberg article.
Goldman Sachs is falling in pre-market trading on news that the Fed is ramping up its investigation of the 1MDB scandal https://t.co/bF99EDPYaj— Bloomberg (@business) November 30, 2018
#3. Apple comes to Amazon
From mid-December onwards, Amazon Echo devices will be able to stream songs from Apple Music, TechCrunch reports.
Although this collaboration may seem a little strange at first, there are benefits for both companies. For Amazon, this addition should give it an added advantage against Google’s Home Services, especially in the US.
For Apple, the deal brings Apple Music to more accessible hardware (as its own HomePod costs $349 dollars, several times the price of an entry-level Echo dot), according to the same TechCrunch article.
#2. Marriott data breach
On Friday, the Marriott hotel chain revealed that its guest reservation system Starwood had been hacked, potentially exposing the personal information of around 500 million guests, CNN reports.
The hack affects a group of hotels that includes the St. Regis, Westin, Sheraton and W Hotels. Friday’s revelation marks one of the biggest corporate data breaches in history, according to the same CNN article.
Marriott shares were down more than 5% in early trading on Friday.
Marriott says its guest reservation system has been hacked, potentially exposing the personal information of approximately 500 million guests https://t.co/ezpIZGKNHS— CNN (@CNN) November 30, 2018
#1. The US-China cloud hanging over the G20 summit
The G20 summit - the two-day annual gathering of 20 industrialized countries - is taking place in Argentina this weekend, Reuters reports.
The gathering will be a big test for the leaders of the world’s top economies as the group faces questions over its ability to deal with the latest round of crises, on top of the US-China conflict that has affected global markets.
According to the same Reuters article, all eyes will be on a planned dinner between Trump and Chinese President Xi Jinping on Saturday.
U.S.-China dispute casts shadow as world leaders gather in Argentina https://t.co/g6HgdqC66M— Reuters Top News (@Reuters) November 30, 2018
There you have it, another week 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.