Microsoft, Eurozone bank shares, Indonesia: This Week's Top Financial Tweets - Week 33

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08/18/2019 | 08:06 pm
Another week has come to an end which means that it's time for our weekly recap of financial Tweets. We've got news about Microsoft, Eurozone bank shares, Indonesia and more, so here goes: this week's selection of 7 trending financial Tweets.

#7. Euro zone bank shares

The shares of Euro zone banks have lost most of their value due to a combination of negative interest rates, dropping bond yields, more regulation and increasing signals of a new recession, Reuters reports.

On Thursday, the index of the big banks from the Euro zone fell to the same level it hit in 2012, at the peak of the Euro zone debt crisis. The banking sector of the EU is now worth less than half a trillion dollars, according to the same Reuters article. 

We recently discussed the status of Euro zone banking shares in our feature on BNP Paribas too. 

#6. Concerns about electric cars and German growth

In Germany, there is a growing concern about the economic impact of the car industry’s shift to electric vehicles, the Wall Street Journal reports.

Both officials and executives in Germany fear that the country’s big car companies and its vast ecosystem of suppliers and service providers aren’t prepared well enough for this transition and that their leadership won’t be guaranteed in an electric-car world. As a result, jobs, tax revenue and even growth may be in danger, according to the same WSJ article.

#5. Microsoft tweaks privacy policy

Microsoft is the latest big tech company to modify its privacy policy after media reports showed that the company uses human contractors to review audio recordings of Skype and Cortana users, TechCrunch reports.

Over the past few weeks, it became clear that multiple tech giants use human workers to review their users’ audio across various products involving AI. Apple, Amazon, Facebook, and Google have all been exposed by journalists for not making it clear that parts of audio recordings are being accessed by human contractors, according to the same TechCrunch article.

#4. Germany’s economy shrinks

More news coming from Germany this week. On Wednesday, data was released that indicated that the German economy was heading towards a recession, the New York Times reports. The country’s economy shrank 0.1% from April to June. Analysts from Deutsche Bank expect the economy to keep on shrinking during the current quarter, hence meeting the technical definition of a recession, the NYT article continues.

#3. Qualcomm’s 5G chips

Qualcomm CEO Steve Mollenkopf believes people’s data plans will grow dramatically under 5G, Yahoo Finance reports. The company makes processing chips for phones and has already built 5G processing chips into Samsung phones.

Mollenkopf also believes his product will reduce costs since there is a big improvement in the cost per bit with one estimate being the costs going down by a factor of 30, according to the same Yahoo Finance article.

#2. Hong Kong’s support package

On Thursday, the government in Hong Kong revealed a $2.4 billion support package to help a slowing economy due to ongoing (three months now) and escalating political protests on the one hand, and a continuing US-China trade war that weighs heavily on the other, Reuters reports.

Hong Kong’s Financial Secretary said the government expects to lower its 2019 GDP growth forecast to 0%-1% instead of the original 2%-3%.

#1. Indonesia’s economic reboot

Indonesia’s trillion dollar economy - the biggest in Southeast Asia - is about the get a reboot, Bloomberg reports.

President Joko Widodo, also known as Jokowi, is expected to increase government spending to a new record in 2020 in order to get the country’s economy out of its stagnation. He is also expected to set a higher target for economic growth, according to the same Bloomberg article.   

Well, there you have it, the 33rd week of 2019 captured in 7 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 week.


Neelie Verlinden
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