WHAT HAPPENED THIS WEEK?
🍿Disney (DIS) announced its upcoming streaming service, Disney+, will open in November 2019 on Friday. The company’s stock rose 10% following the news while its $6.99 competitive price tag sent Netflix’s (NFLX) stock down 4%.
🇬🇧The European Union extended the UK’s Brexit deadline to October 31 on Thursday.
📈Economists expect price inflation to increase to 0.4% in March, while the annual rate is expected to increase to 1.8%.
💸Amazon (AMZN) CEO Jeff Bezos challenged rival retailers to match Amazon’s $15 minimum wage in a letter to shareholders on Wednesday.
🚙Uber is expected to file its IPO documents in the coming days with funding expecting to near $10 billion, which would make it the largest tech IPO of the year.
🛢Crude oil fell 56 cents on Wednesday following an announcement by the International Energy Agency that falling demand, rather than the recent production worries, will be the greatest threat to oil prices going forward.
Tariff for a Tariff
As the US and China continue to near an agreement regarding their ongoing trade war, trade tensions with other countries have heightened. President Trump threatened new tariffs on the European Union on Tuesday in retaliation for the EU’s subsidies of Airbus SE, the European aerospace and defense group which has been presumably harmful to the US.
The tariffs will reportedly be placed on wine, aircraft parts, and cheese among others and will amount to approximately $11 billion in total goods. President Trump tweeted the announcement on Tuesday, claiming that the EU “has taken advantage of the U.S. on trade for many years.” The White House followed the tweet with a 14-page list of goods that will potentially receive tariffs, spanning from olive oil to seafood, if its demands are not met.
The EU is reportedly preparing to retaliate in response to the tariffs, as well as ongoing US subsidies to Boeing (BA). With the Eurozone’s economy’s growth continuing to slow, continued pressure from the US will likely decrease sentiment towards the strength of the economy in the area even further.