Refinitiv Newscasts - The Week in Numbers: tech titans rise

Bed Bath & Beyond

28/04/2023 13:08

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_ld1ypr3m&referenceId=tag:reuters.com,2023:newsml_RW857928042023RP1_930&pageId=RefinitivNewscasts
Source: Reuters

Description: From a forecast-beating week for U.S. tech titans, to why options
are narrowing for troubled lender First Republic, we round up the big stories
in business and finance over the week to April 28. Olivia Chan reports.
Short Link: https://refini.tv/3HhF0jR

Video Transcript:

From a rollercoaster ride for Amazon shares, to the end of the road for Bed
Bath & Beyond, this is the Week in Numbers.

Over $100 billion was the outflow in deposits over the first quarter at
troubled US bank First Republic. Its shares tumbled on the news, with
investors saying options for a turnaround are narrowing. In Europe, the
recently rescued Credit Suisse saw $68 billion in assets flee over the same
period.

$125 billion was the total value gained by Amazon stock after revealing its
results. But that entire gain then vanished within minutes. Investors were
cheered by the firm's upbeat outlook for consumer spending, but then dismayed
by a warning that revenue growth from its cloud services was set to slow.

Forecast-beating results from Alphabet, Microsoft, and Meta lifted the mood
this week though. AlphasFuture founder Geetu Sharma says such firms look well
placed.

The Big Tech stocks are in a good position because they not only have a strong
market share and market position and are innovative, but also they have a very
strong balance sheet profile and ability to manage through difficult economic
environment.

1.1% was the rise in US GDP over the last quarter. That was well below
expectations and despite strong consumer spending. But traders bet it still
will not stop another Fed rate hike in the coming days.

25% was the plunge in shares for Bed Bath & Beyond on Monday, after it filed
for bankruptcy. The once high-flying homewares retailer launched a liquidation
sale after failing to find the money to keep going.

And 60% is the duty foreigners now must pay on property purchases in
Singapore. The eye-watering levy leaves overseas buyers all but frozen out. It
is meant to help cool property prices for locals