Amazon to Spend $4.5B on Streaming
EU Markets Open Mixed
Oil Prices Continue to Rally
1. Amazon.com, Inc. To Spend $4.5 Billion On Streaming Content
Amazon.com, Inc. (AMZN) has announced that it plans to spend up to $4.5 billion this year on content streaming, in an effort to compete with Netflix, according to Stock News. It is worth noting, that back in 2016, Amazon CFO Brian Olsavsky said Amazon would “nearly double” its investment in video. A new estimate by JPMorgan on the 2017 budget suggests that spending will continue to blast upward, with Amazon promising to spend as much as $4.5 billion.
Investors sought to cash-in on the profits made by Amazon’s recent “cash pay” project, pushing the stock lower. Amazon shares (AMZN) dipped on the news to close 0.4 percent lower at $894.88 according to investing.com. Will Amazon’s new ambitious budget plans be enough to support prices today?
2. European Markets Wobble Ahead of Syria, G-7 Meeting
European bourses recorded a sluggish start on Monday morning amidst increased geopolitical risks according to CNBC. Indicatively, Germany’s DAX started the day higher while other indices were mostly flat as investors continued to digest a U.S. missile attack in Syria last week. The markets will largely be focusing at the G-7 foreign ministers meeting in Italy, today. The two-day meeting which starts on Monday is expected to define the markets as Europe and Japan will seek explanations from the U.S. on an array of issues, most notably Syria. Federal Reserve Chair Janet Yellen is also expected to speak on Monday. Traders will be looking for more clues as to whether another rate hike is to be expected within the year. The US dollar could gain significant momentum if Yellen’s comments allude to more rate hikes, according to investing.com.
3. Oil Prices Edge Higher on Strong Demand
Oil prices continued to edge higher on Monday, supported by strong demand and political uncertainty in Syria, according to CNBC. Indicatively, Brent crude futures, the international benchmark for oil, added 0.4 percent to last trade at $55.48 per barrel as of 6:30 GMT. U.S. West Texas Intermediate (WTI) crude futures were also up 27 cents, or 0.5 percent, at $52.51 a barrel as of 6:35 GMT, according to investing.com.
Last Week’s Markets in Headlines:
Mon 3/4: Tesla Ships 25K Cars in Q1
Tue 4/4: Aussie Dips after RBA Keeps Rates on Hold
Wed 5/4: Amazon Skyrockets after Launching New Cash Service
Thu 6/4: Apple Inc. Tumbles on Rumoured iPhone 8 Delays
Fri 7/4: European Markets Slide after US Fires Missiles at Targets in Syria
The Week Ahead…
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