International News and Market Update: Netflix stock has now lost all its gains from the pandemic

 International News and Market Update: Netflix stock has now lost all its gains from the pandemic

International News and Market Update.

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European stocks closed higher Monday ahead of further talks between Russian and Ukrainian negotiators. The pan-European Stoxx 600 provisionally closed up 1.2%, with auto stocks and banks the gainers, up more than 3.2%, while mining stocks fell 2.5%. Sanctions continue to hit Russia hard, and the financial fallout from the invasion of Moscow is likely to come into sharper focus in the coming days ahead of a scheduled government bond payment.

The S&P 500 fell Monday to kick off a key week as oil prices fell sharply and traders watched the latest developments in the war between Ukraine and Russia. Investors are also anticipating the Federal Reserve’s first interest rate hike this week. Apple, which fell 2.6%, was among the biggest losers in the Dow on Monday. The company led tech stocks lower as an outbreak of Covid-19 in China raised concerns that the pandemic’s restrictions could exacerbate existing supply chain problems there.

Among Asia-Pacific markets, stocks in China were lower this morning, although some losses were pared after the release of Chinese economic data that came in well above expectations. Hong Kong-listed shares of Alibaba, JD.com and NetEase – companies that are also listed in the U.S. – each fell more than 2% as investors continued to assess the prospect of a possible delisting from U.S. exchanges. Data released today showed Chinese industrial production rose 7.5% in January and February from a year earlier.

Netflix stock has now lost all its gains from the pandemic

Netflix stock has now given back all of its gains from the pandemic. On Monday, shares of the streaming service fell more than 2% to around $332, a 52-week low. That’s down more than 50% from a 52-week high of $700.99 reached in mid-November. The last time shares sold for around $332 apiece was March 20, 2020, just as pandemic lockups were going into effect. The box office return, led by “Spider-Man: No Way Home” and “The Batman,” shows that consumers are no longer staying on their couches to watch movies. Last year, a report from JPMorgan at CinemaCon said Netflix was aiming for a more traditional theatrical release for some of its future films. Netflix has long been less interested in making money at the box office and more interested in delivering content to its subscribers as quickly as possible.

Chip giant Arm lays off 15% of its employees after deal falls through

British computer chip designer Arm Holdings has announced plans to lay off up to 15% of its workforce. The redundancies have been revealed just a month after the failure of the company’s $40 billion sale to US chipmaker Nvidia. If the proposals go ahead, most of the jobs would be cut in the UK and US, the Cambridge-based company said. Arm’s chip designs are licenced to brands such as Apple and Samsung and are used in most smartphones and other products around the world. Arm employs nearly 6,400 people worldwide.

Mandy Nunes

https://gvmarkets.com/

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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