A tale of two Joes – Money Mate
A tale of two Joes
Joe Biden tapped in, Joe Exotic missed out, Netflix surged and the price of Bitcoin plummeted.
Newly-sworn in President Biden prompted a market rally on Wall Street, which helped the ASX jump 1.27% this week.
Not so great for the other Joe – Joe Exotic that is – who missed out on one of Donald Trump’s pardons.
Lil Wayne, former Trump advisor Steve Bannon and ex-Google engineer Anthony Levandowski all made the cut. Trump, and his family, didn’t.
The week as a chart
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ASX rides high despite China trade slaps
China’s trade spat with Australia dominated the headlines but triggered an investment rush, with Treasury Wines surging 3.65% despite a brutal new tariff on wine from the Middle Kingdom.The tariffs have split opinion over what’s next, with iron ore a big talking point.But the metal’s spot price hit record highs of $US136.29 per tonne after Brazilian producer Vale downgraded 2020 production.This pushed miners like Fortescue Metals, BHP and Rio Tinto up, pulling the ASX200 along for the ride.
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Netflix shares soar as streaming service captures 3% of world’s population
- More than 200 million subscribers globally.
- Now generating free cash, considering buybacks.
- The streaming giant has a market cap of US$250 billion.
When Netflix released its latest quarterly earnings this week, the share price pop was considerable with the world’s largest streaming service gaining 17% at Tuesday close to finish at $US584.
Subscriber numbers exceed 200 million globally (3% of the world’s population has Netflix) and cap a stellar run for the group that first exceeded 100 million subscribers in 2017.
The doubling of users has taken place over three years, whereas arriving at 100 million took seven years.
Netflix, despite intense competition from the likes of Amazon, Apple and Disney, maintains a dominant position within its industry vertical and is now a major production house.
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