Weekly Financial Wrap Up

#1 Oil Prices Hit Highest Level In A Year On Growth Hopes, OPEC+ Cuts: As oil prices come close to being normal as they were in pre-covid times people see a scope of economic growth.

#2 US economy suffers worst contraction in 74 years as Covid-19 surges: Despite a partial economic rebound in the second half of last year, the economy shrank 3.5 per cent for the whole year of 2020, compared with an increase of 2.2 per cent in 2019, according to the Department. It also marked the first negative annual growth in the US GDP since 2009.

#3 The Musk effect: Tweets by Elon Musk fire up Bitcoin, Shopify and CD Projekt.

#4 Hyundai, Kia shares tumble after automakers say they’re not in talks with Apple to develop a car: Shares of Hyundai Motor and Kia Motors fell 4.41% and 11.82% respectively during Monday trade. In regulatory filings on Monday, both companies said they were not in talks with Apple to develop a car.

#5 Jeff Bezos stepping down from the CEO of Amazon: Andy Jassy to take over as Amazon’s new CEO while Jeff Bezos to become its executive chairman. Today, Amazon is an e-commerce behemoth with a market value of about $1.7 trillion.