Nigeria Left The Group Chat ๐ณ๐ฌ๐ถโโ๏ธ
This week, China stays pulling in the ๐ฐ๐ฐ๐ฐ, Amazon & Visa came to blows, and Robinhood is officially Acquitted!
Hi,
Sooooโฆ can we talk?ย
Ermm pls explain why I didnโt hear from you this week?
...Iโm waiting.
Come on, thatโs not what friends are for! If you know better, you do better.
As always, let's jump into the weekly nuggets!
WORLD POWER!
Hasnโt it been a long time coming? Are you still wondering the correct answer to this question? Omo.ย
America has officially been dethroned as the richest country in the world. E shock you?
You know, to be fair, I wonโt be totally shocked at this turn of events o.. Because.. I mean, we did see the writing on the wall.. No? Sha sha, Mckinsey &Co. has confirmed that China accounted for almost one-third of the gain in the global net worth in the past decade. China is playing no games right now. Global net worth rose from ~$156 trillion in 2000 to ~$514 trillion in 2020 and China accounts for about a third of the increaseโฆ so ~$120 trillion from China alone. MADD THING! Chinaโs wealth skyrocketed from $7 trillion in 2000 to $120 trillion in 2020. A lirubiroff this kind of increase in my portfolio is all ask, God ๐คฒ The US also increased ~$90 trillion, which is no small feat but omo, China gap the US like ki lo de!!!
But ooโฆ itโs like the Chinese wealth is still concentrated amongst the richest 10% of the households in China o, hmm gbogbo wa la ma je breakfast las las i.e. e go better
Nigeria has left the group chat ๐คญ๐คซ๐ฅฑ
JD!
Ever heard of the โAmazonโ of China? Or better put the Jumia/Konga of China? Maybe not? I know we troll China-made every-so-often but this one company has proved their worth this season
Shares of Chinaโs largest retailer, JD.com (NASDAQ:JD), soared as high as 7.4% after the company reported solid third-quarter results! Schhmmooonneyyyyy in the buildinggg - donโt you just love it when your investments tap you on the shoulder like yep, I don-did that!!
Revenue was up 25.5% to $33.9 billion and annual active customers rose 25% to 552.2 million AKA more people on their platform & more money spent! #LoVe
In recent months, JD opened its first physical mall (do folks still do malls? Sounds a bit counterintuitive, if you ask me - ermm, but you didnโt ๐ข๐คญ). The firm is certainly sinking itโs teeth deeper into retail and this mall offers more than 200,000 items from 150 brands. [Would you like a Jumia or Konga mall? (not a distribution center o, mall mall)]. So big shot beauty retailer Sephora, part of French luxury goods group LVMH Moet Hennessy Louis Vuitton SE, have now been added to its omnichannel service network. Youโre prob like: Andโฆ so?
Hehe it means items ordered from the beauty products retailer can be delivered within an hour from nearby Sephora stores. ๐ [oya naaa!!]
One man's food, they say, is another man's... Word on the street is that JD shares may also have benefited from a disappointing quarterly report from Alibaba. Simply put, Ali missed earnings and JD slidded in sharply to stunt on them and pick up a piece of the market share.ย
Jack Ma right now:
WAR FRONTย
It appears that Amazon and Visa are at war. War over what? You may ask. Well the name of the game is Charges. Charges on visa cards in the UK have increased exponentially since Brexit. You may also be wondering what Brexit has to do with card charges? A LOT O! When the UK was part of the European Union, there was an EU enforced cap on fees but as with everything else around EU/Brexit, those caps have evaporated like boiling water. Which means, service providers are free to hike their charges as they see fit.๐ฅถ๐ฅถ And Visa be like: SAY NO MOโ ...So Visa increased their credit card fees from 0.3% of transaction value to 1.5%, and debit card fees rose from 0.2% of the transaction value to 1.15%. I guess, at least it isnโt 10X-ing...
But Amazon decided to fight back.
This week, the e-commerce giant announced that it would stop accepting VISA credit cards in the UK from January of 2022, and might drop Visa as a partner on their co-branded credit card.ย Needless to say, we found VISA shares dropping like a pack of cards shortly after. Rumor has it that Amazon may have additional motivations (of which, whoโd be shocked? Not me!) Just maybeโฆ Amazon might want to drive customers to using its in-house payment methods in the long runโฆ
Robin, Acquitted.
Chief Judge Cecilia Altonaga of the federal court in Miami dismissed a lawsuit accusing Robinhood (and other brokerages) of wrongly preventing retail investors from buying fast-rising "meme stocks," triggering a sell-off. The US judge found no proof of an illegal conspiracy to cut off social media-fueled trading of GameStop Corp (GME.N), AMC Entertainment Holdings Inc (AMC.N), Bed Bath & Beyond Inc (BBBY.O) and six other stocks.ย
OMO! Wahala be like Bicycle.
Who remembers this craziness? Haha, Check out Tomi From Troveโs tea from that time
She further said that investors fell "far short" of providing direct evidence of an antitrust conspiracy, although RH and partners did exchange some vague emails.ย
Anyways, discharged and acquitted!
Nobody:
Judge:
...and letโs put a bow on it for the week!
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You were made for this.
Your dearest and favourite Stocks Market Gist Partner,
Tomi, From Trove ๐ค
XOXO