This week we talk about the backing that Facebook is getting for the launch of it’s new cryptocurrency, it’s been backed by 12 firms including Visa, MasterCard, PayPal and Uber, they’re gonna be investing nearly 10 million dollars each in a consortium that’s gonna allow them to govern the digital coin.
We also talk about the protest that have been going on in Hong Kong due to a new extradition law that China wants to pass. In case you didn’t know, When the british passed control over Hong Kong to China they agreed to keep things the way they were until 2047. Little by little China wants to put their stamp on Hong Kong but people in Hong Kong don’t want this because they have a great way of life. The new law that China wants to pass would allow people found guilty of a crime can be extradited to mainland China. This whole situation put an end to a 7 day global rally in stocks.
This week european markets were mixed, Italy was the biggest winner going up 1.23%, the biggest loser was Turkey going down 3.33%. In latinamerican markets the argentine Merval was the biggest winner going up 13.33%, the mexican exchange went down 0.37%. In the african and middle eastern markets Nigeria went down 1.28%, the biggest winner was Saudi Arabia which went up 5%. In Asia and Australia, China went up 1.91%, Singapore 1.8% and Malaysia went down 0.61%