- It’s a big week for global stocks, with global tech giants Facebook, Amazon, Apple and Alphabet (Google’s parent company) all reporting their quarterly earnings this week. Their results have heavy influence on the stock market, particularly the Nasdaq Composite index that measures tech stocks. The reports were mostly positive and much better than what analysts expected, rising the share prices in the “Big 4” of tech.
- Fashion giant Giorgio Armani told AFR Magazine that COVID-19 has highlighted some flaws in the fashion industry. “It has made me think about what I would like to change in how I approach the fashion system,” said the fashion mogul. Armani says the industry has been “churning out far too much ill-conceived product that nobody needs”. While Armani have not reported their 2020 sales yet, Gucci’s revenue fell 34% and Salvatore Ferragamo suffered a 60% drop.
- CSL, which is the largest stock by market value listed on the Australian Stock Exchange (ASX) is developing a plasma-based hyperimmune therapy to combat COVID-19. CSL say they are weeks away from beginning a clinical trial, which has been backed by US President Donald Trump.
- The S&P Global Ratings says Australian house prices will drop 10% nationally until the market stabilises, which is expected to be in mid-2021. The ratings agency predicts Melbourne house prices to be hit hardest due to the second lockdown and lack of migrants threatening demand.
- Australia for UNHCR have launched the ‘Leading Women Fund’, with its first project being the ‘Connecting Worlds’ app that allows donors to have conversations via the mobile app with refugee women supported by the fund. CEO of Boost Juice and Australia for UNHCR Ambassador, Janine Allis spoke highly of the app during a UNHCR webinar on Thursday, saying “when you say ‘women supporting women’ we have an opportunity, one woman at a time. Boost Juice was built one customer at a time. This app will also start one person at a time…it can go anywhere.”
