The Global Treasurer: Weekly Round-up 22-26th July, 2024

We mentioned ‘turbulent’ when talking about last week’s round-up but we had no idea where it was all headed. With a little bit of? 20/20 view on things, let’s look back at the highlights of the last 7 days and recap on some of the most impactful events that took place in the financial, technological and geopolitical world.

Green Bonds Take a Hit While Crypto Soars With Potential of New Trump Term

Former President Donald Trump has never been one for subtleties and his stance on clean energy has been more than a little skeptical. As the events from last week unraveled, boosting Trump’s chances for re-election, green stocks across the board took a hit. In contrast to that, crypto shares experienced a significant uptick, bolstered by the Republican candidate’s positive view on digital currencies.

Biden Stepped Down From Elections

With the Democrats competitive edge at peril, this week saw a shocking twist as incumbent candidate Biden stepped down from the presidential race. In what were some of the most dramatic 24h in the last year, the stage was taken over by Vice President Kamala Harris, whose whirlwind of endorsements by the party re-invigorated the Democratic electorate. Markets reaction was one of cautious optimism and vigilance, with the next months promising to be a tumultuous tug-o-war of predictions to who will take the white house.

Major Tech Giants Stocks

In the world of AI, major tech players were also hit by shock-waves as revenue-seeking stakeholders show fracturing confidence in AI initiatives. From Tesla, whose 4th month in a row underwhelming revenue unsettled investors, to Alphabet, Apple, Meta and Nvidia, recent stock selloff resulted in worst performance since October 2022 for the giants. Do these data suggest the AI bubble may be about to burst? Jury is still out on the matter.

Revolut Secures UK Banking License

And while bad news seem to be following many tech companies right now, the same can’t be said about Revolut. After more than 3-years wait, the global fintech company finally secured a UK banking license. With the ability for full-on offering in its country of origin, Revolut can now provide its British customers an alternative to traditional banking experiences.

Is the coming week going to be anywhere as exciting as this one? I guess we'll wait and see.

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