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NAGA’s Weekly Recap 17 October – 21 October
🔥 The last week was stuffed to the gills with quarterly reports as the third-quarter earnings season races ending. This is a hot time for investors and traders who use this data in their trading.
21 October 2022
🔥 The last week was stuffed to the gills with quarterly reports as the third-quarter earnings season races ending. This is a hot time for investors and traders who use this data in their trading.
🤔 We have prepared a comprehensive market overview for you to learn more about such events as:
✅ Giants report Q3 earnings
✅ U.S. could sell oil from emergency reserve
✅ Currency pair $GBP/USD drops to 1.1180 on hot UK inflation
✅ Elon Musk plans to cut 75% of Twitter staff if he takes over company
❓ You’re interested?
⚡ Learn more in our recap right now!
**Giants report Q3 earnings**
Many giants, including Bank of America ($BAC), JP Morgan ($JPM), Netflix ($NFLX), Wells Fargo ($WFC) and others reported quarterly earnings this week. Most of the companies reported higher profits than analysts and investors had predicted.
Against this background, key stock indices reached local highs in the middle of the week, which is a positive sign for the market. This encouraged many investors and traders in anticipation of the next earnings reports from the tech giants.
Next week, we’ll see 3Q earnings reports from Apple ($AAPL), Amazon ($AMZN), Twitter ($TWTR), and many others. This could be a good investment opportunity because the market is very optimistic right now.
**Read More**
**U.S. could sell oil from emergency reserve**
The Biden administration plan to use the Strategic Petroleum Reserve to both pushes down oil prices for consumers and support longer-term demand for producers.
The US President said last week that gasoline prices are too high and that he would have more to say about lowering the costs this week. To stabilise oil prices, which rose before falling last week and steadying on Monday, it is also preparing to sell about an additional 40 million barrels of oil.
Such actions on the commodity market may stimulate the decline in the prices of WTI ($OIL.WTI) and Brent ($OIL.U2) in the next few days.
[Trade $OIL](https://nagamarkets.com/open-trade/OIL.WTI_X2%23)
**Currency pair $GBP/USD drops to 1.1180 on hot UK inflation**
$GBP/USD fails to cheer British inflation data, extends pullback from key resistance line.
The reason is that UK CPI rose to 10.1% YoY in September versus 10% expected, 9.9% prior.
Based on this data, as well as on the technical analysis, the $GBP/USD currency pair may continue to pull back from the short-term critical resistance, renewing its intraday low of around 1.1180.
[Trade $GBPUSD](https://nagamarkets.com/open-trade/GBPUSD)
**Elon Musk plans to cut 75% of Twitter staff if he takes over company**
Elon Musk told prospective investors that he plans to eliminate nearly 75% of Twitter’s ($TWTR) staff as part of his deal to take over the social media company. Job cuts are expected in the coming months no matter who owns the company, according to the report, which cited interviews and documents.
The company said in July that it had already “significantly slowed hiring” amid a wider economic downturn the tech industry, where many companies have announced recent hiring freezes and layoff.
The layoffs will undoubtedly have an impact on Twitter’s daily operations, including its ability to moderate harmful content and combat security issues. Therefore, this may cause increased volatility in the company’s share price.
[Trade $TWTR](https://nagamarkets.com/open-trade/TWTR.re)
**What’s up next week?**
**Have a great weekend and see you next week!**
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
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