Google sets the pace with $2.1 billion Fitbit acquisition
Hi there, traders, welcome to our weekly market outlook article. This short read is designed to give you a close look at the hottest news from the weekend and an overview of the most important trading events this week. So, let’s get to it…
Market News — Google Splashing a ‘Bit’ of Cash
Fitness device maker, Fitbit is to be bought by Google for $2.1bn (£1.6bn). It’s a big deal (in more ways than one) for the California-based tech giant, as it will allow them to expand into the market for fitness trackers and smart watches. It’s also pretty decent news for Fitbit, who’ve been struggling with some high-profile losses as they look to expand into other areas.
Fitbit’s share price had bumped by a tasty 31% earlier last week on the news that Alphabet, Google’s parent company, had made an offer. Shares spiked a further 17% when that rumour turned out to be true. The acquisition is due to be completed next year.
The deal will be a mighty boost to Google and its Wear-OS products, both technologically, and also as it eliminates a major competitor from the space.
Top things coming up this week!
It’s not always easy to know what’s what with so much information bouncing around. So, we’ve gathered all the latest updates for you to enjoy. Let’s delve deeper.
● We kick off the week in the land of Oz on Tuesday, with the RBA Interest Rate Decision (AUD). After which, we pop over to The States, just in time to catch the ISM Non-Manufacturing PMI (Oct) (USD). We finish our world-tour-Tuesday with the release of the Bank of Japan’s Monetary Policy Meeting Minutes (JPY).
● If your head is spinning from all the jet-setting of Tuesday, we have good news. Wednesday could be as close as you’ll get to a midweek day off in Forex. There’s no major release or political event planned on this day. But who knows what could happen, so keep your eyes peeled!
● We have our feet planted squarely on British soil on Thursday, when the Bank of England unlocks a treasure trove of releases including its Interest Rate Decision, Meeting Minutes and a speech from Governor, Mark Cairney (GBP).
● The hottest events of the week reach their conclusion on Friday with the RBA Monetary Policy Statement (AUD) and the Canadian Unemployment Rate (CAD) release.
What a whirlwind!
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Speak soon!
The Contentworks team
