#7. Euro zone bank shares
The shares of Euro zone banks have lost most of their value due to a combination of negative interest rates, dropping bond yields, more regulation and increasing signals of a new recession, Reuters reports.
On Thursday, the index of the big banks from the Euro zone fell to the same level it hit in 2012, at the peak of the Euro zone debt crisis. The banking sector of the EU is now worth less than half a trillion dollars, according to the same Reuters article.
We recently discussed the status of Euro zone banking shares in our feature on BNP Paribas
#6. Concerns about electric cars and German growth
In Germany, there is a growing concern about the economic impact of the car industrys shift to electric vehicles, the Wall Street Journal reports.
Both officials and executives in Germany fear that the countrys big car companies and its vast ecosystem of suppliers and service providers arent prepared well enough for this transition and that their leadership wont be guaranteed in an electric-car world. As a result, jobs, tax revenue and even growth may be in danger, according to the same WSJ article.
Over the past few weeks, it became clear that multiple tech giants use human workers to review their users audio across various products involving AI. Apple, Amazon, Facebook, and Google have all been exposed by journalists for not making it clear that parts of audio recordings are being accessed by human contractors, according to the same TechCrunch article.
#4. Germanys economy shrinks
More news coming from Germany this week. On Wednesday, data was released that indicated that the German economy was heading towards a recession, the New York Times reports. The countrys economy shrank 0.1% from April to June. Analysts from Deutsche Bank expect the economy to keep on shrinking during the current quarter, hence meeting the technical definition of a recession, the NYT article continues.
#3. Qualcomms 5G chips
Qualcomm CEO Steve Mollenkopf believes peoples data plans will grow dramatically under 5G, Yahoo Finance reports. The company makes processing chips for phones and has already built 5G processing chips into Samsung phones.
Mollenkopf also believes his product will reduce costs since there is a big improvement in the cost per bit with one estimate being the costs going down by a factor of 30, according to the same Yahoo Finance article.
#2. Hong Kongs support package
On Thursday, the government in Hong Kong revealed a $2.4 billion support package to help a slowing economy due to ongoing (three months now) and escalating political protests on the one hand, and a continuing US-China trade war that weighs heavily on the other, Reuters reports.
Hong Kongs Financial Secretary said the government expects to lower its 2019 GDP growth forecast to 0%-1% instead of the original 2%-3%.
#1. Indonesias economic reboot
Indonesias trillion dollar economy - the biggest in Southeast Asia - is about the get a reboot, Bloomberg reports.
President Joko Widodo, also known as Jokowi, is expected to increase government spending to a new record in 2020 in order to get the countrys economy out of its stagnation. He is also expected to set a higher target for economic growth, according to the same Bloomberg article.
Well, there you have it, the 33rd week of 2019 captured in 7 Tweets. As always, well continue to track Twitter and bring you the top financial micro-messages from the web. See you back here next week.