Yazar: Geoffrey Smith
Investing.com – Epic Games’ antitrust case against Apple (NASDAQ 🙂 has been filed in the California district court. The EU will allow entry of fully vaccinated tourists. Stock markets started the new month positively, and Tesla’s factory in Germany is facing another six-month delay.
Here’s what you need to know in financial markets on Monday, May 3.
1.Epic and Apple case made its way to court
One of the most important corporate lawsuits in recent years goes to a district court in Oakland on Monday. Epic Games, the designer of Fortnite, is trying to prove that Apple operates the app store App Store in a discriminatory and anti-competitive manner.
The case is a turning point in determining and limiting the market power of platform companies acting as gatekeepers for thousands of enthusiastic small companies to access the Internet. The disparity in market power between the two sides was once again seen last week, when names like Apple and Amazon (NASDAQ 🙂 reported huge increases in revenue and profits in the first quarter.
Not even a week has passed after the EU’s antitrust officials decided that Apple is using its position as the manager of the app store to the detriment of other companies like Spotify (NYSE 🙂
On the other hand, it reports that due to losing market share against cheaper competitors, Apple is considering reducing its Air Pods production by 25% to 30% this year.
2.Travel ban ends in EU
The EU is ending a one-year travel ban on non-priority travel to stop the Covid-19 outbreak.
The European Commission has offered to allow travel from countries with low infection rates as well as people who have been fully vaccinated. These practices will find a way to save the tourist season, which is particularly important in the Southern European economy.
This move also reflects the growing confidence that the block is taking the outbreak under control as the vaccination pace gains momentum. Germany vaccinated over 1 million people on Thursday and Friday. The EU now expects at least 70% of the population to be immunized by the end of August.
3.The exchanges will open higher
US stock markets will start the new month positively.
It increased by 152 points and by 0.3%. It increased by 0.1%.
Estee Lauder (NYSE 🙂 will lead the day’s earnings reports. As the cosmetics industry prepares to profit from the return of social and business life, the company is expected to provide a powerful guide.
Loews (NYSE:), Wynn Resorts (NASDAQ:), Diamondback (NASDAQ:) Energy ve Williams (NYSE:) da rapor sunacak.
4.Tesla’s factory in Germany is postponed again
Another stock that might attract attention will be that of Tesla (NASDAQ :), which is facing a delay in production at its factory outside Berlin, according to the German auto industry publication Automobilwoche report.
According to Automobilwoche, CEO Elon Musk gave the team that built the factory six more months to start up, causing the start-up for mass production to be delayed to January 2022. The company is still pending final permits to build parts of the Gigafactory.
On the other hand, according to the Reuters report, Tesla is expanding its government relations team in China to cope with the increasing regulatory investigations in the region.
5.Oil decreases as buyers go on vacation
Crude oil prices fell as the holidays began in most of the world, but other commodity prices remain relatively strong.
It was down 0.2% to $ 63.47 and fell 0.4% to $ 66.46.
Friday’s data from the Commodity Futures Trading Commission showed that net speculative longs in crude oil fell to their lowest level since November, but overall positioning remained bullish, with a net increase in long positions in refined products, particularly kerosene. But the biggest individual position increase was seen in sugar, coffee, and wheat.