Coronavirus Forces Global Markets To Dip

Traders work in the S&P options pit near the close of trading on the Cboe Global Markets trading floor on January 31, 2020 in Chicago, Illinois. Scott Olson/Getty Images/AFP
Traders work in the S&P options pit near the close of trading on the Cboe Global Markets trading floor on January 31, 2020 in Chicago, Illinois. Scott Olson/Getty Images/AFP


Asian and European markets mostly fell Monday with investors worried over the impact of China’s coronavirus outbreak on the global economy.

At midday in Europe, London was down 0.2 percent, Paris dipped 0.4 percent, and Frankfurt slid 0.3 percent.

“Coronavirus concerns are weighing,” noted CMC Markets UK analyst David Madden.

“The deepening health crisis is chipping away at market confidence.

“In London, stocks that are connected to China are under pressure. Mining, energy as well as travel stocks are in the red.”

The virus has killed more than 900 people, infected more than 40,000 across mainland China and spread to more than two dozen countries in what has been termed a global health emergency.

It has also jolted major supply chains for everything from food and household supplies to car and electronics parts.

In Asia, Tokyo’s benchmark Nikkei 225 index closed 0.6 percent down, while Hong Kong pared some losses, ending the day 0.6 percent lower after tanking 1.1 percent at the open.

Shanghai however rebounded after opening lower and ended with a 0.5-percent gain at the close.

Investors around the world have been watching with concern as China, the world’s second-largest economy, battles the novel coronavirus, which emerged at the end of last year in the central city of Wuhan.

The domestic impact was reflected in China’s inflation figures released Monday, which showed the highest rise in consumer prices in more than eight years, with food prices spiking more than 20 percent.

It has also disrupted the supply chains of major global firms such as Apple supplier Foxconn and auto giant Toyota. Key production facilities across China have been temporarily closed, with authorities imposing lockdowns and quarantine measures.

Oil slips lower

Depressed economic activity in China, the world’s largest importer and consumer of oil, has also hit energy markets.

A committee appointed by OPEC recommended additional output cuts on Saturday, citing the negative impact of the epidemic on economic activity.

Both main contracts, West Texas Intermediate and Brent Crude, were down by around half a percentage point on Monday.

Separately, cryptocurrency bitcoin rallied to stand above $10,000 for the first time since September, though analysts did not attribute the move to anything in particular.



Coronavirus Forces Global Stocks, Oil To Fall

Traders work on the floor of the New York Stock Exchange (NYSE) on January 27, 2020 in New York City.  Spencer Platt/Getty Images/AFP


Global stocks and oil dropped on Monday as panicked investors fled risky assets for safer bets gold, bonds, the dollar and the yen after China warned that a deadly new coronavirus was spreading fast.

Luxury goods makers and airlines suffered particularly on equity markets, as Chinese tourist spending is a key factor for them. Shares of energy and technology companies were also weak.

China extended its traditional Lunar New Year holidays to buy time in the fight against the epidemic but fears of a repeat of the 2003 Severe Acute Respiratory Syndrome (SARS) outbreak, which also began in China, spooked investors.

Recent record highs on stock markets gave them plenty of room for a reverse.

Key European stock markets dropped more than two per cent, while losses on Wall Street were only slightly less severe.

Oil prices also retreated on concerns over demand from China, the world’s top energy consumer.

 ‘Major panic’ 

“The bottom line is that the virus has become deadly and it has caused a major panic in markets,” said Ava Trade analyst Naeem Aslam.

Art Hogan, chief market strategist at National Holdings, said rising investor unease has reflected an increased number of cases and as the virus has spread to more regions.

“The escalation of the news causes more uncertainty,” especially for travel-oriented companies, Hogan said.

“I think it’s very logical, especially given that the sectors that would be affected by any slowdown are getting hit the hardest.”

Analysts said there were growing fears the crisis could become as bad as the SARS outbreak that hammered markets and the global economy 17 years ago.

The new outbreak has led China to lock down Wuhan, the epicenter of the disease and home to 11 million people while imposing tight travel restrictions on a number of other cities including Beijing.

The move comes during the Lunar New Year holiday when hundreds of millions of people criss-cross the country and spend huge amounts of money.

 Flight to safety 

Most Asian markets were closed for the Lunar New Year break but Tokyo was open and fell two per cent. Bangkok plunged nearly three per cent on worries over the Thai travel sector.

The flight to safety saw the yen rally against the dollar, with the Japanese unit now up more than one per cent from eight-month lows reached earlier this year.

The dollar, however, rose against the euro and pound.

Gold, another go-to asset in times of turmoil and uncertainty, seemed headed back towards $1,600 per ounce and the six-year peaks touched at the start of January.

While the main focus is on the spread of the virus, traders will also be keeping an eye on the release of earnings this week from top companies including Apple, Facebook and Samsung.

 Key figures around 2140 GMT 

New York – DOW: DOWN 1.6 percent at 28,535.80 (close)

New York – S&P 500: DOWN 1.6 percent at 3,243.63 (close)

New York – Nasdaq: DOWN 1.9 percent at 9,139.31 (close)

London – FTSE 100: DOWN 2.3 percent at 7,412.05 (close)

Frankfurt – DAX 30: DOWN 2.7 percent at 13,204.77 (close)

Paris – CAC 40: DOWN 2.7 percent at 5,863.02 (close)

EURO STOXX 50: DOWN 2.7 percent at 3,677.84 (close)

Tokyo – Nikkei 225: DOWN 2.0 percent at 23,343.51 (close)

Hong Kong – Hang Seng: Closed for a public holiday

Shanghai – Composite: Closed for a public holiday

Brent Crude: DOWN 2.3 percent at $59.32 per barrel

West Texas Intermediate: DOWN 1.9 percent at $53.14 per barrel

Dollar/yen: DOWN at 108.88 yen from 109.28 yen Friday

Euro/dollar: DOWN at $1.1019 from $1.1025

Pound/dollar: DOWN at $1.3055 from $1.3073

Euro/pound: UP at 84.40 pence from 84.34 pence


Tokyo Stocks Close Higher As Iran Worries Ease

People wait to cross a street in front of a stock indicator displaying share prices of the Tokyo Stock Exchange in Tokyo on January 9, 2020. Behrouz MEHRI / AFP


Tokyo stocks closed higher on Friday, extending rallies on Wall Street as worries over US-Iran tensions receded while investors eyed US job data.

The benchmark Nikkei 225 index gained 0.47 percent, or 110.70 points, to 23,850.57, While the broader Topix index was up 0.35 percent, or 6.11 points, at 1,735.16.

“The Japanese market reacted positively after US stocks ended at records,” Okasan Online Securities said in a commentary.

The gains marked a second straight session of advances on rising confidence that the US and Iran would avoid a conflict, following statements Wednesday by US President Donald Trump and Iranian officials.

Sentiment was further boosted by China’s announcement that Vice Premier Liu He will travel to Washington next week to sign the “phase one” deal with the United States, which has lowered trade tensions between the world’s two biggest economies, analysts said.

Traders also eyed on US job data expected to be released later Friday.

The dollar fetched 109.57 yen in Asian trade, against 109.51 yen in New York late Thursday.

In Tokyo, chip-making equipment manufacturer Tokyo Electron rose 1.44 percent to 24,840 yen and chip-testing equipment maker Advantest climbed 1.11 percent to 6,350 yen.

Some China-linked shares were higher, with industrial robot maker Fanuc gaining 2.35 percent to 20,670 yen and construction machine maker Komatsu advancing 1.21 percent to 2,616 yen.

Uniqlo chain operator Fast Retailing dropped 2.77 percent to 61,990 yen a day after it cut its full-year net profit forecast on sluggish sales in Asia owing to the Hong Kong protests and a boycott of Japanese products in South Korea.

Asian Markets Fall Amid US-China Tariffs

A Investor (not shown) looks at screens showing stock market movements at a securities company in Beijing on August 26, 2019.  WANG Zhao / AFP


Most Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of billions of dollars kicked in, though Donald Trump reiterated that the two sides were still due to hold talks this month.

Hong Kong was weighed down by another weekend of violence, fuelling worries about possible Chinese intervention in the financial hub, while the unrest has also hit property firms and Macau’s casinos.

Washington’s latest levies on imports from China took effect on Sunday and were followed by Beijing’s retaliation.

The measures are the latest in the long-running trade war between the world’s top two economies, which has rattled markets and hit growth across the globe.

READ ALSO: Hong Kong Students Defy China With Boycott

Still, Trump said negotiators would meet this month to discuss the issue. “We are talking to China, the meeting is still on,” he told reporters.

However, analysts warned there was unlikely to be any end in the near term.

“After a rough August traders should buckle up for more volatility in September,” said Neil Wilson, chief market analyst at “Trade and tariffs continue to gnaw away at investor confidence.”

Tokyo and Sydney each ended 0.4 percent lower, while Singapore shed 0.8 percent, with Manila, Bangkok and Jakarta also down.

But Shanghai rose more than one percent after a better-than-expected reading on Chinese factory activity, though another index showed the sector remained in contraction and investors remain uncertain about the outlook as the trade war bites deeper. There were also gains in Seoul, Wellington and Taipei.

Violence grips Hong Kong 

Hong Kong sank 0.4 percent after a weekend that saw some of the worst violence since protests began three months ago, with the airport targeted again, and demonstrators have called for a general strike on Monday though there was little sign that had been heeded.

The unrest has dragged a range of sectors, with tumbling tourist numbers hitting casinos and hotel chains, while real estate shares are also being sold off.

“Markets are fretting on the increased likelihood of direct Chinese intervention and what that would mean for the future of one of Asia’s leading financial centres,” said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA.

“The answer is, not good, to put it bluntly. The economic impact will surely show in Hong Kong data going forward and may temper the mood of equity traders in Asia as the new month begins.”

Oil prices were mixed after Friday’s steep losses owing to worries about the impact of the trade war on demand, while dealers were also concerned about reports that the Russian output cut last month fell short of an agreement with OPEC.

“A fissure is forming in OPEC+ compliance, which saw oil prices crater,” said Stephen Innes, APAC Market Strategist at AxiTrader.

“On the surface, while it is not likely a significant divergence, it’s the messaging that Russia is sending that spooks markets. While it could be little more than a tempest in an oil can at this stage, it’s worth monitoring nonetheless.”

Investors will be keeping an eye on markets in Argentina later in the day after the government imposed foreign-exchange controls on exporters following a week that saw a sharp drop in the peso.

In early trade London rose 0.5 percent, with traders bracing for a tough week in Westminster as Prime Minister Boris Johnson faces opposition from MPs across the political spectrum who have vowed legislation blocking a no-deal Brexit.

Also, EU negotiator Michel Barnier said the bloc will not change the divorce deal agreed with former PM Theresa May, fuelling expectations Britain will crash out with no agreement in place.

Paris and Frankfurt were both 0.1 percent higher.

 Key figures around 0810 GMT 

Tokyo – Nikkei 225: DOWN 0.4 percent at 20,620.19 (close)

Hong Kong – Hang Seng: DOWN 0.4 percent at 25,626.55 (close)

Shanghai – Composite: UP 1.3 percent at 2,924.11 (close)

London – FTSE 100: UP 0.5 percent at 7,240.73

Pound/dollar: DOWN at $1.2145 from $1.2162 at 2100 GMT

Euro/dollar: DOWN at $1.0981 from $1.0992

Dollar/yen: DOWN at 106.25 yen from 106.26 yen

Euro/pound: UP at 90.42 pence from 90.37 pence

West Texas Intermediate: UP five cents at $55,15 per barrel

Brent North Sea crude: DOWN four cents at $59.21 per barrel (new contract)

New York – Dow: UP 0.2 percent at 26,403.28 (close)


Hong Kong Stocks Take A Hit As Protest Continues

Protesters march with a banner that uses the stars of the Chinese national flag to depict a Nazi swastika symbol in the Central district of Hong Kong on August 31, 2019.  Anthony WALLACE / AFP


Hong Kong stocks sank on Monday, with property firms among the worst hit after the city was gripped by another weekend of violence that saw protesters battle police in the streets and cause more disruption at the airport.

Pro-democracy campaigners also caused chaos on the underground rail system in the morning and have called for another general strike as the three-month movement shows no sign of letting up.

The Hang Seng Index ended down 0.38 percent, or 98.18 points, at 25,626.55, with uncertainty over the China-US trade row also weighing.

The unrest is beginning to bite as tourist numbers fall, impacting a range of businesses, with property and casino companies among the worst hit.

READ ALSO: Hong Kong Students Defy China With Boycott

Henderson Land shed 1.1 percent, Sino Land dived 3.39 percent and Swire Properties retreated 0.39 percent, while casino giant Wynn Macau sank 2.42 percent, Sands China fell 2.11 percent and Galaxy Entertainment dropped 1.02 percent.

MTR Corp, which runs the city’s underground system, sank more than three percent.

“Protests have become more violent and tense, heightening uncertainty over how all this will end,” said Philip Tse, associate director at Bocom International.

“The impression among mainland Chinese that HongKong is not a pleasant place to travel, or even work or go to school, could be more lasting and that will deal a substantial blow to the local economy.”

There is also growing concern that China will soon send in forces to quell the demonstrations, which have drawn millions on to the streets of the semi-autonomous territory to protest against what they see as an erosion of freedoms and increasing interference in their affairs by Beijing.

“Markets are fretting on the increased likelihood of direct Chinese intervention and what that would mean for the future of one of Asia’s leading financial centres,” said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA.

“The answer is, not good, to put it bluntly. The economic impact will surely show in Hong Kong data going forward and may temper the mood of equity traders in Asia as the new month begins.”

Shanghai’s benchmark composite index rose 1.31 percent, or 37.87 points, to 2,924.11 , while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, jumped 2.26 percent, or 35.67 points, to 1,614.92.

— Bloomberg News contributed to this story —


Trump Blames Fed For Economic Woes As Dow Plunges 3.1% In US Stocks Rout

Traders work on the floor of the New York Stock Exchange (NYSE) on August 14, 2019 in New York City. SPENCER PLATT / GETTY IMAGES NORTH AMERICA / AFP


It was an ugly day for Wall Street, as stocks plummeted Wednesday amid worsening economic fears after US Treasury yields briefly inverted, flashing a warning sign for a coming recession.

But President Donald Trump once again blamed the Fed for the economic woes and the yield curve inversion, saying the US central bank is a bigger threat than China and is “clueless.”

The Dow Jones Industrial Average fell 3.1 percent to finish at 25,479.42, a loss of about 800 points — its worst day of 2019.

The broad-based S&P 500 slumped 2.9 percent to 2,840.60, while the tech-rich Nasdaq Composite Index dropped 3.0 percent to 7,773.94.

The sell-off came shortly after the yield on the 10-year US Treasury note briefly dipped below the yield on the two-year, a dynamic that has been a reliable harbinger of past recessions.

The rout followed the latest stream of poor economic data from overseas, including the weakest Chinese factory output data in 17 years and German data showing the economy contracted in the second quarter.

The intensifying US trade war with China has been a key factor in the concerns about the slowing global economy, but shortly after the Dow hit bottom, Trump renewed his attacks on the Federal Reserve and its Chairman Jay Powell, whom Trump appointed.

“China is not our problem… Our problem is with the Fed,” Trump tweeted, blaming “clueless Jay Powell and the Federal Reserve.”

The Fed “Raised too much & too fast. Now too slow to cut… Germany, and many others, are playing the game! CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back,” he said.

A note from Oxford Economics said the research firm’s recession models as on “high alert.”

“Financial conditions have tightened sharply in August,” Oxford added in the note. “Following a huge bull-flattening trade, the Treasury market is pricing in expectations of slower growth, softer inflation, and increased Fed easing.”

The gloomy economic reports have fueled expectations that the leading central banks will undertake new stimulus measures.

The Federal Reserve cut the benchmark interest rates last month for the first time in more than a decade and is expected to make additional cuts in the months ahead.

Trump has said he wants the Fed to cut borrowing rates by a full point.

Banking shares suffered especially significant losses, with JPMorgan Chase, Citigroup and Bank of America all losing more than four percent. Bank profits typically suffer when interest rates decline.


US Stocks Open Lower As GM Surges On Good Outlook

US President Donald Trump is televised discussing the southern border wall as traders work on the floor at closing bell of the Dow Industrial Average at the New York Stock Exchange on January 10, 2019 in New York.  Bryan R. Smith / AFP


Wall Street stocks declined in early trading on Friday following tepid US inflation data, while General Motors surged on a strong profit forecast.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 23,875.88, down 0.5 percent.

The broad-based S&P 500 and tech-rich Nasdaq Composite Index also shed 0.5 percent, with the former at 2,583.66 and the latter at 6,951.19.

The Consumer Price Index, which tracks costs for household goods and services, fell by 0.1 percent last month from November, the first decline since March, as falling fuel prices masked steady gains in food and shelter costs.

The new figures confirm the view of Federal Reserve bankers that they can hold off on raising interest rates again any time soon in the absence of inflation pressure.

US stocks have risen the last five sessions on dovish reassurances from Fed officials and hopes over US-China trade talks will yield a deal. Still, some analysts say stocks could be primed to retreat after the strong run due to technical factors.

Among individual companies, General Motors surged 7.0 percent after forecasting better-than-expected profits for 2018 and 2019 following job cuts announced in December.


Dow Sheds 450 Points As US Stock Sell-Off Deepens

Traders work on the floor of the New York Stock Exchange (NYSE) on February 5, 2018 in New York City.  SPENCER PLATT / GETTY IMAGES NORTH AMERICA / AFP


Wall Street stocks fell sharply for a second straight session Monday with the Dow losing about 450 points amid worries over rising US interest rates.

Near 1840 GMT, the Dow Jones Industrial Average had lost 1.7 percent to 25,090.48.

The broad-based S&P 500 fell 1.5 percent to 2,721.58, while the tech-rich Nasdaq Composite Index sank 1.0 percent to 7,17052.

After streaking to numerous records in the first three weeks of the year, US stocks last week began to pull back. And Friday’s strong jobs report contributed to the sell-off amid rising concern the US Federal Reserve will accelerate the pace of interest rate hikes this year.

JJ Kinahan, chief market strategist of TD Ameritrade, said the key question as the pullback moved into its second week was whether investors would step in to purchase stocks at depressed values.

Investors have done this for than a year, each time a price decline offered bargain prices, preventing any major correction.

“We’re finally getting the (long-discussed) five percent drop,” Kinahan said. “Do the people who buy the dip come in again?”

A catalyst for the decline over the last week or so has been the rise in US Treasury bond yields.


MSCI Raises Nigeria’s Weighting In Frontier Markets

Nigerian Stock ExchangeMorgan Stanley International Capital has increased the weighting assigned to Nigerian stocks to 7.9 percent from 6.5 percent previously in its frontier markets basket of equities.

The index designed to track and measure stock markets was rebalanced by Morgan Stanley on Thursday and new weightings take immediate effect.

The MSCI Frontier Market Index Nigeria comprises of 16 companies listed on the Nigerian stock exchange such as Nigerian Breweries, GTBank, Zenith, Nestle, Dangote Cement, Forte Oil, Seplat and FBN Holdings.

The MSCI report says there will not be any specific review changes for any securities in Nigeria in the MSCI Nigeria-specific index or composite index, based on the ongoing issues with the foreign exchange market.

Meanwhile, Nigeria’s status in the MSCI Frontier Markets Index remains under consideration for a ”Standalone” re-classification.

iPhone 5 pre-orders hit 2 million as shares skyrocket

Apple Inc. booked orders for over two million iPhone 5 models in the first 24 hours, reflecting a higher-than-expected demand for the consumer device giant’s new smartphone and setting it up for a strong holiday quarter.

Apple shares rose in extended after-market trading to touch $700 per share for the first time. They have gained nearly 22 per cent in the past 3-1/2 months in the build-up to the launch of the iPhone 5.

Apple said on Monday that pre-orders outstripped initial supply but it would deliver most phones as planned by Friday, the first day of delivery. Many would not be available until October, however.

It is not unusual for Apple products to sell out the first day but this time around Apple has doubled its first-day sales record. Last October, the company booked 1 million orders for the iPhone 4S, in the first 24 hours. That had beaten Apple’s previous one-day record of 600,000 sales for the iPhone 4.

The strong pre-orders could mean a huge holiday quarter for Apple as the iPhone — its marquee device — accounts for half of Apple’s revenue.

Apple will make initial deliveries of the iPhone 5 by September 21 in the United States and most of the major European markets, such as France, Germany and the United Kingdom. The phone then goes on sale on September 28 in 22 other countries.

Given the demand for the device so far and Apple’s aggressive rollout of it internationally, some analysts raised their sales and earnings estimates.

“The pace of these iPhone 5 roll-outs is the fastest in the iPhone’s history and points to a big December quarter,” said Barclays’ analyst Ben Reitzes, who expects Apple to sell 45.21 million iPhones in the December quarter, up 22 per cent from last year. Reitzes said his estimates “could still be conservative.”

Canaccord Genuity analyst Michael Walkley said he now expected Apple to ship 9 million to 10 million iPhone 5s from Friday to September 29, the last day of its fiscal 2012 year.

He also raised his earnings per share estimates for the September and December quarters to $44.32 from $43.25, and to $56.96 from $56.90, respectively.

Wall Street analysts on average expect Apple to earn $44.25 per share in the December quarter, according to Thomson Reuters I/B/E/S estimates.

The new phone, which will appear in stores on Friday for walk-in purchases, has a larger, 4-inch screen and is slimmer and far lighter than the previous model. The iPhone 5 supports the faster 4G network and also comes with a number of software updates, including Apple’s new in-house maps feature.


Apple began taking orders for the iPhone 5 at midnight Pacific Time on Friday (0700 GMT Saturday). Shipping dates for the smartphone slipped by a week within an hour of the start of pre-orders.

On Monday morning, Apple’s U.S. store, at, showed pre-orders placed at that time would take two to three weeks to ship.

Wall Street is also keeping a close eye on the supply of the smartphone.

One of Apple’s key suppliers for screens, Sharp Corp, is struggling with high costs and scrambling to raise funds to pay debt.

The latest iPhone comes as competition in the smartphone market has reached a fever-pitch with Apple up against phones that run on Google Inc.’s Android software. Android has become the most-used mobile operating system in the world, while Apple’s key supplier and rival, Samsung Electronics and has taken the lead in smartphone sales.

But Apple appears to be making headway into the corporate market, a traditional stronghold of now-struggling Canadian company Research In Motion.

Yahoo Inc. has instituted a new corporate policy that allows employees to pick from a host of smartphones, including the iPhone 5 and Android-based phones such as Samsung’s Galaxy S3. Yahoo, which previously gave out RIM’s Blackberry phones, will no longer support them, according to Business Insider blog, which cited an internal memo from Yahoo Chief Executive Marissa Mayer.

AT&T, the No. 2 U.S. mobile service provider, said demand over the weekend had made the iPhone 5 the fastest-selling iPhone the company has ever offered.

AT&T did not disclose how many iPhones it had sold, but said the iPhone 5 was still available for pre-order and would go on sale September 21 at AT&T retail stores.

All the phones carriers, including Verizon Communications Inc. and Sprint Nextel Corp, showed delays of up to three weeks in shipping the phone.

European carriers also reported brisk sales. France Telecom’s Orange said bookings for the new phone “have been very strong, breaking the records of what we saw for the iPhone 4 or 4S.” But the carrier said it could deliver pre-orders on time.

Analysts have forecast that Apple will have sold more than 30 million iPhones, including older models, by the end of September.

Mobile world our biggest challenge – Mark Zuckerberg

Facebook CEO, Mark Zuckerberg confessed that the greatest challenge the social network is presently facing is its adaptation into the mobile world.

He opened up the discussion at the media conference of Allen & co. which took place at sun Valley in Idaho.

Fitting the 990 million fan base membership social network into al mobile devices is proving to be the toughest task presently hindering his job as there’s a difference between desktop and mobile platforms. He also delved into the workability of the social network

Since the company went public in mid-May, Facebook has been having a tough time, and it still hasn’t climbed back to its $38 IPO price. Facebook’s stock fell below $$26 at one point and since then it’s generally stayed around the $30 mark.

The company’s struggles in the mobile realm has been well documented since Facebook filed documents with the SEC as it prepared to go public and listed mobile as one of its obstacles.

After that time, though, the company has made efforts to improve in the area. Facebook has made purchasing mobile ads easier, released a duo of apps this summer and purchased Instagram for $1 billion in April.

Meanwhile, for Facebook rival Twitter, the story is precisely the opposite as the company has actually been making more money from mobile on some days.

CEO; David Costolo admitted that he’s been all smiles to the bank these days.