Google Changes Their Logo
Have you noticed that Google Inc. (GOOG, -3.31%) has made over their logo? The Internet giant unveiled their new animated logo on Monday which the company described as having a 'child-like simplicity' with a more rounded typeface. The colors of the logo are still in Google’s trademark colors of red, yellow, blue and green. In addition, this new logo is also animated and once the logo shows on the screen, it them transforms into a series of colored dots which move around. These movements are not random and they move according to the actions you want Google to perform. On release of the new logo, Google stated that the reason for the change is that the way users interact with the company’s products, has now also changed. That is, according to the search engine giant, the new logo reflects a world focused on mobile devices. This logo change comes only 3 weeks after a corporate reshuffle which saw Google move under a new holding company Alphabet. Interestingly, the new logo is also very similar to the logo of Alphabet. One of the biggest changes about the new logo is its typeface. The company has used a sans-serif typeface of its own creation which is called Product Sans. While the new logo can be viewed as being more modern, the big benefit is that the letters in this typeface can easily be reduced in order to be shown on smaller screens such as on a smartwatch. In a rare move, Google also unveiled a photo on Monday which showed some of their alternative designs that were later disregarded. Google Class C shares are currently trading at $597.79 each.
In U.S. trading on Tuesday, U.S. stocks dropped to suffer their 3rd worse loss of the year. This came about as a result of a new round of weak Chinese economic data which sparked negative sentiment among investors regarding the strength of the economy globally. Data released showed that China’s official manufacturing PMI (purchasing manager’s index) declined to a 3-year low which then prompted a wide selloff in stocks across Asia, Europe as well as the U.S. At the close of trading, the Dow Jones Industrial Average (DJIA) dropped 2.8%, or 469.68 points, to 16,058.35. All of the blue chip index’s 30 components closed lower. Also on the downside was the S&P 500 index (SPX) which declined 3%, or 58.33 points, to 1,913, with all of its 10 sectors in the red. Following the downward trend was the Nasdaq Composite index (COMP) which fell 2.9%, or 140.40 points, to 4,636.10. This decline pushed the tech heavy index into negative territory for the year. Tuesday marked the third worst by percentage decline for the Nasdaq while it also marked the third-biggest daily drop of the year for the S&P 500 and the Dow.
In currency trading on Tuesday, the U.S. dollar (USD) traded lower. This came in response to data that showed that manufacturing activity in the U.S. expanded at the slowest rate in more than two years in August. According to the Institute of Supply Management, its manufacturing index fell from 52.7 in July to 51.1 in August. This marked the lowest reading since May 2013 and it also missed analysts’ expectations for a reading of 52.6. Meanwhile, in a separate report, Markit said the final reading of its manufacturing index fell to 53 from 53.8 in August. This also marked the lowest level since October 2013. Investors have now shifted their attention to the U.S. jobs report for August expected out on Friday this week. The EUR/USD trade up 0.22% at 1.1236, while the USD/JPY was down 1.07% at 119.93. Against the currencies in Britain, Switzerland and Australia, the U.S. dollar traded mixed with the GBP/USD down 0.26% to 1.5304, the USD/CHF down 0.44% to 0.9630 while the AUD/USD was down 1.18% and trading at 0.7029. Also, the U.S. dollar index was down 0.26% at 95.70.
On Wednesday, oil prices declined by around 2% in early Asian trade. This drop came as a result of a stronger than expected build in U.S. crude oil stocks while the weaker U.S. manufacturing data also pushed oil prices down. Interestingly, both U.S. and Brent crude finished around 8% lower on Tuesday to end the 25% three-session surge. WTI crude oil for delivery in October traded at $44.23 a barrel, down 2.2%, or 98 cents on the NYMEX. Meanwhile, Brent crude oil for delivery in October traded at $48.70 a barrel, down 1.7%, or $0.85, on the ICE Futures Exchange in London.