Top Stories of The Week BTC investors pour $1.1B into BlackRock ETF as Bitcoin marks another high The world’s largest asset manager, BlackRock, accumulated more than $1 billion of inflows to its Bitcoin exchange-traded fund (ETF) across a record trading day as Bitcoin continued to break all-time highs.  On Nov. 7, BlackRock’s iShares Bitcoin Trust ETF (IBIT) clocked $1.1 billion in inflows, reclaiming inflow status after two consecutive days of outflows totaling $113.3 million, according to Farside data. It came on a day when Bitcoin again hit all-time highs, reaching $76,943, according to CoinMarketCap data. IBIT’s inflows represented almost 82% of inflows generated by the 11 United States-listed spot Bitcoin ETFs on the day, which amounted to $1.34 billion in total.  The Fidelity Wise Origin Bitcoin Fund saw the second-highest inflows at $190.9 million, followed by the ARK 21Shares Bitcoin ETF (ARKB) with $17.6 million. Michigan pension fund maintains Bitcoin ETF investment, adds Ether ETFs The State of Michigan Retirement System has added exposure to Ether exchange-traded funds (ETFs), according to a United States Securities and Exchange Commission (SEC) filing.  In a Nov. 4 SEC filing, Michigan’s state pension fund disclosed holding 460,000 shares of the Grayscale Ethereum Trust and 460,000 shares of the asset manager’s Ethereum Mini Trust. The investment, reporting for Sept. 30, added to the fund’s previously disclosed exposure to the ARK 21Shares Bitcoin ETF. At the time of publication, the total value of the Bitcoin investments was roughly $18 million if Michigan maintained its holdings. The value of the 110,000 shares of the ARK 21Shares Bitcoin ETF held by the pension fund increased by roughly $1 million since being reported on June 30. Pakistan moves to regulate cryptocurrency, CBDCs as legal tender The State Bank of Pakistan (SBP) announced a package of policy proposals on Nov. 4 that, if accepted, would legalize digital assets such as cryptocurrencies as legal tender throughout the country.  In a meeting chaired by SBP governor Jameel Ahmad, the bank’s Monetary Policy Committee reportedly submitted amendments to its standing policy that would allow state banks to issue digital currency. The proposed amendments would also impose penalties on digital currency issuers operating without approval. While the proposals would still require approval at the next stage of government, if they were to pass, it could pave the way for a central bank digital currency — ostensibly a government-issued digital rupee.  2024 US elections: Trump elected US president for a second time The cryptocurrency community is celebrating the victory of former President Donald Trump in the 2024 United States presidential election. Trump, the Republican candidate, declared victory on election night, Nov. 6, pledging to usher in a “golden age” for America. “I’m excited to be your 47th and your 45th president,” Trump said during what appeared to be a victory speech. Trump’s win is a promising sign for the cryptocurrency industry in the US, as Trump has repeatedly expressed support of crypto and branded himself as a pro-crypto candidate. Trump has repeatedly promised to end the war on crypto if elected and promised to make the US the “crypto capital of the planet” if he wins the presidential election. US lawmaker doubles down on crypto promises after Trump win In one of her first post-election messages, Wyoming Senator Cynthia Lummis reiterated plans for United States lawmakers to “build a strategic Bitcoin reserve,” presumably when Republicans take a majority control of the Senate in 2025. In a Nov. 6 post on X, Senator Lummis said she intended to move forward with her plans to establish a Bitcoin reserve. The Wyoming Republican introduced the Bitcoin Act in July for the US government to buy 1 million BTC — roughly 5% of the total supply — and hold it for at least 20 years. With Republicans expected to have a majority in the US Senate after flipping three seats on Election Day, Lummis and her colleagues may have the votes needed to carry out the plan. Her proposed bill built upon an idea pitched by then-presidential candidate Donald Trump, who suggested the US government not sell any of its seized Bitcoin. Winners and Losers At the end of the week, Bitcoin (BTC) is at $75,944, Ether (ETH) at $2,933 and XRP at $0.55. The total market cap is at $2.51 trillion, according to CoinMarketCap. Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Neiro (First Neiro on Ethereum) at 59.03%, Cronos (CRO) at 51.83% and Goatseus Maximus (GOAT) at 41.13%. The top three altcoin losers of the week are Kaia (KAIA) at 11.87%, MANTRA (OM) at 5.45% and Kaspa (KAS) at 4.74%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis. Most Memorable Quotations “50% probability of Bitcoin never trading below 60K again.” Alex Krüger, economist and trader “Being chair is a pretty hard, thankless, miserable job, tbh. Some commissioners might want it (Uyeda), but others might feel they’ve done their time and are ready to move on to greener pastures.” Jake Chervinsky, crypto attorney and Chief Legal Officer at Variant “Unlike financial companies, the ANJ has the power to block the platform even though Polymarket does not specifically target French users.” William O’Rorke, partner at ORWL Avocats “We believe AI will remain the key theme driving global tech stocks again in 2024 and the rest of the decade.” UBS, asset management and financial services company “As the regulatory environment will likely be pro-crypto, we may even see a staked ETH ETF approved early in this new administration, which will fully leverage the benefits of ETH as an asset.” Edward Wilson, analyst at Nansen “I think crypto adoption is definitely something that makes Telegram stand out among other social media, and that’s indeed one of the reasons we want to be closer to The Open Network ecosystem.” Gracy Chen, CEO of Bitget Top Prediction of The Week Bitcoin price rally to $110K ‘incoming’ after positive Coinbase premium, Trump victory — Analyst Bitcoin reached an all-time high of $75,358 after rallying 7.23% in a single four-hour candle. The bullish momentum accompanied the lead-up to Donald Trump’s United States presidential election victory on Nov. 5. With the US elections concluding with a “pro-crypto” president on deck, one crypto analyst reiterated a Bitcoin price target above $100,000 in the coming weeks. Read also Features AI agents trading crypto is a hot narrative, but beware of rookie mistakes Features Should you ‘orange pill’ children? The case for Bitcoin kids books A few hours after the US election results, Titan of Crypto, a pseudonymous independent trader, highlighted a long-term cup-and-handle pattern for Bitcoin, which is currently undergoing a successful bullish breakout. A cup-and-handle pattern has a high success rate of 95% during bullish market conditions, and it can yield an average profit of 54% from the breakout range. In line with that, the trader mentioned that the “incoming” price target for BTC is $110,000, a 47% return on investment (ROI) of the current breakout price range of $75,000. FUD of The Week WonderFi CEO kidnapped and forced to pay $1M ransom: Report The CEO of Toronto crypto firm WonderFi Technologies was reportedly kidnapped and forced to pay a $1 million ransom for this release, the Canadian Broadcasting Corporation reported on Nov. 7. Dean Skurka was allegedly forced into a vehicle in downtown Toronto during rush hour on Nov. 6. He made a $1 million electronic transfer to secure his release, a source close to the investigation told CBC. Skurka reportedly confirmed via email that he was involved in an incident on Nov. 6 but is safe and that company funds and data were not impacted. Police say the investigation is ongoing and have not released any further details, CBC said. California revokes BlockFi’s lending license 2 years after bankruptcy The California Department of Financial Protection and Innovation (DFPI) permanently revoked the license of collapsed cryptocurrency lender BlockFi two years after its bankruptcy. Announcing the news on Nov. 7, California’s DFPI said the license revocation came after an examination by the regulator following a suspension of BlockFi’s license in November 2022. BlockFi entered into a settlement agreeing to the license revocation, and to desist and refrain from violations and cease unsafe practices, the DFPI said. Read also Features Blockchain games aren’t really decentralized… but that’s about to change Features Lines in the sand: US Congress is bringing partisan politics to crypto After suspending BlockFi’s license two years ago, the DFPI decided to completely revoke it after finding that the company had violated the California Financing Law (CFL). BlockFi violated the CFL by failing to consider borrowers’ ability to repay their loans and charging borrowers interest before the loan proceeds were disbursed. The bankrupt crypto lending platform also failed to provide consumers with credit counseling and was unable to report payment performance to credit bureaus. Ex-Alameda Research CEO to report to prison for 2-year sentence Former Alameda Research CEO Caroline Ellison is expected to report to prison on Nov. 7 to serve her two-year sentence for her role in crimes at cryptocurrency exchange FTX. At the time of publication, the Federal Bureau of Prisons website stated Ellison was not in custody but provided an inmate number and her age, race and sex. On Sept. 24, Judge Lewis Kaplan of the United States District Court for the Southern District of New York sentenced Ellison to two years in prison, where she is expected to surrender no earlier than Nov. 7. According to Judge Kaplan, the BOP ordered Ellison to appear at a correctional facility before 2:00 pm ET on Nov. 7. The former Alameda CEO is expected to surrender at a minimum security facility near Boston, suggesting that she could serve her time at the Federal Correctional Institution in Danbury, Connecticut, which houses both male and female inmates.   Magazine Stories of The Week Real life yield farming: How tokenization is transforming lives in Africa More than half of Africa’s population make a living from agriculture. Now, blockchain and crypto are opening up new opportunities for them. Asian crypto traders profit from Trump’s win, China’s 2025 CBDC deadline: Asia Express How Asia’s crypto industry reacted to Trump’s election victory, China’s digital yuan push resumes, Korean firms wait for crypto accounts, and more. AI agents give retail crypto traders an edge: Giulio Xiloyannis, X Hall of Flame AI agents don’t change the fact that “trading is a zero sum game,” but can give ordinary crypto traders an edge, says Giulio Xiloyannis. Editorial Staff Cointelegraph Magazine writers and reporters contributed to this article. Read also Columns Crypto City: Guide to Osaka, Japan’s second-biggest city by Turner Wright 9 min May 23, 2023 Osaka may or may not have been Satoshi’s home, Binance has moved in, the city hosted Devcon 5, and there’s finally a Bitcoin ATM again! Read more Hodler’s Digest Wintermute suffers $160M attack, Kraken CEO departs and US bill aims to ban algo stablecoins: Hodler’s Digest, Sept. 18-24 by Editorial Staff 6 min September 24, 2022 The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link! Read more Source link The post BTC’s ‘incoming’ $110K call, BlackRock’s $1.1B inflow day, and more: Hodler’s Digest Nov. 3 first appeared on Forex Trader Hub.

(Reuters) -Universal Music Group (UMG (AS:)) said on Saturday that billionaire Bill Ackman’s Pershing Square has no right to require the record label to become a U.S.-domiciled company or delist from Euronext (EPA:) Amsterdam. Ackman had said in a post on X on Friday he would seek to delist investment firm Pershing Square, which holds a stake of around 10% in UMG according to LSEG data, and move the record label from Amsterdam, following attacks on Israeli soccer fans in the city. Ackman said he had begun talks with UMG, on whose board he sits, to move its listing and headquarters to the United States. But UMG – whose roster of stars includes Taylor Swift – said that neither the company nor its board had been involved in the formulation of the views presented in Ackman’s X post. “Pershing does not have any right to require UMG to become a U.S. domiciled company or delist from Euronext Amsterdam,” UMG said in a statement. The company said it would in good faith comply with its contractual obligations regarding a U.S. listing, but any actions or decisions would be taken based on an analysis of what is in the best interests of all the shareholders. Ackman had said in his X post that Pershing Square had a contractual right to cause UMG to be listed in the U.S. and he would exercise this right to achieve a U.S. listing no later than sometime next year. UMG noted in its statement that as per its listing prospectus, Pershing has the right to request a U.S. listing provided that a Pershing entity sells at least $500 million worth of UMG shares as part of the listing. Pershing Square, an investment holding company in which Ackman and his family own a 23% stake, did not immediately respond to a request for comment on UMG’s statement. Pershing Square is also listed on the London Stock Exchange (LON:) and most trading takes place in London. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post UMG says Pershing does not have right to require Amsterdam delisting By Reuters first appeared on Forex Trader Hub.

By Maki Shiraki TOKYO (Reuters) – Toyota aims to make at least 2.5 million vehicles a year in China by 2030, three people said, an overhaul that will see it bring its Chinese sales and production operations closer together and allow local executives a freer hand in development, The plan, which has not been previously reported, represents a strategic pivot by the world’s top selling automaker in the world’s largest car market, underlining its ambition to claw back business lost to BYD (SZ:) and other local players in recent years. Toyota’s strategy is in contrast to that of other global automakers, including Japanese ones, that are either scaling back or pulling out of China. It aims to boost production to as much as 3 million vehicles a year by the end of the decade, two of the people said. However, it has stopped short of establishing a formal target, the three people said. All of the people declined to be identified because the matter has not been made public. The bigger number represents a 63% increase on the record 1.84 million vehicles it produced in China in 2022. Last year it produced 1.75 million vehicles there. Toyota has informed some suppliers of the intended ramp-up, in the hope of reassuring parts makers of its commitment to China and thereby securing its supply chain, the people said. In response to questions from Reuters, Toyota said in a statement: “With the intense competition in the Chinese market, we are constantly considering various initiatives”. It said it would continue to work on making “ever-better cars” for the Chinese market. The Japanese automaker aims to bring the sales and production operations of its two Chinese joint ventures closer together, to improve efficiency, two of the people said. It also intends transfer as much of the development responsibility as possible to China-based staff who have a better grasp of local market preferences, particularly around electrified and connected car technology, two of the people said. ‘TOO LATE’ The moves signal a growing awareness within Toyota that it needs to rely more on local staff to take charge and speed up product development in China, one of the people said, adding that otherwise “it will be too late”. Legacy automakers, Toyota included, have been outmaneuvered in China as domestic EV makers rapidly roll out affordable, battery-powered cars with advanced technology. Last year Toyota announced plans to deepen cooperation among its R&D centre in Jiangsu province and its two local joint ventures. One problem, representative of Toyota’s broader woes, is that vehicles developed independently by joint venture partners are selling better than those produced with Toyota. For instance, FAW Group’s Hongqi brand and GAC Group’s Aion EV both outsell respective models from FAW Toyota Motor (NYSE:) and GAC Toyota Motor. Toyota now intends to better incorporate the know-how of local partners in its cars. Currently, the same vehicle is produced at each of the two joint ventures and sold with a different design and company name – so-called “twinned vehicles”. Going forward, production for each car will be consolidated at one of the joint ventures, two of the people said. The models will be made available at dealerships of both JVs. As Japanese automakers have been hit, so have Japanese parts suppliers with operations in China. Toyota announced at its earnings on Wednesday that operating income in China fell during the first half of the financial year mainly due to higher marketing costs brought about by heavy price competition against Chinese brands. Amid that competition, Mitsubishi Motors Corp (OTC:) has withdrawn from China, while Honda (NYSE:) Motor and Nissan (OTC:) Motor have decided to reduce local production capacity. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Exclusive-Toyota aims to ramp up China production in a strategy pivot, sources say By Reuters first appeared on Forex Trader Hub.

Investing.com — In a recent note to clients, Morgan Stanley analysts delved into the competitive landscape among leading membership-based retailers, focusing on Walmart+, Amazon Prime, and Costco (NASDAQ:). According to the report, Walmart+ continues to make strides with a membership base nearing record levels, bolstered by strategic initiatives like its 50% discount on memberships for Black Friday. Citing its Consumer Pulse survey, Morgan Stanley notes that Walmart+ saw approximately 23.8 million members as of September 2024. Adjusting for response variability, this figure aligns closer to 15.5 million, representing an 18.5% household penetration. While this is below Amazon.com Inc (NASDAQ:) Prime’s dominant 94 million U.S. households and Costco’s estimated 55 million members across the U.S. and Canada, Walmart+ is outpacing its peers in growth, with a compound annual growth rate (CAGR) of roughly 30% from 2020 to 2024. By comparison, Amazon Prime and Costco showed respective CAGRs of approximately 3.5% and 7% during the same period. Membership overlap remains significant, with Amazon Prime and Walmart+ showing the highest intersection. About 86% of Walmart+ members are also subscribed to Amazon Prime, while 34% hold Costco memberships. Among Amazon Prime members, 22% also have Walmart+ memberships. “The high overlap of Amazon Prime members within the cohort of Walmart+ members is primarily due to Amazon’s large membership base, but it also demonstrates that Walmart+ continues to compete heavily within Amazon’s core market,” analysts led by Simeon Gutman explained. They also point out that Walmart’s promotional strategies, such as the half-price membership offer, are poised to enhance its market share beyond grocery staples into discretionary spending. The retailer’s efforts align with its significant investments in supply chain infrastructure, Walmart (NYSE:) Fulfillment Services (WFS), and its expanding marketplace. “Providing discounted memberships at a key shopping occasion of the year should not only drive sales but help leverage the fixed costs of these investments and all of the newsellers,” the report states. Furthermore, the note highlights potential untapped growth, noting that approximately 25% of U.S. households hold both Amazon Prime and Costco memberships but have yet to adopt Walmart+. Morgan Stanley also reflects on the broader implications for consumer spending habits. As households increasingly subscribe to multiple services, retailers are finding new ways to differentiate themselves and capture discretionary income. Walmart’s push to expand its membership base through competitive pricing and strategic promotions could position it as a stronger competitor in non-grocery segments, appealing to middle-to-upper income consumers seeking value. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Morgan Stanley breaks down the overlap between Walmart, Amazon, Costco memberships By Investing.com first appeared on Forex Trader Hub.

Investing.com — As the U.S. election approaches, Bank of America analysts examined its potential impact on Consumer Finance stocks in a recent research memo.  The bank argued that while policy differences exist between candidates, “the health of the broader U.S. economy” will ultimately be more influential in driving sector fundamentals, particularly regarding unemployment and consumer financial health. One significant area of concern is said to be the regulatory environment surrounding mergers and acquisitions, particularly the anticipated Capital One (COF) and Discover Financial Services (NYSE:) merger.  Although Capital One remains confident about closing the deal in early 2025, BofA notes that “the current administration has generally been viewed as anti-large M&A.”  They believe a change in administration could create a more favorable environment for such mergers, reducing anti-trust scrutiny. Meanwhile, student loan forgiveness policies also play a crucial role in shaping the consumer finance landscape.  BofA explains that the Biden administration’s extensive forgiveness programs have benefited consumer credit while posing challenges for student loan originators.  BofA anticipates that under a potential Harris administration, similar relief efforts will continue. Conversely, a Trump administration would likely end discussions around forgiveness, potentially boosting origination volumes for refinancing lenders like Navient (NASDAQ:) and SoFi (NASDAQ:), as borrowers would be less anxious about losing out on benefits. Another key issue is said to be the proposed reduction of late fees by the Consumer Financial Protection Bureau (CFPB).  BofA indicates that a Republican administration could withdraw this rule, which currently aims to cut late fees to $8 from $30-$41.  “The late fee rule being nullified would be a positive for all issuers,” especially for Synchrony (SYF) and Bread (BFH), which derive over 10% of their revenue from late fees, said BofA. BofA says that historically, stock reactions in the consumer finance sector following elections have shown resilience.  BofA reports that while the initial market reactions can vary, “by the 1-week mark, both scenarios saw stocks up 11-12%.” This suggests that investors may prioritize post-election certainty over short-term policy-driven news. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post BofA unpacks potential impact of US election on Consumer Finance stocks By Investing.com first appeared on Forex Trader Hub.

By Yantoultra Ngui SINGAPORE (Reuters) – Singapore’s biggest lender DBS Group Holdings Ltd (OTC:) is exploring expanding into Malaysia with potential acquisitions of stakes in banks in its Southeast Asian neighbour, including in one of Malaysia’s smallest banks by assets, two sources said. DBS is exploring a purchase of Singapore state investor Temasek’s 29.1% stake in Alliance Bank Malaysia Bhd, said the two sources with knowledge of the matter, a slice currently valued at about $460 million. Temasek is biggest shareholder in DBS with a 28.9% stake, according to LSEG data. Other options for expanding into Malaysia include buying Kuwait Finance House’s Malaysian retail banking assets, worth more than $500 million and which have been put up for sale, one of the sources said. Deliberations are in very early stages, however, the sources said, and any formal negotiations for an acquisition of a stake in a Malaysian bank would need approval from the Malaysian central bank, or Bank Negara Malaysia. The two sources declined to be named as talks on the possible acquisitions were confidential. “We do not comment on market rumours and speculation,” said a spokesperson for DBS, Southeast Asia’s biggest lender by assets. Temasek declined to comment. Alliance Bank, the second smallest listed bank in Malaysia by total assets, and Bank Negara Malaysia did not respond to requests for comment after business hours on Friday. Kuwait Finance House said the process for selling its retail banking portfolio in Malaysia was in preliminary stages, and that it was not able to share additional information. DBS is the only Singaporean bank without a retail banking presence in Malaysia. Local rivals Oversea-Chinese Banking Corporation and United Overseas Bank (OTC:) both have retail banking operations in Malaysia. DBS’ plan to foray into Malaysia comes amid improving economic prospects for the Southeast Asian nation, with new infrastructure projects and investments expected to result in a surge in credit growth. In the second quarter, Malaysia’s economy expanded by an annual 5.9%, its fastest in 18 months, on higher household spending, exports and investment. Its monetary unit, the ringgit, is Southeast Asia’s best-performing currency this year. ‘BOLT-ON ACQUISITIONS’ DBS emerged as a regional banking powerhouse under outgoing Chief Executive Piyush Gupta’s 15-year tenure, bolstered by acquisitions that established significant presences in markets including China, India, Indonesia and Taiwan. DBS completed the acquisition of Citigroup (NYSE:)’s consumer banking business in Taiwan in August last year. In July, Gupta said DBS was looking for bolt-on acquisitions that would support further strategic expansion in the region. Tan Su Shan, who heads up DBS’ institutional banking group and is deputy CEO, will take over from Gupta in March next year, making her the first woman to lead the bank. On Thursday, DBS posted its highest ever quarterly net profit for July-September on record fee income. DBS last attempted to buy Temasek’s stake in Alliance Bank in 2012. Those plans did not go through because of regulatory hurdles, according to sources at the time. The current Malaysian government under Prime Minister Anwar Ibrahim has been more forthcoming and open to ideas and investments with an aim to boost economic growth, said the sources with knowledge of DBS’ plan for Malaysia. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Exclusive-Singapore’s DBS eyes Malaysian bank stakes in expansion push, sources say By Reuters first appeared on Forex Trader Hub.

Mexican Peso weakens on fears of Trump-imposed tariffs on Mexican imports. Banxico expected to cut rates by 25 bps as inflation approaches 3% target. Upcoming US and Mexico economic data, including consumer confidence and Banxico decision, may add to Peso’s volatility. The Mexican Peso is against the ropes versus the Greenback on Friday, with the latter recovering some ground even though the US Federal Reserve (Fed) cut rates on Thursday. Risk aversion sponsored by China’s lack of clarity on its program to stimulate the economy weighed on global equities, while traders continue to digest Trump’s victory for a third day. At the time of writing, the USD/MXN trades at 20.16, up more than 1.85%. Mexico’s economic docket remains absent on Friday, but there’s some anxiety after Americans elected Donald Trump as their next president. Fears that Trump could impose tariffs on Chinese and Mexican imports, could spark a reacceleration of inflation and disrupt supply chains. Mexico’s Economy Secretary Marcelo Ebrard commented on Thursday that most of Mexico’s imports from China are made by around 50 companies and most of them are American. “Putting a tariff on those imports will only put those companies in danger, starting with the automotive industry,” Ebrard said. In the meantime, the Bank of Mexico (Banxico) is expected to lower rates by 25 basis points on its monetary policy next week. The chances of adjusting policy 50 basis points (bps) are remote, though the latest report showed that underlying inflation dipped from 3.91% to 3.80% YoY, closing into the 3% goal. Recently in the US, the Consumer Sentiment for November was revealed by the University of Michigan (UoM). The index improved sharply, but inflation expectations in the near and long term were mixed. On Thursday, the Fed lowered rates by 25 bps but failed to provide guidance moving forward. Fed Chair Jerome Powell and the Federal Open Market Committee (FOMC) voted unanimously. In Powell’s presser he added that the economy remains solid, the labor market has cooled somewhat, and that inflation made progress toward the 2% goal. Despite this, the US central bank hasn’t declared victory on high prices. Next week, Mexico’s schedule will feature Consumer Confidence readings, Industrial Production and the Banxico policy decision. On the US front, Fed speakers, inflation on the consumer and the producer side and Retail Sales will dictate the US Dollar’s path moving forward. Daily digest market movers: Mexican Peso collapses on downbeat mood The UoM Consumer Sentiment preliminary November reading improved from 70.5 to 73.0, a 3.5% increase. Survey Director Joanne Hsu revealed that, “While current conditions were little changed, the expectations index surged across all dimensions, reaching its highest reading since July 2021.” Inflation expectations for one-year dipped from 2.7% to 2.6%. For a five-year period,  they inched up from 3.0% to 3.1%. Data from the Chicago Board of Trade, via the December fed funds rate futures contract, shows investors estimate 24.5 bps of Fed easing by the end of the year. USD/MXN technical outlook: Mexican Peso tumbles again as USD/MXN rises above 20.00 As mentioned throughout the whole week, the USD/MXN bias is upwards, and the correction post-November 5 seems to be reversed. Sellers had lost steam, and buyers re-emerged at around 19.70, pushing the exotic pair above 20.00. If buyers reclaim 20.50, the two-year peak hit at 20.80 would be exposed. Once those two levels are surpassed, 21.00 would be up next, followed by the March 8 peak at 21.46. On the downside, sellers must regain the 20.00 figure, if they would like to challenge the 50-day Simple Moving Average (SMA) at 19.68. On further weakness, the next stop would be the psychological figures of 19.50, followed by the October 14 low of 19.23. Economic Indicator Central Bank Interest Rate The Bank of Mexico announces a key interest rate which affects the whole range of interest rates set by commercial banks, building societies and other institutions for their own savers and borrowers.  Generally speaking, if the central bank is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the Mexican Peso. Read more. Next release: Thu Nov 14, 2024 19:00 Frequency: Irregular Consensus: – Previous: 10.5% Source: Banxico Mexican Peso FAQs The Mexican Peso (MXN) is the most traded currency among its Latin American peers. Its value is broadly determined by the performance of the Mexican economy, the country’s central bank’s policy, the amount of foreign investment in the country and even the levels of remittances sent by Mexicans who live abroad, particularly in the United States. Geopolitical trends can also move MXN: for example, the process of nearshoring – or the decision by some firms to relocate manufacturing capacity and supply chains closer to their home countries – is also seen as a catalyst for the Mexican currency as the country is considered a key manufacturing hub in the American continent. Another catalyst for MXN is Oil prices as Mexico is a key exporter of the commodity. The main objective of Mexico’s central bank, also known as Banxico, is to maintain inflation at low and stable levels (at or close to its target of 3%, the midpoint in a tolerance band of between 2% and 4%). To this end, the bank sets an appropriate level of interest rates. When inflation is too high, Banxico will attempt to tame it by raising interest rates, making it more expensive for households and businesses to borrow money, thus cooling demand and the overall economy. Higher interest rates are generally positive for the Mexican Peso (MXN) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken MXN. Macroeconomic data releases are key to assess the state of the economy and can have an impact on the Mexican Peso (MXN) valuation. A strong Mexican economy, based on high economic growth, low unemployment and high confidence is good for MXN. Not only does it attract more foreign investment but it may encourage the Bank of Mexico (Banxico) to increase interest rates, particularly if this strength comes together with elevated inflation. However, if economic data is weak, MXN is likely to depreciate. As an emerging-market currency, the Mexican Peso (MXN) tends to strive during risk-on periods, or when investors perceive that broader market risks are low and thus are eager to engage with investments that carry a higher risk. Conversely, MXN tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.   Source link The post Mexican Peso plunges on Trump’s policies, focus shift to Banxico first appeared on Forex Trader Hub.

Donald Trump may have won the race for the White House, but the crypto market has its own champion: Polymarket — a decentralized prediction market platform running on the Polygon blockchain.  Founded just four years ago, the platform has amassed over $3.2 billion in total bets tied to the United States election results, with $239.5 million placed on Election Day alone. Behind Polymarket is 26-year-old Shayne Coplan, CEO and board member, according to Pitchbook. Some key election developments predicted by traders on Polymarket included President Joe Biden dropping out of the contest, among other geopolitical developments.  The company has attracted significant venture capital over the past few months, raising $70 million across two funding rounds backed by high-profile investors such as Peter Thiel’s Founders Fund and Ethereum co-founder Vitalik Buterin.  Over the past 30 days, betting volume on the platform has surged to $5.3 billion, largely driven by politics-related polls. The largest Trump-betting account on Polymarket, for instance, earned more than $20.4 million in profits after AP called the election. Source: Polymarket by Blockworks Research In October, traders on the platform generated more than $111,000 in fees for the Polygon network, while in the first days of November, $40,613 was collected. Although the election may be over, traders seem eager to stick with the betting trend.  Polymarket’s growth has also attracted the regulator’s attention. In France, the National Gaming Authority of France — the Autorité nationale des jeux (ANJ) — is reportedly investigating its operation and compliance with French gambling laws, with a potential ban on the platform in the works. This week’s Crypto Biz also features BlacRock’s IBIT hitting $1B volume, Meta’s Llama joining the US military, Bitcoin miners posting production records in October and VanEck listing PYTH ETN. BlackRock Bitcoin ETF sees $1B volume in first minutes of post-election trading BlackRock’s iShares Bitcoin Trust (IBIT) experienced a surge in trading activity on Nov. 6, with nearly $1.1 billion in volume within the first 20 minutes of post-election trading. Analysts anticipate that Bitcoin’s price may continue to rise under Donald Trump’s new administration, with projections suggesting it may reach $100,000 by the time he is inaugurated for his second term on Jan. 20. Trump has expressed intentions to position the US as “the crypto capital of the world,” contrasting with the previous administration’s regulatory approach toward the crypto industry. Meta opens Llama AI model up to US military Social media and tech firm Meta has opened up its artificial intelligence model Llama to the United States military and defense contractors for national security purposes. Llama will be used to streamline complicated logistics and planning, track terrorist financing and strengthen America’s cyber defenses, Meta president of global affairs Nick Clegg wrote in a Nov. 4 statement. The firm will be partnering with Microsoft, Amazon, IBM, Oracle, Palantir and other tech heavyweights to offer full-scale services to the US government. Marathon, Riot record highest monthly BTC production since April halving Bitcoin miners Marathon Digital and Riot Platforms reported record monthly production since the April halving, reflecting a strong recovery in the sector. Marathon produced 717 Bitcoin ($48.8 million) in October, aided by a 14% increase in its hashrate, surpassing 40 exahashes per second, and higher transaction fees contributing 5% of its total production. Similarly, Riot mined 505 Bitcoin ($34.4 million) in October, a 22.6% increase from the previous month, driven by an increase in its hashrate to 29.4 EH/s following the installation of new MicroBT miners. VanEck lists PYTH ETN in Europe VanEck has listed an exchange-traded note (ETN) in Europe tracking the performance of the Pyth Network’s native token, PYTH, the asset manager said on Nov. 5. The VanEck Pyth ETN will trade on Euronext Amsterdam and Euronext Paris and will be available to investors in 15 European countries, including Germany, France, Norway and Switzerland. The Pyth Network is a decentralized oracle protocol designed to enable smart contracts to interact with offchain data and communicate with other blockchain networks. PYTH has a fully diluted market capitalization of about $3.4 billion. Before you go: Wall Street investors are still largely unaware of Ethereum’s potential, similar to Amazon in the early 1990s before it became a $2 trillion tech giant, according to a research analyst at crypto asset manager 21Shares. Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday. Source link The post Crypto Biz: US elections crown Polymarket first appeared on Forex Trader Hub.

(Reuters) – Microsoft-backed OpenAI said on Friday night it is facing an issue that has resulted in its popular chatbot ChatGPT being unavailable. The company said in a statement on its website that it was investigating the issue and working to restore functionality as soon as possible. Over 19,403 users had been impacted by the outage as of 7:13 p.m. ET (0013 GMT on Saturday), according to outage tracking website Downdetector.com. OpenAI did not immediately responded to a request for comment. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post OpenAI’s ChatGPT faces massive outage with thousands of users impacted By Reuters first appeared on Forex Trader Hub.

Investing.com – Russia stocks were higher after the close on Friday, as gains in the , and sectors led shares higher. At the close in Moscow, the rose 1.65%. The best performers of the session on the were ADS Ozon Holdings PLC ORD SHS (MCX:), which rose 7.97% or 243.00 points to trade at 3,291.50 at the close. Meanwhile, AFK Sistema PJSC (MCX:) added 6.67% or 0.91 points to end at 14.50 and VK Company Ltd (MCX:) was up 5.64% or 17.20 points to 322.00 in late trade. The worst performers of the session were Polyus PJSC (MCX:), which fell 0.70% or 104.00 points to trade at 14,746.00 at the close. GDR ROS AGRO PLC ORD SHS (MCX:) declined 0.25% or 3.00 points to end at 1,220.00 and GDR Globaltrans Inves ORD SHS (MCX:) was 0.00% or 0.00 points to 519.25. Rising stocks outnumbered declining ones on the Moscow Stock Exchange by 187 to 63 and 6 ended unchanged. The , which measures the implied volatility of MOEX Russia Index options, was up 4.93% to 36.00. Gold Futures for December delivery was down 0.54% or 14.50 to $2,691.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December fell 2.58% or 1.87 to hit $70.49 a barrel, while the January Brent oil contract fell 2.09% or 1.58 to trade at $74.05 a barrel. USD/RUB was down 0.41% to 97.59, while EUR/RUB fell 1.16% to 104.63. The US Dollar Index Futures was up 0.43% at 104.82. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Russia stocks higher at close of trade; MOEX Russia Index up 1.65% By Investing.com first appeared on Forex Trader Hub.

Investing.com – U.K. stocks were lower after the close on Friday, as losses in the , and sectors led shares lower. At the close in London, the lost 0.87% to hit a new 3-months low. The best performers of the session on the were International Consolidated Airlines Group S.A. (LON:), which rose 7.18% or 15.70 points to trade at 234.50 at the close. Meanwhile, Flutter Entertainment PLC (LON:) added 4.54% or 830.00 points to end at 19,125.00 and InterContinental Hotels Group PLC (LON:) was up 2.78% or 250.00 points to 9,258.00 in late trade. The worst performers of the session were Vistry Group PLC (LON:), which fell 15.51% or 135.50 points to trade at 738.00 at the close. Antofagasta PLC (LON:) declined 6.61% or 119.50 points to end at 1,689.00 and Glencore PLC (LON:) was down 4.96% or 20.60 points to 394.80. Falling stocks outnumbered advancing ones on the London Stock Exchange by 1048 to 729 and 674 ended unchanged. Shares in International Consolidated Airlines Group S.A. (LON:) rose to 3-years highs; up 7.18% or 15.70 to 234.50. Shares in Vistry Group PLC (LON:) fell to 52-week lows; down 15.51% or 135.50 to 738.00. Shares in Flutter Entertainment PLC (LON:) rose to all time highs; rising 4.54% or 830.00 to 19,125.00. Shares in InterContinental Hotels Group PLC (LON:) rose to all time highs; gaining 2.78% or 250.00 to 9,258.00. Gold Futures for December delivery was down 0.42% or 11.25 to $2,694.55 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December fell 2.89% or 2.09 to hit $70.27 a barrel, while the January Brent oil contract fell 2.51% or 1.90 to trade at $73.73 a barrel. GBP/USD was down 0.71% to 1.29, while EUR/GBP unchanged 0.29% to 0.83. The US Dollar Index Futures was up 0.65% at 105.05. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post U.K. stocks lower at close of trade; Investing.com United Kingdom 100 down 0.87% By Investing.com first appeared on Forex Trader Hub.

(Refiles to remove analyst reference to companies in paragraph 20.) By Niket Nishant, Manya Saini and Nupur Anand (Reuters) -The banking industry is expected to win big as former President Donald Trump returns to the White House, ushering in Republican regulators who are expected to ease capital rules and merger approvals, industry experts and analysts said. The President-elect’s picks are likely to further dilute the contentious Basel III endgame proposal aimed at requiring big lenders to hold more capital to safeguard against soured loans. While banks have already won major concessions on that proposal which they say will crimp lending and hurt the economy, the latest draft would still increase capital requirements by around 9% for the largest lenders, according to a top Fed official. “The Basel endgame rule could be completely dead,” said Gene Ludwig, a former top bank regulator who advises financial institutions as CEO of Ludwig Advisors. The regulatory shift could bring some relief to investors after a year in which some bank stocks were weighed down by concerns over deteriorating loans. First unveiled months after the collapse of three regional lenders last year, the Basel proposal faced intense pushback and an unprecedented lobbying campaign from big banks, which argued the rules would erode their competitive edge. The Federal Reserve agreed to water down the proposal in September, when Vice Chair for Supervision Michael Barr said the regulator would overhaul and re-issue the rules later. Other planned rules requiring banks to hold more debt, as well as changes to liquidity regulations, may also be in doubt. “The outlook for the banking sector is more encouraging under Trump,” said Dan Coatsworth, investment analyst at AJ Bell. ” would have fewer constraints and be able to use more cash for lending or share buybacks.” The U.S. central bank declined comment. The KBW Banks Index, which tracks large-cap banks, fell 2% after closing almost 11% higher on Wednesday, while an index tracking regional lenders dipped 1.8% a day after a 13.5% surge. REGULATOR TURNOVER As Trump installs new regulators at key agencies, his picks could have an immediate and seismic effect on a banking industry more used to a slower pace of change, according to a financial technology executive who declined to be identified discussing the personnel changes. “This is like an earthquake for bank M&A and bank regulatory policy,” said Ed Mills, an analyst at Raymond (NS:) James, who expected bank deals to be announced within weeks. The aggressive financial regulators of the Biden era, including Gary Gensler at the U.S. Securities and Exchange Commission, Lina Khan of the Federal Trade Commission and Rohit Chopra at the Consumer Financial Protection Bureau, are also likely to be replaced by more business-friendly agency heads. But Meg Tahyar, head of the financial institutions group at law firm Davis Polk, tempered expectations for a radical change. “There will be changes of personnel at the top level and there will be more M&A, but the intensity of supervision and the focus on junk fees is unlikely to change much,” she said. On Wednesday, midsize bank stocks were buoyed by expectations that their capital requirements would be eased, said Lazard (NYSE:) chief market strategist Ronald Temple. The potential for less-stringent antitrust policy also bolstered shares of Discover Financial and Capital One Financial (NYSE:). Both are awaiting the green light for their $35.3 billion deal. “The M&A landscape for banks may benefit with shorter approval timeframes,” Morningstar DBRS wrote in a note. Many top industry executives have called for some consolidation among banks in the U.S., which is home to more than 4,600 lenders. Dealmaking would allow smaller banks to compete more effectively against their larger peers. “We can at least put M&A back into the discussion; whereas it has been largely nonexistent over the past few years on a punitive regulatory backdrop,” Scott Siefers, a banking analyst at Piper Sandler, wrote in a report. Fifth Third Bancorp (NASDAQ:), Huntington Bancshares (NASDAQ:) and PNC Financial (NYSE:) may be more interested in pursuing M&As, Siefers said. Huntington declined comment. Fifth Third Bancorp and PNC Financial did not immediately respond to requests for comment. Despite the ebullient mood, potential policy uncertainty, trade wars, protectionism and inflationary pressures under Trump could also pose some challenges to dealmaking, some bankers said. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post US banks to gain from looser capital, merger policies under Trump By Reuters first appeared on Forex Trader Hub.

SOCHI, Russia (Reuters) -Russian President Vladimir Putin described China on Thursday as Russia’s ally and threw his weight behind Beijing’s claims over Taiwan, while stating that no countries had anything to fear from deepening Sino-Russian co-operation. The two countries have not declared a formal military alliance, but Putin and Chinese President Xi Jinping signed a “no limits” partnership deal in 2022, less than three weeks before Putin sent his troops into Ukraine. In May this year they agreed to deepen what they called their “comprehensive partnership and strategic cooperation” for a new era. “We do not believe that China is pursuing an aggressive policy in the region,” Putin said at the Valdai discussion club in the Russian Black Sea resort of Sochi. He suggested that Taiwan was trying to stir up a Ukraine-style crisis in Asia in order to attract outside support. China views democratically governed Taiwan as its own territory, despite strong objections by the government in Taipei, and regularly holds wargames near the island. “A lot is going on around Taiwan,” Putin said. “Everyone formally acknowledges, yes, Taiwan is part of China. But in reality? In reality, it is acting in a completely different direction. Provoking the situation towards escalation. “We do support China. And because of this, we believe that (China) is conducting a completely reasonable policy. And also because it is our ally. We have a very large trade turnover, we co-operate in the security sector.” Taiwan’s foreign ministry said China and Russia were the real problem. “The regime of Russia’s Putin launched a war of aggression against Ukraine, leading to misery for Ukraine’s people and sanctions and condemnation from the international community,” it said in a statement. “China and Russia together continue to undermine the rule-based international order and have become a serious threat to world peace and stability.” Putin compared military drills between Russia and China to those the United States holds with Japan. “These exercises do not threaten anyone,” Putin said. “They are aimed at ensuring our security.” !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Putin says China is Russia’s ally, backs its stance on Taiwan By Reuters first appeared on Forex Trader Hub.

TOKYO (Reuters) -Nissan Motor shares slumped as much as 10% in Tokyo trade on Friday, a day after the Japanese automaker said it would cut 9,000 jobs and 20% of its manufacturing capacity as it struggles with sales in China and the United States. The stock was on track for its biggest one-day price drop since August. It last traded down 6.5% at 383.5 yen, just above a four-year low. Japan’s third-biggest automaker on Thursday slashed its full-year operating profit forecast by 70% and scrapped its net forecast altogether due to restructuring, which it said would cut costs by 400 billion yen ($2.61 billion) in the financial year to March-end.  Like many global automakers, Nissan (OTC:) is struggling in China where BYD (SZ:) and other domestic rivals are winning market share with affordable electric vehicles and petrol-electric hybrids equipped with advanced software. Nissan is also challenged in the U.S. where it lacks a line-up of hybrids just as that vehicle type is in strong demand. CEO Makoto Uchida said on Thursday Nissan had not foreseen hybrids’ sudden popularity in the U.S. and that demand for revamped versions of core models had not been as strong as hoped. Nissan’s restructuring is the latest chapter in a long-running attempt to revitalise its business, having never fully recovered from the 2018 ousting of former Chairman Carlos Ghosn and scaling back of its partnership with Renault (EPA:). On Friday, Minister of Economy, Trade and Industry Yoji Muto declined to comment to reporters when asked his views on potential government support for Nissan. Tokai Tokyo Intelligence Laboratory analyst Seiji Sugiura placed much of the blame for Nissan’s U.S. hybrid situation on management that he said was mainly pinning hope on selling new EV and traditionally powered models. “The company released its mid-term plan this spring, but it in the end there was no meaning to that. I think their understanding of the situation is completely wrong,” Sugiura said. Nissan’s mid-term plan announced in March involved 30 new models over the next three years, raising global sales by 1 million vehicles, an operating profit margin exceeding 6% by the end of fiscal 2027 and total shareholder returns of more than 30%. ($1 = 153.2000 yen) !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Nissan shares slump after unveiling plan to cut jobs, production By Reuters first appeared on Forex Trader Hub.

Gold benefited from Fed’s dovish rate cut and hints of flexibility in future policy direction. Powell signals rate cuts could adapt to labor market shifts, keeping investors cautious. Upcoming UoM Consumer Sentiment report and inflation expectations may further impact gold’s momentum. Gold prices climbed above $2,700 after the Federal Reserve (Fed) decided to lower interest rates and acknowledged that US election effects would not be felt in the near term.  At the time of writing, XAU/USD trades at $2704, up more than 1.7%. Wall Street extended its gain after the Fed reduced the federal funds rate by a quarter of a percentage point on a unanimous decision. In the monetary policy statement, officials recognized the solid economic expansion, although labor market conditions softened. They acknowledged that inflation has moved closer to the Fed’s 2% goal but remains somewhat elevated. Fed policymakers also noted that the risks of meeting their dual mandate are “roughly balanced” but acknowledged uncertainty in the economic outlook. They will remain vigilant to risks on both sides of the mandate. In his press conference, Jerome Powell avoided giving specific guidance on future rate moves, leaving room for flexibility at the December meeting and beyond. He emphasized that the Fed could afford to take its time to lower rates due to the strong economy. He acknowledged that policy remains restrictive, even after today’s rate cut, as officials aim to bring rates to neutral levels. Regarding the pace of rate cuts, Powell mentioned that the Fed could speed up if the labor market weakens or slows down as it nears neutral. However, he clarified that no final decisions have been made yet. Earlier, the US Bureau of Labor Statistics (BLS) reported an anticipated increase in the number of Americans filing for unemployment benefits compared to the previous week. Ahead of the week, the US economic schedule will feature the University of Michigan (UoM) Consumer Sentiment for November on Friday, alongside a review of inflation expectations. Daily Digest Market Movers: Gold price rallies boosted by lower US Real yields Gold prices soared sharply as US real yields, which inversely correlate against Bullion, tumbled over eleven basis points, down to 1.95%. In the meantime, the US Dollar Index (DXY), which tracks the buck’s performance against six peers, plunges 0.76% to 104.31. Yields, particularly the 10-year benchmark note coupon, fall ten basis points to 4.33%. The Bureau of Labor Statistics reported that U.S. Initial Jobless Claims rose from 218K to 221K for the week ending November 2, aligning with expectations. Earlier in the week, data indicated a widening trade deficit and a slight slowdown in business activity. S&P Global noted a decline in October’s service sector activity, while the ISM Services PMI showed improvement for the same month. According to the Chicago Board of Trade’s December fed funds rate futures, investors anticipate 49 basis points of Fed rate cuts by the end of the year. XAU/USD Technical Outlook: Gold price tumbles with sellers eyeing $2,650 Gold rebounded at around the 50-day Simple Moving Average (SMA) at $2,639 and aimed towards $2,700, but buyers lacked the strength to push prices higher. The first key resistance area for bulls would be $2,700. If cleared, the next stop would be the 20-day SMA at $2,716, ahead of $2,750, followed by October 23 high at $2,758. On the other hand, a drop below the November 6 low of $2,652 could push the yellow metal to challenge $2,639, ahead of testing the October 10 low of $2,603.23. Momentum shifted neutral as the Relative Strength Index (RSI) turned bullish but shows signs of consolidation. Economic Indicator Fed Interest Rate Decision The Federal Reserve (Fed) deliberates on monetary policy and makes a decision on interest rates at eight pre-scheduled meetings per year. It has two mandates: to keep inflation at 2%, and to maintain full employment. Its main tool for achieving this is by setting interest rates – both at which it lends to banks and banks lend to each other. If it decides to hike rates, the US Dollar (USD) tends to strengthen as it attracts more foreign capital inflows. If it cuts rates, it tends to weaken the USD as capital drains out to countries offering higher returns. If rates are left unchanged, attention turns to the tone of the Federal Open Market Committee (FOMC) statement, and whether it is hawkish (expectant of higher future interest rates), or dovish (expectant of lower future rates). Read more. Last release: Thu Nov 07, 2024 19:00 Frequency: Irregular Actual: 4.75% Consensus: 4.75% Previous: 5% Source: Federal Reserve   Source link The post Gold climbs above $2,700 as Fed rate cut hammers US yields first appeared on Forex Trader Hub.

Block Inc’s (SQ) shares tumbled early after hours as its Bitcoin revenue flatlined in Q3 compared to the previous year, and total revenues missed Wall Street expectations. Block shares dropped by 12.3% to a bottom of $66 ten minutes after the closing bell on Nov. 7 after closing the day down 3.05% at $75.27, according to Google Finance. It’s since recovered to a loss of 1.7% and its share price is up 4.2% so far this year.  The company, which operates the point-of-sale system Square and the retail fintech app Cash App, reported that Q3 revenues rose 6.4% from the year-ago quarter to $5.98 billion, which missed analyst expectations of $6.17 billion by over 3%. Block’s Bitcoin (BTC) revenue — how much it makes in fees from customers buying the cryptocurrency and its biggest money maker — also flatlined compared to Q3 2023, staying at around $2.43 billion. Block Inc, formerly Square, saw a significant dip early in after-hours trading on Nov. 7. Source: Google Finance The firm also said it is “winding down” its decentralized finance software business TBD and was “scaling back” its investment in music streaming service TIDAL so it could shift money to its crypto services. “This gives us room to invest in our Bitcoin mining initiative, which has strong product market fit and a healthy pipeline of demand, and Bitkey, our self-custody wallet for Bitcoin,” Block said in a shareholder letter. Related: Nvidia overtakes Apple again as world’s most valuable company Block did see its quarterly gross profits jump 19% year-on-year to $2.25 billion with a net income of $283.7 million, in line with analyst estimates. Its revenue miss comes as Bitcoin traded relatively flat through the third quarter, which ran from July through to Sept. 30, as it hovered around an average price of $60,000.  The cryptocurrency has since gone on to continually break new highs, with its current peak touching $1 below $77,000 on Nov. 7, per TradingView. Magazine: Jack Dorsey’s ‘marketplace of algorithms’ could fix social media… so why hasn’t it? Source link The post Block Inc’s Bitcoin revenue stagnates in Q3, shares drop 12% on revenue miss first appeared on Forex Trader Hub.

By Paritosh Bansal and Carolina Mandl (Reuters) -BlackRock is in early-stage talks with Millennium Management about a strategic tie-up that could involve acquiring a minority stake in the hedge fund, two sources familiar with the matter said. The sources said it was not clear whether the talks would result in a deal, with one of them adding that the strategic rationale of a transaction was also unclear. The Financial Times reported earlier on the potential deal. Millennium, founded by Israel Englander, manages roughly $70 billion. The multi-strategy hedge fund is up 10% for the year to the end of October, one of the sources and a separate person familiar with the matter said. BlackRock (NYSE:), which ended September with about $11.5 trillion in assets, has been on an acquisition spree this year as it looks to become an all-in-one platform for investors by integrating public and private markets. In October, BlackRock completed its $12.5 billion acquisition of Global Infrastructure Partners, putting it at the heart of investing in infrastructure projects around the world. Later this year, BlackRock is expected to finalize its $3.2 billion acquisition of private markets data provider Preqin, aiming to strengthen its position in private markets. These strategic moves are anticipated to bolster BlackRock’s presence in infrastructure investments and private markets, both key growth areas. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post BlackRock in talks to buy minority stake in Millennium, sources say By Reuters first appeared on Forex Trader Hub.

By Jonathan Stempel (Reuters) -A U.S. federal appeals court on Thursday revived a defamation lawsuit accusing CNN of defaming Project Veritas in its explanation of why the conservative group, which is often accused of using deceptive tactics, was suspended from Twitter in 2021. The 11th U.S. Circuit Court of Appeals in Atlanta said Project Veritas could sue over CNN journalist Ana Cabrera’s on-air statement that it was suspended for “promoting disinformation,” rather than for publishing private information, or “doxxing.” Without ruling on the merits, the three-judge panel also said Project Veritas plausibly alleged that CNN acted with actual malice, meaning it knew Cabrera’s statements were false or acted with reckless disregard for their truth. CNN, part of Warner Bros Discovery (NASDAQ:), and its lawyers did not immediately respond to requests for comment. Libby Locke and Joe Oliveri, who represent Project Veritas, said in a joint statement the case will proceed toward a possible jury trial. “Today’s decision sends a strong message to the media: The truth matters,” they said. Based in Mamaroneck, New York, Project Veritas is known for using covert recordings against opponents, and once obtained the diary of Democratic President Joe Biden’s daughter Ashley. Cabrera now works for MSNBC and is not a defendant. Twitter is now known as X and owned by Elon Musk, the billionaire CEO of Tesla (NASDAQ:). The decision came after the federal appeals court in Manhattan in August granted former Alaska Governor Sarah Palin a new trial against the New York Times (NYSE:) over an editorial she said was defamatory. Some conservatives want to make it easier for courts to hold media liable for defamation. Two Supreme Court justices have urged reconsideration of the actual malice standard. DIFFERENT ‘GIST’ Cabrera told CNN viewers on Feb. 15, 2021 that Project Veritas’ Twitter suspension four days earlier was part of a broader crackdown against misinformation. Her colleague Brian Stelter appeared to agree, saying the group “got swept up in a Twitter policy by violating multiple rules.” After CNN refused a retraction, Project Veritas sued, citing Cabrera’s Feb. 11, 2021 tweet stating the correct reason for the suspension. U.S. District Judge Steve Jones dismissed the case in March 2022, saying Cabrera’s statements were substantially true under applicable New York law. But in Thursday’s decision, Circuit Judge Elizabeth Branch, appointed to the bench by Republican President-elect Donald Trump, said viewers might view disseminating misinformation as more serious. “The relevant question is whether the ‘gist’ or ‘substance’ of being suspended for ‘promoting misinformation’ is the same as being suspended for ‘publishing private information of another without their consent,'” Branch wrote. “It is not.” Branch also said Project Veritas sufficiently pleaded that CNN had “serious doubts” about Cabrera’s statements. The appeals court returned the case to Jones. Circuit Judge Ed Carnes, an appointee of Republican President George H.W. Bush, concurred in the decision. “If you stay on the bench long enough, you see a lot of things,” he wrote. “I never thought I’d see a major news organization downplaying the importance of telling the truth in its broadcasts. But that is what CNN has done in this case.” The case is Project Veritas v Cable News Network Inc, 11th U.S. Circuit Court of Appeals, No. 22-11270. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post CNN must face Project Veritas’ defamation lawsuit, US appeals court rules By Reuters first appeared on Forex Trader Hub.

Investing.com – Spain stocks were higher after the close on Thursday, as gains in the , and sectors led shares higher. At the close in Madrid, the gained 0.69%. The best performers of the session on the were ArcelorMittal SA (BME:), which rose 6.60% or 1.53 points to trade at 24.70 at the close. Meanwhile, Acerinox (BME:) added 4.70% or 0.43 points to end at 9.47 and Banco Bilbao Vizcaya Argentaria SA (BME:) was up 4.15% or 0.37 points to 9.34 in late trade. The worst performers of the session were Laboratorios Farmaceuticos ROVI (BME:), which fell 12.29% or 9.30 points to trade at 66.35 at the close. Telefonica (BME:) declined 1.98% or 0.09 points to end at 4.20 and Aena SME SA (BME:) was down 1.69% or 3.40 points to 198.00. Rising stocks outnumbered declining ones on the Madrid Stock Exchange by 138 to 59 and 22 ended unchanged. Gold Futures for December delivery was up 1.01% or 27.00 to $2,703.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.52% or 0.37 to hit $72.06 a barrel, while the January Brent oil contract rose 0.59% or 0.44 to trade at $75.36 a barrel. EUR/USD was up 0.60% to 1.08, while EUR/GBP unchanged 0.17% to 0.83. The US Dollar Index Futures was down 0.62% at 104.33. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Spain stocks higher at close of trade; IBEX 35 up 0.69% By Investing.com first appeared on Forex Trader Hub.

Investing.com — Ralph Lauren Corporation (NYSE: RL) saw its shares surge 5.75% after the luxury lifestyle brand reported better-than-expected second-quarter results and raised its full-year outlook, signaling strong consumer demand and successful brand elevation strategies. The company posted adjusted earnings per share of $2.54, surpassing analyst estimates of $2.40. Revenue for the quarter came in at $1.7 billion, beating the consensus forecast of $1.68 billion and representing a 6% increase both on a reported and constant currency basis. Global direct-to-consumer comparable store sales grew 10% YoY, driven by positive retail performance across all regions. The company’s focus on brand elevation was evident in the 10% increase in average unit retail prices across its direct-to-consumer network. “Our strong business performance across every geography this quarter underscores the resilience of our diversified growth drivers and our elevated consumer base,” said Patrice Louvet, President and CEO. Ralph Lauren (NYSE:) raised its full-year fiscal 2025 outlook, now expecting constant currency revenues to increase 3% to 4%, up from previous guidance. The company also anticipates operating margin expansion of 110 to 130 basis points in constant currency. For the third quarter, Ralph Lauren projects constant currency revenue growth of 3% to 4%, with operating margin expected to expand 100 to 140 basis points. The company maintained a healthy balance sheet with $1.7 billion in cash and short-term investments. It has returned approximately $375 million to shareholders through dividends and share repurchases fiscal year-to-date. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Ralph Lauren stock jumps as Q2 results top estimates, outlook raised By Investing.com first appeared on Forex Trader Hub.