(Reuters) -U.S. satellite TV provider DirecTV said on Thursday it has terminated its agreement to acquire Echostar (NASDAQ:)’s satellite television business that includes rival Dish TV over a failed debt-exchange offer. For the deal to go through, Dish DBS debtholders had to agree to exchange their debt for new debt in the merged entity at a discounted rate, taking a “haircut” of about $1.57 billion on the debt. Reuters reported last week that a group representing about 85% of Dish bondholders had rejected that proposal. “… we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV’s balance sheet and our operational flexibility,” said Bill Morrow, CEO of DirecTV. The proposed deal, initially announced in September, was seen as a strategic consolidation in a shrinking pay-TV market. As part of the two-step transaction, DirecTV was to pay $1 to buy the pay TV business called Dish DBS that includes Dish and Sling TV, while agreeing to assume about $9.75 billion of Dish’s debt. Dish and DirecTV launched an exchange offer at a discounted rate for the debt to help extend the maturities. DirecTV had said earlier this month it will abandon its acquisition by Nov. 22, if Dish TV bondholders don’t agree to a debt exchange. DirecTV said the deal termination will be effective Friday. Axios first reported on the deal termination. !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 DirecTV terminates Dish deal over failed debt swap By Reuters first appeared on Forex Trader Hub.

EUR/USD gave up another 0.6% as Greenback remains bid. The Euro is poised for further losses after falling to its lowest prices in over a year. Friday PMI releases to dominate the end of the week. EUR/USD trimmed further into the low end on Thursday, continuing to shed weight in the near-term and falling to the lowest bids since November of 2023. All but one of the last eight trading weeks are in the red, and Fiber is set to continue declining unless the Euro finds a reason to materially appreciate. Europe’s HCOB Purchasing Managers Index (PMI) numbers for November are due early in the European market window. Pan-EU Manufacturing PMI figures are expected to hold flat at a contractionary 46.0, with the European Services PMI component expected to tick up to 51.8 from 51.6. Median market forecasts for the US side of Friday’s PMI release schedule call for a general upswing in activity expectations, with November’s US Manufacturing PMI expected to rise to 48.8 from 48.5. The Services PMI component is likewise forecast to increase to 55.3 from 55.0. EUR/USD price forecast The EUR/USD pair remains under sustained bearish pressure, trading near 1.0470 as sellers dominate. The price continues to trend below both the 50-day EMA at 1.0890 and the 200-day EMA at 1.0866, reinforcing the bearish outlook after a death cross formed in recent weeks. The downtrend has been unbroken since late October, with the pair hitting fresh multi-month lows. Immediate support lies at 1.0450, a psychological level that could attract buyers; a break below this area might expose 1.0400 as the next target. The MACD indicator remains firmly bearish, with the MACD line staying below the signal line and the histogram deep in negative territory. Although the histogram shows subtle signs of easing, the overall momentum suggests limited prospects for a bullish reversal in the near term. Bulls need to reclaim the 50-day EMA to initiate a meaningful recovery, while bears will aim for further losses if the pair fails to hold above the 1.0450 threshold. Traders should watch for any significant price action around this support zone for clues about the pair’s next move. EUR/USD daily chart Euro FAQs The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.   Source link The post EUR/USD backslides on Thursday, tests new multi-month low first appeared on Forex Trader Hub.

Cboe BZX Exchange has submitted four 19b-4 filings for asset managers Bitwise, VanEck, 21Shares and Canary Capital to list spot Solana exchange-traded funds (ETFs) — the same day the Securities and Exchange Commission chief confirmed he will resign in January.  If approved, the Bitwise, VanEck, 21Shares and Canary Capital-issued spot Solana (SOL) ETFs would be listed on the Chicago Board Options Exchange (CBOE)’s BZX Exchange, which is located in the United States. Extract from VanEck’s 19b-4 filing to the SEC. Source: CBOE 19b-4s inform the SEC of a proposed rule change by a self-regulatory organization such as a financial regulatory body or stock exchange. It differs from S-1 registration statements, which VanEck and 21Shares already submitted for their Solana ETFs in late June and Canary Capital filed four months later, on Oct. 30. Meanwhile, Bitwise registered a statutory trust in Delaware for a spot Solana ETF on Nov. 20, indicating that it would put its name in the ring for regulatory approval. The crypto-focused asset manager then filed its S-1 on Nov. 21. The filings came — coincidentally or not — as the anti-crypto Gary Gensler announced he would resign as the SEC’s chair on the day of Donald Trump’s inauguration.  Gensler was supposed to serve as SEC’s chair until 2026. His voluntary resignation means that’s one less promise Trump will need to fulfill after the president elect told the crypto industry that he would fire Gensler on “Day 1.” Related: Sui Network restored after 2-hour outage in setback for ‘Solana killer’ Many industry pundits expect a far friendlier crypto regulatory environment, which could result in more crypto ETF filings like those seen on Nov. 21. A new SEC leadership and more regulatory clarity could see Solana’s potential security status tossed out the window; a 21Shares spokesperson told Cointelegraph: “We strongly believe that Solana’s native token, SOL, is eligible for inclusion in an ETF as a commodity. In fact, no court has found that SOL as a token itself is a security – which is consistent with numerous court decisions that we have cited in our filings.” Asset managers have also submitted filings for spot XRP (XRP) and Litecoin (LTC) ETFs. Franklin Templeton filed for a crypto index ETF, though the SEC has delayed the decision on that until early January 2025. Many industry analysts anticipate inflows into approved spot Solana ETFs may be small relative to what’s been seen with the Bitcoin (BTC) and Ether (ETH) ETFs. That said, Solana has been one of the top performers this bull cycle, increasing more than 2,500% to $254.71, CoinGecko data shows. It is now 1.2% off its all-time high price of $259.96 set in November 2021. Magazine: What Solana’s critics get right… and what they get wrong Source link The post Solana ETF regulatory filings flood in as Gensler sets departure date first appeared on Forex Trader Hub.

By Lisandra Paraguassu and Luana Maria Benedito BRASILIA (Reuters) – Brazil’s government has blasted French retailer Carrefour (EPA:) after its CEO vowed to keep South American meat off its shelves in France in solidarity with farmers, calling the comments part of a wider push to undermine a pending trade deal. Agriculture Minister Carlos Favaro called the pledge part of an “orchestrated action” by French companies to sabotage the trade pact between the European Union and South American trade bloc Mercosur, which officials aim to finalize this year. In a social media post addressed to leaders of France’s farm lobbies on Wednesday, Bompard said the EU-Mercosur deal presented the “risk of meat production spilling over into the French market failing to meet its requirements and standards.” “Carrefour wants to form a united front with the agricultural world and is today committing not to sell any meat from Mercosur,” he added. Carrefour representatives clarified to Reuters that the retailer does not currently source meat in France from Mercosur. The company did not answer questions about sourcing for its stores elsewhere in Europe. Brazilian meat industry group Abiec, which represents beef suppliers including JBS, Marfrig and Minerva, called the retailer’s plan “contradictory” as its local unit Carrefour Brasil operates 1,200 stores in the country selling mostly domestic beef. “It seems to me that they are trying to find some pretext so that France does not sign … the finalization of the Mercosur-European Union agreement,” Favaro said. In a separate statement, Brazil’s Agriculture Ministry had said Brazil’s rigorous controls made it the largest exporter of beef and poultry in the world, selling to 160 countries and meeting the strictest standards, including those of the EU. Conrado Ferber, head of Uruguay’s National Meat Institute, said Carrefour’s stance was “regrettable” and “commercially incomprehensible” because it disregarded the basis of free trade that allows economies to grow.  In a statement to Reuters on Thursday, Carrefour clarified that the CEO’s comments applied only to stores in France, and is not related to the quality of Mercosur meat but rather concerns from the French agricultural sector. Carrefour said all other countries where the group is present, including Brazil and Argentina, can continue to purchase meat from Mercosur. !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 Brazil blasts Carrefour over vow to keep Mercosur meat off shelves By Reuters first appeared on Forex Trader Hub.

By Johann M Cherian and Purvi Agarwal (Reuters) – Wall Street’s main indexes were mixed in volatile trading on Thursday, with Alphabet (NASDAQ:)’s losses weighing on the benchmark and the Nasdaq, while the blue-chip Dow touched a one-week high, boosted by shares of cloud company Salesforce (NYSE:). Alphabet slid 6.2% to touch a more than three-week low after the Justice Department argued to a judge that Google must sell its Chrome browser and take other measures to end its monopoly on online search. The stock’s losses weighed on the communication services sector, which fell 2.6%, while nine of the 11 S&P 500 sectors traded higher. Megacaps also took a hit, with Meta (NASDAQ:) down 1.2% and Apple (NASDAQ:) flat. Amazon.com (NASDAQ:) lost 3% after a report said it will likely face an EU investigation next year into whether it favors its own brand products on its online marketplace. Shares of Wall Street’s biggest company, Nvidia (O:), were choppy and were last down 0.5%. The chip company surpassed expectations for quarterly results, and projected fourth-quarter revenue above estimates. However, some investors were unimpressed that the forecast was its slowest in seven quarters. “It has a lot to do with some disappointments in terms of Nvidia’s guidance on the margins, the story on Google doesn’t help (either) and that’s bringing down the entire technology complex,” said Dan Eye, chief investment officer at Fort Pitt Capital Group. The broader was up 1%. At 11:42 a.m. ET, the rose 372.11 points, or 0.86%, to 43,780.58, the S&P 500 gained 18.99 points, or 0.32%, to 5,936.10 and the lost 48.96 points, or 0.26%, to 18,917.19. Nvidia has led much of the U.S. market rally since mid-2023 on expectations that AI integration could boost corporate profits. The stock has risen more than nine-fold in the past two years and the company boasts a market value of $3.5 trillion. Gains on the blue-chip Dow were aided by Salesforce’s 4.5% advance after three brokerages lifted their price targets on the stock. On the data front, a weekly report on jobless claims showed they fell unexpectedly last week, suggesting a rebound in job growth in November. Money market bets tiled in favor of a 25 basis points interest rate cut by the Fed at its December meeting, according to the CME Group’s (NASDAQ:) FedWatch. Meanwhile, Richmond Fed President Tom Barkin said the United States is more vulnerable to inflationary shocks than in the past, according to a media report. Comments from Federal Reserve officials Austan Goolsbee and Vice Chair for Supervision Michael Barr are on tap. Traders also monitored geopolitical tensions between Ukraine and Russia, that sent crude prices higher and aided a 1.4% gain in the energy sector. Deere (NYSE:) shares gained 7.8% after reporting an upbeat fourth-quarter profit, while Snowflake (NYSE:) jumped 32% after raising its annual product revenue forecast. Crypto stocks were mixed as bitcoin prices came off session highs. MARA Holdings jumped 7.6%, while Coinbase Global (NASDAQ:) dropped 4.4%. Advancing issues outnumbered decliners by a 3.44-to-1 ratio on the NYSE and by a 1.88-to-1 ratio on the Nasdaq. The S&P 500 posted 52 new 52-week highs and four new lows, while the Nasdaq Composite recorded 102 new highs and 108 new lows. !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 Wall St indexes mixed as Alphabet weighs; Dow hits one-week high By Reuters first appeared on Forex Trader Hub.

By Jody Godoy (Reuters) -Alphabet’s Google must sell its Chrome browser, share data and search results with rivals and take other measures – including possibly selling Android – to end its monopoly on online search, prosecutors argued to a judge on Wednesday. The measures presented by the Department of Justice are part of a landmark case in Washington which has the potential to reshape how users find information. They would be in place for up to a decade, enforced via a court-appointed committee to remedy what the judge overseeing the case deemed an illegal monopoly in search and related advertising in the U.S., where Google processes 90% of searches. “Google’s unlawful behavior has deprived rivals not only of critical distribution channels but also distribution partners who could otherwise enable entry into these markets by competitors in new and innovative ways,” the DOJ and state antitrust enforcers said in a court filing on Wednesday. Their proposals include ending exclusive agreements in which Google pays billions of dollars annually to Apple (NASDAQ:) and other device vendors to make its search engine the default on their tablets and smartphones. Google called the proposals staggering in a statement on Thursday. “DOJ’s approach would result in unprecedented government overreach that would harm American consumers, developers, and small businesses – and jeopardize America’s global economic and technological leadership at precisely the moment it’s needed most,” said Alphabet (NASDAQ:) Chief Legal Officer Kent Walker. U.S. District Judge Amit Mehta has scheduled a trial on the proposals for April, though President-elect Donald Trump and the DOJ’s next antitrust head could step in and change course in the case. TECHNICAL COMMITTEE The proposals are wide-ranging, including barring Google from re-entering the browser market for five years and insisting Google sell its Android mobile operating system if other remedies fail to restore competition. The DOJ has also requested a prohibition on Google buying or investing in search rivals, query-based artificial intelligence products or advertising technology. Publishers and websites would also be given a way to opt out of being included in training Google’s AI products. A five-person technical committee appointed by the judge would enforce compliance under prosecutors’ proposals. The committee, which Google would pay for, would have the power to demand documents, interview employees and delve into software code, the filing showed. The measures together are meant to break “a perpetual feedback loop that further entrenches Google” through additional users, data and advertising dollars, prosecutors said. CHROME AND ANDROID Chrome is the world’s most widely used web browser and is a pillar of Google’s business, providing user information that helps the company target ads more effectively and profitably. Google has used Chrome and Android to preference its own search engine to the detriment of rivals, prosecutors said. Google has said making it divest Chrome and Android, which are built on open source code and are free, would harm companies that have built upon them to develop their own products. The proposals would bar Google from requiring devices that run on Android to include its search or AI products. Google would have the option to sell the software off in lieu of compliance. The DOJ and state antitrust enforcers would have to approve any potential buyers. Google will have a chance to present its own proposals in December. DATA SHARING Google would be required under the proposals to license search results to competitors at nominal cost and share data it gathers from users with competitors for free. It would be barred from collecting any user data that it cannot share because of privacy concerns. Prosecutors crafted the proposals after speaking with companies that compete with Google, including search engine DuckDuckGo. “We think this is a really big deal and will lower the barriers to competition,” said Kamyl Bazbaz, DuckDuckGo’s head of public affairs. DuckDuckGo has accused Google of trying to dodge European Union rules requiring data sharing. Google said it will not compromise user trust by giving competitors sensitive data. !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 Google must divest Chrome to restore competition in online search, DOJ says By Reuters first appeared on Forex Trader Hub.

Investing.com — Citi has placed Nvidia (NASDAQ:) on a 90-day Upside Catalyst Watch ahead of CES in January 2025. The bank anticipates key announcements from Nvidia during the event, including updates on its Blackwell product line, improvements in gross margins, and growth opportunities in AI-driven industrial and robotics applications. Citi noted that Nvidia delivered a “beat and raise,” with October quarter revenue reaching $35 billion, beating expectations of $34 billion. The company’s guidance for the January quarter was $37.5 billion, aligning with market forecasts. The investment bank’s analysts said Nvidia’s management addressed several critical topics during its earnings call. These included the accelerating Blackwell ramp, which is expected to contribute significantly to January-quarter sales, and the trajectory for gross margins, which are projected to trough in the April quarter before recovering to the mid-70% range in the second half of the fiscal year. Citi highlighted Nvidia’s continued strength in AI scaling across pre-training, post-training, and inference, which is expected to fuel growing demand for compute power. Although networking demand declined quarter-over-quarter due to supply chain issues in optics, Citi expects a rebound in the January quarter. Citi analysts are optimistic about Nvidia’s prospects at CES. They noted, “NVIDIA CEO Jensen Huang will give the opening keynote on Jan 6th and the company is hosting a financial analyst Q&A on Jan 7th.” The firm expects Nvidia to outline increased Blackwell sales expectations, address the anticipated margin recovery, and discuss a “demand inflection” for AI-driven robotics in warehouses, manufacturing, and humanoid applications. Citi maintains a Buy rating on Nvidia, raising its price target to $175 from $160, reflecting the company’s consistent 35x P/E multiple and projected earnings growth. !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 Nvidia added to upside 90-day catalyst watch at Citi By Investing.com first appeared on Forex Trader Hub.

Investing.com – Japan stocks were lower after the close on Thursday, as losses in the , and sectors led shares lower. At the close in Tokyo, the lost 0.97%. The best performers of the session on the were Tokyo Gas Co., Ltd. (TYO:), which rose 4.94% or 213.00 points to trade at 4,528.00 at the close. Meanwhile, M3 Inc (TYO:) added 4.43% or 61.00 points to end at 1,437.50 and Taiheiyo Cement Corp. (TYO:) was up 3.81% or 131.00 points to 3,566.00 in late trade. The worst performers of the session were IHI Corp. (TYO:), which fell 3.94% or 358.00 points to trade at 8,721.00 at the close. Sumitomo Realty & Development Co. (TYO:) declined 3.44% or 161.00 points to end at 4,522.00 and East Japan Railway Co. (TYO:) was down 3.27% or 94.00 points to 2,779.00. Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 1782 to 1746 and 337 ended unchanged. Shares in Tokyo Gas Co., Ltd. (TYO:) rose to 5-year highs; rising 4.94% or 213.00 to 4,528.00. The , which measures the implied volatility of Nikkei 225 options, was down 5.63% to 24.65. Crude oil for January delivery was up 0.73% or 0.50 to $69.25 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January rose 0.67% or 0.49 to hit $73.30 a barrel, while the December Gold Futures contract rose 0.44% or 11.60 to trade at $2,663.30 a troy ounce. USD/JPY was down 0.34% to 154.90, while EUR/JPY fell 0.35% to 163.33. The US Dollar Index Futures was down 0.08% at 106.53. !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 Japan stocks lower at close of trade; Nikkei 225 down 0.97% By Investing.com first appeared on Forex Trader Hub.

SINGAPORE (Reuters) -Dollar bond prices for Adani companies fell sharply in early Asia trade on Thursday after the Indian conglomerate’s billionaire chairman was indicted in New York over allegations of bribery and fraud. Prices for Adani Port and Special Economic Zone debt maturing in August 2027 fell more than five cents on the dollar, according to LSEG data. Adani Mumbai debt maturing in February 2030 fell nearly eight cents and dollar bonds issued by Adani Transmission also notched falls larger than five cents to trade just above 80 cents. The price falls were the biggest since February 2023 when short-seller Hindenburg Research published a negative report, questioning the group’s debt levels and use of tax havens. U.S. authorities said on Wednesday that Adani Group Chairman Gautam Adani and seven other defendants agreed to pay about $265 million in bribes to Indian government officials. Adani Group did not immediately respond to requests for comment outside business hours in India. Shares in India-listed Adani companies begin trade at 0345 GMT. !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 Adani dollar bonds tumble after US bribery charges By Reuters first appeared on Forex Trader Hub.

The Japanese Yen strengthens against the USD, though it lacks bullish conviction amid BoJ uncertainty. The upbeat market mood and elevated US bond yield might contribute to capping the lower-yielding JPY. Traders look at Thursday’s US macro data and the Fed speaks ahead of Japan’s National CPI on Friday. The Japanese Yen (JPY) edges higher against its American counterpart during the Asian session on Thursday and drags the USD/JPY pair away from the weekly top touched the previous day. Any meaningful JPY appreciation, however, seems elusive in the wake of the uncertainty tied to the Bank of Japan’s (BoJ) pace and the timing of further interest rate hikes. Adding to this, a generally positive risk tone should contribute to capping gains for the safe-haven JPY. Meanwhile, expectations that the Federal Reserve (Fed) may slow its path of rate cuts, amid concerns that US President-elect Trump’s proposed policies could reignite inflation, remain supportive of elevated US Treasury bond yields. This assists the US Dollar (USD) to stand firm near the year-to-date peak and should limit losses for the USD/JPY pair. Traders might also opt to wait for the release of Japan’s National Core Consumer Price Index (CPI) on Friday.  Japanese Yen might struggle to gain any meaningful traction amid a bearish fundamental backdrop Bank of Japan Governor Kazuo Ueda earlier this week left markets guessing as to how soon and at what pace could the central bank tighten its monetary policy. Investors are pricing in an even chance of a 25-basis-point rate hike and an on-hold decision at the final BoJ policy meeting of this year on December 18-19. According to mediate reports, the economic package proposed by Japanese Economic Revitalisation Minister Akazawa is expected to be around ¥21.9 trillion.  Comments from Russian and US officials eased market concerns about the onset of a nuclear war, denting demand for traditional safe-haven currencies.  US President-elect Donald Trump’s proposed policies could potentially stoke inflation and slow the path of interest rate cuts from the Federal Reserve. Furthermore, Fed policymakers’ cautious remarks on further policy easing remain supportive of rising US Treasury bond yields and a bullish US Dollar.  Fed Governors member Lisa Cook noted on Wednesday that the central bank might get forced into a pause on interest rate cuts if inflation progress slows down. Separately, Fed Governor Michelle Bowman said that the progress on inflation appears to have stalled and that the central bank should pursue a cautious approach. Boston Fed President Susan Collins said that more rate cuts are needed, but policymakers should proceed carefully to avoid moving too quickly or too slowly. Traders now look to BoJ Governor Kazuo Ueda’s appearance for some impetus ahead of speeches from a slew of influential FOMC members later this Thursday.  Meanwhile, the US economic docket features the release of Weekly Initial Jobless Claims, the Philly Fed Manufacturing Index and Existing Home Sales data. The focus, however, remains on Japan’s National Core Consumer Price Index (CPI), which will be among the factors that the BOJ will scrutinize at its next meeting.  USD/JPY technical setup supports prospects for the emergence of dip-buying at lower levels From a technical perspective, the USD/JPY pair has been showing some resilience below the 100-period Simple Moving Average (SMA) on the 4-hour chart. Moreover, oscillators on the daily chart are holding comfortably in positive territory, suggesting that any subsequent slide might still be seen as a buying opportunity near the 154.65-154.60 region. This should help limit the downside near the 154.00 mark (200-period SMA). The said support should act as a key pivotal point, which if broken might expose the weekly swing low, around the 153.25 area.  On the flip side, the Asian session peak, around the 155.40 area, now seems to act as an immediate hurdle, above which the USD/JPY pair could make a fresh attempt to reclaim the 156.00 mark. Some follow-through buying could lift spot prices towards retesting the multi-month top, around the 156.75 region touched last Friday. Japanese Yen FAQs The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen. Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential. The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.   Source link The post Japanese Yen gains positive traction against USD, upside potential seems limited first appeared on Forex Trader Hub.

Digital asset management firm Bitwise has registered a statutory trust for a proposed spot Solana exchange-traded fund (ETF) in Delaware — indicating that it may soon file for an S-1 registration statement with the United States securities regulator. The Bitwise Solana (SOL) ETF was incorporated on Nov. 20, according to the State of Delaware’s Division of Corporations website. The registered agent was listed as CSC Delaware Trust Company, which is headquartered in Wilmington, Delaware. Bitwise would still need to submit a 19b-4 filing and S-1 registration statement to the US Securities and Exchange Commission to officially put its name in the race with VanEck and Canary Capital. On Oct. 1, Bitwise filed to register a spot XRP (XRP) ETF in Delaware and then submitted its S-1 form to the US securities regulator the very next day. If approved, the Bitwise Solana ETF would seek to track the price movement of the world’s fourth-largest cryptocurrency. The filing didn’t state which stock exchange would list the Solana product — however, the Bitwise Bitcoin ETF and Bitwise Ethereum ETF are both listed on the New York Stock Exchange Arca.  A proposed ticker wasn’t listed for Bitwise’s Solana ETF either. Bitwise’s Solana ETF registration. Source: State of Delaware Division of Corporations VanEck’s Head of Digital Asset Research Matthew Sigel expects the odds of a US-approved spot Solana ETF will be “overwhelmingly high” by 2025’s end. Part of Sigel’s rationale was based on a more crypto-friendly regulatory environment under the Trump administration, which enters office on Jan. 20. Many industry pundits expect inflows into approved spot Solana ETF would be small relative to what’s been seen with the Bitcoin (BTC) and Ether (ETH) ETFs. Related: US regulators mull approving Grayscale crypto index ETF Solana has been one of the top performers this bull cycle, increasing 2360% to $236.91, CoinGecko data shows. However, Solana was one of the worst performers in the bear cycle when compared to other large-cap coins, and it still hasn’t set a new all-time high this cycle. It comes as the Securities and Exchange Commission delayed its decision to approve the Franklin Templeton Crypto Index ETF until early 2025. Asset managers have also submitted filings for spot Litecoin (LTC) ETFs. Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex Source link The post Bitwise registers Solana ETF in US state Delaware first appeared on Forex Trader Hub.

(Reuters) -Elon Musk and Vivek Ramaswamy said the government efficiency panel that President-elect Donald Trump has named them to lead will follow recent U.S. Supreme Court rulings that they say can be used to take power away from federal agencies and reduce regulations the two call unnecessary, costly and inefficient. Musk, the billionaire CEO of Tesla (NASDAQ:) and SpaceX, and Ramaswamy, a former Republican presidential candidate and the founder of biotech firm Roivant Sciences (NASDAQ:), will head a panel of outside advisers to make recommendations concerning the federal government. They want to greatly reduce the size of the federal workforce and to wipe away many existing regulations. Given the ambitious claims made by Musk, Ramaswamy and Trump about the panel’s ability to transform the U.S. government, the effort has received widespread publicity and interest in how it will operate. The two wrote a Wall Street Journal opinion piece about the panel on Wednesday. They said their bid to pull the plug on existing regulations will be guided by a pair of recent U.S. Supreme court rulings that limited the authority of federal regulatory agencies. In a 2022 decision, the court decided that agencies cannot address “major questions” with broad economic or societal impact without explicit permission from Congress. In a ruling in June, the court overturned its own precedent that had called on courts to defer to an agency’s interpretation of ambiguous laws. Both decisions have led judges to block or strike down a number of Biden administration rules, including a student debt relief plan and regulations on net neutrality and overtime pay. Together, the Supreme Court decisions suggest that thousands of other federal rules are invalid, according to Musk and Ramaswamy. They also predicted legal challenges if Trump nullifies existing rules, but said the president has the power to correct overreach by agencies. With an electoral mandate and the 6-3 conservative majority on the Supreme Court, Musk and Ramaswamy said, their panel has an opportunity to enact substantial structural downsizing within the federal government. William Buzbee, a professor at Georgetown Law who specializes in administrative law, called Musk and Ramaswamy’s interpretation of the recent Supreme Court cases “very confused,” and that neither decision limits agency powers as drastically as they claim. Trump said last week the panel will issue individual reports on its work and “a big one” at the end, slated for July 4, 2026. The panel expects that Trump will, “by executive action, immediately pause the enforcement of those regulations and initiate the process for review and rescission.” Musk and Ramaswamy said they can reduce federal spending by $500 billion by cutting expenditures that have not been authorized by Congress or are being used in ways that Congress did not intend, citing $535 million for the Corporation for Public Broadcasting, $1.5 billion for international organizations and nearly $300 million given to groups like Planned Parenthood. They stated that a partnership with the Trump presidential transition team was underway to hire a team of “small-government crusaders,” which will work with the White House Office of Management and Budget. Trump is due to take office on Jan. 20. Musk and Ramaswamy also suggested that requiring federal employees to come to the office five days a week would result in workers leaving their jobs. Some Republicans want Musk to back requiring all federal workers to work in-person. U.S. Senator Joni Ernst said on Wednesday she was delivering a roadmap to Trump, Musk and Ramaswamy “on how to end the shenanigans and get the federal workforce back to work.” Since it was announced last week, the panel has said it wants “high IQ” employees and plans weekly livestreams, according to social media posts by Musk and Ramaswamy. Buzbee said that Trump had a “great deal of latitude” to order agencies to “go easy on enforcement,” but that there were significant obstacles to the sweeping deregulation described by Musk and Ramaswamy. Many regulations allow private citizens to bring lawsuits enforcing them, he said – for example, by suing polluters that violate environmental standards. Fully rolling back the regulations is an intensive legal process that will be difficult for agencies if their staffs are suddenly slashed, he said. The panel is not Trump’s first effort at paring back regulatory agencies. During his first term, he tried to kill at least 19 agencies, without success. He called for eliminating the Overseas Private Investment Corporation that helps spur private investment in foreign development projects and the Corporation for Public Broadcasting. He also tried to cut funding for Amtrak, subsidies for rural airline service and the Special Olympics. !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 Musk, Ramaswamy will lean on Supreme Court rulings to cut US agencies By Reuters first appeared on Forex Trader Hub.

(Reuters) – President-elect Donald Trump’s team is holding discussions with the digital asset industry about whether to create a new White House post solely dedicated to crypto policy, Bloomberg News reported on Wednesday. The team is vetting candidates for the role, the report said, citing people familiar with the transition efforts. The transition team did not immediately respond to Reuters request for comment. Trump championed bitcoin and the crypto industry in the run-up to the election. He promised to fire Gary Gensler, the crypto-skeptic chair of the Securities and Exchange Commission, “on day one” and reportedly paid with bitcoin for burgers he bought for his supporters at a New York bar. A dedicated crypto post at the White House would be another major win for an industry that has moved from the fringes to the mainstream in years. On Wednesday, bitcoin rose to a fresh record high and inched closer to the highly anticipated $100,000 milestone as the prospects for the crypto sector improved after Trump won the presidential race earlier this month. !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 Trump team weighs creating first-ever White House crypto role, Bloomberg News reports By Reuters first appeared on Forex Trader Hub.

NEW YORK – ARK Investment Management LLC has announced that as of October 31, 2024, its ARK Venture Fund provides investors with almost 15% exposure to several of Elon Musk’s private ventures. The fund includes stakes in SpaceX, X.AI, and X Corp., which are not publicly traded and are typically out of reach for most investors. The ARK Venture Fund’s portfolio allocation includes 12.7% in SpaceX, the aerospace manufacturer and space transport services company, 1.5% in X.AI, an artificial intelligence enterprise, and 0.7% in X Corp., details of which have not been disclosed. These companies operate in sectors such as space exploration, AI, social platforms, and renewable energy. ARK Investment Management suggests that Musk’s recent participation in U.S. policy discussions has created a favorable environment for innovation, which may benefit the growth of his companies. This involvement is seen as a potential advantage for the ARK Venture Fund’s investors, as they might experience the impact of Musk’s influence on technology and sustainability advancements. The fund is accessible through the SoFi (NASDAQ:) app and the Titan wealth platform, offering a unique channel for investors to gain exposure to Musk’s portfolio of private companies. This move by ARK Investment Management provides an alternative investment opportunity for those looking to diversify their portfolio with private ventures that have been largely inaccessible to the general public. The information regarding the ARK Venture Fund’s exposure to Elon Musk’s companies is based on a press release statement. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. !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 ARK Venture Fund offers 15% exposure to Elon Musk’s private firms By Investing.com first appeared on Forex Trader Hub.

By Kane Wu and Miho Uranaka TOKYO (Reuters) -Funding for the proposed buyout of Japan’s Seven & i Holdings by its founding family will be finalised by the end of December and will involve Japan’s three largest lenders, two people with knowledge of the matter said. Mitsubishi UFJ Financial Group (NYSE:), Sumitomo Mitsui Financial Group (NYSE:) and Mizuho (NYSE:) Financial Group will each provide funding for the buyout, said the people, who declined to be identified as the matter has not been made public. MUFG, SMFG, Mizuho, and Seven & i declined to comment. The operator of more than 80,000 7-Eleven convenience stores around the world is caught in a three-way tug-of-war between a foreign suitor, its founding family, and company management who say their growth plan can enhance value. Earlier on Wednesday, shares in Seven & i jumped following a media report that the founding Ito family was aiming to take the retailer private within this financial year ending in February. Japanese public broadcaster NHK reported on Tuesday that the Ito family aimed to raise more than $51.7 billion to take the company private through a special purpose company, which is in talks with Japan’s three largest lenders and major U.S. financial institutions. Seven & i said on Wednesday it was not the source of the media report about the founding family’s bid. The company said no decision had been made about proposed deals from the Ito family, Canadian suitor Couche-Tard, or any third party. The shares surged as much as 11% and finished the day up 6.52% at 2,597 yen ($16.68), compared with a 0.16% drop in the benchmark average. Alimentation Couche-Tard, which competes with Seven & i in the North American gas station market, in August made an initial bid to take over the Japanese retail giant. It later raised its offer to $47 billion, in what would be the largest-ever foreign takeover of a Japanese company. ($1 = 155.7400 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 Funding for Seven & i founding family buyout will be finalised by end Dec, say sources By Reuters first appeared on Forex Trader Hub.

By Mike Dolan LONDON (Reuters) – Pity the poor forecasters compiling 2025 investment outlooks. Little of their hastily-compiled post-election annual outlooks may endure beyond the end of this year. Investors seized upon the unexpected size and sweep of this month’s U.S. election win by Donald Trump and his Republican Party to double down on a variety of so-called Trump trades. If true to his word, it was assumed, Trump’s promises of corporate tax cuts, tariff hikes and immigration curbs would expand an already vast budget deficit, whack Treasury bonds and flatter firms’ bottom lines and stock prices. At the same time, investors also bet that the unintended consequences of tariff hikes and immigration crackdowns could rekindle inflation, hamstring the Federal Reserve’s monetary policy easing campaign and push both the interest rate horizon and the dollar higher. It all sounds quite neat – and it’s played out to some extent in an economy that’s already running hot, thanks largely to the outgoing Biden administration. Since the first week in October, when Trump reclaimed his position as bookmakers’ favorite in the race for the White House, the has jumped 5%, 30-year bond yields have added half a percentage point, the has climbed 3% and Trump’s presumed cryptocurrency sympathies have prompted to balloon by more than 50%. The problem is that for these trades to endure through 2025, investors still need to make a trifecta of good guesses. With two months still to go before Trump takes office, markets first have to figure out which of his pledges will actually materialize and to what degree. And of the ones that do show up, there is the trickier problem of guessing their macroeconomic impact. And then investors need to go one step further and determine whether financial trades made on the back of it all are sequenced and skewed the right way. After all, the past few decades are littered with seismic moments that produced market reactions almost no one would have predicted. Even if someone somehow bet on a global pandemic occurring in 2020, for example, it’s unlikely that they would have simultaneously forecast a 15% surge in world stocks in the same year. UNRAVELLING THREADS So what will become of the big macro Trump trades? Even ardent Trump supporters radically differ on both the likely and even desired outcomes of his main economic proposals. One of the main punts is rising Treasury yields. This is largely based on non-partisan estimates of the budget cost of Trump’s various tax-cut promises, including rolling over his 2017 cuts and slashing corporate tax rates. With a Republican clean sweep of Congress, it now seems plausible that these plans will come to fruition, and Treasuries have clearly felt the heat as a result. But, as Eurizon hedge fund manager Stephen Jen points out, there’s been virtually no market focus on the plans for draconian spending cuts – which, even if partly successful, could cut across the standing projections nagging bond markets. Jen calculated it was “possible, even if not probable,” that the annual budget gap could actually be dragged back to less than 1% of GDP by 2028 even on a partial implementation of much-touted spending cuts and a government “efficiency” drive. “The net impact on inflation and bond yields could very well be negative,” he posited. If that seems fanciful right now, it should at least question straight-line cause-and-effect in the other direction. Moreover, what if the proposed mass layoffs of 25%-50% of some 2.3 million federal workers tips an already cooling labor market into a deeper funk? Or what if it generates job insecurity that severely damages household confidence? Far from leaning back against fiscal stimulus, that scenario could see the Fed’s reaction function shift in the other direction And pulling these threads undermines a host of other trades – most obviously an assumption the dollar will continue moving higher from here. If the economy falters, perhaps because of a global trade war that backfires on the U.S. via Chinese or European retaliation and dampened overseas demand, other tenets of the “Trump trade” start to unravel too. And if you think tax cuts will win out either way, you have to assume a Republican sweep in Congress is strong enough to get those cuts over the line. The Republican majority in the U.S. House of Representatives is below 10, far less than during Trump’s first term and, back then, 12 Republicans actually voted against his Tax Cuts and Jobs Act of 2017. ANNUAL GUESSING GAME Pity the poor forecaster indeed. As Wall Street investment banks start to roll out 2025 outlooks this week, what appears like a consensus for another 10% rise in U.S. stock indexes seems to rely on markets muddling through the fog on some middle ground that’s less than half the annual gains of the past two years. And they have all been wise to attach get-out clauses. JPMorgan’s global economists include an “alternative scenario” that supposes the billed political disruption just ends up being a giant shock to the world economy. “If the U.S. turns aggressively inward by sharply curtailing trade and attempting large-scale deportations, the fallout would be a far more adverse global supply shock,” wrote Bruce Kasman and the rest of the JPMorgan team. “The disruptive impact of this shock would be amplified by retaliation and a global sentiment slide. The risk of a large and broad-based negative shock to business sentiment is the major threat to the global expansion next year.” That’s not what the Trump trade says on the tin. The opinions expressed here are those of the author, a columnist for Reuters (by Mike Dolan; Editing by Paul Simao) !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 Column-There may be no durable Trump trade: Mike Dolan By Reuters first appeared on Forex Trader Hub.

Investing.com– Asian stocks kept to a tight range on Wednesday as technology shares turned skittish before key earnings from Nvidia Corp , while Chinese markets struggled after Beijing left its benchmark lending rates unchanged.  Regional markets took little strength from a positive overnight session on Wall Street, which was spurred largely by gains in NVIDIA Corporation (NASDAQ:) and other technology stocks. U.S. stock index futures steadied in Asian trade, with focus squarely on earnings from Nvidia due after the U.S. market close on Wednesday. The company is seen as a bellwether for artificial intelligence demand, and is likely to set a course for tech stocks in the coming days.  Chinese stocks drift lower as loan prime rates remain unchanged China’s and indexes fell 0.4% and 0.1%, respectively. Hong Kong’s index fell 0.2%. The People’s Bank of China left its and LPRs unchanged on Wednesday, with Beijing likely holding back on more stimulus until it had gained a clearer picture of what a Donald Trump presidency will entail for Sino-U.S. relations.  China had cut the LPR slightly more than expected in October, as the country announced a string of major stimulus measures to boost sluggish growth.  But Beijing has held off on announcing more targeted fiscal measures, with analysts stating that the government was watching for the impact of proposed trade tariffs by Trump on the economy.  This trend has seen Chinese markets lag their Asian peers in recent sessions.  Japanese shares dip as trade balance shrinks Japan’s and indexes fell 0.4% and 0.2%, respectively, on Wednesday. Data showed the country logged a bigger than expected in October, as local imports unexpectedly rose during the month. The reading indicated that Japanese demand still remained relatively robust. Among individual Japanese stocks, Seven & i Holdings Co., Ltd. (TYO:) surged over 8%  to a record high after local media reported the retailer’s founding Ito family was preparing to take the firm private by the end of the current fiscal year. Tokyo Gas Co., Ltd. (TYO:) rallied nearly 12% after American activist investor Elliott Management took a 5% stake in the firm.  Focus this week is on Japanese data for October, due on Friday.  Nvidia suppliers skittish ahead of Q3 earnings Shares of Nvidia’s Asian suppliers were a mixed bag on Wednesday, with focus on the chipmaker’s third-quarter earnings. Nvidia is widely expected to clock strong earnings growth on robust AI demand, although focus will be on whether its outlook remains strong. South Korean memory chip giant SK Hynix Inc (KS:) rose 1.2%, while rival Samsung Electronics Co Ltd (KS:) fell 1.2%.  Taiwan’s TSMC (TW:) (NYSE:) was flat in Taipei trade, while Hon Hai Precision Industry Co Ltd (TW:), also known as Foxconn, rose 1.2%. In Japan, chip testing equipment maker Advantest Corp. (TYO:) fell 0.8%.  Broader Asian stocks were mostly lower. Risk appetite was also dented by increased concerns over the Russia-Ukraine war, especially after Moscow lowered its threshold for carrying out nuclear retaliation.  Australia’s fell 0.4%, while South Korea’s added 0.5%, recovering from a recent  three-month low.    !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 Asia stocks falter with Nvidia in focus, China leaves rates unchanged By Investing.com first appeared on Forex Trader Hub.

EUR/USD spiraled between key levels on Tuesday as momentum remains limited. Fiber is looking to stage a recovery back above the 1.0600 handle, but headwinds remain. A lack of key momentum-driving data is hobbling bullish momentum opportunities. EUR/USD chewed through chart paper between 1.0550 and 1.0600 levels on Tuesday, testing into the low side but staging a recovery to add a thin 0.14% on the day. Final pan-EU Harmonized Index of Consumer Prices (HICP) inflation figures did little to galvanize Fiber traders in either direction, and Greenback markets have to settle for a thin release schedule this week. Headline HICP inflation in Europe held at a perfectly-even 2.0% YoY in October, matching preliminary figures. The data point was a non-starter in Euro markets, sparking little interest on either side of the bid-ask spread. US data remains muted until the latter half of the trading week brings unemployment claims and Retail Sales figures. ECB President Lagarde appears on Wednesday to deliver the opening remarks at the ECB’s Conference on Financial Stability and Macroprudential Policy. The ECB is currently caught between a rock and a hard place as European inflation continues to hold stickier than European policymakers had initially expected, and the broader European economy continues to tilt lopsided. US economic data releases remain thin in the front half of the trading week. Mid-tier Initial Jobless Claims are due on Thursday, and expected to show a slight uptick in the number of new unemployment benefits seekers for the week ended November 15. US S&P Purchasing Managers Index (PMI) activity figures will be the number to watch this week, but won’t be dropping on investors until Friday. EUR/USD price forecast EUR/USD has backslid nearly 6.5% top-to-bottom from September’s peak just above 1.1200, bottoming out near the 1.0500 handle before an anemic recovery into 1.0600. Despite a near-term upswing, Fiber remains staunchly in bear country, with price action trading well below the 200-day Exponential Moving Average (EMA) near 1.0900. A swell of bearish momentum in recent weeks has kicked the 50-day EMA below the long-run moving average, and is now poised for a decline into 1.0800. If the current bullish play runs out of steam, both buyers and sellers should expect that to occur somewhere near the still-falling 50-day EMA. EUR/USD daily chart Euro FAQs The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.   Source link The post EUR/USD looks for higher ground above 1.06 first appeared on Forex Trader Hub.

Rumble, a YouTube alternative popular among the far-right and conspiracy theorists, has become the latest company to consider adding Bitcoin to its balance sheet. Rumble Inc (RUM) shares gained as much as 9%, hitting a high of $6.20 in after-hours trading on Nov. 19 after its founder and CEO Chris Pavlovski earlier posed the question on X, which saw strong support from the crypto community.  “Should Rumble add Bitcoin to its balance sheet?” Pavlovski asked in an X poll, to which around 29,000 people answered “Yes.” Source: Chris Pavlovski “Yes. Happy to help if needed,” said Jack Mallers, CEO and founder of Bitcoin payment provider Strike.  Michael Saylor, chairman of the Bitcoin (BTC)-buying MicroStrategy, offered to discuss with Pavlovski how it could be done, which Pavlovski appears to have taken up. Source: Chris Pavlovski Rumble shares closed up 2.5% on the day at $5.68 before reaching a peak after-hours at $6.20, which has now cooled to $5.78, a 1.76% gain since market close, per Google Finance. Rumble, based in Florida and Ontario, runs a video-sharing platform of the same name known for its lenient content moderation policies. Its cloud services arm also hosts the Donald Trump-owned social media platform Truth Social. Rumble has roughly 67 million monthly active users and began trading publicly on the Nasdaq in September 2022.  As of Sept. 30, 2024, Rumble’s balance sheet of cash, cash equivalents and marketable securities was approximately $132 million.  The platform also brought in roughly $25 million in revenue in the third quarter, up 39% year-on-year.  Its shares have been down since its Q3 results were reported last week, in which the company’s revenue missed analyst estimates by 14% and its earnings per share (EPS) fell short of expectations by 20%.  Related: Microsoft shareholder proposes firm look into investing in Bitcoin If Rumble adds Bitcoin to its balance sheet, it would join a growing list of companies that have taken the plunge this year. Artificial intelligence firm Genius Group took the first steps in its “Bitcoin first” strategy on Nov. 18, purchasing 110 Bitcoin for $10 million. It eventually wants to hold 90% of its reserves in Bitcoin.  Meanwhile, the Japan-based Metaplanet has just bought another $11.3 million worth of Bitcoin, with Bitcoin Treasuries data showing the firm now holds 1142.2 Bitcoin as of Nov. 19.  Medical device maker Semler Scientific also added $17.7 million of Bitcoin recently, increasing its holdings to 1,273. Magazine: Legal issues surround the FBI’s creation of fake crypto tokens Source link The post Rumble shares rise 9% as founder mulls scooping up Bitcoin first appeared on Forex Trader Hub.

By Stephen Nellis (Reuters) -Qualcomm executives on Tuesday said they were “positive” on President-elect Donald Trump’s incoming administration and were not concerned that proposed U.S. tariffs would dampen the nearly half of Qualcomm (NASDAQ:)’s sales derived from the China. Qualcomm executives made the remarks at an investor event in New York during which the company forecast $22 billion in combined revenue over the next five years from laptops, cars and other products outside its current stronghold in smartphones, a sharp growth from its latest fiscal year. During a question-and-answer session with analyst, Alex Rogers (NYSE:), who runs Qualcomm’s technology licensing business, said the San Diego, California, company had a “great relationship” with Trump’s previous administration, which blocked a hostile takeover bid for Qualcomm from rival Broadcom (NASDAQ:). “We expect a good relationship going forward. We’re very positive on the recent pick for Commerce Secretary, so we are expecting to have a good relationship and to be engaged as we have been through this past administration,” Rogers said, referencing Trump’s expected nomination of Howard Lutnick. Responding to another analyst question, Qualcomm Chief Executive Cristiano Amon said he does not foresee problems competing for business in China, which accounted for 46% of Qualcomm’s nearly $40 billion in revenue in its most recent fiscal year. Trump has proposed tariffs of 60% on Chinese imports, which economists have said China might respond to with tariffs of its own on American goods. For now, Amon said Chinese firms are buying Qualcomm’s automotive chips, and that the last round of Trump tariffs on Chinese goods did not hurt Qualcomm. “As geopolitics started to become front and center in the U.S.-China conversation, the Qualcomm partnerships with China actually increased, as we expanded to other industries” beyond smartphones, Amon said. Qualcomm has been burnt before by U.S.-China trade tensions. In 2018, it was forced to walk away from a $44 billion deal to buy NXP Semiconductors (NASDAQ:) – which would have been the biggest chip takeover globally – after failing to secure Chinese regulatory approval. In fiscal 2024 that ended Sept. 29, Qualcomm reported revenue totaling $8.32 billion from the same set of chip categories, which made up just a third of the $24.86 billion it made from smartphone chips. San Diego, California-based Qualcomm is the world’s top supplier of mobile phone chips that connect handsets to mobile data networks. The company has been working to diversify its offerings, winning deals with companies including General Motors (NYSE:) to supply chips for the dashboards and driver-assistance systems in vehicles, and collaborating closely with Microsoft (NASDAQ:) and PC makers to compete against Intel (NASDAQ:) and Advanced Micro Devices (NASDAQ:) in the laptop market. Qualcomm is also grappling with the long-term decline of its business from Apple (NASDAQ:), which is developing its own wireless modem chips. Akash Palkhiwala, Qualcomm’s finance chief and chief operating officer, said the new categories would offset those sales losses. “This growth in annual revenue far exceeds the scale of the Apple chipset business revenues today,” he said during the event. Qualcomm said it expects $8 billion in automotive chip revenue by fiscal 2029, and $4 billion from PCs. It expects $2 billion from augmented and mixed-reality headsets, such as those made by Meta Platforms (NASDAQ:) that already feature Qualcomm chips. The company expects $4 billion in industrial chips that help connect factory machines to networks, as well as $4 billion for chips for the internet-of-things (IoT), a broad category that includes devices such as wireless headphones and smart home gadgets such as cameras. In the just reported fiscal 2024, the company posted a dip in IoT revenue to $5.4 billion, sharply missing its own forecast from a similar investor day in 2021 of $9 billion by fiscal 2024. Qualcomm’s shares have risen about 13.7% to this year, only about half of the 25% rise in the . Its business remains highly concentrated in smartphones. Together with Apple, Samsung Electronics (KS:) and Xiaomi (OTC:) help make up more than half of the company’s $39.96 billion in revenue for its most recent fiscal year. !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 Qualcomm ‘positive’ on Trump administration as it forecasts chip sales growth By Reuters first appeared on Forex Trader Hub.