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2024-01-22 23:54:15+00:00

{"Bitcoin": [3503]}

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Franchise Group’s Kahn Steps Down Amid Hedge Fund Inquiry

https://finance.yahoo.com/news/franchise-group-brian-kahn-steps-213402134.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Brian Kahn is stepping down as chief executive officer of Franchise Group Inc., just months after a leveraged buyout aided by B. Riley Financial Inc., as regulators look into his ties to a defunct hedge fund. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout Andy Laurence, FRG’s current executive vice president, replaces Kahn immediately, according to a person familiar with the matter, who asked not to be identified because the decision hasn’t been publicly announced. FRG held a call with lenders to inform them of the change, the person said. Kahn’s exit has been in the works for some time, the person said, before a report this weekend by Bloomberg that the Securities and Exchange Commission was looking into some of Kahn’s business deals with B. Riley. Kahn has consistently denied wrongdoing and hasn’t been charged with anything. His attorney said in an emailed statement there’s no connection between Kahn’s resignation and any impending action by regulators. The boutique investment bank, catering to smaller publicly traded firms, helped Kahn finance his buyout of FRG last year, and it holds a stake in the company, which owns retail brands such as Vitamin Shoppe and Sylvan Learning. No Connection Bloomberg reported in November that Kahn was regarded by prosecutors as a co-conspirator in a securities fraud case tied to the collapse of Prophecy Asset Management. Read More: SEC Probes B. Riley Deals With Client Tied to Failed Fund “As previously stated, Mr. Kahn categorically denies any knowledge of wrongdoing perpetrated by the managers of Prophecy, an entity that he stopped dealing with several years ago and which defrauded Mr. Kahn out of tens of millions of dollars,” Douglas Brooks, an attorney for Kahn, said in the emailed statement. “Neither B. Riley nor Franchise Group had any dealings with Prophecy and any suggestion otherwise is patently false.” Story continues The management change will “allow FRG to execute on its longstanding strategic plan and free it from distraction,” Brooks said, adding that Kahn will remain as a consultant to FRG on strategic and merger-and-acquisition matters. “Any suggestion that Mr. Kahn’s resignation is linked to imminent action by the regulators is false, defamatory and is further evidence of the lies that short sellers continue to peddle to profit from their misstatements.” Shares of B. Riley fell 4.5% in extended trading at 6:31 p.m. in New York. The company declined to comment on Kahn’s departure. B. Riley said in a statement this weekend it wasn’t aware of an SEC probe but would cooperate with any regulatory inquiry. “We would welcome an investigation into the outrageous tactics the short sellers have pursued to destroy B. Riley, including the coordinated options trading with zero disclosure obligations,” B. Riley said in its statement. “The short sellers continue to harass, intimidate, and insult employees and everyone associated with B. Riley, resorting to lies and crude remarks so they can personally profit.” (Updates with comment from Kahn’s lawyer starting in the sixth paragraph.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-22 23:56:53+00:00

{"Bitcoin": [2455]}

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Tencent’s Riot Games Cuts 530 Jobs, Saying It Has Lost Focus

https://finance.yahoo.com/news/tencent-riot-games-lay-off-230549593.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Tencent Holdings Ltd.’s Riot Games plans to lay off 530 employees, with management saying in a memo that the video-game maker has too many projects and too little focus. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout The cuts, which amount to about 11% of staff, were announced Monday in a blog post and letter to employees. “This isn’t to appease shareholders or to hit a quarterly earnings number — it’s a necessity,” the League of Legends maker said in the post, acknowledging it had “more than doubled in headcount” over the last several years. Chief Executive Officer Dylan Jadeja said in a memo that Riot has made “a number of big bets across the company,” including new games. But some of those projects have diverted resources. For its first 14 years, the company primarily operated League of Legends, still one of the most popular games of all time. “Today, we’re a company without a sharp enough focus, and simply put, we have too many things underway,” Jadeja said. Riot, based in Los Angeles, will reduce the size of the Legends of Runeterra team, acknowledging the game hasn’t performed as well as hoped. New development work from Riot Forge, an internal game development subsidiary, will end after the February release of Bandle Tale: A League of Legends Story. “Forge was an experiment to see what would happen when Rioters partnered with their favorite” independent developers, the blog post reads. “We’re proud of what we’ve done together to bring these stories to life, but it’s time to refocus our efforts on the ambitious projects underway internally at Riot.” Other companies in the video-game industry have been cutting jobs in recent weeks, including Unity Software Inc. and Amazon.com Inc.’s Twitch. Story continues Riot is offering affected employees a minimum of six months’ salary, a cash bonus, career support and “even a personal computer if they do not possess one.” --With assistance from Jason Schreier. (Updates with comment on Riot Forge in eighth paragraph, severance terms in last paragraph.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 00:34:00+00:00

{"Bitcoin": [2012]}

{}

Goldman’s Hatzius Sees US Soft Landing, Basis for March Fed Cut

https://finance.yahoo.com/news/goldman-hatzius-sees-us-soft-003400710.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The Federal Reserve is on track to achieve a soft landing in the US economy, Goldman Sachs Group Inc.’s Chief Economist Jan Hatzius said, adding that a March interest rate cut “would make sense.” Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout “The Fed is on its way to achieving the soft landing, obviously no guarantees, but I like what I’m seeing,” Hatzius told Bloomberg Television in an interview Tuesday in Hong Kong. He said an easing by the Fed in March remains Goldman’s baseline as it would be consistent with the trajectory of consumer prices — and comments last month by Fed Chairman Jerome Powell that it would like to cut before inflation returns to 2%. Read more: Powell Says Fed Is Just at Beginning of Policy Easing Talks “We don’t think it’s essential that they cut here, but it would be consistent with the signaling,” Hatzius said. He noted that the labor market remains in solid shape, as “layoffs continue to be very, very low.” The odds of a March rate cut have ebbed significantly in recent days to around 37%, as Fed officials have pushed back against market expectations of imminent and deep rate reductions this year. Read more: Fed Officials Say Data Doesn’t Show It’s Time for a Rate Cut Yet On China’s economy, Hatzius reckons the headwinds it’s facing have “a ways to run, the property adjustment is not yet close to done.” Chinese policymakers are providing support to stabilize the economy and prevent growth from slowing too much, he said, “but at the same time they’re not willing to really use the bazooka to provide a very large amount of stimulus.” Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P. View comments

2024-01-23 00:36:18+00:00

{"Bitcoin": [4835]}

{}

China’s Premier Orders More Measures to Arrest Stock Rout

https://finance.yahoo.com/news/china-premier-calls-better-measures-131418550.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- China’s Premier Li Qiang asked authorities to take more “forceful” measures to stabilize his country’s slumping stock market and investor confidence, after the mainland’s benchmark CSI 300 Index hit a five-year low on Monday. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout Chinese equities have sold off for most of the past year, hurt by factors ranging from a protracted crisis in the housing market to persistent deflationary pressures in the wider economy. Beijing’s policy response so far has failed to buttress sentiment among investors hoping for even easier monetary conditions or a big lift in fiscal stimulus. At a meeting on Monday chaired by Li, the State Council, China’s cabinet, received a briefing on the operations of the capital markets as well as considerations for related work, according to an official statement, which didn’t provide more details on what Beijing is mulling. A rally in late 2022 sparked by China’s lifting of draconian Covid restrictions proved short-lived, with concerns about poor consumer confidence among the factors weighing on equities. The CSI 300 has slumped some 20% over the past nine months. The NASDAQ Golden Dragon China Index slid 2.2% on Monday in a sixth straight day of declines despite Li’s orders for more action. The State Council emphasized the need to enhance the quality and investment value of listed companies, increase flows of medium- and long-term funds into the market, and strengthen the market’s inherent stability. “While Premier Li’s comments reflect Beijing’s deepening concerns over the deepening losses in equities, there wasn’t much new to suggest a change in approach,” according to Michael Hirson, China economist at 22V Research. “The biggest challenge that equity markets face is macroeconomic rather than technical. In an environment of weak private sector demand and prolonged deflation, it is hard to excite investors about the outlook for Chinese companies to grow revenue and profits.” Story continues Other measures included strengthening the regulations that govern capital markets. China also needs to improve the consistency of its macro policies in order to consolidate the nation’s economic recovery, the State Council said after the meeting. ‘Cannot Afford’ China has in the past sometimes deployed state assets to intervene in the markets. The country’s sovereign wealth fund made such a move in October. There have been signs in recent days, including on Monday, that state-led buyers are snapping up exchange-traded funds tracking some key indexes in a bid to arrest the market’s decline. “It sounds like something had been readied in response to the recent equity rout,” said Neo Wang, managing director for China research at Evercore ISI in New York. “The market was poor enough to warrant such elevated attention — China cannot afford to see A-shares sinking toward the Lunar New Year holidays,” he said, referring to domestically listed Chinese stocks and the upcoming mid-February break. What Bloomberg Economics Says... “The slow recovery is certainly at the root of the dismal stock performance.” It’s crucial for the government to roll out forceful measures to quickly turn sentiment around. - David Qu, economist Read the full report here. While incremental measures may be pending, nothing indicates “anything extraordinary that would fundamentally reshape market expectations,” said Gabriel Wildau, managing director at advisory firm Teneo Holdings LLC in New York. More broadly, “it’s clear at this point that President Xi Jinping doesn’t view major stock indexes as an important gauge of the success or failure of his economic strategy,” he said. Still, the tumble in Chinese equities threatens to undermine international confidence in the country’s financial system just as Xi pushes to make the nation a world “financial power.” Overseas investors have already been skittish over the Communist Party’s increasing influence in the economy. “We pulled our clients out of China,” Alicia Levine, BNY Mellon Wealth Management’s head of investment strategy, said on Bloomberg Television Monday. “The political party is sitting at the top of the corporate structure of every large company and small company in China — very hard to invest that way.” --With assistance from Shikhar Balwani. (Updates with overnight move in Golden Dragon index in the fifth paragraph and adds a quote in the sixth paragraph.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 00:38:09+00:00

{"Bitcoin": [2960]}

{}

China Selloff Leads to Record $38 Trillion Gap With US Stocks

https://finance.yahoo.com/news/china-selloff-leads-record-38-003809118.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The value of China’s stock market has never been this far behind that of the US, as the losses continue to pile up in a seemingly relentless equity rout. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout The market capitalization of the US stock market is now $38 trillion greater than that of Hong Kong and China put together, a fresh record, according to data compiled by Bloomberg. “China offers value, but catalysts are just not there,” said Michael Liang, chief investment officer at Foundation Asset Management HK Ltd. “Meanwhile, the US market has momentum and economy on its side.” The growing divergence comes as steep losses paint a troubling picture of global investor sentiment toward the world’s No. 2 economy. At the same time, US stocks have hit record highs, powered by a megacap technology rally amid optimism that the Federal Reserve will cut interest rates this year and navigate a soft economic landing. Chinese stocks have lost more than $6.3 trillion in market value from a peak in February 2021. Over the same period, US equities have gained some $5.3 trillion. Investors have been underwhelmed by Beijing’s efforts to revive a economy struggling with deflation and an ongoing property crisis. But what began as a performance-driven exodus now risks becoming a structural shift due to doubts over Beijing’s long-term economic agenda and strategic competition with the US. Bloomberg strategists including Kumar Gautam wrote in a note that while China’s correction may seem overdone, “our simulations suggest the pain can continue.” They estimated there’s a 51% probability of the MSCI China Index trading below its peak for an average of 35 months. Story continues Chinese Price Gauge Shows Longest Deflation Streak Since 1999 On one hand, the rout has run for so long that some investors see potential for a technical rebound, given valuations are now cheap. The selloff has made the MSCI China Index 60% cheaper than the US equity benchmark on earnings-based valuations, according to data compiled by Bloomberg. China Skeptics Are Gearing Up for a Sudden Rebound in Stocks MSCI Inc.’s key gauge for Chinese equities is trading at about eight times of 12-month forward estimated earnings, while the same metric for the S&P 500 Index stands at 20 times. For now however, there’s little end in sight to the dismal start to 2024 for Chinese equities. Less than a month into the new year, a gauge of Chinese stocks listed in Hong Kong has already lost 13%, making it the worst-performing major benchmark global index. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 00:46:03+00:00

{"Bitcoin": [117, 1136]}

{}

SOXX, FBTC Flows Jump: ETF Fund Flows as of Jan. 22

https://finance.yahoo.com/news/soxx-fbtc-flows-jump-etf-004603860.html

etf.com

https://www.etf.com/

etf.com Top 10 Creations (All ETFs) Ticker Name Net Flows ($, mm) AUM ($, mm) AUM % Change FBTC Fidelity Wise Origin Bitcoin Fund 543.62 1,060.20 51.28% SOXX iShares Semiconductor ETF 462.87 10,761.66 4.30% BND Vanguard Total Bond Market ETF 312.14 104,436.90 0.30% IVV iShares Core S&P 500 ETF 311.20 408,944.61 0.08% IWM iShares Russell 2000 ETF 285.87 61,672.72 0.46% VCIT Vanguard Intermediate-Term Corporate Bond ETF 280.77 46,456.91 0.60% SOXS Direxion Daily Semiconductor Bear 3X Shares 245.23 985.28 24.89% JNK SPDR Bloomberg High Yield Bond ETF 188.24 8,929.48 2.11% TMV Direxion Daily 20+ Year Treasury Bear 3x Shares 155.32 184.88 84.01% VTI Vanguard Total Stock Market ETF 151.58 348,602.70 0.04% Top 10 Redemptions (All ETFs) Ticker Name Net Flows ($, mm) AUM ($, mm) AUM % Change SPY SPDR S&P 500 ETF Trust -6,528.24 471,620.91 -1.38% LQD iShares iBoxx USD Investment Grade Corporate Bond ETF -1,643.18 35,562.34 -4.62% FTCS First Trust Capital Strength ETF -1,194.83 8,697.73 -13.74% QQQ Invesco QQQ Trust -950.38 234,309.60 -0.41% SOXL Direxion Daily Semiconductor Bull 3X Shares -891.65 7,885.83 -11.31% GBTC Grayscale Bitcoin Trust ETF -582.27 23,123.66 -2.52% TMF Direxion Daily 20+ Year Treasury Bull 3X Shares -541.78 4,176.23 -12.97% HYG iShares iBoxx USD High Yield Corporate Bond ETF -322.74 17,796.54 -1.81% VCSH Vanguard Short-Term Corporate Bond ETF -278.06 35,987.27 -0.77% DIA SPDR Dow Jones Industrial Average ETF Trust -243.61 32,247.60 -0.76% ETF Daily Flows By Asset Class Net Flows ($, mm) AUM ($, mm) % of AUM Alternatives 0.04 6,696.18 0.00% Asset Allocation -18.02 16,226.37 -0.11% Commodities -81.36 125,018.91 -0.07% Currency 275.50 30,204.99 0.91% International Equity 488.58 1,332,899.14 0.04% International Fixed Income 186.74 169,497.11 0.11% Inverse 1,351.16 15,624.09 8.65% Leveraged -1,358.53 79,454.72 -1.71% U.S. Equity -6,599.24 4,931,518.55 -0.13% U.S. Fixed Income -1,304.98 1,355,257.42 -0.10% Total: -7,060.11 8,062,397.47 -0.09% Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges. Permalink | © Copyright 2024 etf.com. All rights reserved

2024-01-23 00:55:10+00:00

{"Bitcoin": [2756]}

{}

Yen Near 150 to Dollar Raises Odds of Jawboning From Japan

https://finance.yahoo.com/news/yen-near-150-per-dollar-224004950.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The yen has performed worse than any of its major peers so far this year, renewing speculation that Japanese authorities will be drawn in to defend the currency. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout While there’s no indication of imminent intervention by the government, the yen has weakened about 4.8% versus the greenback this year and is just two yen short of 150 to the dollar. That level was last seen in November, when officials in Tokyo cautioned that they could take action to arrest its slump. With all 51 respondents in a Bloomberg poll expecting the Bank of Japan to keep its ultra-easy monetary setting unchanged at its policy meeting Tuesday, some analysts expect further depreciation. Swap markets price in less than 1% chance of a rate hike on Tuesday, compared with a 26% probability a month ago. As the yen weakened last week, Japan’s Finance Minister Shunichi Suzuki said on Friday that the government was closely watching movements in the foreign exchange market. The government typically offers a series of verbal warnings that gradually intensify before taking real action in the market. “It is possible the authorities will intensify their tones of warning should the dollar-yen rise above 150,” said Junichi Ishikawa, senior market strategist at IG Markets Ltd. “Although the possibility of real action may be low amid the strong dollar, concerns about the intervention will probably increase in the market.” Pressure on the yen has mounted after a powerful earthquake on Jan. 1 likely made the BOJ more cautious about ending the world’s last sub-zero interest rates. Strong US economic data also contributed to the dollar’s advance against the yen as speculation waned that the Federal Reserve will start cutting its benchmark rate in the near future. Story continues Asset managers switched to wagering against the yen after four weeks of betting on it, according to data from the Commodity Futures Trading Commission in the week through Jan. 16. “It is surprising the yen has weakened so much in less than a month,” said Hirofumi Suzuki, chief currency strategist at Sumitomo Mitsui Banking Corp. “At the end of last year, many people, including myself, were expecting the yen to gain to the mid-130s against the greenback.” --With assistance from Yumi Teso. (adds details in second paragraph) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 01:40:10+00:00

{"Bitcoin": [326]}

{}

Investors Pull $200 Mln From BITO After Spot ETF Approval

https://finance.yahoo.com/news/investors-pull-200-mln-bito-014010913.html

etf.com

https://www.etf.com/

ETF Investing Tools While the debut of spot bitcoin exchange-traded funds this month appears to have been wildly successful for the funds and their issuers, the same can’t be said for their older cousins, the futures funds that have been trading for the past several years. The largest among them, the $1.85 billion ProShares Bitcoin Strategy ETF (BITO) has struggled since the spot funds hit the market Jan. 11, the day after their approval was granted by the Securities and Exchange Commission. Investors have pulled $203 million from the fund since that day, according to etf.com data. At the same time, the fund’s trading volume has simmered down, dropping back to its average 19 million or so a day, after surging to 88.6 million on Jan. 11, according to Bloomberg data. The approval of the spot bitcoin ETF has been seen as a threat to take market share from the approximately $2 billion in bitcoin futures funds. Since BITO’s 2021 approval, only futures-based bitcoin ETFs were available to investors, and the spot funds now give investors exposure to real-time bitcoin prices and enable them to bypass crypto exchanges like Coinbase. “Though they’ve delivered strong returns over the past year, bitcoin futures ETFs suffer from higher costs than their spot bitcoin ETF counterparts,” said etf.com analyst Sumit Roy. “In particular, roll costs—or the cost of rolling from one futures contract to another—have dampened the ETFs’ returns.” Spot bitcoin ETFs vs. BITO, Futures At the same time, spot bitcoin ETFs have pulled in billions from investors: more than $3 billion as of Thursday, Jan. 18. Last week, VanEck closed its flagship bitcoin futures fund after the firm launched a spot bitcoin ETF product. “We believe investor appetite would switch from products offering bitcoin futures exposure to direct bitcoin exposure,” said Kyle DaCruz, director of digital assets product at VanEck in a statement to etf.com. ProShares didn’t immediately return a call seeking comment. Story continues While there still could be some uses for the futures fund, many experts expect the investment vehicles to eventually peter out, similarly to how gold futures ETFs eventually became extinct after a spot gold ETF launched. “What people want is spot, which removes the issues of contango and backwardation. I'm saying this as someone who holds crypto future assets, but there are lots of benefits of a spot bitcoin ETF,” said Matt Hougan, chief investment officer of Bitwise. The ProShares fund has also seen outflows as the price of bitcoin has retreated from recent highs at the start of the new year. The cryptocurrency’s current price is $40,601, down about 13% since January 9 when it saw its high of the year at nearly $47,000. Contact Lucy Brewster at lucy.brewster@etf.com. Permalink | © Copyright 2024 etf.com. All rights reserved

2024-01-23 01:42:00+00:00

{"Bitcoin": [125, 476, 1699, 1951, 2925, 3454, 4003, 4969]}

{}

UXUY releases 「Crypto Equity Manifesto II - Lightning Launchpad」, Calling for the Removal of Ponzi Models in new asset issuance

https://finance.yahoo.com/news/uxuy-releases-crypto-equity-manifesto-014200579.html

GlobeNewswire

https://www.globenewswire.com/

UXUY UXUY Lightning Launchpad is exploring a new model that is equity, transparent, and based on the native consensus of the Bitcoin Lightning Network, calling on the crypto industry to launch Launchpad in a more equal way within each ecosystem. Singapore, Jan. 23, 2024 (GLOBE NEWSWIRE) -- On January 22, 2024, UXUY , the next-gen decentralized multi-chain trading platform incubated by Binance Labs, announced that it will officially launch Lightning Launchpad based on the Bitcoin Lightning Network on February 1. And published the UXUY Crypto Equity Manifesto II on the official blog, explaining the importance of crypto equity when issuing new assets based on Launchpad. UXUY Lightning Launchpad takes advantage of the lightning network's high efficiency and low gas and relies on the Lightning Network Invoice random number to ensure that the Launchpad process is transparent. It expresses concerns about the current Launchpad infrastructures' over-reliance on ecological token pledges and the token self-circulation model and calls for the establishment of a system that does not require dependence on "a trustless" architecture for any third party. The Manifesto also elaborates on the six basic commitments of UXUY Lightning Launchpad to ensure that the Launchpad process is equal and transparent, will focus on project innovation, calls on Builders to create products with real needs and promote the development of the emerging crypto community. TL;DR The current value capture of tokens has become overly dependent on staking rather than project innovation, and the self-circulation of tokens within the ecosystem is creating a new round of inequity. UXUY embraces the best embodiment of Bitcoin and the spirit of Satoshi's vision and establishes a "trustless" architecture that does not need to rely on any third party. UXUY Lightning Launchpad is exploring a new model that is equal, transparent, and based on the native consensus of the Bitcoin Lightning Network. Only innovation can bring more valuable "new assets" to the encryption ecosystem, not Ponzi in a closed ecological loop. Story continues Crypto infrastructure, Layer2, and GameFi projects are booming. As stated in The UXUY Crypto Equity Manifesto , countless innovations are sprouting and the barriers between ecosystems are being broken down by the flow of cross-chain transactions. However, another invisible barrier has formed within blockchain ecology: Launchpad has gone to the opposite side of equity. The value capture of tokens has become overly dependent on pledges rather than project innovation. The self-circulation of tokens within the ecosystem is creating a new round of inequity. Frequent on-chain interactions have dragged users into the quagmire of sky-high gas fees. Currently, the encryption industry lacks equity and a transparent approach to Launchpad. With the UXUY Lightning Launchpad, we introduce a solution based on the Bitcoin Lightning Network. The Launchpad process is guaranteed to be equal and transparent through the Lightning Network native Invoice random numbers. The extremely low transaction friction cost of 0.000500 sat/sat (500ppm) reduces gas fee consumption. At the same time, the green and energy-saving characteristics of the Lightning Network and the non-ecological token pledge mechanism are used to meet the higher demand for Launchpad services from the community and industry. This is the best embodiment of UXUY’s embracing of Bitcoin and the spirit of Satoshi's vision of , establishing a “trustless” architecture that does not require reliance on any third party. As Mr. Satoshi Nakamoto said: I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party. — Satoshi Nakamoto（October 31, 2008） The crypto industry is gradually moving towards green, efficient, innovative, equal, and transparent infrastructure. UXUY Lightning Launchpad is exploring a new model that is equity, transparent, and based on the native consensus of the Bitcoin Lightning Network, calling on the crypto industry to launch Launchpad in a more equal way within each ecosystem. UXUY Lightning Launchpad will support more innovative, open, and transparent community projects to the greatest extent, and every participant should enjoy equal rights in the crypto world. Crypto equity should be based on cryptography technology and a “trustless” mechanism, which requires the encryption industry to jointly create and maintain. We should not expect powerful centralized institutions and projects that rely on closed ecosystems to promote crypto equity. Pledges between tokens can never reflect the essence of crypto equity. Only innovation can bring more valuable new assets to the crypto ecosystem, rather than the Ponzi under an ecological closed loop. An equal and transparent encryption environment is the best soil for innovation. Therefore, we make the following commitments: The UXUY Lightning Launchpad is based on the Bitcoin Lightning Network and uses solutions with minimal energy loss to promote the transition of the crypto industry to low-carbon technology. The UXUY Lightning Launchpad process is completely open and transparent. The user’s winning method uses the Lightning Network Invoice random number (based on the Lightning Network’s native consensus). The issuance process is traceable and verifiable. UXUY Lightning Launchpad relies on the low cost and efficient performance of the Lightning Network to ensure that the user's Gas Fee loss is minimized. UXUY Lightning Launchpad does not use Token self-circulation to capture token value. The value of new assets comes from the innovation of the project. The UXUY Lightning Launchpad project does not restrict user transactions. The tokens are fully circulated on the market and there is no lock-up period. UXUY Lightning Launchpad is completely community-driven and protects the interests of community members. All data on the chain is open and transparent and accessible to everyone. UXUY sincerely invites more builders to join the UXUY Crypto Equity Manifesto, establish a transparent and equal Launchpad mechanism, create the most potential soil for innovation, and embark on a revolutionary Launchpad journey to enable every developer to invest in products that meet real needs as their core, are not restricted by the inherent token operating model of the encryption industry, and achieve complete decentralization, data transparency, and healthier token economics. Everyone on earth can become a beneficiary. CONTACT: Jordan L Email: jordan-at-uxuy.com

2024-01-23 01:45:26+00:00

{"Bitcoin": [1452]}

{}

Petroperu Says Peru Government Will Support Company After All

https://finance.yahoo.com/news/petroperu-says-peru-government-support-014526385.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Peru’s government has informed struggling state-owned oil company Petroleos del Peru SA that it will in fact support it financially after the prime minister ruled out a bailout, the firm said in a statement. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout Petroperu, as the company is known, said the government had told them financial support is “related” to credit line guarantees and rescheduling the firm’s debts with the state. Read more: Petroperu Bonds Tumble as Government Squashes Bailout Hopes The company is quickly running out of cash, executives have said, tied to high debt levels incurred in building its new Talara refinery, which cost over $6 billion and opened last year. Peru’s prime minister, Alberto Otarola, on Sunday ruled out on a cash injection for Petroperu and the conversion of debt to shares, but had been silent on other forms of support. Petroperu has also requested a credit line increase with state-owned Banco de la Nación worth $500 million and state guarantees on a loan worth $650 million. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 01:59:10+00:00

{"Bitcoin": [2160]}

{}

Codelco Wins Shareholder Approval to Secure First Lithium Asset

https://finance.yahoo.com/news/codelco-wins-shareholder-approval-secure-015910931.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Codelco, the world’s biggest copper producer, won approval to buy Lithium Power International Ltd. after shareholders of the Australian junior voted in favor of a takeover that diversifies the Chilean miner’s portfolio of key energy transition metals. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout Shareholders on Tuesday agreed almost unaninmously to greenlight the acquisition of the Sydney-based company in a deal that values it at A$385 million ($253 million). The purchase is Codelco’s first in lithium as the state-owned firm targets Lithium Power’s project in the Maricunga salt flat of northern Chile. Codelco has been tapped to represent the Chilean state in a new public-private model for lithium as President Gabriel Boric looks to open up new areas for production to meet growing demand from the EV boom. The South American nation is the biggest lithium supplier after Australia but has lost market share with output restricted to two companies on a single flat. The relatively seamless nature of the deal is in contrast to a string of failed takeovers for Australian lithium juniors in the latter half of 2023. Billionaire entrepreneurs and mining tycoons gatecrashed a series of deals, including Albemarle Corp.’s A$6.6 billion bid for Liontown Resources Ltd., which collapsed in October after iron ore magnate Gina Rinehart built a near-20% blocking stake. A total of 99.5% of Lithium Power shareholders were in favor of the takeover, the company said a statement on Tuesday. Owners of the company’s stock will receive A$0.57 in cash per share, a premium of 119% to the “undisturbed” closing share price on Sept. 26. The takeover faces a final confirmation at a court hearing scheduled for next month. Story continues Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 02:13:41+00:00

{"Bitcoin": [3920]}

{}

Hedge Fund Asia Genesis Shuts After ‘Big Mistake’ on China

https://finance.yahoo.com/news/hedge-fund-asia-genesis-shuts-005604089.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Singapore hedge fund Asia Genesis Asset Management Pte is closing its macro fund after suffering an “unprecedented drawdown” following China’s stock market rout and Japan’s rally. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout Chua Soon Hock’s Asia Genesis Macro Fund had a loss of 18.8% in the first weeks of January, according to a letter sent to investors seen by Bloomberg News. The fund is returning money to investors after losses on long Hong Kong and China equities positions as well as short Nikkei bets, according to the letter. “I have reached the stage whereby my confidence as a trader is lost,” Chief Investment Officer Chua wrote in the letter. Tough trading since October and a “disastrous” January “has proven that my past experience is no longer valid and instead, is working against me.” Asia Genesis, which managed $330.2 million at the start of the year, didn’t immediately respond to a request for comment. Chua said the fund made a “big mistake” in trying to pick the bottom of benchmark Hong Kong indexes. He was also “astounded” with the Nikkei-Hang Seng spread that priced Chinese and Japanese stocks at the same value as in 1991. China’s benchmark CSI 300 Index hit a five-year low on Monday, as the ongoing housing slump curtails economic growth and deflationary pressure mounts. Hong Kong’s Hang Seng China Enterprises Index, tracking Chinese companies listed in the city, has lost more than half of its value since the end of 2020. In contrast, Japanese stocks are on a tear, rising to a 34-year high this month as authorities and the stock exchange urge companies to boost shareholder value and corporate governance. The meltdown in Chinese shares is wreaking havoc on the country’s asset management sector, pushing mutual fund closures to a five-year high in another sign of waning investor confidence. Story continues Chinese Premier Li Qiang asked authorities on Monday to take more “forceful” measures to stabilize his country’s slumping stock market and investor confidence. China also needs to improve the consistency of its macro policies to consolidate the economic recovery, the cabinet said after the meeting. So far, policymakers have refrained from taking aggressive steps to boost growth. In a speech at the World Economic Forum in Davos earlier this month, Li pointed out that the economy exceeded last year’s 5% growth target without resorting to “massive stimulus.” “I still do not understand the inconsistency of China policy makers not fighting against deflation,” Chua wrote in the letter. The last straw for Chua’s fund was hopes that China’s central bank would cut interest rates at a meeting earlier this month. But the People’s Bank of China disappointed investors by keeping the rate on its one-year policy loans unchanged. Additionally, President Xi Jinping’s speech the day after indicated to equity investors that his focus was not on the markets, said Chua. The fund then closed all the positions by Jan. 18. Chua retired from the hedge fund industry for many years before deciding to return with a fund in 2020. His macro fund generated a 7.9% annualized gain between its May 2020 inception and the end of 2023, without a losing year. “I have lost my knowledge, trading and psychological edge,” Chua wrote. “The principle of risk-reward for both the short term and long term has turned its head.” --With assistance from Bei Hu, Henry Ren, Cathy Chan, Jacob Gu and Yiqin Shen. (Updates with more comments from Chua in 10th paragraph。) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 02:21:44+00:00

{"Bitcoin": [2144]}

{}

A Top-Rated Brokerages Analyst in Japan Leaves Her Company

https://finance.yahoo.com/news/top-rated-brokerages-analyst-japan-022144106.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Natsumu Tsujino, a highly-ranked senior analyst at Mitsubishi UFJ Financial Group Inc.’s securities subsidiary, has left the unit, according to people familiar with the matter, amid an overhaul in the firm’s research team. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout Tsujino, who covered brokerages, recently quit Mitsubishi UFJ Morgan Stanley Securities Co., one of the two Tokyo-based joint ventures between Japan’s largest lender and the US investment bank, the people said, asking not to be identified as the departure isn’t public. A spokesperson from the brokerage declined to comment in an e-mail. A LinkedIn message sent to Tsujino asking about her exit got no response, while an email sent to her work account couldn’t be delivered. Her departure comes as financial firms in the country move to boost equity research. Optimism over Japan’s economic revival has propelled the stock market to the highest level in more than three decades, adding to demand both at home and abroad for more information about companies. Known for her detailed forecasts of corporate earnings, Tsujino was ranked second in the category of brokerages, insurers and other non-banks in last year’s annual polls by Nikkei Veritas, a widely-followed weekly publication that focuses on financial information. She was a managing director at JPMorgan Chase & Co. before she joined Mitsubishi UFJ Morgan Stanley in 2018. MUFG and Morgan Stanley are undertaking the first major reorganization of their Japan joint ventures, which were formed amid the throes of the global financial crisis more than a decade ago. The firms recently merged Japan equity sales for institutional clients and research as part of the overhaul. Story continues Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 04:17:39+00:00

{"Bitcoin": [4429]}

{}

Haddad Seeks Deal With Congress on Payroll Tax Bill in Next Week

https://finance.yahoo.com/news/haddad-seeks-deal-congress-payroll-041739787.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Brazil’s Finance Minister Fernando Haddad said the government is negotiating the “form and content” of the payroll tax bill and expects to work out an agreement with congress sometime this week or next. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout Haddad said in an interview with TV Cultura late Monday that he is confident in the government’s capacity to bring the fiscal deficit to zero this year as pledged. “I have a goal, but it doesn’t just depend on me — it depends on the judicial, executive, legislative powers,” he said. Haddad also denied that changing the fiscal rule was discussed with President Luiz Inácio Lula da Silva. After winning the approval of a series of tax measures last year, Haddad is now struggling to convince lawmakers to raise the additional revenues necessary to fulfill his pledge to zero Brazil’s primary fiscal deficit, which excludes interest payments, in 2024. Read More: Brazil Congress Gets Haddad Closer to Zero 2024 Fiscal Deficit The latest setback has come from the Senate, which has threatened not to vote on a bill that Haddad estimates would help fill a gap of 32 billion reais ($6.5 billion) that resulted from lawmakers’ move to override Lula’s veto of a payroll tax exemption. The proposal, which Haddad unveiled in late December, includes a gradual resumption of payroll levies, a limit on tax credit compensation and revisions to tax relief for the events sector. The government is considering changes to win congressional support, and Haddad has spent the last week locked in negotiations with legislative leaders. The zero-deficit target — Haddad’s top priority for 2024 — has been the subject of debate within Lula’s administration since the leftist leader cast doubt on the government’s ability to hit the mark in late October. While Haddad won an internal battle to maintain the goal, markets are already pricing in an eventual change to a deficit of 0.8% of gross domestic product, according to a central bank survey of analysts. Story continues Political Tensions Markets initially viewed Haddad’s appointment as finance minister with skepticism, but the combination of new fiscal rules, massive tax reform legislation and plans to shore up Brazil’s public accounts have helped him grow on investors. Read More: Brazil Finance Chief’s Market-Friendly Pose Alienates the Left Those initiatives, however, have upset some Lula allies, who see them as a barrier to the president’s plans to boost social spending. Haddad is also widely considered a potential successor to Lula, a status that has generated tensions in his relationships with other ministers and some members of the leftist Workers’ Party. Interest Rates Haddad is still pushing Brazil’s central bank to lower interest rates as a way to boost economic growth, especially in the face of sluggish forecasts for this year. After leading one of the world’s most aggressive tightening campaigns in the wake of the pandemic, the monetary authority in August kicked off an easing cycle that has reduced the benchmark Selic rate to 11.75%. It has signaled two more half-point cuts through March. In the interview, Haddad said he defended an earlier rate cut by the central bank but now recognizes that external environment did not make it possible. Read More: Lula Gets New Nemesis in Inflation Fight as El Nino Brings Rain Brazil’s annual inflation rate ended 2023 within the central bank’s target range for the first time in three years. Still, adverse effects from the El Nino weather phenomenon are threatening that progress, with recent price spikes for staple food items hitting Brazil’s poorest people hardest. Central bankers, meanwhile, caution that deeper rate cuts are unlikely while inflation estimates remain above this year’s goal. The minister said the government still hadn’t made a decision on the next central bank president, but signaled that one of the current directors appointed by Lula could take over when Roberto Campos Neto’s mandate ends at the end of this year. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 04:24:49+00:00

{"Bitcoin": [3945]}

{}

Chinese Stocks Rebound as Officials Consider Market Rescue Package

https://finance.yahoo.com/news/chinese-stocks-rebound-officials-consider-020730423.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Chinese stocks in Hong Kong rebounded as policymakers were said to consider a package of measures to stabilize the slumping market, giving investors hope that the battered asset class may see at least short-term relief. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout The Hang Seng China Enterprises Index rose as much as 3.8%. Authorities are seeking to mobilize about 2 trillion yuan ($278 billion) as part of a stabilization fund to buy shares onshore through the Hong Kong exchange link, according to people familiar with the matter. Before the rebound, the gauge was close to erasing all its gains from the late 2022 reopening euphoria. The CSI 300 benchmark for mainland shares ended the morning trading session 0.2% lower after a brief jump. China equities have seen a seemingly endless decline in the past year as investors sold out amid a barrage of bad news including a rolling property crisis, fears of a deflationary spiral and rising geopolitical tensions. Goldman Sachs Group Inc. said there are “signs of capitulation” in the market. The gloom prompted Premier Li Qiang to urge more “forceful measures” to stabilize the stock market. “This is something onshore traders have been speculating for the last six months and if true, can support the market and improve sentiment,” said Willer Chen, an analyst at Forsyth Barr Asia Ltd. “Still more details are needed, including how exactly to raise the fund and what kinds of stocks the stabilization fund aims to buy.” At a meeting on Monday chaired by Premier Li, the State Council received a briefing on the operations of the capital markets as well as considerations for related work, according to an official statement, which didn’t provide more details on what Beijing is mulling. Story continues Policymakers have also earmarked at least 300 billion yuan of local funds to invest in onshore shares through China Securities Finance Corp. or Central Huijin Investment Ltd., according to people familiar with the matter. READ: China Mulls Stock Market Rescue Package Backed by $278 Billion “The State Council comments affirm the top policymakers are attaching high importance to this matter, but whether the gains can sustain or if people will sell into the rally is hard to tell right now,” said Li Weiqing, fund manager at JH Investment Management Co. Yet there’s a deeper, longer-term shift away from Chinese stocks that has been weighing on the market. Their standing in global portfolios is diminishing, a trend that is expected to continue as some of the world’s biggest funds cut back holdings. A concomitant surge in equity markets in Japan and India is also luring investors away. Singapore hedge fund Asia Genesis Asset Management Pte said it’s closing its macro fund after losses on long Hong Kong and China equities positions as well as short Nikkei bets. READ: Hedge Fund Asia Genesis Shuts After ‘Big Mistake’ on China Trade There are also concerns over the fallout from the so-called snowball derivatives reaching mass knock-in levels, which market watchers say have triggered selling in equity futures for hedging needs. “The potential support package should be able to stem declines in the short term and stabilize markets into the Lunar New Year, but state buying alone has historically had limited success in turning around market sentiment if not followed up by further measures,” said Marvin Chen, strategist for Bloomberg Intelligence. --With assistance from Charlotte Yang, April Ma and Abhishek Vishnoi. (Updates with latest prices) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 05:01:04+00:00

{"Bitcoin": [0, 58, 480, 608, 791, 921, 994, 1223, 1303], "BTC": [67, 971]}

{"Bitcoin": [0]}

Bitcoin Drops Below $40,000 As Investors Cash Out of GBTC

https://finance.yahoo.com/news/bitcoin-drops-below-40-000-050104601.html

CoinMarketCap

https://coinmarketcap.com/

Bitcoin Drops Below $40,000 As Investors Cash Out of GBTC Bitcoin (BTC) has continued its downward trajectory over the past week, dropping below the $40,000 mark for the first time in over two weeks. According to CoinMarketCap, the largest cryptocurrency by market capitalization is currently trading at $39,847, having shed nearly 3.44% of its value in the past 24 hours, and 6.40% over last week. The latest price dip comes just days after the much-anticipated approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. These investment vehicles, which allow investors to gain exposure to Bitcoin without directly purchasing the cryptocurrency, were seen as a major milestone for the digital asset industry. However, instead of triggering a surge in demand, the launch of Bitcoin ETFs appears to have led to a sell-off. Analysts believe that investors are cashing out of ETFs, particularly Grayscale's Bitcoin Trust, which recently converted to a spot BTC ETF. The Grayscale Bitcoin Trust previously traded like a closed-end investment vehicle, making it difficult for investors to redeem their shares. Following the conversion, investors have been quick to cash out, leading to a significant outflow of Bitcoin from the fund. This, in turn, has put downward pressure on the price of Bitcoin. The broader cryptocurrency market is also feeling the heat, with altcoins like Ethereum (ETH) and Solana (SOL) both experiencing notable declines. ETH is down more than 4.45% in the past 24 hours and is trading at $2,330, while SOL declined by 6.09% in a day, currently priced at $84.80. Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form .

2024-01-23 05:01:20+00:00

{"Bitcoin": [2517]}

{}

Unhappy workers cost US firms $1.9 trillion

https://finance.yahoo.com/news/unhappy-workers-cost-us-firms-050120615.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) — Disgruntled employees cost US companies an estimated $1.9 trillion in lost productivity last year, according to research from Gallup that puts a price tag on workplace unhappiness. That eye-popping figure stems from more Americans feeling detached from their employers in the aftermath of the pandemic. A measure of engagement from Gallup’s surveys had been steadily rising for a decade, but peaked in 2020. The disruption of the past few years reduced satisfaction in the workplace, with more employees saying they don’t clearly know what’s expected of them — a symptom that reduces engagement. The stakes are high for companies because an engaged workforce increases productivity and that helps boost sales and profit. Connecting better with staff also ups worker retention. Having motivated employees is linked to “a lot of different outcomes that are important to organizations,” said Jim Harter, chief scientist for Gallup’s workplace practice. The research paints a bleak picture of America’s workforce. Only one-third of respondents said they are engaged at their jobs, while half are giving minimum effort — what has been dubbed “quiet quitting.” Half of America's workers are "quiet quitting", Gallup research found. (Bloomberg) Gallup calculated the cost of reduced productivity by estimating the dollar value impact of an employee being unengaged and then extrapolating that for the working population. The overall hit to the global economy totaled an estimated $8.8 trillion, the company said. Harter, an author of several books on management, cautioned companies to see that engaging workers goes beyond “doing nice things for people.” Employees want to “feel like what they do at work connects to something bigger than themselves.” To remedy this, Harter suggested individual weekly check-ins and guidance on how to work with their coworkers. When employees are told how to collaborate with one another, role clarity rose to about 80% from less than 50%. This kind of strategy is especially needed for younger workers because they are much more likely to switch jobs in search of a more fulfilling work-life balance. Story continues “There’s definitely an expectation among the new workforce to have more of a coaching-manager type who really thinks about their development,” Harter said. “They’re demanding work to improve their life, not just to be a separate thing.” Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 05:06:01+00:00

{"Bitcoin": [48, 177, 1139]}

{"Bitcoin": [48]}

Hackers Use Pirated Software on MacOS To Infect Bitcoin Wallets With Malware

https://finance.yahoo.com/news/hackers-pirated-software-macos-infect-050601848.html

CoinMarketCap

https://coinmarketcap.com/

Hackers Use Pirated Software on MacOS To Infect Bitcoin Wallets With Malware Kaspersky Labs has uncovered a new family of trojan proxies that target macOS users and steal their Bitcoin and crypto wallets. The malware is distributed through pirated software downloaded from unauthorized sources. The hackers behind the malware take advantage of the fact that users looking for cracked apps are more likely to disable security on their machines and download installers from questionable websites. This makes it easier for them to trick users into installing the malware along with the pirated software. The malware targets macOS versions 13.6 and above. It gains access to a user's computer security password when the user enters it into an activator box and to the private keys to crypto wallets when the user tries to open crypto wallets compromised by the malware. Kaspersky researchers observed that the malware was still under development as they traced it. Despite its basic method, the malware is described as "seriously ingenious." It includes a backdoor that can run any scripts with administrator privileges and replace Exodus and Bitcoin crypto wallet applications with infected versions that steal secret recovery phrases when the wallet is unlocked. To avoid falling victim to this malware campaign, Kaspersky recommends using trusted websites, keeping the computer's operating system updated, and using a security solution on the machine. The researchers also noted that other techniques used by hackers include disguising malware as a legitimate wallet on online stores or fake websites. This activity has become so common that the United States Federal Bureau of Investigation (FBI) issued a warning about it. Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form .

2024-01-23 05:06:11+00:00

{"Bitcoin": [3089]}

{}

Franklin Templeton Explores Thailand Expansion for Asia Growth

https://finance.yahoo.com/news/franklin-templeton-explores-thailand-expansion-050611963.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Franklin Templeton is weighing expansion in Thailand, seeking to lure local investors of offshore products as the asset manager strengthens its Asia operations. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump The $1.5 trillion global investment manager is looking to distribute its fund products in the Southeast Asian country, though it does not have a specific time line, Asia-Pacific head Tariq Ahmad said during an interview in Hong Kong. The company is growing its alternatives business among Asian high-net-worth individuals, and planning to hire more distribution staff in Hong Kong or Singapore. Franklin Templeton is among a raft of companies increasing alternative investments with funds under management reaching $255 billion for the asset class, according to its 2023 annual report. Its products include private credit, real estate and private equity. The company currently has more than 200 staff on distributions across Asia, including China, where people are increasingly turning to offshore assets amid a domestic market downturn. “Investors are looking at options,” said Ahmad. “We are seeing flows coming out of China into global investments” through the company’s multi-asset solutions, Singapore-based Ahmad said in a separate interview with Bloomberg TV. Ahmad reiterated that Franklin Templeton is still positive on China’s long-term growth, including in fixed income and equities. In November, the firm’s Chief Executive Jenny Johnson said it was time to revisit “cheap” China assets despite issues about the property market and other problems. The company’s emerging markets team is interested in China again, she said. Read More: China Mulls Stock Rescue Package Backed by $278 Billion Story continues The company continues to explore options with its China joint venture partner Sealand Securities Co. and the companies are “in discussions,” Ahmad said in the interview, when asked if Sealand would be open to selling. Any potential deal would extend Franklin Templeton’s buying spree after its acquisition of Boston-based Putnam Investments. In Japan, there is an “opportunity in wealth” with the institutional market growing quickly, said Ahmad. The firm will sell offshore products including global fixed income and alternatives, he said. Japan markets are in focus, with funds turning bullish on the yen and officials trying to boost its financial industry. In September, Prime Minister Fumio Kishida set out plans to attract more asset managers. The government also overhauled its tax-exempt retirement savings account, which is expected to help start a new wave of investing from younger generations. --With assistance from Joanne Wong. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 05:07:48+00:00

{"Bitcoin": [3328]}

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US stocks hit record highs for the 2nd day in a row as bond yields ease

https://finance.yahoo.com/news/us-stocks-hit-record-highs-050748350.html

Business Insider

https://www.businessinsider.com/

Xinhua/Wang Ying/ Getty Images US stocks closed at a record high for the second day in a row on Monday as bond yields dropped. Investors are turning their attention to fourth-quarter earnings results with Tesla and Netflix set to report this week. Of the 10% of S&P 500 companies that have reported earnings so far, 65% beat profit estimates. US stocks jumped on Monday as bond yields tumbled, helping the S&P 500 notch a record close for the second trading day in a row and powering the Dow Jones Industrial Average to close above 38,000 for the first time ever. Bullishness over rate cuts has dipped but still appears elevated, even as some commentators warn that investors may have gotten ahead of themselves at the end of 2023, when the market surged on hopes the Federal Reserve could cut rates as soon as March. The odds of a March cut have dipped to about 40%, down from over 80% earlier this month. The 10-year Treasury yield dipped four basis points to 4.103% on Monday. Investors are now turning their attention to fourth-quarter earnings results, with Tesla and Netflix set to report later this week. With 10% of the S&P 500 having reported earnings so far, 65% are beating profit estimates by a median of 6%, according to data from Fundstrat. Meanwhile, 62% of those companies beat revenue estimates by a median of 2%. Investors will focus their sights on economic data later this week with the release of fourth-quarter GDP growth, which should help inform when the Federal Reserve might get started with interest rate cuts this year. "As far as GDP goes, if the economy is running hotter than expected, we could see a bit of a market sell-off. Traders could interpret a stronger economy meaning that the Fed is not going to start cutting rates and will keep rates higher for longer; conversely, if GDP is weaker than expected, the markets could rally as that could indicate easing monetary policy," Dave Sekera, chief US market strategist at Morningstar told Business Insider. Story continues Here's where US indexes stood at the 4:00 p.m. closing bell on Monday: S&P 500 : 4,850.43, up 0.22% Dow Jones Industrial Average : 38,001.81, up 0.36% (+138.01 points) Nasdaq Composite : 15,360.29, up 0.32% Here's what else happened today: China's stock market has lost $6.3 trillion in value since 2021, and there are no signs of a recovery underway as 2024 gets off to a rocky start. The Nasdaq Golden Dragon China Index has plunged 14% so far this year and is trading near its lowest level since 2013. Buying a diamond is set to get a lot more expensive due to increased demand and lingering supply disruptions from the pandemic. The inventor of the market's most famous recession indicator is confident the inverted yield curve is accurately calling a slowdown in 2024. The housing market is flashing a handful of bullish signals for the year ahead, according to Compass CEO Robert Reffkin. These are the three big things for investors to know as the stock market powers to new record highs, according to Invesco's global strategist. In commodities, bonds, and crypto: West Texas Intermediate crude oil jumped 1.83% to $74.59 a barrel. Brent crude , the international benchmark, climbed 1.60% to $79.82 a barrel. Gold fell 0.36% to $2,021.90 per ounce. The 10-year Treasury yield dropped three basis points to 4.10%. Bitcoin declined by 3.61% to $40,068. Read the original article on Business Insider

2024-01-23 05:23:00+00:00

{"Bitcoin": [65, 246, 504, 732, 883, 1054, 1252, 1467, 1512]}

{"Bitcoin": [65]}

Altcoin Crypto Funds Like Ethereum and Solana See Outflows After Bitcoin ETFs Launch

https://finance.yahoo.com/news/altcoin-crypto-funds-ethereum-solana-052300752.html

CoinMarketCap

https://coinmarketcap.com/

Altcoin Crypto Funds Like Ethereum and Solana See Outflows After Bitcoin ETFs Launch A new report from digital asset fund manager CoinShares reveals that investors are withdrawing funds from high-profile crypto funds following the launch of spot Bitcoin exchange-traded funds (ETFs) earlier this month. According to CoinShares, investors pulled $21 million out of crypto funds issuers last week. CoinShares suggests that investors seeking exposure to digital assets are shifting their money into the new Bitcoin ETFs. The report notes that "incumbent, higher cost issuers suffered in the U.S., seeing $2.9 billion of outflows, while newly issued ETFs have now seen a total of $4.13 billion inflows since launch." In contrast, short Bitcoin products, which bet on the price of crypto going down, received inflows of around $13 million, as investors bet on further price weakness from Bitcoin. Other altcoin funds providing exposure to Ethereum and Solana also experienced outflows, reaching $14 million and $8.5 million respectively. The approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on January 10 marked a significant milestone for the cryptocurrency industry. Of the 10 ETFs currently trading, BlackRock's iShares Bitcoin Trust is the best performer, with $1.3 billion in assets under management. However, Grayscale, which manages billions of dollars worth of crypto assets, has experienced significant outflows. The Grayscale's Bitcoin Trust (GBTC) recently converted to a Bitcoin ETF, and investors have been cashing out rapidly. CoinShares reports that over $2.2 billion has been withdrawn from GBTC since its conversion. Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form .

2024-01-23 06:00:04+00:00

{"Bitcoin": [153, 682, 2640]}

{}

Cryptoverse: Will bitcoin behave better on Wall Street?

https://finance.yahoo.com/news/cryptoverse-bitcoin-behave-better-wall-060004837.html

Reuters

http://www.reuters.com/

(Our regular analysis of the world of cryptocurrencies. Repeats for additional subscribers) By Lisa Pauline Mattackal and Medha Singh Jan 23 (Reuters) - Bitcoin celebrated its 15th birthday this month by bursting onto Wall Street with an ebullient bang. Now the adolescent asset may have to grow up fast. Investors have embraced 11 U.S. exchange traded funds (ETFs), tracking bitcoin's spot price, that began trading on Jan. 11 after receiving regulatory approval; after two trading days, they held a total of 644,860 bitcoin worth more than $27 billion, according to data from analytics company Glassnode. Much of that - more than 500,000 bitcoin - was already held in a Grayscale Bitcoin Trust that had previously been a closed-end fund before it was allowed to relaunch as one of the new ETFs. The 11 ETFs have seen total inflows of $4.1 billion since Jan. 11, according to CoinShares data. The entrance of the world's largest cryptocurrency into the world's largest stock market "marks the end of the beginning of bitcoin's maturation and growing-up phase", said Glassnode. It echoed the views of many market players who said the increase in liquidity would tame bitcoin's volatility over time. "This is a logical, nearly-inevitable evolution as a newborn security with a wildly uncertain value and price matures into a mainstream asset with a million punters punting," said Brent Donnelly, a currency trader and president of Spectra Markets. The total value of bitcoin traded on cryptocurrency exchanges is about $500 million a day on average, Donnelly said. By comparison, the U.S. spot bitcoin ETFs recorded $4.6 billion in volume on their first day of trading. "I would assume even as things normalize, NYSE dollar value traded of bitcoin will be larger than what goes through on the blockchain," Donnelly said. Yet it's far too soon to gauge whether the new bitcoin investment products will be able to retain investor interest over the long run, market participants cautioned. Story continues Nonetheless, the 644,860 bitcoin held by the 11 U.S. ETFs after two trading days represented about 30% of all global spot bitcoin ETF holdings, Glassnode data showed. Even if trading volumes subside as excitement ebbs, the increased market liquidity could see the launch of derivative products that bet on bitcoin's volatility, according to some market watchers. "Due to the current importance of U.S. ETF flows, we expect the U.S. trading session to be the most materially important session in terms of price action in bitcoin," said Anders Helseth, head of research at K33 Research, referring to the near term. BITCOIN WHALES MAKE MOVE Bitcoin, birthed by the mysterious Satoshi Nakamoto who mined the first block on Jan. 3 2009, has seen its fair share of spills and thrills over the past 15 years. In its latest drama, it has leapt 50% since mid-October on bets that the long-awaited approval for ETFs, allowing access to the cryptocurrency via regular stock exchange, would attract fresh capital from retail and institutional investors alike. The sharp rally in the months leading to the ETF decision encouraged investors to cash in, pressuring prices. After hitting a two-year peak of $49,033 following the ETF approval, the notoriously volatile cryptocurrency slid 16% to $40,267. It remains about 40% below its all-time peak of $69,000. There are signs that whales, the investor cohort that owns more than 1,000 bitcoin each and control a major chunk of bitcoin supply, are booking some gains. The total supply of bitcoin held by long-term holders - those who have held for at least six months - has declined by about 75,000 from an all-time high in November as older coins are spent to take profits, according Glassnode data. On average, a long-term bitcoin holder is sitting on 55% unrealized profit, the data showed. "If you're are sitting on very large unrealized profits as a whale, it really makes sense that you start monetizing some of your portfolio," said Aurelie Barthere, analyst at blockchain data firm Nansen. (Reporting by Medha Singh and Lisa Pauline Mattackal in Bengaluru; Editing by Vidya Ranganathan and Pravin Char)

2024-01-23 06:09:43+00:00

{"Bitcoin": [3445]}

{}

Top Indian Funds Dust Off Playbooks Ahead of Index Inclusion

https://finance.yahoo.com/news/top-indian-funds-dust-off-060943715.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Hong Kong Stocks at 36% Discount Show True Depth of China Gloom As a pivotal year for India’s bond market gets underway, its top money managers are debating the best way to position for inflows that may hit $40 billion, according to some estimates. Aditya Birla Sun Life Asset Management prefers government bonds with maturities of seven to 14 years, while Bandhan Asset favors securities that have no investment curbs for foreigners. SBI Funds Management Pvt. and ICICI Prudential Asset Management Co. favor short-tenor company bonds that offer higher spreads over the sovereigns. The cohort are betting on inclusion in global bond indexes to drive returns after the central bank doused speculation of an interest-rate cut. In 2023, Indian sovereign bonds saw their best annual performance in three years. Here’s how the fund managers are positioning: Government Bonds For Aditya Birla Sun Life, government bonds maturing in 7-to-14 years are likely to offer higher returns than longer-duration notes, on index-inclusion inflows and potential tighter liquidity from the central bank. Beyond the 7-to-14 year point, the curve is more or less flat, “which means that you don’t get compensated enough for increasing your duration significantly,” said Kaustubh Gupta, co-head of fixed income at Aditya Birla. The basic view is that rates have peaked, but liquidity will remain tighter to neutral, he said. India’s benchmark 10-year sovereign yield fell 15 basis points last year, the most in three years. It’s expected to slide about 30 basis points by the end of 2024 from 7.18% on Friday, according to the median estimate in a Bloomberg survey. Story continues Index Bonds Bandhan Asset said it’s buying Fully Accessible Route, or FAR bonds, securities that have no investment curbs for foreigners and are eligible for entry into JPMorgan Chase & Co.’s benchmark emerging-market index starting in June. “We have been significantly overweight government bonds, and within which FAR government bonds, to the extent allowed by the mandate and positioning of our funds,” said Suyash Choudhary, head of fixed income at Bandhan Asset. Demand for FAR bonds will sustain for a long period, he added. Corporate Bonds Top-rated shorter-maturity corporate bonds of up to three years, which offer better spreads are the top pick for ICICI Prudential. The spread on three-year AAA-corporate paper over a similar tenor government bond stood around 70 basis points, compared with last year’s low of 43 points. “The short-end corporate bond segment looks attractive right now,” given that the absolute carry is very high, said Manish Banthia, chief investment officer for fixed income at ICICI Prudential. “There are tailwinds to credit at this point of time.” Read more: Stars Align for India Bonds After First Yearly Gain Since 2020 --With assistance from Subhadip Sircar. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 06:11:43+00:00

{"Bitcoin": [54, 583, 2541]}

{}

Cryptoverse: Will bitcoin behave better on Wall Street?

https://finance.yahoo.com/news/cryptoverse-bitcoin-behave-better-wall-061143512.html

Reuters

http://www.reuters.com/

By Lisa Pauline Mattackal and Medha Singh (Reuters) - Bitcoin celebrated its 15th birthday this month by bursting onto Wall Street with an ebullient bang. Now the adolescent asset may have to grow up fast. Investors have embraced 11 U.S. exchange traded funds (ETFs), tracking bitcoin's spot price, that began trading on Jan. 11 after receiving regulatory approval; after two trading days, they held a total of 644,860 bitcoin worth more than $27 billion, according to data from analytics company Glassnode. Much of that - more than 500,000 bitcoin - was already held in a Grayscale Bitcoin Trust that had previously been a closed-end fund before it was allowed to relaunch as one of the new ETFs. The 11 ETFs have seen total inflows of $4.1 billion since Jan. 11, according to CoinShares data. The entrance of the world's largest cryptocurrency into the world's largest stock market "marks the end of the beginning of bitcoin's maturation and growing-up phase", said Glassnode. It echoed the views of many market players who said the increase in liquidity would tame bitcoin's volatility over time. "This is a logical, nearly-inevitable evolution as a newborn security with a wildly uncertain value and price matures into a mainstream asset with a million punters punting," said Brent Donnelly, a currency trader and president of Spectra Markets. The total value of bitcoin traded on cryptocurrency exchanges is about $500 million a day on average, Donnelly said. By comparison, the U.S. spot bitcoin ETFs recorded $4.6 billion in volume on their first day of trading. "I would assume even as things normalize, NYSE dollar value traded of bitcoin will be larger than what goes through on the blockchain," Donnelly said. Yet it's far too soon to gauge whether the new bitcoin investment products will be able to retain investor interest over the long run, market participants cautioned. Nonetheless, the 644,860 bitcoin held by the 11 U.S. ETFs after two trading days represented about 30% of all global spot bitcoin ETF holdings, Glassnode data showed. Story continues Even if trading volumes subside as excitement ebbs, the increased market liquidity could see the launch of derivative products that bet on bitcoin's volatility, according to some market watchers. "Due to the current importance of U.S. ETF flows, we expect the U.S. trading session to be the most materially important session in terms of price action in bitcoin," said Anders Helseth, head of research at K33 Research, referring to the near term. BITCOIN WHALES MAKE MOVE Bitcoin, birthed by the mysterious Satoshi Nakamoto who mined the first block on Jan. 3 2009, has seen its fair share of spills and thrills over the past 15 years. In its latest drama, it has leapt 50% since mid-October on bets that the long-awaited approval for ETFs, allowing access to the cryptocurrency via regular stock exchange, would attract fresh capital from retail and institutional investors alike. The sharp rally in the months leading to the ETF decision encouraged investors to cash in, pressuring prices. After hitting a two-year peak of $49,033 following the ETF approval, the notoriously volatile cryptocurrency slid 16% to $40,267. It remains about 40% below its all-time peak of $69,000. There are signs that whales, the investor cohort that owns more than 1,000 bitcoin each and control a major chunk of bitcoin supply, are booking some gains. The total supply of bitcoin held by long-term holders - those who have held for at least six months - has declined by about 75,000 from an all-time high in November as older coins are spent to take profits, according Glassnode data. On average, a long-term bitcoin holder is sitting on 55% unrealized profit, the data showed. "If you're are sitting on very large unrealized profits as a whale, it really makes sense that you start monetizing some of your portfolio," said Aurelie Barthere, analyst at blockchain data firm Nansen. (Reporting by Medha Singh and Lisa Pauline Mattackal in Bengaluru; Editing by Vidya Ranganathan and Pravin Char)

2024-01-23 06:16:50+00:00

{"Bitcoin": [2597]}

{}

China to Further Expand Oilseed Production to Reduce Imports

https://finance.yahoo.com/news/china-further-expand-oilseed-production-061650014.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- China will grow rapeseed on more land and stabilize soybean acreage this coming year, extending a policy drive to boost oilseed harvests and cut reliance on overseas supplies in the top consumer. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Hong Kong Stocks at 36% Discount Show True Depth of China Gloom The country has sought to increase output of oilseeds such as soybeans and rapeseed, and cut the ratio of meal used in animal feed, as food security becomes an increasingly important priority post-Covid and trade tensions deteriorate with the US, a top supplier of farm products. In the new year, China will “stabilize soybeans” and look to focus on boosting yields, with plans to expand planting of genetically modified soybean and corn varieties, agriculture ministry officials said at a media briefing Tuesday. Production of soybeans, the most consumed oilseed in the country, rose significantly in the past few years, thanks to increasing acreage. But farmers have suffered as the beans struggle to find a market, while the larger acreage has cut planting of other main crops like corn. China has reduced the soybean meal ratio in animal feed to 13%, down 1.5 percentage points from 2022, and equal to the consumption of about 9 million tons of soybeans, an official from the agriculture ministry said at the media briefing organized by the State Council. Imports Near Record Soybean shipments to China climbed 11% last year to 99.41 million tons, almost matching the all-time high in 2020, customs data showed this month. Any big jump in the local crop that finds its way into commercial crushing could significantly cut the country’s buying on the global market. Apart from boosting yield and stabilizing acreage, the ministry will also focus on reducing losses from agricultural disasters. Story continues Meteorological conditions for farming in China this year will be generally poor, and the challenges of fighting disasters and securing bumper harvests remain severe, said Pan Wenbo, head of the ministry’s plantation-management division. The ministry will draw up contingency plans for disaster prevention in different regions and crops and establish regional centers to respond to catastrophes and secure grain production. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 06:21:32+00:00

{"Bitcoin": [1311, 1474], "BTC": [268, 1804, 1961]}

{"Bitcoin": [0]}

Bitcoin Unphased by China's Stimulus Plan

https://finance.yahoo.com/news/bitcoin-unphased-chinas-stimulus-plan-062132333.html

CoinDesk

https://www.coindesk.com

Authorities in China are considering a 2 trillion RMB ($278 billion) plan to reboot the ailing stock market, but the impact of the plan – which pushed markets in Hong Kong and the mainland into the black – doesn’t seem to have trickled down into the price of bitcoin [BTC]. At the time of writing, bitcoin was down 2.3%, sputtering below $40,000, according to CoinDesk indices data , and the CoinDesk 20 Index (CD20) is down 2.5% by mid-day Hong Kong time. Bloomberg said that Beijing is planning to use state-owned enterprises’ offshore accounts and local funds to invest in onshore shares through the Hong Kong exchange link and other yet-to-be-announced measures. Local stock market indices responded positively to the news, with Hong Kong’s Hang Seng index up 2% and the CSI 300, an index of mainland China shares, up 0.15%. The Hang Seng index is down 31% over the past year, while the CSI is down 23%. This reported method of injecting offshore funds into the mainland stock market aims to boost liquidity and confidence. Bloomberg also reported that additional, yet-to-be-detailed support measures ranging from regulatory changes to financial interventions pending top leadership approval. Recently, Chinese Premier Li Qiang emphasized the need to establish more forceful measures to reboot the economy. Bitcoin, for its part, is seeing its market dynamics being more affected by inflow into exchange-traded funds (ETF) products and record outflow from the Grayscale Bitcoin Trust (GBTC), CoinDesk previously reported. In addition, some analysts think that measures by the People’s Bank of China to support the yuan amid a stock market slide and increased dollar strength could negatively impact bitcoin’s price due to its inverse correlation with the USD. “China is incentivized to keep a lid on BTC to maintain a relative veil of currency stability and discourage capital flight. Past episodes when the Yuan has come under pressure have coincided with BTC underperformance,” David Brickell, head of international distribution at Toronto-based crypto platform FRNT Financial, previously told CoinDesk in an interview. Story continues However, some market observers have a more optimistic take. “The rebound of the Chinese economy will have profound implications for the global economy, and any stimulus or accommodative policy will be an encouraging sign to investors. The crypto market will also perceive such policies as risk-on and, therefore, be more willing to innovate and active in market expansion," said Greta Yuan, Head of Research at VDX, a regulated exchange in Hong Kong, in a note. Meanwhile, India has surpassed Hong Kong as the world’s fourth-largest stock market as corporate earnings remain strong in the country.

2024-01-23 06:27:55+00:00

{"Bitcoin": [2829]}

{}

Yuan Squeeze Hits Hong Kong as Fragile Sentiment Spills to FX

https://finance.yahoo.com/news/yuan-funding-costs-jump-hong-062755458.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The cost to borrow the yuan in Hong Kong rose to the highest in almost two years, signaling its scarcity in the city — and reminding traders of a currency-strengthening tactic once employed by Beijing. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Hong Kong Stocks at 36% Discount Show True Depth of China Gloom So-called overnight Hibor, a gauge measuring the cost for Hong Kong banks to borrow yuan from each other, climbed to a level unseen since April 2022 on Tuesday. One- and three-month tenors also climbed, to the highest since late last year. The rapid increase mirrors the impact of intervention measures that China deployed in the aftermath of a yuan devaluation in 2015, which limited the supply of yuan in Hong Kong and squeezed short-sellers. Chinese banks’ overseas units have been limiting their offers of yuan in the city recently as the currency hit the weakest since November, according to traders. Officials may be wary that a stock-market selloff triggers a vicious cycle of rapid yuan depreciation and worsening capital outflows, exacerbating bearish investor sentiment. Pessimism towards China’s economy, struggling due to sluggish consumption and a prolonged property crisis, is so intense that a $278 billion rescue package is being considered to boost local equities, according to people familiar. “Chinese banks might be squeezing funding costs to back the yuan, which tend to only back the yuan temporarily,” said Stephen Chiu, chief Asian foreign-exchange strategist at Bloomberg Intelligence. The impact may be “temporary only, as long as foreign investors’ appetite for Chinese stocks remain subdued.” Still, on top of policy support, traders hoarding liquidity ahead of the upcoming Chinese New Year holiday and yuan bears exiting short positions in anticipation of a rebound could also be contributing to the surge in funding costs, said Zhou Hao, chief economist at Guotai Junan International in Hong Kong. Story continues The People’s Bank of China has already stepped up its efforts to support the managed currency using a stronger-than-expected daily reference rate. The average spread between the so-called fixing, which limits the onshore yuan’s moves by 2% on either side, and a Bloomberg estimate has nearly doubled this month compared with December. Overnight Hibor rose 55 basis points to 5.5% on Tuesday, while the one-month tenor climbed to 3.83%. The offshore yuan rose 0.3% to 7.17 per dollar. --With assistance from Qizi Sun. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 07:58:08+00:00

{"Bitcoin": [5034]}

{}

FTSE 100 Live 23 January: December borrowing sets 2019 low, Primark boosted by Rita Ora, shares higher

https://finance.yahoo.com/news/ftse-100-live-22-january-061612319.html

Evening Standard

http://www.standard.co.uk/

FTSE 100 Live (Evening Standard) The number of companies in ‘critical’ financial distress today showed a big jump as higher interest rates take their toll on the UK economy. The Begbies Traynor Red Flag Alert report said the 26% increase on the previous quarter showed a “perfect storm impacting every corner of the economy”. In today’s City trading updates, Sir Martin Sorrell’s S4 Capital said it expects client caution on marketing spend will likely persist during 2024. FTSE 100 Live Monday “Perfect storm” leaves more firms in danger Ad industry boss braced for tough year Compass buys Kew Gardens caterer NatWest stake sold by Government FTSE 100 closes at 7,487.71 Monday 22 January 2024 16:39 , Daniel O'Boyle The FTSE 100 has closed up 0.35% at 7,487.71 today, shrugging off questions about China. London's top flight briefly crossed the 7500 mark in early trading before slipping into the red, but rose again in an afternoon rally. Entain and JD Sports were the top risers, while Glencore and Endeavour Mining were the big fallers. How to build a better bank, with ex-Barclays boss Anthony Jenkins - Podcast Monday 22 January 2024 16:28 , Daniel O'Boyle This week on our How to be a CEO podcast we're joined by former group CEO of Barclays, Anthony Jenkins. Anthony is the founder and CEO of 10x Banking. It's a tech company created in 2016 with an ambition to “build better banks”. Listen here US stocks continue bull run, Nasdaq highest since 2021 Monday 22 January 2024 15:52 , Daniel O'Boyle US stocks have continued their strong start to the year today, with the Nasdaq hitting its highest point in three years. Take a look at our US market snapshot Barclays cuts mortgage rates again in sign inflation rise hasn't stopped price war Monday 22 January 2024 15:13 , Daniel O'Boyle Barclays has cut its mortgage rates again, as last week’s shock rise in inflation does not appear to have deterred lenders from reducing prices. The high street bank will cut mortgage rates by as much as 0.6 percentage points from Tuesday (23 January), as the “mortgage price war” shows no sign in slowing down. Story continues A message to brokers said: “We are pleased to confirm we are reducing rates on a selection of products by as much as 0.50% across our residential purchase and remortgage range and 0.60% across our existing customer range, effective from tomorrow, Tuesday 23rd January 2024.” Read more here Here's why 99% mortgages would be a disaster for the housing market Monday 22 January 2024 14:30 , Daniel O'Boyle Ben Ramanauskas says that instead of introducing economically illiterate schemes, the government needs to tackle the root cause of the housing crisis In an incredibly crowded field, the proposal to introduce 99% mortgages has to be one of the very worst policies of any government ever. The plan is to allow people to be granted a mortgage by paying a deposit of 1%. The logic (and I use that word loosely) behind the proposal is that this will make it easier for young people to own a home and get on the housing ladder. While it is true that many young people do struggle to save enough money for a deposit due to the cost of living crisis, 99% mortgages would be an absolute disaster for the economy. The young people who find themselves able to take advantage of the new scheme might find themselves happy at first. However, there is a real risk that they would fall into negative equity if a future government decided to do the responsible thing of actually tackling the root causes of expensive housing. Read more here Thames Water in short term bond buy-back offer as new CEO moves to clean up debt burden Monday 22 January 2024 13:33 , Michael Hunter Thames Water has offered to buy some of its near-term bonds back from investors, as its new chief executive seeks to get a grip of its debt burden. The move comes as the firm simultaneously seeks investors for longer-term debt. London's 16-million customer utility owes around £15 billion in total, and rising interest rates have made it more expensive to service the debt. The sheer scale of the financial obligation involved stoked speculation about the company's ability to continue as a going concern. Today's announcement comes after Chris Weston, took up the helm at the Reading-based firm this month. Thames said today that it would buy back its outstanding bonds due in June 2025. They feature a 4% rate. It also said it would issue new longer-term debt, which is likely to cost it more, but could appeal to investors cashing in on the nearer-term bonds, Reports carried by the Bloomberg financial news agency suggested that these bonds were designed to raise around $750 million and run for two longer durations, of 7 years and 20 years. Lunchtime market snapshot: FTSE 100 down less than a point Monday 22 January 2024 13:09 , Daniel O'Boyle The FTSE 100 is down by less than a point as of lunchtime today, as it continues its struggling start to the year. Elsewhere, it's been a better day for London's mid-cap stocks, while the price of Bitcoin is falling back towards $40,000. Hunt will be Chancellor at time of election, Sunak says Monday 22 January 2024 12:45 , Daniel O'Boyle Jeremy Hunt will still be Chancellor at the time of the general election expected later this year, Rishi Sunak has said. The Prime Minister said his finance minister was doing a “fantastic job” at managing the economy after mounting speculation ahead of the spring Budget about how long he will last in the post. Asked on a visit to Buckinghamshire whether Mr Hunt would remain in his position at the time of the election, Mr Sunak told broadcasters: “Yes, and I’ve said that multiple times, it’s not new information.” Read more here Retail stocks get tax cut boost Monday 22 January 2024 12:18 , Daniel O'Boyle Susannah Streeter, head of money and markets at Hargreaves Lansdown, says:‘ ’It’s a warmer to start to the week for the FTSE 100 and European indices, with stocks largely gaining ground. Even the sprinkle of cold scepticism about the prospects for interest rate cuts isn’t acting as much of a dampener to the red-hot enthusiasm, which helped Wall Street gain fresh new highs on Friday. The Nikkei also scaled fresh heights, as the positive vibes spilled over into the tech sector, with the Japanese index appearing to suck in investor appetite for Asian shares, amid a continued aversion towards China. "The FTSE 100 is largely sitting on the sidelines of the tech rally, given the lack of star names in the index. However, retail stocks have started on the front foot, as speculation has swirled about the potential for tax cuts in the UK Budget in March. It seems to have inspired a bit of confidence that respite is on the way for the retail sector. It’ll be a difficult trade off however, given that more money in consumers’ pockets is aimed at boosting demand for goods and services, just at the time when the Bank of England is trying to trample down inflation, which is still double the target. Nevertheless, there seems to be a little uplift in appetite for a raft of high street and luxury names, which have suffered due to concerns about aspirational shoppers tightening their belts." UK economic prospects picking up but 'good chance' it slipped into recession at the end of 2023, say experts Monday 22 January 2024 11:43 , Daniel O'Boyle Britain's economic prospects are picking up but there is a “good chance” it slipped into recession at the end of last year, a leading economist said on Monday. The EY ITEM Club, which uses similar methodology to the Treasury, predicted that the UK economy will grow 0.9 per cent in 2024, up from its 0.7 per cent forecast in the autumn. But asked on BBC radio if the UK economy went into recession at the end of last year, Martin Beck, chief economic adviser to the group, said: “There is a good chance that it did.” Read more here City Comment: A new 'Lawson boom'? No thanks, I remember the first one Monday 22 January 2024 11:03 , Daniel O'Boyle Jeremy Hunt is hoping to recreate the Eighties “Lawson boom” with tax cuts in the March Budget, according to one particularly lurid splash headline in the Sunday papers. Be careful what you wish for. The Chancellor is old enough and — I assume — well versed enough in recent British economic history to know that it did not end well, either for the UK, or for the reputation of his Tory predecessor. Read more here (PA) (PA Wire) Market snapshot as FTSE gains fade Monday 22 January 2024 10:39 , Daniel O'Boyle Much of the FTSE 100's early gains have disappeared as we move to the late morning. Take a look at the latest market snapshot. FTSE 100 gains despite China uncertainty, transport stocks higher Monday 22 January 2024 10:20 , Graeme Evans Some of 2024’s biggest fallers rallied today as London investors focused on Wall Street optimism rather than jitters over China’s economy. Barclays gained 3.6p to 144.6p and Ocado put back 8.4p to 560.4p. BetMGM firm Entain also jumped 41.4p to 958.2p amid the read-across to the Swedish owner of Unibet and 32Red being a £2.1 billion takeover target for a company behind the French and Irish lotteries. The blue-chip recoveries helped London’s top flight up by 11.90 points to 7473.83, with Friday’s record close for the S&P 500 index a factor in the improved risk appetite. Wall Street’s tech-led bounce has been in contrast to frustration for Asia investors after China’s central bank today passed up another opportunity to deliver fresh stimulus. The latest declines of more than 2% left the Hang Seng index 11% lower this year and the Shanghai Composite off by around 7%. London-listed mining stocks reflected the China uncertainty, while accounting software firm Sage fell 8.55p to 1143.45p after a broker downgrade. Among other risers, NatWest improved 3.9p to 211.9p after it emerged the Government had sold a further 1% stake to reduce its ownership to 35.94%. The FTSE 250 index outperformed with a gain of 133.53 points to 19,004.94, led by heat treatment specialist Bodycote as its plans for a £60 million buyback of shares triggered a rise of 4% or 24p to 620p. Other mid-caps up by 2% or more included transport operators FirstGroup and Mobico. Compass serves up £475m deal to buy Kew Gardens caterer Monday 22 January 2024 09:49 , Daniel O'Boyle Catering giant Compass Group has struck a £475 million deal to buy CH&Co, the hospitality provider for venues such as Kew Gardens. On Monday, the world’s largest food services firm said it has “signed an agreement” to take control of its private equity-backed rival. CH&Co, which generates annual revenues of around £450 million, operates catering services across a raft of sectors including business, sport and leisure, education and culture, with the Royal Opera House also among clients. Compass has agreed to buy Kew Gardens’ caterers CH&Co (Yui Mok/PA) (PA Archive) Read more here Government sells another 1% of NatWest Monday 22 January 2024 09:29 , Daniel O'Boyle The Government has sold another 1% of its stake in NatWest, bringing its ownership of the bank to 35.94%. The banking giant was bailed out following the global financial crisis, but the Treasury has been gradually cutting down its stake. The fact the bank was partially taxpayer-owned led to increased scrutiny of the bank’s handling of the closure of Nigel Farage’s account with NatWest-owned Coutts. During last year’s Autumn Statement, the Chancellor revealed plans to sell more shares of NatWest in a retail sale, allowing members of the general public to take part for the first time. NatWest shares are up 1.9% to 212p today. $2.7bn deal for rival sends Entain to top of FTSE 100 Monday 22 January 2024 09:23 , Daniel O'Boyle Shares of betting giant Entain jumped today on the news that Swedish-listed rival Kindred is set to be bought out in a $2.7bn deal. La Française des Jeux, the owner of the French and Irish lotteries, is set to buy Unibet and 32Red owner Kindred for $2.7 billion. The read-across for Entain's value sent the Ladbrokes owner to the top of the FTSE 100, up 4.3%. Entain's Bwin brand and Kindred's Unibet are rivals as two of the biggest gambling sites in mainland Europe. Paddy Power owner Flutter’s shares also briefly jumped before returning to roughly where they started the day. Gambling software firm Playtech’s shares got a boost too, up 2.1%. Brickability buys cladding firm Topek Southern Monday 22 January 2024 09:17 , Daniel O'Boyle Building materials firm Brickability has bought cladding firm Topek Southern Limited for £27 million. The deal continues its diversification away from bricks. Analysts at Peel Hunt said: “This is another good deal, highlighting the group’s continued ambition to grow into niche areas and diversify away from its traditional brick/housing-exposed businesses.” Brickability shares are up 2.7% to 57.5p. London AI firm with 29-year-old founder achieves billion-dollar valuation after fresh funding round Monday 22 January 2024 09:06 , Simon Hunt An AI business founded by a 29-year old London tech entrepreneur is now worth more than $1 billion dollars after a fresh funding round in signs the capital is cementing its status as Europe’s foremost artificial intelligence hub. ElevenLabs, which uses AI to generate voices use for video dubbing, has hit the unicorn milestone less than two years after its launch following a $80 million Series B funding round led by US venture capital firm Andreessen Horowitz. The firm plans to use the funding to hire dozens more staff and bring more products to market. The firm’s value has shot up from its series A funding round just a few months ago, when it was worth 100 million. Read more here Mental health firm Kooth hit by NHS backlogs and cutbacks Monday 22 January 2024 09:02 , Daniel O'Boyle Shares in mental health platform Kooth slid as it said NHS cutbacks and backlogs will continue to hit its sales this year. Paddington-based Kooth, which offers anonymous mental health support tools for young people, said that headwinds from “a focus on NHS cost saving and the ongoing acute care backlog” will remain in the near term. It saw strong growth in the US, though, having launched in 2021. Shars dipped by 2.4% to 286p. CEO Tim Barker said: “The need for digital mental health services is as great as ever and we look forward to ensuring that Kooth remains a trusted and growing provider for children and young people both in the US and UK.” Barclays and Entain boost FTSE 100, Bodycote leads FTSE 250 Monday 22 January 2024 08:41 , Graeme Evans The FTSE 100 index today rose 33.93 points to 7495.86, led by a recovery for some of this year’s heavily-sold stocks. Risers included Ocado with a rebound of 18p to 570p, while JD Sports Fashion improved 1.25p to 112.5p and Barclays by 3.8p to 144.8p. Ladbrokes owner Entain led the blue-chip risers board following a jump of 4% or 37.4p to 954.2p, while the worst performing company was software firm Sage as shares fell back 15.3p to 1136.7p. The FTSE 250 index jumped 0.7% or 130.61 points to 19,002.02, with Bodycote the leading stock. The heat treatment specialist rose 4% or 24.5p to 620.5p after it announced plans for a £60 million buyback of shares. Other mid-cap stocks up by 2% or more included National Express owner Mobico, Aston Martin Lagonda and Virgin Money. Market snapshot as stocks climb Monday 22 January 2024 08:24 , Daniel O'Boyle The FTSE 100 climbed back towards the 7500 mark in early trading AIM-listed software firm approached over £26 million takeover Monday 22 January 2024 07:58 , Daniel O'Boyle AIM-listed SmartSpace Software has received a proposal over a £26 million offer from US-based firm Sign In Solutions. SmartSpace, which offers software for building management, has received an approach over a 90p per share offer. Its board said: “Discussions between the parties are advancing but there can be no certainty that an offer will be made, even if the pre-conditions are satisfied or waived. “Further announcements will be made as and when appropriate.” London has the most businesses on Begbies Traynor's 'critical' list Monday 22 January 2024 07:55 , Michael Hunter More on the news this morning of another big rise in the number of UK businesses in financial distress. Begbies Traynor found that London has thew biggest number of firms on the brink of collapse, with over 14,000 falling into its definition of "critical distress". The South East was second, with just under 8,000. The Midlands and the North West were after than, with around 5,000 each. The pattern was the same for companies in "significant distress", on notch down from critical. London had over 154,000 companies in this category, and the South East almost 93,000. 'Perfect storm' leaves almost 50,000 business in danger says Begbies Traynor Monday 22 January 2024 07:43 , Michael Hunter One of the most closely watched barometers tracking the number of UK businesses in difficultly has found a sharp rise in the number of firms currently at risk. Begbies Traynor's Red Flag tracker found that 47,000 firms are starting the year in critical difficulty, leaving them on the brink of collapse. The the insolvency and accountancy services firm said today that the number was up by a quarter, for the second consecutive period. There were also almost 540,000 businesses in significant difficulty. The increase was driven by the Construction sector, where the number rose over 15%, and Real Estate & Property Services, where it rose by over 21%. Begbies said it was a "worrying picture for UK businesses". Julie Palmer, Partner at Begbies Traynor, said: "After a difficult year for British businesses that was characterised by high interest rates, rampant inflation, weak consumer confidence and rising and unpredictable input costs, we are now seeing this perfect storm impacting every corner of the economy." She added: "Now that the era of cheap money is firmly a thing of the past, hundreds of thousands of businesses in the UK, who loaded up on affordable debt during those halcyon days, are now coming to terms with the added burden this will have on their finances." Virgin Wines shows signs of recovery Monday 22 January 2024 07:41 , Daniel O'Boyle Virgin Wines says it saw a “significant improvement in profitability” in the second half of 2023, after a disastrous period in which it struggled with warehouse issues and a post-pandemic slump in demand. Revenue ticked slightly up to £34.3 million, but the bottom line looked better as underlying profits grew to £1.75 million.Virgin Wines said this was due to “stringent cost management” as operating costs declined by 14.5%. After multiple profit warnings last year, the online wine retailer says profits for 2023-24 are in line with expectations. CEO Jay Wright said: “We are pleased with our performance through the first half of our financial year, particularly our strong profitability despite the challenging trading environment, with EBITDA representing over 5% of revenue. Following operational challenges last year, we made significant improvements in our warehouse operations, achieving a planned reduction in fulfillment costs, while maintaining an excellent next day delivery service throughout the busy peak trading period.” S4 Capital braces for tough year Monday 22 January 2024 07:39 , Simon English SIR Martin Sorrell’s S4 Capital was cautious today, warning it was is unlikely to be an economic improvement this year, The digital ad business thinks revenue will be down about 4%, a blow to Tory hopes of a pre-election boom. Sir Marin, the former WPP executive sometimes dubbed the “Sage of Soho” for his reading of markets, was glum today. He said this morning: “After four years of very strong growth, 2023 was a difficult year impacted by volatile macro conditions and, consequently, cautious spending from clients, particularly those in the technology sector and from smaller project-based assignments. Our client relationships remain strong and we have also managed costs tightly." "While it is early in the year, we are not expecting 2024 to show macro-economic improvement, and client caution on marketing spend will likely persist, although not at last year's level given interest rates are likely to fall over time. Initial indications are for an improvement in performance in the Content practice, reflecting cost reductions, broadly similar performance in Data&Digital Media to last year and a more challenging outlook for Technology Services. In these unpredictable times, we are focused on positioning the Company for medium term growth, improving profitability and returning funds to shareowners." S4 shares open today at 41p bur are likely to come under pressure. They are down 80% in the last year. Hang Seng weakness continues as Nikkei 225 rallies, FTSE 100 seen higher Monday 22 January 2024 07:16 , Graeme Evans Japan’s latest stock market rally today contrasted sharply with declines of more than 2% for Hong Kong’s Hang Seng index and the Shanghai Composite. The Nikkei 225 rose 1.6% ahead of tomorrow’s meeting of the Bank of Japan, with the country’s ultra-loose approach on monetary policy set to continue. While Tokyo’s leading benchmark is near a 34-year high, the Hang Seng is at 15-month low after today’s fall of 2.8% took this year's losses above 11%. Mainland China stocks also struggled, with the Shanghai Composite down 2.7% after the country’s central bank left its key lending unchanged. The FTSE 100 index is expected to open 25 points higher at 7487, although London’s performance contrasts sharply with Wall Street's after technology stocks drove the S&P 500 index to a record close on Friday. Recap: Friday's top stories Monday 22 January 2024 06:45 , Simon Hunt Good morning from the Standard City desk. You have to go a long way back to find monthly retail figures as grisly as Friday's 3.2% fall for December. If you exclude January 2021, when we were still confined to quarters courtesy of the Covid virus, the last time sales plummeted more was in June 2008, just before the credit crunch morphed into full scale financial bedlam. But December is a much bigger month for retail than June — for the obvious presents and tinsel related reasons — so arguably this remarkable slump in volumes is of far greater significance for the High Street. Indeed it appears to be the worst number for a December since the ONS began collecting monthly data in 1996. The scale of the fall comes as a surprise, as several bellwether retailers, notably Next, Marks & Spencer and Sainsbury’s, appear to have enjoyed bumper Christmases. But many of the seasonal trading statements, don’t forget, cover a longer 13-week period, not just the final frenzied run-in to the Big Day. November was strong, so for some retailers volumes in the longer “peak season” may have held up respectably. But November is all about discounting, December, full price sales — in theory. So a major shift from December to November spending — a trend that has been growing in recent years — is a disaster for margins. Here's a summary of our other top stories from Friday: Furniture company DFS reports fall in volumes and revenues Logistics firm Wincanton become latest stock market stalwart to be snapped up as its agrees to £765 million bid from French shipping group Bremont, Tiffany and Aspinall all sign new leases at the Royal Exchange in vote of confidence for London luxury sector Deliveroo enjoys strong fourth quarter

2024-01-23 08:02:40+00:00

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BOJ Watchers See Rising Case for April Rate Hike on Wage Talks

https://finance.yahoo.com/news/boj-watchers-see-rising-case-052045864.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The case is building for the Bank of Japan to increase interest rates at its April meeting, as investors tighten their focus on the outcome of spring wage negotiations, according to strategists. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Hong Kong Stocks at 36% Discount Show True Depth of China Gloom The yen rose as much as 0.8% against the dollar and Japanese bond futures fell after BOJ Governor Kazuo Ueda said at a press conference that certainty for the outlook is rising gradually, and that he will consider ending negative rates if the price goal comes into view. The decision to keep the policy rate and yield-curve-control unchanged on Tuesday chimed with economists’ expectations for the status quo, following a powerful earthquake hitting Japan on New Year’s Day and Ueda’s dovish remarks at the end of December. Here’s what analysts and strategists had to say: Post-Press Conference Charu Chanana, market strategist for Saxo Capital Markets Pte “The change in tone from Ueda is apparent, and keeps the April meeting live. However, Japanese yen will likely struggle to hold on to these gains in the near term given that US yields are likely to remain volatile as the markets start to price in a Trump presidency and US economic data remains robust.” Naka Matsuzawa, chief strategist at Nomura Securities Co. “So far Ueda’s presser has been more clearly hawkish than the outlook report itself and gives the impression the BOJ is getting closer to a victory call of achieving 2% inflation target and an end of NIRP. It’s quite natural JGB/FX markets have taken this message seriously and JGB yields/JPY have risen further in the evening session. The market should see the chance of an April rate hike is now clearly higher than 50%. Japanese stocks should correct further while bank stocks should be supported by higher yields.” Story continues Tsutomu Soma, a bond and currency trader at Monex in Tokyo “Bank of Japan Governor Kazuo Ueda’s remarks appear to suggest it is a step closer to scrapping the negative interest rate in the near future. Still, the central bank probably wants to see the results of wage increases to assess if this is a sustainable trend and therefore, it won’t probably rush to take action.” Tsuyoshi Ueno, a senior economist at NLI Research Institute in Tokyo “Expectations are reflected in market moves that there will be a move toward normalization in a not-distant future including an end to the negative-rate policy. As we move into March, expectations of imminent BOJ policy normalization will further grow. I see 10-year yields will edge higher and reach 0.8% levels in March.” Amir Anvarzadeh, a strategist at Asymmetric Advisors Ltd in Singapore “Japan’s economy doesn’t really require the kind of aggressive zero rate policy that BOJ has stuck to and with shunto wage negotiations looking fairly healthy the direction is still clear that BOJ needs to become less accommodative while the Fed will need to pivot the opposite direction. Whether BOJ moves in March or April or the Fed pivots — rates are going the opposite direction in Japan and US. That means that the dollar/yen will likely fall back to 140 and even lower as we get to summer.” Alan Lau, a strategist at Malayan Banking Bhd in Singapore “Ueda’s tone this time does tend to sound more hawkish and hints towards an exit from NIRP soon, possibly in April. However, the Fed’s policy continues to be a major determinant beyond just the BOJ. If anything, an NIRP exit does not necessarily change the game too much as UST-JGB yield differentials remain wide and the BOJ could be slow in undertaking any further adjustment beyond this action.” Pre-Press Conference Alvin Tan, head of Asia FX strategy at RBC Capital Markets in Singapore “There is a 90% probability that the BOJ will lift rates in April, with a 10% chance that it will come in the June decision. Gradual policy normalization remains on course, but the BOJ can stay patient as the spring wage round unfolds. We are looking at a near-term USD/JPY target of 150.” Shoki Omori, strategist, Mizuho Securities Co. “Shorter tenor yields are likely to fall as market speculation about near-term monetary policy tweak is further receding. The yen will probably keep its weak tone staying at around the current level, but if Governor Ueda sounds dovish about the economy at a press conference later in the day, it would weaken to touch 150 against the dollar in the near term.” Tony Sycamore, a market analyst at IG in Sydney “April is when we expect the BOJ to take its next step towards policy normalization and away from NIRP. However as BOJ Governor Ueda has already flagged any policy changes will be ‘carefully assessed’ we expect upcoming changes to be delicately managed.” --With assistance from David Finnerty, Yumi Teso, Ayai Tomisawa, Aya Wagatsuma, Masaki Kondo and Matthew Burgess. (Adds press conference details in paragraph two, and updates with post-press conference voices.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 08:06:07+00:00

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Hunt Gets More Room for UK Tax Cuts With Fall in Borrowing

https://finance.yahoo.com/news/hunt-gets-more-room-uk-080607257.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Better tax receipts and lower debt-interest costs took the pressure off the UK public finances in December, giving Chancellor Jeremy Hunt a boost as he seeks room for tax cuts in his March budget. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Hong Kong Stocks at 36% Discount Show True Depth of China Gloom The government borrowed £7.8 billion ($9.9 billion) last month, down from £16.2 billion a year earlier and less than the £14 billion forecast by the Office for Budget Responsibility in November. It was the lowest December borrowing since 2019. The improvement came amid buoyant tax revenue and a sharp fall in debt-interest spending as cooling inflation makes it cheaper to finance the national debt. Tax receipts in the nine months to December were 5.3% higher than last year, with income taxes, VAT and corporation tax all up substantially. Debt interest costs were 28% lower. The figures are a boost for Prime Minister Rishi Sunak’s struggling government, which wants to cut taxes in March to win over voters ahead of a general election expected to be held later this year. “December’s better-than-expected public finances figures brought some cheer for the Chancellor after the recent run of poor outturns and will give him a bit more wiggle room for a big pre-election splash in the spring budget,” said Ruth Gregory from Capital Economics. Government borrowing has risen as it responded to the cost-of-living crisis. Both welfare payments and public-sector pay have increased. In the first nine months of 2023-24, the deficit was 10.3% higher than a year earlier at £119.1 billion. However, that’s less than the £124.1 billion forecast by the OBR, with December marking a second month in which borrowing was lower than a year earlier. That’s partly due to the fact that huge energy subsidies for households and businesses last winter are not being repeated this year. Story continues Interest costs were just £4 billion last month, compared with £18.1 billion a year earlier and £5.5 billion less than the OBR forecast. The decline was down to lower retail price inflation, against which a quarter of government debt is indexed. “Because of this government’s decisive action, the economy is now beginning to turn a corner,” said Chief Secretary to the Treasury Laura Trott. “Protecting millions of lives and livelihoods during Putin’s energy shock and a once in a century pandemic has created economic challenges. However, it is right that we pay back these debts so future generations are not left to pick up the tab.” Hunt and Sunak have signaled they want to cut taxes at least once more before the next election. The Conservatives are trailing the Labour opposition by around 20 percentage points in opinion polls. In November, Hunt was judged by the OBR to have a narrow £13 billion margin against his key fiscal rule, which requires debt to be falling a share of GDP in five years. However, a fall in market interest-rate expectations since then means he could be handed billions of pounds of extra leeway to ease the highest tax burden since World War II. The latest public finance figures show there were also downward revisions to borrowing from April to November, amounting to £5 billion, driven by stronger tax receipts than previously thought. Corporation tax saw the biggest upward revisions, with income tax and National Insurance also making contributions. It leaves the deficit for 2023-24 as a whole on track to come in below the £124 billion forecast by the OBR, with January — the biggest tax month of the year — set to record a big surplus. Public sector net debt rose to £2.69 trillion in December, 97.7% of GDP. The debt burden remains at levels last seen in the early 1960s, the ONS said. (Adds details, comment, chart) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 08:06:36+00:00

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China weighs stock market rescue package backed by $278 billion

https://finance.yahoo.com/news/china-weighs-stock-market-rescue-015731696.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) — Chinese authorities are considering a package of measures to stabilize the slumping stock market, according to people familiar with the matter, after earlier attempts to restore investor confidence fell short and prompted Premier Li Qiang to call for “forceful” steps. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Hong Kong Stocks at 36% Discount Show True Depth of China Gloom India Tops Hong Kong as World’s Fourth-Largest Stock Market Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout Policymakers are seeking to mobilize about 2 trillion yuan ($278 billion), mainly from the offshore accounts of Chinese state-owned enterprises, as part of a stabilization fund to buy shares onshore through the Hong Kong exchange link, said the people, asking not to be identified discussing a private matter. They have also earmarked at least 300 billion yuan of local funds to invest in onshore shares through China Securities Finance Corp. or Central Huijin Investment Ltd., the people said. The deliberations underscore the elevated sense of urgency among Chinese authorities to stem a selloff that sent the benchmark CSI 300 Index to a five-year low this week. Calming the nation’s retail investors, many of whom have been bruised by the protracted property downturn, is also seen as key to maintaining social stability. The formation of a state-backed stabilization fund has been contemplated since at least October, though some investors have raised doubts over its efficacy as Beijing’s previous rescue efforts haven’t always worked. China’s property crisis, depressed consumer sentiment, tumbling foreign investment and diminished confidence among local businesses after years of volatile policymaking are exerting pressure on both the economy and markets. “The potential support package should be able to stem declines in the short term and stabilize markets into the Lunar New Year, but state buying alone has historically had limited success in turning around market sentiment if not followed up by further measures,” said Marvin Chen, a strategist at Bloomberg Intelligence. Story continues Onshore Chinese shares pared an earlier rally to end just 0.4% higher. A gauge of Chinese stocks listed in Hong Kong rose 2.8%, easing from an intra-day gain of 4.1%. Officials are also weighing other options and may announce some of them as soon as this week if approved by the top leadership, the people said. The plans are still subject to change. The China Securities Regulatory Commission didn’t respond to a request for comment. At a State Council meeting on Monday, chaired by Li, China’s cabinet received a briefing on the operations of the capital markets as well as considerations for related work, according to an official statement, which didn’t provide more details on what Beijing is mulling. In all, more than $6 trillion has been wiped out from the market value of Chinese and Hong Kong stocks since a peak reached in 2021, underscoring the challenge that Beijing faces as it seeks to arrest a decline in investor confidence. Millions of investors - pensioners, security guards, high-school students - dominate China's stock markets, conducting about 80 percent of all trades. REUTERS/Aly Song (REUTERS / Reuters) Separately, regulators gave so-called window guidance to at least two state-owned insurance firms on Monday to refrain from selling more shares than they purchased. The nation’s largest brokerage Citic Securities Co. last week stopped short selling services for some clients after window-guidance from regulators, Bloomberg News has reported. China’s piecemeal moves in recent months to boost market sentiment have been met with a large degree of despondency from traders, with some calling for more forceful stimulus. Beijing has restricted short selling and state funds stepped in to buy shares of big banks. “A rescue package may be insufficient on its own to prop up the market in terms of value injected, but will certainly help dispel the idea that the government doesn’t care,” said Vey-Sern Ling, managing director at Union Bancaire Privee. Confidence has also been hurt over the past years by President Xi Jinping’s growing control over private enterprise, which has included a crackdown on the country’s tech giants. International banks who were planning a massive expansion in the country are now tempering their ambitions to build platforms in the world’s second-largest economy. Kevin Sneader, president of Asia-Pacific ex-Japan at Goldman Sachs Group Inc., called for more consistency from authorities to restore confidence. “The question when you look at this package or any other set of actions, is how does it address that?” he said in interview Tuesday in Hong Kong on Bloomberg Television. “Does it change the sentiment? Does it give people reasons to believe in the future of the economy in a positive way?” he said. During the 2015 rout, Beijing tapped China Securities Finance Corp. as its main stabilization vehicle by allowing it to access as much as 3 trillion yuan of borrowed funds from sources including the central bank and commercial lenders. The money was used to buy stocks directly and provide liquidity to brokerages. Even so, the turbulence didn’t end until a year later. This time, officials are seeking to use offshore money to minimize impact on an already weakening yuan, said the people. Bloomberg Intelligence estimated the rescue fund could further expand to $488 billion, assuming the size will be similar to 2015 when the “national team” deployed about 5% worth of A-share market value, analysts led by Sharnie Wong wrote in a note. The stock meltdown is adding pressure on so-called snowball derivatives, which are structured products that promise bond-like coupons as long as the underlying assets trade within a certain range. The CSI Smallcap 500 Index, a pricing reference for some of these products, slipped 4.7% on Monday, taking it below an earlier estimated threshold that may trigger widespread losses on the snowballs. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 08:25:01+00:00

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Where Investment Chiefs Are Putting Their Cash in Unstable 2024

https://finance.yahoo.com/news/where-investment-chiefs-putting-cash-230000405.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- This year is already shaping up to be a tough one for investors to navigate, with heightened debate over central bank moves, prospects for economic slowdowns and crucial elections around the world all weighing on fund managers’ minds. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Against this backdrop, Bloomberg News asked executives at major investment firms with almost $2 trillion in combined assets under management about where they plan to put their money in 2024. From outsourced pharmaceutical service providers to longer-duration US Treasury bonds and private credit deals, chief investment officers from Singapore to Switzerland are looking for long-term growth and betting the slowing economy has finally pushed asset prices down to create a buyer’s market. GIC: $770 billion in estimated assets under management GIC Pte CIO Jeffrey Jaensubhakij sees a year of heightened risks from “higher for longer” interest rates eating into corporate finances to geopolitical problems and even artificial intelligence forcing companies to make expensive adjustments. That means more opportunities to become a reliable lender for businesses needing capital. Read more: A Pessimist’s Guide to Global Economic Risks in 2024 “Higher interest rates and tight credit availability make new deployment in private credit an area of focus,” he said, adding that inflation hedging through real assets remained important. “In real estate, fundamentals remain resilient in logistics, student accommodation and hospitality.” And with climate change risk continuing to rise, the Singaporean sovereign wealth fund is looking at investments that help with the energy transition. Pictet: 250 billion Swiss francs ($288 billion) Story continues For Pictet Wealth Management CIO and head of investments César Pérez Ruiz, energy independence and the push to combat climate change is a key theme for deals. But that doesn’t equate to obvious sectors like solar panels or electric vehicles. “I want to buy the beneficiaries — the companies that are going to do the digitalization, the companies that are going to do the infrastructure investments,” he said, citing Schneider Electric SE as an example. “There are going to be industrial companies that I call ‘the new staples’.” Read More: This $20 Trillion Climate Theme Is Trouncing Other Strategies With China’s property, consumption and technology firms all experiencing continued volatility, Ruiz remains cautious about the outlook there, finding many similarities with the Spanish housing crisis more than a decade ago that continues to have an effect today. “I prefer the rest of the world first,” he said, adding that Europe and Japan were attractive markets for investments, especially entertainment, consumption, robotics and digital services companies that service the domestic market in the latter. “If there is recession, small caps will outperform big caps because everyone is hiding in big caps,” he said. Partners Group: $147 billion Unlike many of his peers, Partners Group Holding AG CIO Stephan Schäli still sees bright spots in China, especially in areas like pharmaceutical companies where valuations that exploded at the peak of the Covid-19 pandemic have started to become more affordable as they hunt for growth capital. “We’re global investors so we don’t exclude China,” he said. The outsourcing of pharmaceutical services from drug development to manufacturing and packaging firms gives opportunities, both in China and other Western markets, he added. While Schäli is relatively cautious on office properties, he echoes GIC’s penchant for last-mile logistics assets as well as Pictet’s enthusiasm for companies that will benefit from the rise of AI and environmental concerns. “The IT service sector is changing so companies able to implement AI and help other companies get that done are an attractive topic,” he said. Companies that provide ESG-related services are also a target. “We invested in the global leader of cleaning pipelines. So that’s making them really clean and making sure they don’t have any negative environmental impacts.” China Asset Management: 1.89 Trillion Yuan ($263 billion) China’s market may have more upside surprises than downside in 2024 even as the nation’s economic slowdown and property crisis weigh on investor confidence, according to Richard Pan, CIO of global capital investment at Beijing-based China Asset Management Co. Catalysts for a turnaround include bigger-than-expected interest-rate cuts in China as the Federal Reserve’s anticipated end of its hiking cycle may give more room for China’s policymakers, and even stronger support for the ailing property market such as the removal of home-purchase curbs in top-tier cities. “What we’re lacking is just confidence,” Pan said, citing China’s faster economic growth when compared to the US. Once the slide in real estate is arrested, “confidence will most likely return.” Chinese companies have become more competitive since the start of the pandemic and will continue to do so, he said. While the rise of electric vehicle-makers and solar panel producers was well-known, he argued that restrictions on advanced chips have helped the nation’s semiconductor makers gain an even bigger market share. Read more: China Secretly Transforms Huawei Into Powerful Chip War Weapon For evidence, Pan pointed to electricity generation data in the first half of last year that he said showed China’s economic recovery had been more driven by advanced manufacturing when compared with the US. And the Chinese economy’s size allows it to afford huge investments needed to develop key technologies like new energy and AI, according to Pan. “Such factors have been seriously neglected by the market,” he said, predicting that the medical, healthcare and e-commerce sectors will see a recovery in valuations. AMP: A$68 billion ($45 billion) AMP Ltd. CIO Anna Shelley says her team will be looking for private debt deals offshore in the next six months. “We focused initially on the Australian private debt market and I think that’s been a really solid space to invest at good valuations, good yields,” Shelley said in an interview. Shelley added she was looking for “higher-risk private debt” offshore that would offer bigger returns, especially in the US. “There are some managers that specialize in middle market or US-based companies and that might be a space that we have a look at.” Temasek: S$382 billion ($285 billion) For Singaporean state-owned investor Temasek Holdings Pte, the prospect of rate cuts by the Fed makes it “constructive” on the US market, CIO Rohit Sipahimalani said. The easing of financial conditions will reduce recession risks, he added. “Valuations make it unlikely that we will see outsized gains at the index level, although there are attractive opportunities in certain segments,” Sipahimalani said. He likes India despite valuations that are “a bit extended,” and is attracted by Japan, thanks in part to Tokyo Stock Exchange reforms. In private markets, Sipahimalani sees a reassessment of valuations coming to the fore. “Some private equity players who need to give liquidity back to their LPs are now being pressured to sell at more realistic prices,” he said. “And companies who raised a lot of money in 2021 are now getting to the using of that money. They need to come back to raise that money and will have to do so at more realistic valuations.” Demand for capital may be slowed by the flood of private credit hitting the market, he said, noting Temasek itself plays in the space, especially when it offers “equity-like” returns as it does today. “But you ultimately hit a wall when you need capital,” he said. “People can take debt up to a point, but they need to complement it with equity.” Rest Super: A$80 billion ($53 billion) Australian pension fund Rest Super still sees the appeal of property and infrastructure, but adds that private markets “haven’t yet priced to the new horizon” of structurally higher inflation, according to CIO Andrew Lill. While Rest Super has been “moderately increasing” its exposure to private credit over the past 18 months and will continue to do so over 2024, it’s also been paying attention to a stalwart of institutional portfolios: bonds. The fund has been lengthening the duration of its bond portfolio. “And when US 10 years hit 5% in October, that was the signal to complete our rate-lengthening exercise,” Lill said. “That was the level in yields at which fixed interest became a better defensive asset than you’ve seen for quite some time in your portfolio.” He said the fund had been reducing high-yield exposures because at current spreads above the sovereign rates, the risk versus reward was becoming less appealing. --With assistance from Matthew Burgess. (Updates with section on AMP) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 08:27:08+00:00

{"Bitcoin": [3703]}

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Turkey Lira Debt Still Isn’t a Buy, Fund Manager Amundi Says

https://finance.yahoo.com/news/turkey-lira-debt-still-isn-082708011.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Foreign investors will steer clear of Turkish lira bonds until inflation reverses course and decelerates, according to Europe’s biggest asset manager, a distant prospect that suggests inflows likely won’t materialize until mid-year at best. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Hong Kong Stocks at 36% Discount Show True Depth of China Gloom “My sense is that for international investors to go into the domestic bond market, I would ideally like to see inflation really ticking down,” Sergei Strigo, co-head of emerging-market debt at Amundi SA, said in an interview. “And we are yet to see that. That for me would be the main trigger point.” A longer wait will frustrate officials like central bank Governor Hafize Gaye Erkan, who said last month the time for foreigners to invest in lira-denominated government bonds “should be now” after she quintupled interest rates since being appointed in June. But inflows into local debt have been limited relative to their historical highs, with inflation expected to reach up to 75% around May and borrowing costs deeply negative when adjusted for prices. Once a huge draw for foreigners, local debt has for years been off the international investor radar as authorities leaned on ultra-loose monetary policy to juice up growth. Non-resident holdings are now below $3 billion, the most since early 2022 but still a fraction of their peak at more than $70 billion over a decade earlier. The disinterest contrasts with the appeal of Turkey’s foreign-currency bonds, which have been a top performer in emerging markets after a makeover of economic policies following President Recep Tayyip Erdogan’s reelection in May. Amundi has already put some of its $2 trillion under management into hard-currency debt issued by Turkish companies and the government, according to Strigo, who’s also more upbeat on the lira’s prospects than now priced in by the market. Story continues Although the currency is set to continue to weaken gradually in nominal terms, forward contracts imply “too much depreciation,” he said, describing Amundi as having a “neutral exposure” to the lira. One-year forwards are trading around 43 per dollar, nearly 30% weaker than the spot level. ‘Positive Returns’ A crucial part of the currency’s appeal comes from its “carry component,” Strigo said. “In absolute terms, the Turkish lira potentially can generate positive returns for 2024 at current levels.” For much of last year, the lira yielded some of the worst returns globally for traders who borrow where rates are low to invest where they are high. But with its depreciation to record-low levels contained within a narrow range, it’s offered one the world’s most profitable carry trades in the past three months, according to data compiled by Bloomberg. For Amundi, risks to the investment case in Turkey will crystallize around municipal elections in March. The likelihood that the central bank will raise its key rate this week to 45% from 42.5% — and “some expectations for a little bit more to be done” — could help shift sentiment in favor of local debt, especially if policy continuity is intact, Strigo said. “As soon as we start seeing inflation numbers behaving a little bit better compared to what they’re today, there’s definitely potential for portfolio inflows,” he said. --With assistance from Tugce Ozsoy. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 09:15:57+00:00

{"Bitcoin": [5514]}

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Chaos in the Red Sea is starting to bite into companies' profits

https://finance.yahoo.com/news/chaos-red-sea-starting-bite-051817960.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) — With the Red Sea crisis roiling shipments of everything from cars to energy, it’s a matter of time before soaring costs and supply-chain strains show up in companies’ earnings reports. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout Several firms are already warning of the impact. Electric-vehicle maker Tesla Inc. plans a two-week production halt at a German plant due shipment delays, while Sweden’s Volvocar AB has announced a three-day stoppage at its Belgian factory. British retailers Tesco Plc, Marks & Spencer Group Plc and Next Plc have all flagged the risk of higher prices for consumers. All that’s because at least 2,300 ships are taking lengthy detours to avoid Houthi militants’ attacks in the Red Sea — a waterway that normally handles over 12% of global sea trade. Central bankers are warning of an inflation surge that could hamper interest-rate cuts. For many companies, especially in Europe, it’s adding to transit times, padding out freight bills and raising insurance costs. And it’s forcing analysts to re-think companies’ earnings estimates for the coming year. In the past three months, the consensus forecast for car-makers’ earnings is down 5%, data compiled by Bloomberg shows. Shippers on the other hand are emerging winners — with container rates surging 300% on some routes, earnings estimates for MSCI Europe’s transportation index have risen 7% in just two weeks. How Houthi Red Sea Attacks Are Disrupting World Trade: QuickTake Thomas Brenier, head of equities at Lazard Freres Gestion in Paris, has trimmed exposure to the auto sector, seeing it as “one of the first to suffer due to its complex and tense supply chain.” He is also avoiding retail, as it “could suffer from a lack of products to sell.” Story continues “If it lasts another one or two months, for sure you will see some profit warnings linked to this,” Brenier predicted. Here’s a look at how earnings could shape up for various sectors: Shipping and insurance Current container shipping costs, if sustained, could add to headline inflation in the UK and euro area from late 2024 and early 2025, Bloomberg Intelligence estimates. But the events are boosting the fortunes of global shipping companies, such as AP Moller- Maersk A/S and Hapag-Lloyd AG in Europe, US-listed ZIM Integrated Shipping and Japan’s Mitsui OSK Lines Ltd. Insurers should also benefit, with underwriters jacking up premia tenfold on some shipping routes. Among shippers, Maersk has enjoyed a slew of bullish recommendations. Bank of America recently doubled 2024 earnings estimates for the Danish firm, while Goldman Sachs Group Inc. reckons a massive increase in free-cash flow could allow it to return capital to shareholders. David Vernon at Sanford C Bernstein and Co. predicts an earnings boost for logistics firms too, including freight forwarders, if companies that run out of shipping options resort to airfreight. “Air freight are absolutely the winners,” Vernon said, naming FedEx Corp., United Parcel Service Inc. and DHL Group as potential beneficiaries. Retailers Next, which sources most of its fashion and home products from Asia, was among the first retailers to voice fears of a hit. Primark, which is owned by Associated British Foods Plc, and Hennes & Mauritz AB are highly exposed to sea-freight volumes, according to RBC Capital Markets analyst Richard Chamberlain, while Zara-owner Inditex SA sources mostly from nearby countries. Similarly, Bryan Garnier & Co. highlights French furniture retailer Maisons du Monde SA as highly vulnerable, procuring 75% of its goods from Asia and transporting 90% by sea. Prolonged disruption will pull in global brands such as Nike Inc., Adidas AG and Capri Holdings Ltd, Bernstein said. The problem for such companies is that the economic backdrop can make it harder to pass higher costs to consumers. “Companies may have to absorb them, which would crimp profit margins,” Frédérique Carrier at RBC Wealth Management said. Autos So far, Tesla and Volvo Car are the only auto makers to announce production stoppages. But such delays “may represent a fresh risk to light vehicle production this year,” according to Morgan Stanley. However, most reckon the industry won’t see a repeat of Covid-era problems. “Costlier fuel, extra days of space rented, and higher shipping rates are going to be a negative on companies’ P&Ls, but, putting this in perspective, transportation costs are about 57% lower than Covid levels,” BofA analyst John Murphy wrote. The crisis could even allow automakers to maintain higher vehicle prices, Bloomberg Intelligence said. Energy The impact on crude prices has been relatively muted this year, but that could change if a prolonged conflict causes supply shortfalls. However, oil markets are bracing for weeks-long disruptions. Fewer tankers are traversing the Bab el-Mandeb strait at the southern end of the Red Sea, according to Vortexa data compiled by Bloomberg. The number of ships carrying crude or dirty petroleum products such as fuel oil, have slid by 25% this year up to Jan. 19 verus a year earlier, the figures show. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 09:41:30+00:00

{"Bitcoin": [2689]}

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Malaysia Mulls Legal Action Against Foreign Banks Over 1MDB

https://finance.yahoo.com/news/malaysia-mulls-legal-action-against-042417871.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Malaysia is considering initiating legal proceedings against banks related to the troubled 1MDB state fund, as the government works to recoup assets lost from the multibillion-dollar scandal. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Hong Kong Stocks at 36% Discount Show True Depth of China Gloom “A number of foreign banks” facilitated fund transfers linked to 1MDB without conducting proper processes “at that material time,” Johari Abdul Ghani, who leads a taskforce to recover 1MDB assets, said in a statement. He did not identify the banks. 1MDB was a national strategic development company that took shape in 2009 and became the center of criminal probes spanning across continents that ensnared multiple banks. Swiss regulators fined BSI Bank 70 million Swiss francs ($80 million) after it was caught up in the scandal. Goldman Sachs Group Inc., which helped raise three bonds worth $6.5 billion for 1MDB, admitted to its role in the biggest foreign bribery case in US enforcement history, reaching multiple international settlements exceeding $5 billion. Malaysia and Goldman are now locked in a dispute over a 2020 settlement the two struck that requires the bank to pay $2.5 billion in cash payment and provide the government with a $1.4 billion asset recovery guarantee, according to Johari. Goldman attempted to offset the fines Malaysia imposed on AmBank Group and the country’s settlement agreement with International Petroleum Investment Co. against the asset recovery guarantee, he said. Goldman filed for arbitration against Malaysia in October, and the parties are currently in the process of agreeing on a procedural timetable, said Johari. Malaysia is also examining whether the negotiators and lawyers representing the government may have failed in their duty or were negligent when arriving at the agreement with Goldman in 2020, he said. Such lapses in “failing to negotiate a fair and clear settlement agreement” have compromised the government, added Johari. Story continues Rosli Dahlan, whose law firm acted on behalf of 1MDB when the deal was struck, didn’t immediately respond to a request for a comment. The lawyer last month said authorities’ action against him were an attempt to smear his reputation. (Updates with details on BSI Bank in third paragraph and on ex-1MDB lawyer in last paragraph.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 09:44:08+00:00

{"Bitcoin": [2963]}

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ECB Says Banks See Euro-Zone Credit Demand Bottoming Out

https://finance.yahoo.com/news/ecb-says-banks-see-euro-094408349.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Demand for credit in the euro zone may be bottoming out after falling for more than a year in the face of rising interest rates and a struggling economy, according to the European Central Bank. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Hong Kong Stocks at 36% Discount Show True Depth of China Gloom The ECB’s quarterly Bank Lending Survey, published Tuesday, showed that the drop in appetite for business and consumer loans was smaller in the fourth quarter than in the previous three months. “For the first time since early 2022, banks expect a small net increase in demand for loans to firms and for housing loans in the first quarter of 2024,” the ECB said. Banks continued to tighten credit standards, however, albeit at a more moderate pace that’s likely to abate further in the early months of 2024, according to the poll. Officials in Frankfurt are assessing how much of the effect of their unprecedented ramp-up in interest rates is still to be felt. Bank lending is a key channel through which they want to dampen economic activity and return inflation to 2% — though without turning what’s shaping up to be a soft landing for Europe into something more severe. “Across loan categories, the decline in demand was driven by the general level of interest rates,” the ECB said. “Moreover, lower fixed investment dampened firms’ demand for loans, while subdued consumer confidence and housing market prospects reduced demand from households for loans.” The quarterly survey, which began in 2003, comes just two days before the ECB next sets monetary policy. It’s widely expected to keep borrowing costs on hold at 4% for a third straight meeting and is likely to push back further against investor bets for rates to be cut as soon as April. Story continues The poll showed that market expectations for looser policy may already be feeding through to the economy, with terms and conditions for mortgages easing at the end of last year. “The net easing in the housing loan category was not accompanied by a corresponding decrease in lending margins and followed seven quarters of tightening,” the ECB said. The poll indicates further constraints on output in the euro area, according to ING, though Senior Economist Bert Colijn said it also signals that monetary easing will materialize in 2024. “The survey provides confirmation that monetary transmission remains forceful and that economic activity will remain curbed by tight policy,” he said in a report to clients. “That further paves the way for first rate cuts over the course of the year.” (Updates with ING comment in final two paragraphs.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 09:52:09+00:00

{"Bitcoin": [1986]}

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Goldman Says Momentum Traders to Sell Stocks in ‘Every Scenario’

https://finance.yahoo.com/news/goldman-says-momentum-traders-sell-095209332.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- No matter which way markets go, Goldman Sachs Group Inc. says some traders are modeled to sell stocks over the next week. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Cullen Morgan, an equity derivatives and flows specialist at the bank, expects that commodity trading advisers, or CTAs that surf the momentum of asset prices through long and short bets in the futures market, could be forced to sell after building $129 billion in long positions. The trend-following cohort are modeled to sell $10 billion in a rising market, and up to $42 billion if stocks decline, over the next week. On a longer time frame of one month, CTAs are likely to buy $42 billion in a rising market versus $226 billion to sell should markets start to trend lower again. Global stocks have been rising this year, with the S&P 500 Index setting record highs powered by large cap technology stocks like Nvidia Corp. and Microsoft Corp. Nasdaq 100 futures positioning is near the highest in three years, with investors appearing to favor growth stocks, into the earnings season, a Citigroup Inc. team led by Chris Montagu wrote in a note. Positioning is now considerably extended long and one-sided, rising a further $3.4 billion last week to roughly $25 billion. “Profit levels, in particular for Nasdaq are the growing concern, with positioning and profits extended,” Montagu said. “The average long position is near 5% in profit, elevating the risk of profit taking unwinds and creating a potential headwind for a continued rally in the near term.” --With assistance from Michael Msika. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 09:55:51+00:00

{"Bitcoin": [6357]}

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BOJ Edges Closer to Rate Hike While Keeping Timing Options Open

https://finance.yahoo.com/news/bank-japan-keeps-negative-rate-033340231.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Bank of Japan Governor Kazuo Ueda kept investors in the dark over when he will scrap the world’s last negative interest rate while leaving little doubt that a move is in the pipeline. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Hong Kong Stocks at 36% Discount Show True Depth of China Gloom The BOJ maintained its -0.1% short-term rate and kept its yield curve control parameters intact Tuesday. It also updated its price and growth forecasts with no overall change to the picture of an economy heading slowly toward its first rate hike since 2007. Speaking after the decision, Ueda said any rate increase would initially aim to leave BOJ policy supportive of the economy and would aim to avoid causing too much disturbance. Following up on newly introduced language in the central bank’s quarterly outlook report, the governor said the certainty of achieving the BOJ’s projections has continued to gradually increase. That language supports the prevailing view among economists that the BOJ will raise rates at some point in the first part of this year, with meetings slated for March, April, June and July. The question is when. “It’s obvious the BOJ is laying the groundwork for a rate hike with small changes here and there,” said Atsushi Takeda, chief economist at Itochu Research Institute. “The BOJ will have more information by April, likely increasing their certainty of attaining the target. So the negative rate will probably reach its end in April,” Takeda added, noting that the governor didn’t rule out a March move. With the hold, the BOJ retains its status as global outlier on central bank policy, as the Federal Reserve and European Central Bank hint at rate cuts later this year. With Ueda stressing the need for a smooth transition, the BOJ may prefer not to wait too long before it heads in the opposite direction so that it can avoid amplifying the likely market ripples that move might cause. What Bloomberg Economics Says... “We still think April is less likely than July, though the risks to our call have risen. The good news is Ueda sent a clear message the BOJ will keep policy accommodative even after it moves away from its current framework — in line with our view.” — Taro Kimura, economist For the full report, click here. The market response to the stand-pat decision and Ueda’s remarks suggested investors were having difficulty drawing any clear conclusions on timing. The yen weakened then strengthened against the dollar immediately after the announcement and during the press briefing before giving up some of the gains. Story continues The moves left the yen near the 147.50 mark against the dollar at around 5:30 p.m. local time compared with 148.18 immediately before the decision. The yield on 10-year government debt followed a similar intraday arc, starting off with a fall to 0.630% before giving back some of the falls. Japanese stocks erased their morning rally. Economists surveyed before the decision saw April as the most liking timing for the end of the negative rate as it will provide time for the central bank to assess the results of annual pay negotiations. Higher raises are seen as a key element for securing a positive cycle of rising prices and wages that feeds into economic growth. The initial pay results will be available in time for the March meeting, keeping it live as a possibility for the rate move. But the BOJ chief has previously said he wants to see at least some evidence that wages at smaller firms that employ a larger swathe of the population are also rising, a factor that appears to favor a later move. At the meeting, the central bank cut its inflation forecast for the fiscal year starting in April to 2.4% from 2.8% in a quarterly outlook report due to recent declines in oil prices. That still leaves price gains continuing to exceed the BOJ’s 2% target for some time, as has been the case since April 2022. All BOJ watchers surveyed by Bloomberg had expected the stand-pat decision. A major earthquake on New Year’s Day and a deepening slush-fund scandal engulfing Prime Minister Fumio Kishida’s ruling party made this an inopportune time for Japan’s first rate hike since 2007. The swaps market indicated a 56% likelihood of a rate hike by the April meeting and 100% by the June gathering. Prior to the Tuesday meeting, people familiar with the matter said BOJ officials were of the view that their price projections — around 2% or higher — are already high enough to justify ending the negative rate, and their focus now is on whether the certainty for the outlook will increase sufficiently. Additional wording in the statement pointed to an improving trend in the gap between supply and demand, a factor that suggests a virtuous cycle of growth is starting to emerge. “Still, there is uncertainty about April itself. The inflation rate could be backed by wage rises but still there’s a lot of uncertainty about whether 2% is really firmly anchored in Japan’s society,” said Kazuo Momma, a former BOJ executive director in charge of monetary policy, speaking on Bloomberg TV. “The BOJ will be continuously cautious about raising interest rates going forward. Maybe one or two rate hikes is possible this year, but they are still very uncertain about that,” he added. If and when the BOJ does end its negative rate regime, it will likely proceed with caution from there. “Extremely accommodative financial conditions will stay in place for the time being even if the negative rate is ended,” Ueda said at the briefing. Economists don’t expect to see a tightening cycle of the same magnitude as those at the Fed and the ECB, as Ueda seeks to remain supportive of the economy. “The BOJ has tried and failed to normalize its policy in the past and it’s always at the back of their mind what will happen if they make a mistake again this time,” said economist Takeshi Minami at Norinchukin Research. --With assistance from Erica Yokoyama, Yoshiaki Nohara and Brett Miller. (Adds comments from Ueda’s press briefing) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P. View comments

2024-01-23 09:58:19+00:00

{"Bitcoin": [2741]}

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Fed should stop quantitative tightening, reduce interest rates soon, Bill Gross says

https://finance.yahoo.com/news/fed-stop-quantitative-tightening-reduce-205801957.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) — Bill Gross has some advice for the Federal Reserve: stop winding down its balance sheet now, and start cutting interest rates in coming months to avoid recession. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Florida Governor DeSantis Drops Out of 2024 Race, Endorses Trump Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Morgan Stanley, JPMorgan Say Buy the Dip After Treasury Rout “I would stop quantitative tightening,” the co-founder and former chief investment officer of Pacific Investment Management Co. said on Bloomberg Television when asked what he would do differently if he were leading the Fed. “That is just not a correct philosophy and policy at this point in time to continue to tighten quantitatively.” Gross added that the central bank should lower interest rates over the next six to 12 months. Bill Gross (Bloomberg) Wall Street is keenly focused on when exactly the Fed will start trimming the benchmark interest rate, which is at the highest in over 20 years. Some derivatives traders are still holding out hope for a cut as soon as March, US policymakers next meet on Jan. 31. “Real interest rates are simply too high,” Gross added. Yields on 10-year inflation-linked bonds, which are viewed as a measure of the true cost of borrowing, surged to a 15-year high of 2.6% in October, before sliding down to about 1.8%, currently. Gross said he’d like to see the yields fall to about 1% to 1.5%, so that “the economy will not go into a significant recession.” In a wide ranging interview, Gross reiterated some of his previous calls, including that stocks are too expensive relative to the level of real yields. Instead of high-flying tech shares, he prefers more conservative investment strategies, including certain high-dividend stocks like banks and tobacco companies, as well as merger and acquisition arbitrage. Read more: Bill Gross Goes From Bond King to Merger-Arbitrage Player Story continues He also expects the yield curve will continue to steepen, reversing the so-called inversion. An inversion occurs when short-term interest rates rise above longer-term yields — a phenomenon that is widely perceived as a leading indicator for potential economic downturns. At about 4.4%, two-year yields are about 29 basis points above 10-year rates. That difference has narrowed from more than 100 basis points in July. “Capitalism and a finance-based economy, which is what we have, cannot really do well, when you can get a higher return for less risk,” said Gross. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Japan’s Market Roars Back to Life—With Old-Timers Leading the Way ©2024 Bloomberg L.P.

2024-01-23 10:00:24+00:00

{"Bitcoin": [3207]}

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French Farmers to Extend Protests to Pressure Government

https://finance.yahoo.com/news/french-government-pledges-quick-measures-211850587.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- French farmers said they will gradually extend protests across the country until the government responds to their concerns over rising costs and bureaucracy. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Hong Kong Stocks at 36% Discount Show True Depth of China Gloom “Every minute, we’re hearing that new blockades are being set up,” Arnaud Rousseau, the head of the FNSEA farming union, said on RMC radio on Tuesday. “It can last a day, it can last a week, it can last as long as necessary for answers to be provided.” The farmers are demanding financial support to offset the cost of European Union environmental rules and competition from cheaper imports. They are also struggling with the impact of inflation on energy and fuel prices. Farmers have blocked a highway in southwestern France since late last week. Disruption has now extended to a second highway in the southeast. The protests in France echo similar tensions across the region, including in Germany and the Netherlands, over the paring back of subsidies and the approval of European laws to protect the environment. Far-right parties have latched onto such issues and are using them in their messaging ahead of European Parliament elections set for June. In Paris, union leaders held talks with newly appointed Prime Minister Gabriel Attal and Agriculture Minister Marc Fesneau for about two hours late Monday, after which both sides said they agreed on the diagnosis of the issues facing the industry. “We have to listen, collectively, to the anger that’s being expressed,” Fesneau told reporters after the meeting. “And then we have to try to provide answers very quickly, and that’s what’s at stake in the coming days.” He said some measures would be announced this week. Story continues Speaking shortly before the minister, Rousseau called for measures on issues including prices, commercial negotiations with retailers and the food industry, and fuel taxes. He added that changes are also needed at the European level and urged French President Emmanuel Macron to step in. “I want to reiterate how urgent it is for France to take decisions quickly to give prospects again” to the country’s 400,000 farmers, Rousseau told RMC. European Commission President Ursula von der Leyen is set to kick off meetings with the agricultural sector this week in an attempt to placate farmers’ anger over green policies and subsidy cuts that are putting pressure on the industry, according to people familiar with the matter. The EU has spent €2.5 billion ($2.7 billion) on crisis-related measures to support farmers since 2014 and has allocated more than €260 billion to its massive agricultural fund for the 2023-2027 period, around one-third of the common EU budget French agricultural production, excluding subsidies, totaled €95.5 billion last year, according to statistics agency Insee. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 10:10:17+00:00

{"Bitcoin": [4564]}

{}

India Tops Hong Kong as World’s Fourth-Largest Stock Market

https://finance.yahoo.com/news/india-overtakes-hong-kong-world-012840176.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- India’s stock market capitalization has overtaken Hong Kong’s for the first time as the South Asian nation’s growth prospects and policy reforms make it an investor darling while global capital pours out of China. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Hong Kong Stocks at 36% Discount Show True Depth of China Gloom The combined value of shares listed on Indian exchanges reached $4.33 trillion as of Monday’s close, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg. That makes India the fourth-biggest equity market globally. Its value crossed $4 trillion for the first time on Dec. 5, with about half of that coming in the past four years. Equities in India have been booming, thanks to a rapidly growing retail investor base and strong corporate earnings. The world’s most populous country has positioned itself as an alternative to China, attracting fresh capital from global investors and companies alike, thanks to its stable political setup and a consumption-driven economy that remains among the fastest-growing of major nations. The relentless rally in Indian stocks has coincided with a historic slump in Hong Kong, where some of China’s most influential and innovative firms are listed. Beijing’s stringent anti-Covid-19 curbs, regulatory crackdowns on corporations, a property-sector crisis and geopolitical tensions with the West have all combined to erode China’s appeal as the world’s growth engine. “We see India as the best structural growth story across not just emerging markets, but worldwide,” said Evan Metcalf, CEO at Global X ETFs. “While China’s growth has stalled and is mired in uncertainty, India has a generational opportunity to emerge as the growth engine of emerging markets. Demographics are a key advantage, coupled with a surge in educated youth and a progressive government pursuing key structural reforms.” Story continues Meanwhile, Chinese and Hong Kong equities are suffering a rout of epic proportions, with the total market value of their stocks having tumbled by more than $6 trillion since their peaks in 2021. New listings have dried up in Hong Kong, with the Asian financial hub losing its status as one of the world’s busiest venues for initial public offerings. Some strategists have been expecting a turnaround. UBS Group AG sees Chinese stocks outperforming Indian peers in 2024 as battered valuations in the former suggest significant upside potential once sentiment turns, while the latter is at “fairly extreme levels,” according to a November report. Bernstein expects the Chinese market to recover, and recommends taking profits on Indian stocks, which it sees as expensive, according to a note earlier this month. On Tuesday, equities in mainland China climbed after the nation’s authorities were said to consider a package of measures to stabilize the slumping market. That said, momentum seems to be on India’s side for now. READ: China’s Market Rescue Plan Seen as Short-Term Fix: Street Wrap Foreigners who until recently were enamored with the China narrative are sending their funds over to its South Asian rival. Global pension and sovereign wealth managers are also seen favoring India, according to a recent study by London-based think-tank Official Monetary and Financial Institutions Forum. Despite a 2.8% rally on Tuesday, the Hang Seng China Enterprises Index — a gauge of Chinese shares listed in Hong Kong — is down more than 10% in 2024 after capping a record four-year losing streak in 2023. It is near hovering its lowest level in almost two decades, while India’s stock benchmarks are trading close to record-high levels. Overseas funds poured more than $21 billion into Indian shares in 2023, helping the country’s benchmark S&P BSE Sensex Index cap an eighth consecutive year of gains. “There is a clear consensus that India is the best long-term investment opportunity,” Goldman Sachs Group Inc. strategists including Guillaume Jaisson and Peter Oppenheimer wrote in a note Jan. 16 with results of a survey from the firm’s Global Strategy Conference. READ: China’s Weight in Emerging-Market Index Drops to Record Low --With assistance from Alex Gabriel Simon and Ishika Mookerjee. (Adds video.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 10:14:44+00:00

{"Bitcoin": [1224], "BTC": [88]}

{"Bitcoin": [0]}

Bitcoin Indicator, Which Signaled Late 2023 Rally, Is About to Flash Bearish Signal

https://finance.yahoo.com/news/bitcoin-indicator-signaled-2023-rally-101444862.html

CoinDesk

https://www.coindesk.com

A technical analysis indicator that flipped bullish mid-October, kicking off bitcoin's [BTC] multi-week price surge of 70%, is about to flash a bearish signal to trend-following traders. Developed by Australian trader Daryl Guppy, the Guppy Multiple Moving Average indicator groups several exponential moving averages (EMA) into two categories, short and long-term, to help traders identify trend changes and trade a trending market. The short-term band, represented by green lines, comprises 3-day, 5, 8, 10, 12, and 15-day EMAs, and the long-term band, identified by the red color, comprises 30-day, 35, 40, 45, 50, and 60-day EMAs. A bearish-to-bullish trend change occurs when the green band crosses above the red band. A bearish shift in momentum occurs when the green band crosses below the red band. Most traders tend to be trend-following, preferring to enter when the crossover appears and hold in the direction of the long-term trend. At press time, the GMMA looked set to produce a bearish crossover, with the green band nearly moving below the red band. In other words, the indicator is signaling growing bearish momentum. The Guppy indicator is on the verge of flashing a bearish signal. (TradingView/CoinDesk) Bitcoin traded well below the red band at press time, changing hands at $39,200 on major exchanges. The green band crossed above the red band in mid-October, when bitcoin traded near $28,000, signaling a bullish trend ahead. The cryptocurrency consistently rallied in the subsequent weeks, consistently trading above the red band to reach a high of nearly $49,000 on Jan. 11. Previous bull crosses dated mid-January and mid-March 2023 led to multi-week bullish trends. Similarly, bear crosses of December 2021 and April 2020 brought prolonged pain to the market.

2024-01-23 10:25:00+00:00

{"Bitcoin": [1061, 4589, 4646]}

{}

Should You Buy Ripple (XRP) Hand Over Fist With $1,000 in 2024?

https://finance.yahoo.com/news/buy-ripple-xrp-hand-over-102500181.html

Motley Fool

http://www.fool.com/

Ripple (CRYPTO: XRP) had a fantastic 2023, as its price soared 81% last year, but things have cooled off since then. This digital asset is down 14% this year, and it is 86% below its peak price from about six years ago. Should investors with $1,000 buy this cryptocurrency ( the sixth most valuable in the world, with a market cap of $28 billion) hand over fist in 2024? Let's take a closer look. Trying to disrupt a major market Ripple is one of the oldest blockchain networks; it was launched in 2012 to facilitate cross-border transactions for financial institutions. The way it works is that one currency would be converted into Ripple's native digital token, XRP, sent using the blockchain, then converted into the currency of the receiver. Ripple has features that make it attractive for this exact use. Transactions can settle in less than five seconds and typically cost fractions of a penny to process. This is the opposite of how the slow and expensive traditional system works. These two key features are what many believe is Ripple's advantage over Bitcoin . What's interesting is that Ripple's focus on financial services preceded the rise of other promising networks, like Ethereum and Solana . Ethereum was the first crypto to enable capabilities for smart contracts , making it a hotbed for the development of decentralized finance protocols. And Solana, with throughput speeds of more than 2,200 transactions per second, could become a challenger in the payments market. Both Ethereum and Solana might find that if they achieve greater adoption, particularly in financial services, they could give Ripple a run for its money for cross-border transactions. But the fact that Ripple processes nearly 700,000 transactions per day is indicative of its success thus far. Regulatory uncertainty When we look at the various sectors across the economy, it's hard to find any that are more burdened by regulatory oversight than financial services. And it's not surprising: Any business that deals with the movement of money has an outsize impact on consumers, enterprises, governments, and the broader economy. So legislators want to make sure that things are operating within strict guidelines. Story continues Ripple has been in trouble with the Securities and Exchange Commission about whether its tokens are unlicensed securities. While a judge last summer partly ruled that Ripple didn't violate any laws, the ruling did assert that its sale of its securities to institutional buyers did. Consequently, this could mean more legal challenges. Given all the scams in the cryptocurrency industry, regulatory uncertainty is amplified. And the major blow-ups of prominent players in the industry indicate how complex things are and how there is a need for regulatory clarity. This just means that the regulatory overhang is something that investors will always have to keep in mind with Ripple. A reason to be wary Besides that, there is another reason to think twice about adding Ripple to your portfolio. To its credit, it has brought on banking partners to use its network. But I question just how much adoption can be achieved given the regulatory issues I just described. I don't think any large financial institutions would want to open themselves up to any lawsuits should they use the crypto's system. Moreover, JPMorgan Chase , the largest U.S. bank by assets, has a competing service, known as Onyx. With millions of individuals and businesses already as customers of the bank, not to mention its scale and long history in financial services, I suspect that Ripple's opportunity would be limited given this important competitor. If the risks seem too high, then avoid this token. But if you believe in Ripple's long-term potential, then it could be smart to initiate a tiny position. Should you invest $1,000 in XRP right now? Before you buy stock in XRP, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and XRP wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 16, 2024 JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Neil Patel and his clients have positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin, Ethereum, JPMorgan Chase, Solana, and XRP. The Motley Fool has a disclosure policy . Should You Buy Ripple (XRP) Hand Over Fist With $1,000 in 2024? was originally published by The Motley Fool

2024-01-23 10:31:22+00:00

{"Bitcoin": [5309]}

{}

Interest in Credit Suisse-Pioneered Debt Swaps Is Soaring

https://finance.yahoo.com/news/interest-credit-suisse-pioneered-esg-200000587.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- About nine banks are currently vying for a regional share of an ESG debt market that Barclays Plc estimates has the potential to grow to $800 billion. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion India Tops Hong Kong as World’s Fourth-Largest Stock Market Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Hong Kong Stocks at 36% Discount Show True Depth of China Gloom Just a few years ago, Credit Suisse was the only commercial bank arranging debt for nature swaps, bringing in private investors to help sovereign refinancings tied to nature conservation commitments. Last year, Bank of America Corp. became the second global lender to join the market when it completed a deal for Gabon. And Goldman Sachs Group Inc., HSBC Holdings Plc, Citigroup Inc., BNP Paribas SA, Standard Chartered Plc and Barclays have all signaled they’re exploring similar transactions. “We see different banks very well prepared to undertake this type of transaction,” Joan Prats, lead financial specialist at the Inter-American Development Bank, said in an interview. “It’s impressive how they’ve responded to this market opportunity.” He says IDB is aware of “eight or nine” banks that are currently looking at debt-for-nature swaps in Latin America and the Caribbean alone. Such deals are a form of what’s known as blended finance, whereby private investors are persuaded to enter risky markets made more attractive with guarantees and other de-risking tools provided by multilateral development banks such as IDB. The Washington-based group is currently in talks regarding several deals, Prats said. “We are having very active discussions and on different topics,” he said. That includes expanding the marine conservation focus that has characterized past deals to include forestry, he said. The Inter-American Development Bank has been a key actor in arranging such swaps, in which it has typically taken care of repayment guarantees, while US International Development Finance Corp. has offered political risk insurance. Story continues Deals arranged by Bank of America and Credit Suisse, which was absorbed into UBS Group AG last year, have so far been bespoke affairs arranged around the individual circumstances of specific borrowers. The goal was to achieve environmental impact rather than to make it easier for private investors to get involved, according to bankers close to those transactions who asked not to be identified by name discussing sensitive considerations. At the same time, the swaps that have been arranged to date have raised questions around how effective they were at bolstering environmental projects. Tackling debt and environmental goals together is challenging, said Maggie O’Neal and a team of analysts at Barclays. Deals are “not always a win-win” and “allocations to environmental projects can fall well short of amounts saved in debt repayments,” they said. Prats at IDB says the methodology around debt-for-nature swaps is now being “standardized.” While Credit Suisse bankers were “pioneers,” it’s now “a more open market, and that’s good,” he said. The pool of institutional investors in such swaps has so far been limited. Nuveen, a unit of the US’s TIAA, as well as Legal & General Investment Management and Nordea Asset Management are among a small handful of investors to have bought debt-for-nature swaps in the past two years. Other major investors say they’d like to see changes in how such deals are structured before they consider buying the swaps. The products were “a great idea originally, but it’s difficult to really find the target audience,” said Viktor Szabo, investment director for emerging markets debt at Abrdn Plc. “They’re typically small, illiquid and not really yielding structures so not really a good fit for our portfolios.” Fund managers also have found the swaps difficult to allocate, given their emerging-market status combined with Treasury-market yields. Last week, StanChart Chief Executive Officer Bill Winters used a panel at the World Economic Forum in Davos to suggest that limited expertise among ESG investors coupled with complex, bespoke projects is preventing ESG funds from being disbursed effectively. Enhancing access to capital markets is widely touted as a solution, but that “assumes all those ESG funds are actually deployable into sustainable projects,” Winters said. “The fact is, they’re not.” “Asset managers buy what’s easy for them to buy,” Winters said. “Not because it’s the right thing to do.” During the COP28 summit in Dubai last year, a group of eight multilateral development banks and development finance institutions, including IDB, announced a joint commitment to help increase “the effectiveness, efficiency, affordability, accessibility, availability, and scalability” of debt-for-nature swaps and similar financing structures. “There’s always a tension between standardization and bringing more innovation,” Prats said. “The market needs to be more sophisticated in its understanding of these structures, and that’s evolving.” (Adds Barclays comment in ninth paragraph.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine The Bitcoin Hype Is Back and About Just as Hollow as Before Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 10:35:37+00:00

{"Bitcoin": [2804]}

{}

Zee Nosedives After Sony Scraps $10 Billion India Merger

https://finance.yahoo.com/news/zee-nosedives-30-sony-scraps-071022695.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Zee Entertainment Enterprises Ltd. plunged by a record after the cancellation of a planned $10 billion merger with Sony Group Corp. sparked a flurry of downgrades, with analysts predicting a sharp contraction in the Indian company’s valuation. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom At least eleven brokers including Citigroup Inc. and CLSA reduced their ratings on the Zee as efforts to create an entertainment giant in Asia’s biggest streaming market collapsed amid a stalemate over who would lead the combined entity. The shares slumped 33% in Mumbai, the worst performance among members of the S&P BSE 500 Index. Zee traded at 23 times its one-year forward earnings before Tuesday’s fall, versus 17 times in September 2021 just before the company announced it had agreed to merge with a Sony Group entity, data compiled by Bloomberg show. “Zee’s stock valuation will likely de-rate,” CLSA analyst including Deepti Chaturvedi wrote in a note dated Jan. 22, downgrading stock to sell from buy. “Zee’s PE will slump back to 12x levels, seen prior to the Sony merger announcement.” The planned merger had played a part in helping India’s media stocks outperform the nation’s equity gauges in the past year. The Nifty Media Index dropped 13% Tuesday to its lowest since Aug. 8, as investors reassess the sector’s pricey valuations against the potential for future growth. Sony was expected to benefit from Zee’s deep library of content in regional Indian languages and dozens of local television channels. Zee’s in precarious financial health and will facing growing competition, as Reliance Industries Ltd. and Walt Disney Co. near their own merger. “Competition should intensify with the reported merger of Reliance and Disney Star,” CLSA analysts wrote. Story continues The selloff was accompanied by surge in trading volumes, with 243 million shares changing hands — more than 10 times the daily three-month average, the data show. “Institutional investors, mutual funds have strong ownership of Zee,” said Karthick Jonagadla, chief executive officer and founder of Quantace Research & Capital Pvt. “Only fund managers with strong conviction will continue to hold this stock for a potential recovery.” (Adds comment in final paragraph. A previous version corrected day of week in third, fifth paragraphs.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 11:00:00+00:00

{"Bitcoin": [5788]}

{}

Women’s Boardroom Gains Keep Them Decade Away From Parity

https://finance.yahoo.com/news/women-boardroom-gains-keep-them-110000946.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Women keep reaching new highs in America’s boardroom — but they’re still a decade away from reaching parity. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs India Tops Hong Kong as World’s Fourth-Largest Stock Market Hong Kong Stocks at 36% Discount Show True Depth of China Gloom While women occupied a record 33.5% of S&P 500 companies’ board seats at the end of last year, the ratio was 50-50 or more at just 29 companies, according to data compiled by Bloomberg. At the current pace, the gender ratio won’t reach parity until 2032 as last year’s gains were below the pace set in 2019 and 2020, when boards responded to heightened activist pressure by adding more women and people of color. What’s more, the recent conservative-led backlash has had a chilling impact on some corporate diversity initiatives. Adding more women ensures “that you have diverse perspectives,” said Heather Spilsbury, chief executive officer of 50/50 Women on Boards, which advocates for boardroom parity. “And that’s the imperative because I think that helps broaden the company’s perspective.” Read More: Contested Nasdaq Board Diversity Rules Take Effect: Explained Asked about the criticism that diversity efforts could tip the scales too far toward one demographic, Jane Stevenson, vice chair of executive recruiter Korn Ferry, said “I have absolutely less than zero concern that there will be too many women on boards.” “When we can start to worry is when over 50% of boards are over 50% women,” she added. Intercontinental Exchange Inc., owner of the New York Stock Exchange, Hasbro Inc., Paramount Global, American Water Works Co. and Omnicom Group Inc. are the S&P 500 companies with female representation of at least 60% on their boards, according to the Bloomberg data. A decade ago, ICE had one female director amid a group of White men, said Andrew Surdykowski, ICE’s general counsel. It was then that the company decided it needed to diversify its board, setting a schedule starting in 2016 to have longer-term members be replaced by a more diverse slate of directors, he said. The board has a short list of candidates that’s reviewed regularly, he said. Story continues “There were some difficult conversations, but we were up front with the full board, telling them this is what we’re going to do,” he said. The board, which first hit 60% women in 2022, uses many criteria when selecting new directors, Surdykowski said. One of the first directors picked during the beginning of the campaign was a White male, who the board added because of his cybersecurity expertise, he said. The expectation is the female-male ratio will ebb and flow, Surdykowski said. Hasbro, which has 64% women and is tied with Paramount Global for the highest ratio in the S&P 500, doesn’t have a target but wants leadership to mirror its market, said Chief Communications Officer Roberta Thomson. The leadership team is half women, and a quarter of the group are Black women, she said. “We consider a diverse board and leadership team tremendous benefits in serving our fans, employees, shareholders and partners,” Thomson said. The best outcome will be as close to an even gender split as possible for all corporate boards, said Spilsbury of 50/50 Women on Boards. There are 27 boards in the Russell 3000 that have more than 60% women, according to the group’s database. “We believe you should have equal parts, and we don’t want to take men out of the mix, per se,” Spilsbury said. “Too much of any one thing on any board may not serve the company well.” In December, women held 10 more S&P 500 seats than the previous month, according to Bloomberg data. The average number of female directors was unchanged at 3.7, out of an average board size of 11.1. The percentage of female directorships increased to 33.5% in December from 33.4% in November. That’s roughly double the 16.7% figure for companies in Japan’s Nikkei 225, and compares with 19.5% for Hong Kong’s Hang Seng, 37.7% for Australia’s S&P/ASX 200 and 39.9% for Europe’s Stoxx 600. Fifteen S&P 500 companies, including Procter & Gamble Co., International Business Machines Corp. and General Electric Co., increased the number of women on their boards in December. Four companies, including Cisco Systems Inc., Crown Castle Inc. and Digital Realty Trust Inc., reduced the number of female directors during the month. Charter Communications Inc. has the lowest percentage of women on its board. The materials sector led the net gain in female board members, with one woman added each to the boards of Air Products & Chemicals Inc. and Ecolab Inc. Real estate notched a net decline of two female directors, with Crown Castle and Digital Realty losing female board members. Robert Half Inc. surpassed 30% female board membership for the first time since Bloomberg started tracking the data in January 2019. The number of S&P 500 companies above this key threshold rose to 360 in December from 351 the previous month. The Bloomberg Gender-Equality Index returned 5.4% in December, outperforming the 4.9% gain of the MSCI World Index. S&P 500 companies with the highest and lowest percentage of female board members: The Bloomberg Gender-Equality Index is a modified capitalization-weighted index that tracks the financial performance of those companies committed to supporting gender equality through policy development, representation and transparency. --With assistance from Carly Marasheski. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 11:00:04+00:00

{"Bitcoin": [4242]}

{}

MORNING BID AMERICAS-Big Tech reports, China gets a grip, BOJ calm

https://finance.yahoo.com/news/morning-bid-americas-big-tech-110004026.html

Reuters

http://www.reuters.com/

A look at the day ahead in U.S. and global markets from Mike Dolan With Wall St stocks surfing record highs, Tuesday sees Netflix kick off a couple of weeks of Big Tech earnings updates stateside - with China stocks arresting new year losses earlier and the Bank of Japan holding the policy line. Streaming entertainment giant Netflix is expected to report an 11% increase in revenue for 2023, with its stock up more than 40% over the past year - twice S&P500 gains, even if half that of the leading tech and digital megacaps . But with investors now focusing on guidance for the year ahead, Netflix sounds the klaxon for a sweep of Big Tech updates coming down the pike. Tesla and Intel report later this week, Apple and Microsoft MSFT.O next week. S&P500 futures hovered unchanged near Monday's new records ahead of the bell. But Tuesday main market action continued to be in Asia, where a startling divergence of stock performance in China and Japan holds many in thrall. After withering new year losses in Shanghai and Hong Kong that have added to a whopping 30% underperformance of those indexes against global benchmarks over the past year, China's stocks found a foothold at last on Tuesday after reports of official action to stabilise the alarming run. China's cabinet said on Monday it will take forceful and effective measures to stabilise market confidence. And today Bloomberg News, citing unidentified sources, reported policymakers were seeking to mobilise about 2 trillion yuan ($279 billion), mostly from offshore accounts of state enterprises, to fund equity buying through a China-Hong Kong stock exchange link. Shanghai hit a four-year low before rallying 0.5%, the blue-chip CSI300 closed up 0.4% and Hong Kong's Hang Seng closed up 2.6% - its best day in two months. But any measures to stabilise markets stand in contrast to underwhelming action to address the underlying economic funk and property bust worrying foreign and domestic investors, already rattled by deepening geopolitical rifts and investment curbs. Story continues Donald Trump's pole position to get the Republican nomination for another run for the White House this year is also upping speculation about the risks of a resumption of U.S.-China trade tariff war that defined his relationship with Beijing during his last term in office. New disappointment this week at the lack of further interest rate cuts from the Peoples Bank of China has added to concerns, not least as many suspect the reluctance is aimed at preventing a renewed slide in the yuan. Amid the reports of wider market support on Tuesday, the yuan strengthened back to its best levels in a couple of weeks. But at least some foreign portfolios and even domestic Chinese money has headed to Japan in recent months as a tech-heavy Asia alternative and regional "friendshoring" magnet in an increasingly polar geopolitical rift. And unwriting the contrasting 10% boom in the Nikkei 225 this year has been a seeming reluctance of the Bank of Japan to "normalise" its negative interest rate policy amid ebbing core inflation which it is still aiming to sustain at 2%. The BOJ held policy steady after a two-day meeting on Tuesday, although there were indications it may push ahead with tightening later in the year once it is convinced wage gains are solidified. "If we get further evidence that a positive wage-inflation cycle will heighten, we will examine the feasibility of continuing with the various steps we are taking under our massive stimulus programme," BOJ boss Kazuo Ueda said. That saw the yen perk up somewhat and stopped the Nikkei in its tracks, ending the day little changed. The dollar slipped back more generally. Back on Wall St, Treasury yields ticked back higher again - not least ahead of another week of heavy debt sales in which some $60 billion of two-year notes go under the hammer on Tuesday. With Fed officials in a blackout period ahead of the next policy meeting this month, Fed futures pricing is gradually absorbing this year's official pushback against excessive easing expectations. The chances of a cut as soon as March have now fallen back just below 50% - even though 130 basis points of easing over the whole year is still pencilled in. Elsewhere, Bitcoin has fallen to a seven-week low, plunging below $40,000 for the first time since the launch of 11 spot bitcoin exchange-traded funds on Jan. 11. It has now lost more than 20% since the peak hit on the announcement. Key diary items that may provide direction to U.S. markets later on Tuesday: * U.S. Corporate earnings: Netflix, Texas Instruments, GE, Verizon, Halliburton, Lockheed Martin, Johnson & Johnson, Procter & Gamble, Paccar, Invesco, DR Horton, Intuitive Surgical, Baker Hughes, Steel Dynamics, 3M, Synchrony * Richmond Fed Jan business surveys, Philadelphia Fed's Jan service sector survey * U.S. Treasury auctions $60 billion of 2-year notes, sells 12-month bills (By Mike Dolan, editing by Ed Osmond, mike.dolan@thomsonreuters.com)

2024-01-23 11:00:37+00:00

{"Bitcoin": [3945]}

{}

US, UK Strike Yemen’s Houthis Again to Stop Red Sea Attacks

https://finance.yahoo.com/news/us-uk-airstrikes-hit-more-225914716.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The US and UK launched more airstrikes against the Houthis in Yemen on Monday, the latest salvo in an effort to stop the Iran-backed group’s attacks on ships in the Red Sea. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 India Tops Hong Kong as World’s Fourth-Largest Stock Market Monday night’s moves marked the eighth round of allied attacks on the Houthis since the first on Jan. 12. American and British forces said they hit eight targets, including an underground storage site and locations for launching missiles and carrying out air-surveillance. The strikes were supported by Australia, Bahrain, Canada, and the Netherlands. They were the most significant, according to the US, since the original ones earlier this month. Residents in Yemen reported huge blasts at about midnight local time around Sanaa, the capital, and other areas. “What we have done again is send the clearest possible message that we will continue to degrade their ability to carry out these attacks,” UK Foreign Secretary David Cameron said to reporters. The Houthis said the latest strikes “will not go without any response or punishment.” The group has caused chaos for shippers by disrupting traffic through the southern Red Sea, a waterway that previously accounted for 12% of global seaborne trade. The cost of shipping containers between Asia and the Mediterranean has more than tripled since early December, according to Freightos, a cargo-booking company. The militants, who control much of north-western Yemen including Sanaa and the port of Hodeida, say their campaign is in support of Hamas in its war against Israel. They have vowed to continue attacking vessels until Israel pulls out of Gaza. Two senior US officials said the Jan. 12 and 22 strikes have significantly reduced the Houthis’ ability to mount maritime attacks. The targets were carefully selected to avoid casualties and minimize the risk of escalation, the officials said. Story continues The Houthi attacks and the US-led response have provoked fears of a wider regional war. Earlier Monday, the US said two Navy SEALs who went missing during a mission on Jan. 11 to seize Iranian weapons bound for the Houthis are presumed dead. They are the country’s first publicly known military casualties linked to the conflict. Two Missing US Navy SEALs Presumed Dead After Anti-Iran Mission Last week, President Joe Biden acknowledged the strikes hadn’t had the intended effect, with the Houthis assaulting several ships, including US-owned ones, last week with missiles. “Are they stopping the Houthis? No. Are they going to continue? Yes,” Biden told reporters. On Sunday, Deputy National Security Advisor Jon Finer said military actions to deter the Houthis and other groups backed by Iran would take time. “Deterrence is not a light switch,” Finer told ABC. “We are taking out these stockpiles so they will not be able to conduct so many attacks over time. That will take time to play out.” Tensions in the Middle East have soared since Hamas’s Oct. 7 assault on southern Israel. That killed about 1,200 people, while Israel’s retaliatory bombardment and ground offensive have killed more than 25,000 people in the Gaza Strip, according to authorities in the Hamas-run Palestinian territory. Israel’s also trading fire almost daily with Hezbollah militants based in Lebanon. US bases in Iraq and Syria, meanwhile, have been hit multiple times by rockets fired by Iran-backed groups. --With assistance from Tony Capaccio, Courtney McBride and Stuart Biggs. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 11:03:38+00:00

{"Bitcoin": [4241]}

{}

Marketmind: Big Tech reports, China gets a grip, BOJ calm

https://finance.yahoo.com/news/marketmind-big-tech-reports-china-110338785.html

Reuters

http://www.reuters.com/

A look at the day ahead in U.S. and global markets from Mike Dolan With Wall St stocks surfing record highs, Tuesday sees Netflix kick off a couple of weeks of Big Tech earnings updates stateside - with China stocks arresting new year losses earlier and the Bank of Japan holding the policy line. Streaming entertainment giant Netflix is expected to report an 11% increase in revenue for 2023, with its stock up more than 40% over the past year - twice S&P500 gains, even if half that of the leading tech and digital megacaps. But with investors now focusing on guidance for the year ahead, Netflix sounds the klaxon for a sweep of Big Tech updates coming down the pike. Tesla and Intel report later this week, Apple and Microsoft MSFT.O next week. S&P500 futures hovered unchanged near Monday's new records ahead of the bell. But Tuesday main market action continued to be in Asia, where a startling divergence of stock performance in China and Japan holds many in thrall. After withering new year losses in Shanghai and Hong Kong that have added to a whopping 30% underperformance of those indexes against global benchmarks over the past year, China's stocks found a foothold at last on Tuesday after reports of official action to stabilise the alarming run. China's cabinet said on Monday it will take forceful and effective measures to stabilise market confidence. And today Bloomberg News, citing unidentified sources, reported policymakers were seeking to mobilise about 2 trillion yuan ($279 billion), mostly from offshore accounts of state enterprises, to fund equity buying through a China-Hong Kong stock exchange link. Shanghai hit a four-year low before rallying 0.5%, the blue-chip CSI300 closed up 0.4% and Hong Kong's Hang Seng closed up 2.6% - its best day in two months. But any measures to stabilise markets stand in contrast to underwhelming action to address the underlying economic funk and property bust worrying foreign and domestic investors, already rattled by deepening geopolitical rifts and investment curbs. Donald Trump's pole position to get the Republican nomination for another run for the White House this year is also upping speculation about the risks of a resumption of U.S.-China trade tariff war that defined his relationship with Beijing during his last term in office. New disappointment this week at the lack of further interest rate cuts from the Peoples Bank of China has added to concerns, not least as many suspect the reluctance is aimed at preventing a renewed slide in the yuan. Amid the reports of wider market support on Tuesday, the yuan strengthened back to its best levels in a couple of weeks. Story continues But at least some foreign portfolios and even domestic Chinese money has headed to Japan in recent months as a tech-heavy Asia alternative and regional "friendshoring" magnet in an increasingly polar geopolitical rift. And unwriting the contrasting 10% boom in the Nikkei 225 this year has been a seeming reluctance of the Bank of Japan to "normalise" its negative interest rate policy amid ebbing core inflation which it is still aiming to sustain at 2%. The BOJ held policy steady after a two-day meeting on Tuesday, although there were indications it may push ahead with tightening later in the year once it is convinced wage gains are solidified. "If we get further evidence that a positive wage-inflation cycle will heighten, we will examine the feasibility of continuing with the various steps we are taking under our massive stimulus programme," BOJ boss Kazuo Ueda said. That saw the yen perk up somewhat and stopped the Nikkei in its tracks, ending the day little changed. The dollar slipped back more generally. Back on Wall St, Treasury yields ticked back higher again - not least ahead of another week of heavy debt sales in which some $60 billion of two-year notes go under the hammer on Tuesday. With Fed officials in a blackout period ahead of the next policy meeting this month, Fed futures pricing is gradually absorbing this year's official pushback against excessive easing expectations. The chances of a cut as soon as March have now fallen back just below 50% - even though 130 basis points of easing over the whole year is still pencilled in. Elsewhere, Bitcoin has fallen to a seven-week low, plunging below $40,000 for the first time since the launch of 11 spot bitcoin exchange-traded funds on Jan. 11. It has now lost more than 20% since the peak hit on the announcement. Key diary items that may provide direction to U.S. markets later on Tuesday: * U.S. Corporate earnings: Netflix, Texas Instruments, GE, Verizon, Halliburton, Lockheed Martin, Johnson & Johnson, Procter & Gamble, Paccar, Invesco, DR Horton, Intuitive Surgical, Baker Hughes, Steel Dynamics, 3M, Synchrony * Richmond Fed Jan business surveys, Philadelphia Fed's Jan service sector survey * U.S. Treasury auctions $60 billion of 2-year notes, sells 12-month bills (By Mike Dolan, editing by Ed Osmond, mike.dolan@thomsonreuters.com) View comments

2024-01-23 11:03:38+00:00

{"Bitcoin": [4241]}

{}

Marketmind: Big Tech reports, China gets a grip, BOJ calm

https://finance.yahoo.com/news/marketmind-big-tech-reports-china-110338527.html

Reuters

https://www.reuters.com/

A look at the day ahead in U.S. and global markets from Mike Dolan With Wall St stocks surfing record highs, Tuesday sees Netflix kick off a couple of weeks of Big Tech earnings updates stateside - with China stocks arresting new year losses earlier and the Bank of Japan holding the policy line. Streaming entertainment giant Netflix is expected to report an 11% increase in revenue for 2023, with its stock up more than 40% over the past year - twice S&P500 gains, even if half that of the leading tech and digital megacaps. But with investors now focusing on guidance for the year ahead, Netflix sounds the klaxon for a sweep of Big Tech updates coming down the pike. Tesla and Intel report later this week, Apple and Microsoft MSFT.O next week. S&P500 futures hovered unchanged near Monday's new records ahead of the bell. But Tuesday main market action continued to be in Asia, where a startling divergence of stock performance in China and Japan holds many in thrall. After withering new year losses in Shanghai and Hong Kong that have added to a whopping 30% underperformance of those indexes against global benchmarks over the past year, China's stocks found a foothold at last on Tuesday after reports of official action to stabilise the alarming run. China's cabinet said on Monday it will take forceful and effective measures to stabilise market confidence. And today Bloomberg News, citing unidentified sources, reported policymakers were seeking to mobilise about 2 trillion yuan ($279 billion), mostly from offshore accounts of state enterprises, to fund equity buying through a China-Hong Kong stock exchange link. Shanghai hit a four-year low before rallying 0.5%, the blue-chip CSI300 closed up 0.4% and Hong Kong's Hang Seng closed up 2.6% - its best day in two months. But any measures to stabilise markets stand in contrast to underwhelming action to address the underlying economic funk and property bust worrying foreign and domestic investors, already rattled by deepening geopolitical rifts and investment curbs. Story continues Donald Trump's pole position to get the Republican nomination for another run for the White House this year is also upping speculation about the risks of a resumption of U.S.-China trade tariff war that defined his relationship with Beijing during his last term in office. New disappointment this week at the lack of further interest rate cuts from the Peoples Bank of China has added to concerns, not least as many suspect the reluctance is aimed at preventing a renewed slide in the yuan. Amid the reports of wider market support on Tuesday, the yuan strengthened back to its best levels in a couple of weeks. But at least some foreign portfolios and even domestic Chinese money has headed to Japan in recent months as a tech-heavy Asia alternative and regional "friendshoring" magnet in an increasingly polar geopolitical rift. And unwriting the contrasting 10% boom in the Nikkei 225 this year has been a seeming reluctance of the Bank of Japan to "normalise" its negative interest rate policy amid ebbing core inflation which it is still aiming to sustain at 2%. The BOJ held policy steady after a two-day meeting on Tuesday, although there were indications it may push ahead with tightening later in the year once it is convinced wage gains are solidified. "If we get further evidence that a positive wage-inflation cycle will heighten, we will examine the feasibility of continuing with the various steps we are taking under our massive stimulus programme," BOJ boss Kazuo Ueda said. That saw the yen perk up somewhat and stopped the Nikkei in its tracks, ending the day little changed. The dollar slipped back more generally. Back on Wall St, Treasury yields ticked back higher again - not least ahead of another week of heavy debt sales in which some $60 billion of two-year notes go under the hammer on Tuesday. With Fed officials in a blackout period ahead of the next policy meeting this month, Fed futures pricing is gradually absorbing this year's official pushback against excessive easing expectations. The chances of a cut as soon as March have now fallen back just below 50% - even though 130 basis points of easing over the whole year is still pencilled in. Elsewhere, Bitcoin has fallen to a seven-week low, plunging below $40,000 for the first time since the launch of 11 spot bitcoin exchange-traded funds on Jan. 11. It has now lost more than 20% since the peak hit on the announcement. Key diary items that may provide direction to U.S. markets later on Tuesday: * U.S. Corporate earnings: Netflix, Texas Instruments, GE, Verizon, Halliburton, Lockheed Martin, Johnson & Johnson, Procter & Gamble, Paccar, Invesco, DR Horton, Intuitive Surgical, Baker Hughes, Steel Dynamics, 3M, Synchrony * Richmond Fed Jan business surveys, Philadelphia Fed's Jan service sector survey * U.S. Treasury auctions $60 billion of 2-year notes, sells 12-month bills (By Mike Dolan, editing by Ed Osmond, mike.dolan@thomsonreuters.com)

2024-01-23 11:10:00+00:00

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{"Bitcoin": [11]}

Where Will Bitcoin Be in 3 Years?

https://finance.yahoo.com/news/where-bitcoin-3-years-111000386.html

Motley Fool

http://www.fool.com/

The launch of the new spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) was a watershed moment in the history of crypto. Nearly 15 years after it originally launched, Bitcoin is now readily available to the average investor and could finally be on the cusp of going mainstream. So what will happen with Bitcoin over the next three years? Let's take a closer look at the potential impact of the new spot Bitcoin ETFs. 1% Bitcoin As a result of the new spot Bitcoin ETFs, both retail and institutional investors will likely decide to allocate at least 1% of their portfolios to Bitcoin. That represents a sea change in thinking because, until recently, Wall Street did not view Bitcoin as a stand-alone asset class . But three years from now, most people will probably think of crypto the same way they think about other alternative asset classes, such as real estate or private equity. Bitcoin will simply be a way to diversify a portfolio and boost overall returns. Image source: Getty Images. Most likely, institutional investors will lead the way. And that could lead to a tsunami of new money flowing into Bitcoin. For example, BlackRock is the largest asset manager in the world, with nearly $10 trillion in assets under management. If even 1% of that money gets allocated to crypto, that could result in billions of dollars flowing into Bitcoin. And don't forget about the role of the retail investor. Financial advisors and private wealth managers will now have a fiduciary duty to tell their clients about the potential benefits of crypto, and to seek out the very best Bitcoin investment products. Within three years, many investors will have likely long forgotten about Bitcoin's previous unsavory reputation. Global adoption Bitcoin will also likely see a significant uptick in global adoption. When Ark Invest came up with a $1.5 million price target for Bitcoin by the year 2030, it was based on the idea that Bitcoin would see huge gains within eight key usage areas. For example, Bitcoin will increasingly be used as a store of value, along the lines of physical gold. And Bitcoin will increasingly be used to send cross-border remittances. Story continues Ark Invest also suggests that Bitcoin will play an increasingly important role in the money supply of emerging market nations. El Salvador shocked the world back in 2021 by adopting Bitcoin as legal tender, and I think there could be other, similar stories in the future. There are a lot of exciting Bitcoin-related developments happening in Latin America right now, and I think that this could be a region to watch for Bitcoin adoption. Bitcoin at $250,000? What do all these developments mean for the future price of Bitcoin? Within three years, I think Bitcoin could carry a price tag of $250,000. This might sound like a pie-in-the-sky number, but it's backed up by math. For example, when Ark Invest came up with its $1.5 million price target for Bitcoin, that was based on a compound annual growth rate (CAGR) of 75%. That doesn't mean that Bitcoin will go up 75% each year -- but it does mean that Bitcoin is likely to see a consistent upward trend in price. If you use a base price of $50,000 (which is where many analysts thought Bitcoin would be trading after initial Bitcoin ETF approval) and use Ark Invest's CAGR number, that means you're likely looking at a price of just under $100,000 by the end of 2024, a price of approximately $150,000 by the end of 2025, and a price of over $250,000 by the end of 2026. (If you continue to extrapolate this over the next few years, that's how you arrive at a figure of $1.5 million by 2030.) Should you buy Bitcoin now? While past performance is certainly no guarantee or predictor of future performance, it is noteworthy that Bitcoin was the single best-performing asset in the world between 2011 and 2021. And, while 2022 was a disastrous year for Bitcoin holders, it was back to the same success story in 2023, when Bitcoin's 150% returns trounced those of every other major asset class. As long as you're aware of the inherent risk and volatility of crypto, it's worth taking a closer look at how Bitcoin could become even just a tiny part of your overall portfolio. The new spot Bitcoin ETF products, while still untested, look to be the safest way to do that for the average investor. That being said, I'm long-term bullish on Bitcoin and am confident that Bitcoin can reach $250,000 within just three years. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 16, 2024 Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . Where Will Bitcoin Be in 3 Years? was originally published by The Motley Fool

2024-01-23 11:13:29+00:00

{"Bitcoin": [3632]}

{}

Mubadala Aims to Double Exposure to Asia by End of the Decade

https://finance.yahoo.com/news/mubadala-aims-double-exposure-asia-111329279.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Mubadala Investment Co. is seeking to roughly double its exposure to Asia, joining a bevy of Abu Dhabi-based entities eyeing opportunities in faster-growing emerging markets. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 India Tops Hong Kong as World’s Fourth-Largest Stock Market Across Mubadala, “out of our roughly $300 billion in assets under management, only 12% is in Asia today and we want to move that number closer to 25%,” by as soon as 2030, Camilla Macapili Languille, head of the fund’s life sciences and healthcare investments division said in an interview. While investments in North America and Europe make up a chunk of Mubadala’s portfolio, the Abu Dhabi-based sovereign wealth fund is shifting its attention to emerging-markets where it is currently “underweight,” namely in China, India, Japan and South Korea, according to Macapili Languille whose unit is in charge of international healthcare investments. “The US will continue to be a core market for us not only for healthcare but in general for the broader private equity business,” she said. Still, “we have always had an interest in Asia.” Mubadala’s healthcare investment division writes “smaller checks of $200 million to $500 million,” in Asia, compared with up to $1 billion in North America and Europe, she said, “but again, we have flexibility to move up.” Read More: UAE to Grow Asia, Africa Trade, Seek $150 Billion Investment In the United Arab Emirates, of which Abu Dhabi is a part, companies and funds have been moving closer into the orbit of China and India, bolstering their investments and trade ties by inking agreements worth billions of dollars. The Gulf country recently joined the BRICS grouping of major emerging markets, which includes both those Asian nations. Story continues Abu Dhabi is considering announcing investment pledges worth as much as $50 billion for India, Bloomberg News has reported, with deals under discussion including stakes in key Indian infrastructure projects and state-owned assets. China has also emerged as an increasingly attractive jurisdiction, though the UAE’s deal-making there has drawn scrutiny from US officials. Read More: Mubadala CEO Says He’s Shifting His Focus to Asian Investments Potential IPO Mubadala is one of Abu Dhabi’s three main wealth funds, charged with helping diversify its oil-rich economy. Last year, it combined its health business with G42 Healthcare, creating a new entity called M42 — the largest firm of its kind in the Middle East, according to its website. “The overall plan for that business does include a potential initial public offering,” Macapili Languille said. Although there are no immediate plans to move in that direction yet, “if an IPO were to materialize, I think that would be a great outcome for that business,” she said. Macapili Languille said dealflow within the global healthcare sector should start to stabilize this year. “Interest rates have started to steady,” she said. And despite still high levels of macro-economic and geopolitical instability, “both management teams and boards are becoming more and more comfortable operating in that environment.” --With assistance from Dinesh Nair and Nicolas Parasie. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 11:30:00+00:00

{"Bitcoin": [47, 292, 442, 682, 694, 755, 1002, 1134, 1200, 1317, 1402, 1470, 1605, 1781, 1808, 2266, 2400, 2608, 3106, 3214, 3354, 3946, 4008, 4133, 4175, 4218, 4374, 4855, 4912, 5006], "BTC": [64]}

{"Bitcoin": [23]}

Should You Buy the New Bitcoin ETFs? Consider These 2 Risks

https://finance.yahoo.com/news/buy-bitcoin-etfs-consider-2-113000891.html

Motley Fool

http://www.fool.com/

According to every key benchmark, the new spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) appear to be a remarkable success. In just the first few days, they attracted more than $1 billion in assets. Trading volume has been "insane," according to market participants. And even though Bitcoin actually fell 12% in the week after the introduction of these ETFs, investor appetite still appears to be very strong. However, there are two Bitcoin ETF risks that you won't hear a lot of people talking about. And either could affect how well your investment performs over time. Tracking error risk The primary purpose of the new ETFs is to give you exposure to the performance of Bitcoin. If Bitcoin goes up by 10%, your ETF should go up by 10%. And if Bitcoin goes down by 10%, your ETF should go down by 10%. While it might be naive to expect an exact 1:1 match in price, the difference should be fairly negligible, right? And yet, over the first week of trading, the performances of the different Bitcoin ETFs have sometimes been all over the place. I first noticed this when watching an analyst on CNBC explain why the price of Bitcoin was down while in the background, all the tickers for the Bitcoin ETFs were flashing different numbers! For example, the new offering from BlackRock (NYSE: BLK) , the iShares Bitcoin Trust (NASDAQ: IBIT) , was down 6%. The new offering from VanEck, the VanEck Bitcoin Trust ETF (NYSEMKT: HODL) , was down 7%. And the WisdomTree Bitcoin Trust (NYSEMKT: BTCW) , was down 12%. What concerns me is not that the ETFs are down. That's to be expected, with the price of Bitcoin down. What concerns me is that performance can vary so widely. Such discrepancies are known as tracking errors, and they highlight the potential difficulty of tracking Bitcoin. Keep in mind that Bitcoin is a truly global asset that trades 24 hours a day. That makes it harder to track than, say, the S&P 500 index, which trades during regular market hours. Story continues Custodial risk The other risk is called custodial risk. This is the risk of incurring a loss on your assets in the event of a custodian's insolvency, negligence, fraud, poor cybersecurity standards, or inadequate record-keeping. This matters because the custodian for much of the Bitcoin held by the big Wall Street players will be cryptocurrency exchange Coinbase Global (NASDAQ: COIN) . In fact, eight of the 11 Bitcoin ETFs have chosen Coinbase as their custodian. Image source: Getty Images. To conceptualize this, imagine Coinbase having a vast digital vault filled with safe deposit boxes where 70% of Wall Street's Bitcoin is being held. In this analogy, each safe deposit box would correspond to a different blockchain wallet and could be opened only with the right cryptographic keys. This doesn't sound risky, but to understand what could go wrong, all you have to do is think back to November 2022, when cryptocurrency exchange FTX went belly up. As it turns out, the crypto exchange was commingling customer funds with funds from its own trading desk. And there are plenty of examples from the early days of Bitcoin, when cybercriminals specifically targeted large crypto exchanges such as Mt. Gox in order to steal Bitcoin. This is not to say that there excessive risk right now with Coinbase Global. I'm sure that multiple layers of security protect the Bitcoin holdings. But articles musing about the potential for something to go very wrong have already appeared in financial media. What if, for example, cybercriminals decide to target Coinbase as part of some coordinated hacking exploit to steal Wall Street's crypto? Understand what you're buying before you buy it Perhaps the biggest takeaway here is that it's important to understand what you're buying before you buy it. You don't need in-depth knowledge of how the crypto market works or even how an ETF works, but you should have a basic understanding of the potential risks of buying Bitcoin via an ETF. That said, I'm still long-term bullish on Bitcoin. But I'll definitely be keeping a close eye on how Wall Street deals with any potential risks unique to the new spot Bitcoin ETFs. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 16, 2024 Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Coinbase Global. The Motley Fool has a disclosure policy . Should You Buy the New Bitcoin ETFs? Consider These 2 Risks was originally published by The Motley Fool

2024-01-23 12:00:22+00:00

{"Bitcoin": [5507]}

{}

Regulators Probe Why Williams Took More Than an Hour to Halt a Methane Leak

https://finance.yahoo.com/news/regulators-probe-why-williams-took-120022857.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- When a farmer accidentally ruptured a pipe while using an excavator last October, it took its operator — Williams Cos. — 65 minutes to isolate the leak. By the time it did, the line had emitted methane with a short-term climate impact roughly equal to the annual emissions from 17,000 US cars. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 India Tops Hong Kong as World’s Fourth-Largest Stock Market Both Williams and the Pipeline and Hazardous Materials Safety Administration (PHMSA) said the accident could have been prevented if the farmer had called a program that marks the location of underground pipes with paint or flags for homeowners prior to any excavation or digging work. But PHMSA is also examining “the time it took the operator to respond to and isolate the release” as part of an investigation into the incident. US pipeline operators are required to respond to and isolate leaks at the earliest practical moment possible, but because each network is unique, response times can depend on many factors. Those include the use of manual or remote valves, the distance between valves and location of the release. The line involved in the October rupture runs under agricultural fields where the accident occurred in Canyon County, Idaho. The accident shows why PHMSA recently passed a rule that applies to large, new pipelines and replacements that requires operators to use valves that can automatically shut so leaks do not exceed 30 minutes. An incident report for the Idaho leak shows even though Williams “immediately dispatched” workers to two valves about 10 miles (16 kilometers) apart to isolate the ruptured segment, the upstream valve — which was remotely controlled — shut 29 minutes before the manual downstream one. “Over an hour is a long time to shut in a pipeline after a failure,” said Bill Caram, executive director of the Bellingham, Washington-based non-profit Pipeline Safety Trust. “Rupture mitigation valves such as automatic or remote-controlled valves theoretically could have reacted much quicker.” In addition to spewing a gas 80 times more potent than carbon dioxide, the accident also had a significant impact on the nearby community. Authorities evacuated residents within a four-mile radius of the accident. A local emergency management report from the Middleton Star Fire District said that responders approaching the site heard “a loud roar that sounded like a jet engine and the ground could be felt shaking from 1/4 mile away.” Story continues In its report to PHMSA, Williams said that it didn’t plan to investigate controller or control room issues related to the incident, although in an email to Bloomberg Green, it emphasized it was “conducting a full review of the event.” The company initially said it isolated the damaged section of pipeline “within an hour” but didn’t answer to follow up questions about how it determined that timeline. The PHMSA report showed the procedure took 65 minutes and an official with the agency confirmed that duration. The farmer, who was using the excavator to clean out a pond, was taken to the hospital by his family and discharged later in the day with no significant injuries, according to a PHMSA official and the incident report. The massive leak was observed and quantified by scientists using a breakthrough technique to analyze satellite observations that enables near continuous and real-time observations of the potent greenhouse gas. The approach uses observations from a National Oceanic and Atmospheric Administration geostationary weather satellite that orbits the planet at an altitude of 22,236 miles and moves at the same rate and direction that the Earth spins, enabling nearly continuous coverage. Other satellites used to detect methane are in lower orbits and snap images as they circumnavigate the globe at speeds of around 17,000 miles per hour. Geoanalytics firm Kayrros SAS estimated the event spewed about 840 metric tons of methane and said the massive plume was visible in satellite data for five hours and drifted 75 miles before dispersing. Williams said the incident released 50.9 million cubic feet of gas. Assuming it was composed of 95% methane — the standard for processed gas — that works out to about 900 metric tons of methane. Excavator damage is one of the leading causes of pipeline incidents in the US, according to PHMSA, which is a division of the Department of Transportation. In Idaho, the state’s call-before-you-dig service available for home owners and contractors requires two days notice before intent to dig. The 22-inch (56-centimeter) diameter Williams pipeline was installed in 1956 and buried at a depth of 36-inches below the surface, according to the PHMSA report. There were four sets of pipeline markers approximately 225, 600, 700 and 1,600 feet away from the incident site and “additional line markers that had been removed were also discovered within the vicinity,” according to an official with the agency. The release was also tracked by scientists at the United Nations’ International Methane Emissions Observatory. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P. View comments

2024-01-23 12:06:40+00:00

{"Bitcoin": [3370]}

{}

Yen Pares Gains as Timing of BOJ Shift Looks All But Certain

https://finance.yahoo.com/news/yen-extends-decline-slightly-boj-031951497.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The Bank of Japan’s slightly more hawkish tone provided just a brief boost to the yen, with analysts saying the timing of a policy shift is still uncertain. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 India Tops Hong Kong as World’s Fourth-Largest Stock Market After strengthening as much as 0.8% to 146.99 versus the dollar as Governor Kazuo Ueda spoke at a press conference on Tuesday, the yen pared gains to 0.1%. The central bank earlier kept monetary policy settings unchanged yet said certainty in the outlook is rising gradually. While the case is building for the BOJ to lift interest rates in its April meeting, investors say that’s not certain enough for a sustained move higher in the yen. The Japanese currency hit its weakest level since late November last week and is the worst performer among major peers so far this year due to expectations that a policy shift is still months away. The “Japanese yen will likely struggle to hold on to these gains in the near term given that US yields are likely to remain volatile as the markets start to price in a Trump presidency and US economic data remains robust,” said Charu Chanana head of FX strategy at Saxo Capital Markets. Still, “the change in tone from Ueda is apparent, and keeps the April meeting live.” Ueda kept investors in the dark over when he will scrap the world’s last negative interest rate, while leaving little doubt that a move is in the pipeline. Following up on newly introduced language in the central bank’s quarterly outlook report, the governor said the certainty of achieving the BOJ’s projections has continued to gradually increase. That language supports the prevailing view among economists that the BOJ will raise rates at some point in the first part of this year, with meetings slated for March, April, June and July. The question is when. “It is still likely premature to expect the yen to strengthen on a more sustained basis at this current juncture” said Lee Hardman senior currency analyst at MUFG Bank Ltd. Still, options markets suggest this could be a turning point for the battered currency. In contrast to the post-BOJ price action last year, demand for yen bullish options resurfaced with one-week risk reversals trading at 98 basis points, puts over calls. Read more: Risk-Reward in the Yen Keeps Bulls Ready for Action: Trader Talk Story continues Also the government has warned against excessive currency moves, with Finance Minister Shunichi Suzuki saying on Friday the government is closely watching movements in the market and that it is important that it reflects fundamentals and trades stably. “Gradual policy normalization remains on course, but the BOJ can stay patient as the spring wage round unfold,” said Alvin Tan, head of Asia FX strategy at RBC Capital Markets in Singapore, who has a near-term USD/JPY target of 150. --With assistance from Vassilis Karamanis and Marcus Wong. (Updates yen’s moves throughout.) Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P. View comments

2024-01-23 12:30:00+00:00

{"Bitcoin": [39, 276, 609, 1071, 1406, 1555, 1642, 1872, 1985, 2092, 2430, 2606, 2655, 2776, 2824, 3399, 3606, 3874, 4019, 4062, 4218, 4711, 4768, 4859], "BTC": [56]}

{"Bitcoin": [40]}

4 Things You Need to Know Before Buying Bitcoin

https://finance.yahoo.com/news/4-things-know-buying-bitcoin-123000807.html

Motley Fool

http://www.fool.com/

After losing 65% of its value in 2022, Bitcoin (CRYPTO: BTC) experienced a major resurgence last year, as the digital asset soared more than 150%. Anticipation was likely building for the approval of spot exchange-traded funds (ETFs), of which there are now 11 on the market. Bitcoin's strong price momentum might encourage you to quickly buy the world's leading cryptocurrency . But before doing so, here are four things you need to know. Decentralized with no single authority Although it utilizes innovations that came about before its launch, like public key cryptography, digital cash, and the internet, Bitcoin was a huge breakthrough. For the first time in history, something of value could be sent digitally between two parties without the use of an intermediary. That might not seem like a big deal, but just consider all of the parties involved when sending money to someone in a different country. There are multiple banks, payment processors, financial institutions, and even governmental bodies involved, and all of them want their share of the transaction. Bitcoin's entire ethos is that there's no single authority that's in charge. Yes, there are key stakeholders, like users, node operators, miners, and developers. But no one has any control over technological updates or any other changes to the network. Everything is driven by the community. Fixed supply cap Skeptics question whether Bitcoin has any inherent value. It doesn't represent equity in a business that sells products and services, generating revenue and cash flow. Nor is Bitcoin like a bond that produces fixed income at periodic intervals. However, perhaps Bitcoin's most important property, and where all of its value actually comes from, is the fact that there will only ever be 21 million coins in circulation (about 19.6 million circulate now). This is a hard cap that was etched in Bitcoin's software from the beginning. And it's unlikely to ever change. Story continues Observers might compare Bitcoin to gold, a commodity that has long been viewed as a store of value. But the key difference is that Bitcoin is an absolutely finite asset. In other words, its supply can't increase at a faster rate if demand rises. If all of a sudden there was a huge spike in demand for gold, companies would rush to find new ways to mine more of the precious metal, thus increasing the supply that hits the market. Proof-of-work system is a key feature Bitcoin's energy usage is a hot topic. The network's proof-of-work consensus mechanism requires huge amounts of energy and computational power to process transactions and keep Bitcoin secure. Some estimates even suggest that Bitcoin uses as much energy as a small country. While this is true, it's better to dig deeper than immediately attacking Bitcoin's use of electricity. More than half of Bitcoin's energy usage comes from renewable sources. But the energy coming from traditional sources isn't for nothing. Relating to the previous point of the fixed supply cap, in order for it to be difficult to create new units of an asset, there must be some sort of physical constraint. This is in stark contrast to how the U.S. government operates, where new money is created magically out of thin air. That helps explain why the U.S. dollar has lost more than 90% of its purchasing power since 1933. Well off its peak price From the start of 2013 through the end of 2023, Bitcoin's price skyrocketed a whopping 316,000%, easily making this one of the best-performing financial assets during that time. For comparison's sake, the S&P 500 , with dividends included, returned 312%. Bitcoin has proven to be volatile, but it has clearly done a wonderful job at increasing investors' purchasing power. And this is the ultimate goal of investing. As of this writing, this crypto remains 39% off its all-time high, which was set in November 2021. Should Bitcoin even remotely experience the gains it has registered in the past, now looks like a great time to be a buyer. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 16, 2024 Neil Patel and his clients have positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . 4 Things You Need to Know Before Buying Bitcoin was originally published by The Motley Fool

2024-01-23 12:41:11+00:00

{"Bitcoin": [2306]}

{}

Founder of Top Chinese Hedge Fund Admits Mistakes After Losses

https://finance.yahoo.com/news/founder-top-chinese-hedge-fund-124111770.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The boss of a top macro hedge fund in China has publicly accepted the blame for wrong-way bets on a speedy Chinese recovery, after her macro fund lost as much as a quarter of its value. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 India Tops Hong Kong as World’s Fourth-Largest Stock Market Li Bei, founder of Shanghai Banxia Investment Management Center, said her flagship Banxia Macro Fund has outperformed Chinese stock markets this year, but still registered a maximum drawdown of 25% from a peak in the middle of last year, the worst of her career, according to a post on WeChat on Tuesday. “I made the mistake of assuming a quick victory,” Li said, admitting that the intensity of China’s policy response to its faltering economy had failed to meet her expectations. The benchmark CSI 300 Index hit a five-year low on Monday, as China’s ongoing housing slump curtails economic growth and deflationary pressures mount in the wider economy. It’s a brutal turnaround from a year ago, when hopes were riding high that China’s emergence from the pandemic would fuel major gains across financial markets. Read More: Hedge Fund Asia Genesis Shuts After ‘Big Mistake’ on China (1) Li said she was optimistic on the government’s property policies in the fourth quarter of last year, betting that a slew of measures would arrest the housing crisis. But fiscal and monetary support has slowed since then, and China’s “real estate policies, both in terms of actual implementation intensity and execution speed, were significantly lower than expected,” she said. Li said she’s cut back on her positions having lost money, but remains confident in her country in the long run. “I have no intention of complaining about the country and blaming the government,” she said. “I have faith in the future and fortunes of this nation.” Story continues --With assistance from Henry Ren. Most Read from Bloomberg Businessweek The Downfall of Diddy Inc. How Sweden Quit Smoking Without Quitting Nicotine Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 13:16:57+00:00

{"Bitcoin": [2753]}

{}

11 Stocks Jim Cramer Recommended Selling, But Billionaires Love Them

https://finance.yahoo.com/news/11-stocks-jim-cramer-recommended-131657665.html

Insider Monkey

http://www.insidermonkey.com

In this article, we will take a detailed look at the 1 1 Stocks Jim Cramer Recommended Selling, But Billionaires Love Them . For a quick overview of such stocks, read our article 5 Stocks Jim Cramer Recommended Selling, But Billionaires Love Them . Jim Cramer recently talked about the top themes of 2024 he's eyeing. Cramer said that he likes to talk about themes that investors can always fall back to. Cramer's top theme for 2024 is, unsurprisingly, AI. Related to this theme, Cramer talked about his expectations for this year and said that he's expecting a few stocks from the Magnificent Seven group to fall from their 2023 glory. Some Mag. 7 stocks Cramer has been recommending investors in 2023 include Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN) and NVIDIA Corp (NASDAQ:NVDA). Cramer Expects a Difficult 2024 for Tesla Cramer said that Tesla will be first to go down in the Magnificent Seven group of stocks. Cramer criticized Elon Musk's latest demands in which he said he needs to take a 25% control of Tesla in order to make it a leader in AI and robotics. Cramer called this "pure hubris." Cramer also talked about some research reports which believe Apple will have a terrible time in the start of 2024 amid problems in China. Cramer's Thoughts on Donald Trump Regarding the election 2024 theme, Cramer said that there has never been a president more friendly for the stock market than Donald Trump was. "He measured himself by the Dow," Cramer said of Trump. Cramer said that Trump will "fight for the rich like no other" and the analyst expects the former President of the US to speak against capital gain tax, which Cramer thought would result in "market soaring." Stocks Jim Cramer Recommended Selling, But Billionaires Love Them Methodology For this article we first listed down all the stocks Jim Cramer has been recommending investors to sell or stay away from over the past 12 months. From these stocks we picked stocks with the highest number of billionaire investors. We used Insider Monkey's proprietary database of billionaires and their stock holdings to find the number of billionaire investors for these companies Story continues 11. Riot Platforms Inc (NASDAQ: RIOT ) Number of Billionaire Investors : 6 Jim Cramer has long been bearish on Riot Platforms Inc (NASDAQ:RIOT) and recommending investors to stay away from this stock. Recently, Jim Cramer made the following comment about Riot Platforms Inc (NASDAQ:RIOT): "Let’s stop fooling around. If you want bitcoin, buy bitcoin. I think bitcoin’s topping out, by the way, so I’m going to say, enough is enough and ka-ching is ka-ching.” In November 2023, Jim Cramer had said that Riot Platforms Inc (NASDAQ:RIOT) does not make any money and investors should own Bitcoin directly if they want to get exposure to crypto. Insider Monkey's database of billionaires shows that six billionaires had stakes in Riot Platforms Inc (NASDAQ:RIOT). Jim Cramer is bearish on RIOT but recommends buying Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN) and NVIDIA Corp (NASDAQ:NVDA). 10. Navitas Semiconductor Corp (NASDAQ: NVTS ) Number of Billionaire Investors : 7 Earlier this month Jim Cramer categorically recommended investors to hit eject on semiconductor stock Navitas Semiconductor Corp (NASDAQ:NVTS). Jim Cramer said that Navitas Semiconductor Corp (NASDAQ:NVTS) is not making any money. " In this market, they’ve got to make money...Let’s just exit Navitas.” A total of seven billionaires in Insider Monkey's database had stakes in Navitas Semiconductor Corp (NASDAQ:NVTS) as of the end of the third quarter of 2023. Baron Discovery Fund made the following comment about Navitas Semiconductor Corporation (NASDAQ:NVTS) in its Q3 2023 investor letter : “ Navitas Semiconductor Corporation (NASDAQ:NVTS) is a leader in gallium nitride (GaN) power semiconductors and a smaller player in silicon carbide (SiC) power semiconductors. These are both new materials used as a base (substrate) on which to print power-oriented chip circuits. Shares fell during the quarter as the stock was trading at a premium valuation heading into the quarter, and investors were broadly concerned about underlying demand conditions in key end-markets like smartphones. Despite near-term concerns, the company reiterated its outlook to double revenues in 2023, reported strong design win momentum, and indicated opportunity pipeline growth. Navitas sells monolithically integrated GaN power integrated circuit chips (completed printed circuit systems on a chip), which provide greater reliability and performance compared to competitors that supply discrete power devices (multiple individual, larger components put together on a chip). It recently purchased a silicon control company to drive integration and performance even further, and its SiC products offer high performance across many different applications. The company’s high-power GaN product launches remain on track for data center, solar, and electric vehicle applications. We expect Navitas to gain share in the rapidly growing GaN and SiC power semiconductor markets over time, driven by its superior technology.” 9. Tidewater Inc (NYSE: TDW ) Number of Billionaire Investors : 7 In early January, Jim Cramer recommended investors to "move on" from petroleum services company Tidewater Inc (NYSE:TDW). Cramer said the stock has moved too much. Over the past one year the stock has gained about 61%. In November Tidewater Inc (NYSE:TDW) posted third quarter results. GAAP EPS in the period came in at $0.49. Revenue in the quarter came in at $299.3 million, beating estimates by $7.39 million. As of the end of the September quarter of 2023, seven billionaires tracked by Insider Monkey had stakes in Tidewater Inc (NYSE:TDW). Third Avenue Small-Cap Value Fund made the following comment about Tidewater Inc. (NYSE:TDW) in its Q3 2023 investor letter : “Finally, long-time holding, offshore oil services company, Tidewater Inc. (NYSE:TDW) rose 31% in the quarter, as more investors and operators recognized the importance of investing in fossil fuels to sustain long-term economic growth and national security. In a challenging environment for most asset classes, Energy was a considerable outperformer this past quarter, illustrating the potency of the investor pivot.” 8. Quantumscape Corp (NYSE: QS ) Number of Billionaire Investors : 7 In the summer of 2023, Jim Cramer recommended investors to stay away from  solid state lithium battery company Quantumscape Corp (NYSE:QS). Cramer had said that there was "nothing there" for the stock. Over the  past 12 months the stock has lost about 10% in value. A total of seven billionaires in Insider Monkey's billionaires database held stakes in Quantumscape Corp (NYSE:QS). Some notable billionaires having stakes in Quantumscape Corp (NYSE:QS) include Ken Griffin, DE Shaw and Israel Englander. 7. Coherent Corp (NYSE: COHR ) Number of Billionaire Investors : 8 Jim Cramer in 2023 recommended investors to sell optical materials company Coherent Corp (NYSE:COHR) shares since he said Coherent Corp (NYSE:COHR) was not making any money. However, Cramer acknowledged that Coherent Corp (NYSE:COHR) has a strong product. Earlier this month, Goldman Sachs published a list of stocks with weak pricing power that can outperform. Coherent Corp (NYSE:COHR) made it to the list. A total of eight billionaires in Insider Monkey's billionaire database had stakes in Coherent Corp (NYSE:COHR). Liberty Park Capital made the following comment about Coherent Corp. (NYSE:COHR) in its Q3 2023 investor letter : “After its stock nearly doubled on enthusiasm surrounding artificial intelligence, Coherent Corp. (NYSE:COHR) fell nearly 40% in one day after announcing weaker-than-expected 3Q guidance. We viewed the stock move as an over reaction and closed our short position.” 6. Plug Power Inc (NASDAQ: PLUG ) Number of Billionaire Investors : 8 Jim Cramer had been bearish on Plug Power Inc (NASDAQ:PLUG) throughout 2023 and in December he said he was finally "pulling the plug" on the hydrogen fuel cell company. In August 2023 Jim Cramer was saying that investors should take profits on Plug Power Inc (NASDAQ:PLUG) shares should the stock bounce back. Over the past 12 months Plug Power Inc (NASDAQ:PLUG) stock has lost about 82% in value. Still, eight billionaires in Insider Monkey's database had stakes in Plug Power Inc (NASDAQ:PLUG). Some notable billionaire stakeholders of Plug Power Inc (NASDAQ:PLUG) were Israel Englander, Steve Cohen, Ken Griffin and DE Shaw. Unlike PLUG, Cramer is bullish on Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN) and NVIDIA Corp (NASDAQ:NVDA). Click to continue reading and see 5 Stocks Jim Cramer Recommended Selling, But Billionaires Love Them . Suggested Articles: 11 Best Jim Cramer Stocks To Buy According to Billionaires 13 Best Jim Cramer Stocks To Buy Now George Soros and Jim Cramer Love These Stocks Disclosure. None. 1 1 Stocks Jim Cramer Recommended Selling, But Billionaires Love Them was initially published on Insider Monkey.

2024-01-23 13:27:00+00:00

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{"Bitcoin": [20, 44]}

Better Buy: iShares Bitcoin Trust or Actual Bitcoin Tokens?

https://finance.yahoo.com/news/better-buy-ishares-bitcoin-trust-132700256.html

Motley Fool

http://www.fool.com/

All of a sudden, investors have access to exchange-traded funds (ETFs) tracking the real-time value of Bitcoin (CRYPTO: BTC) . American regulators finally approved 11 applications for Bitcoin-tracking ETFs, opening a whole new type of digital asset investments. Maybe you haven't dipped your toes in the unpredictable cryptocurrency waters yet, but you're thinking about your first Bitcoin investment. Should you dive into the deep end with a direct buy of Bitcoin tokens, or is a robust ETF like the iShares Bitcoin Trust (NASDAQ: IBIT) a better choice? The answer, of course, is that it depends on your needs and preferences. Let me walk you through the pros and cons of these two options for Bitcoin exposure. Why iShares Bitcoin Trust ETF may be for you This is not the only Bitcoin ETF on the market today , but it's an early leader for several solid reasons. The largest and most popular Bitcoin ETF in the early days has already built a $1.2 billion portfolio of Bitcoin holdings. The Fidelity Wise Origin Bitcoin Trust runs a close second with a net asset value (NAV) just north of $1 billion as of Friday, Jan. 19. Beyond Fidelity, it's not a close race. Each of the other nine Bitcoin ETFs is worth less than half of the iShares fund so far. The fund trades at a 0.3% discount to its underlying NAV, reflecting the live Bitcoin price of an index called the CME CF Bitcoin Reference Rate-New York Variant (BRR). In turn, the BRR index tracks the average Bitcoin price in U.S. dollars across six leading crypto exchanges. This methodology ensures a stable Bitcoin price, shielded from the sudden price swings you sometimes see in a cryptocurrency (or stock) on a single trading platform. The iShares fund is managed by BlackRock , one of the world's largest and most respectable financial asset managers. Investors have relied on the iShares brand of index-trading funds for decades, with 29 ETFs holding at least $20 billion in NAVs. Story continues Suppose you want ultimate stability in a strictly regulated investment vehicle, with the backing of a true financial services giant under a household name brand of ETFs. In that case, the iShares Bitcoin Trust should be right up your alley. And if you're planning to add Bitcoin exposure in an account that doesn't offer direct Bitcoin trading, an ETF may be your only choice. For example, many IRA retirement accounts provide access to stocks, mutual funds, and ETFs, but not to cryptocurrency tokens. Why you might prefer buying Bitcoin directly Here's why making the effort to open an account on an exchange with cryptocurrency trading such as Coinbase Global or Robinhood Markets may be worth it for some people. All ETFs charge an annual fee. Most of the new Bitcoin ETFs carry very low fees of 0.3% or less, and most of them are pausing their fee collections for a few months in order to earn more investor attention. The iShares Bitcoin Trust's sponsor fee stands at 0.25%, cut in half for the first year or until the fund's asset value exceeds $5 billion. That's not a deal-breaker for most investors. Still, a low fee is more expensive than no fee, and nobody will charge you an annual fee for holding Bitcoin tokens in a digital wallet. That digital wallet is another popular selling point. Direct ownership gives you full control over your cryptocurrency assets, much like carrying dollar bills in a leather wallet instead of a bank account. The iShares fund comes with a significant market footprint, managing one of the largest Bitcoin portfolios in the world, but it's just 0.16% of the entire Bitcoin asset. The leading cryptocurrency's total market value stands at $804 billion today, with a daily trading volume of $11.7 billion. I wouldn't be surprised to see a Bitcoin logo when I look up "liquidity" in a dictionary. Some investors prefer to keep their holdings as pure and simple as possible. For some, that quest for simplicity will point to the stock-like trading process of an ETF. For others, it means going straight to the source and buying the real thing. True purists like MicroStrategy chairman Michael Saylor will never buy Bitcoin ETFs as long as the digital tokens are readily available. Brief summary: Which Bitcoin bet is better for you? In the dynamic world of cryptocurrency investments, choosing the right path can feel like navigating a labyrinth. Today I explored two distinct paths: the iShares Bitcoin Trust ETF and buying Bitcoin directly. Each alternative offers unique advantages tailored to different investor profiles. The iShares Bitcoin Trust ETF might be your beacon if you seek a regulated, stock market-traded avenue into Bitcoin with a diversified risk profile. In some cases, an ETF may be the only available option. On the other hand, purchasing Bitcoin directly could be your next step forward if you aim for a more hands-on approach with potentially higher rewards (and risks). So, which path should you take? The answer isn't set in stone; it depends on your investment style, risk tolerance, available brokerage account types, and goals. I hope this overview helps you make the best choice for your particular situation. Mind you, this is far from a complete analysis, and you could spend hours getting deeper into the details. Whatever you do, your favorite Bitcoin investment should be a small part of a diversified investment portfolio. "Backing up the truck" to a single investment is never a good idea -- unless that all-in investment involves an inherently diverse instrument such as an index fund. Should you invest $1,000 in iShares Bitcoin Trust right now? Before you buy stock in iShares Bitcoin Trust, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and iShares Bitcoin Trust wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 16, 2024 Anders Bylund has positions in Bitcoin and Coinbase Global. The Motley Fool has positions in and recommends Bitcoin and Coinbase Global. The Motley Fool has a disclosure policy . Better Buy: iShares Bitcoin Trust or Actual Bitcoin Tokens? was originally published by The Motley Fool

2024-01-23 13:35:17+00:00

{"Bitcoin": [2197]}

{}

Fintech Klarna CEO Signals IPO in US May Happen ‘Quite Soon’

https://finance.yahoo.com/news/fintech-klarna-ceo-signals-ipo-133517409.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Klarna Bank AB, the Swedish fintech that was once Europe’s most valuable startup, may soon launch a stock market listing in the US, according to Chief Executive Officer Sebastian Siemiatkowski. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs India Tops Hong Kong as World’s Fourth-Largest Stock Market “It’s very likely that this is going to happen quite soon, but there are no official dates,” he said in a video interview with BNN Bloomberg in Canada. The CEO pointed out that the US is a natural choice for an initial public offering given that it is the firm’s largest market by revenue. “So it is obviously leaning toward that direction,” he said. Speculation has been rife about when and where Klarna will IPO, with the UK and its home market of Sweden being other potential possibilities for a listing. In November, the buy-now-pay-later firm set up a new UK holding company in what was seen as the preparatory work for an eventual public offering. Siemiatkowski sounded less bullish on the prospects of a listing in Europe. The markets in Germany, UK and Sweden “are still very small compared to the US one,” he said. “In the US, there is a bigger understanding for fintech and tech companies among the investor base.” Last year, Klarna saw its valuation slashed to $6.7 billion from about $45.6 billion while it cut jobs, office space and other costs, as investors reconsidered the growth of easy credit at a time of rising interest rates. That value rose to $7.85 billion in December alongside the fintech reporting its first quarterly operating profit in four years. “I want to make sure that all investors in Klarna have a tremendous investment,” the CEO said. Read More: Klarna’s Valuation Boosted by Investor After Profitable Quarter Story continues Most Read from Bloomberg Businessweek How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 13:36:17+00:00

{"Bitcoin": [1980]}

{}

Chile Unveils Anti-Tax Evasion Plan to Finance Government’s Social Programs

https://finance.yahoo.com/news/chile-unveils-anti-tax-evasion-133617489.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Chile Finance Minister Mario Marcel on Tuesday presented a proposal to clamp down on tax evasion and bolster government finances as part of plans to bankroll the administration’s marquee social programs. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs India Tops Hong Kong as World’s Fourth-Largest Stock Market The bill calls for adopting new technology at the internal revenue service, fomenting the use of anonymous whistleblowers, toughening penalties for filing false tax documents and facilitating the lifting of bank secrecy during investigations. The proposals seek to raise government income by 1.5% of gross domestic product and reduce overall evasion by 25%, Marcel told reporters. The legislation would help provide funds for President Gabriel Boric’s overhaul of the nation’s privately-run pension system as well as efforts to fight crime. The government is seeking more cash after its initial tax reform proposal was unexpectedly shot down by Congress last year, prompting officials to renew negotiations with lawmakers and business groups. Read more: Chile Pension Bill Clears Committee, Heads to Lower House Marcel said the tax evasion bill will be sent to Congress next week before the start of legislative recess. The month of May would be a reasonable time-frame for approval, though it depends on lawmakers actions, he said. He unveiled the plans just minutes before debate on the government’s pension reform started on the lower house floor. A crucial vote on that legislation is expected to come between today and Wednesday. Most Read from Bloomberg Businessweek How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 13:44:30+00:00

{"Bitcoin": [15, 683, 1020, 1190, 1347, 1851, 2224, 2830]}

{"Bitcoin": [0]}

Bitcoin Has Dropped About 20% Since Landmark US Spot ETFs Began Trading

https://finance.yahoo.com/news/bitcoin-dropped-20-since-landmark-004521169.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Bitcoin has fallen over 20% since the Jan. 11 launch of the first exchange-traded funds investing directly in the token as speculators become more cautious about the potential impact of the products. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs India Tops Hong Kong as World’s Fourth-Largest Stock Market The digital asset spiked to $49,021 on the day the ETFs from issuers including BlackRock Inc. and Fidelity Investments went live. Bitcoin traded at $38,975 as of 8:38 a.m. Tuesday in New York, a 20.5% drop from that intraday peak. “As bearish sentiment appears to be prevailing, the next crucial price levels for bitcoin that could provide support are estimated to be between $38,000 and $36,000,” analysts at crypto exchange Bitfinex wrote in a Tuesday note. The 10 Bitcoin ETFs have recorded $1.1bn in total net flows so far this month, according to data on the Bloomberg Terminal as of Monday. That includes the impact of Grayscale’s Bitcoin Trust, which has seen nearly $3.5 billion in outflows so far as investors offload long-held stakes, according to the data. “Over the past two weeks, Bitcoin has been challenged by tougher macro conditions — evidenced by rallying rates and a strengthening dollar — and significant selling pressure from traders unwinding their GBTC arbitrage positions along with the FTX bankruptcy estate offloading assets,” Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors LLC, wrote in a note. The disposals by FTX potentially remove a supply overhang, suggesting that the “intense selling pressure from GBTC may soon subside,” Farrell added. Bitcoin surged almost 160% last year, outperforming traditional assets such as stocks, amid speculation that the ETFs would catalyze wider adoption of the cryptocurrency by institutional and individual investors. The token has been retreating since the turn of the year and trailing global markets. Story continues Tokens such as Ether and BNB also fell sharply along with Bitcoin, the largest digital asset, which is roughly $30,000 below its 2021 pandemic-era record of almost $69,000. “GBTC outflows have created a dynamic in the market that needs to be normalized before we will see true price discovery,” said Leah Wald, chief executive officer of digital-asset investment firm Valkyrie Investments. --With assistance from Sidhartha Shukla and Emily Nicolle. (Updates with ETF figures) Most Read from Bloomberg Businessweek How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 14:00:00+00:00

{"Bitcoin": [168, 310, 784, 833, 1293, 1320, 1349, 3382, 3626, 3802, 4086]}

{}

Bitdeer’s (NASDAQ: BTDR) Eco-Friendly Bet On Bhutan: How Balancing Growth With Environmental Impact Is Paying Off For The Company

https://finance.yahoo.com/news/bitdeer-nasdaq-btdr-eco-friendly-140000781.html

ACCESSWIRE

https://www.accesswire.com/

SINGAPORE / ACCESSWIRE / January 23, 2024 / Singapore-based Bitdeer Technologies Group (NASDAQ:BTDR) reports having the largest global footprint of any publicly traded Bitcoin miner, but it is still making strides in its expansion. As just one facet of its growth, the company reported a threefold increase in Bitcoin mining activities in September 2023, a surge that was largely attributed to its newly operational mining data center in Gedu, Bhutan. This data center, while seen as an unconventional choice, has proven to be a substantial part of Bitdeer's success in expanding its mining operations. Surge in Mining Activities Bitdeer's mining ventures have seen growth over the past years, with the Gedu data center playing a crucial role - accounting for 45% of its 3x uptick in Bitcoin output. The company mined a total of 434 Bitcoins in December , representing a 7.7% increase from the previous month and a substantial 149.4% surge compared to December 2022. This achievement is particularly notable considering Bitdeer retired around 6,000 legacy mining machines during this period. As mentioned previously, much of this success was driven by the Gedu data center, which has only been fully operational for a few months. In that short time, Bhutan has been responsible for mining 211 Bitcoins in September, 209 Bitcoins in November and 230 Bitcoins in December (over half of the total mined for that month). The Road To The Gedu Data Center The completion of the Gedu data center in August marked a significant milestone in Bitdeer's expansion into the Asian market. In July, Bitdeer announced the acquisition of 30,000 mining machines intended to join the 11,000 already in operation at the Bhutan location. Through this aggressive expansion, the ambitious carbon-free data center has added 100MW to the company's electrical capacity and 3.3EH/s to its overall hash rate. Bitdeer plans to begin developing the remaining 500 MW of electrical capacity in 2024, which could add up to 60 EH/s of hash rate. Story continues Bitdeer's move to establish a mining center in Bhutan was a strategic decision driven by the country's digitalization journey since 2005 and its ample hydropower resources. Bhutan is also the world's first carbon-negative country , with lush forests covering 70% of its territory . The venture was realized through a partnership with Druk Holding & Investments , which involved creating a $500 million fund dedicated to building sustainable, hydropower-based mining facilities - reflecting Bitdeer's eco-friendly approach to enhancing the company's operational capacity and balancing growth with its environmental impact. Future Expansion Plans Looking ahead, Bitdeer is poised to expand its global presence with the Tydal data center project in Norway. This 175MW center features state-of-the-art immersion cooling technology and is slated to be completed by mid-2025 . Alongside this development, Bitdeer plans to expand its presence in the United States with the construction of a 221MW data center in Ohio that is also expected to finish sometime in 2025. The company already has six data centers in the United States, Norway and Bhutan with a combined capacity of 895MW , but it plans to increase its total capacity to 1.524GW. Bitdeer has also placed an order with Taiwan Semiconductor Manufacturing Company Limited to purchase chips designed for Bitcoin mining, which are expected to be delivered in the first quarter of 2024 for design approval and testing. These expansion efforts underscore Bitdeer's dedication to developing technology in-house as a facet of its growth strategy in the Bitcoin mining sector. A Mining Titan In The Making? Bitdeer's evolution since its inception in 2020 illustrates the company's strategic approach and growth in the competitive Bitcoin mining industry. The Gedu data center in Bhutan is a prime example of this strategy, blending environmental sustainability with business growth. As Bitdeer continues to expand its operations and capabilities, it stands as a notable example of adaptation and innovation in the Bitcoin industry that may be worth watching. Featured photo by Aaron Santelices on Unsplash . Contact: Robin Yang Bitdeer.ir@icrinc.com SOURCE: Bitdeer Technologies Group View the original press release on accesswire.com

2024-01-23 14:00:00+00:00

{"Bitcoin": [6660]}

{}

Blockchain in the Energy Market to Rise 25.6 % Annually, Reaching US$31.73 Billion by 2030, According to Persistence Market Research

https://finance.yahoo.com/news/blockchain-energy-market-rise-25-140000773.html

GlobeNewswire

https://www.globenewswire.com/

Blockchain in the Energy Market is experiencing rapid growth as decentralized and transparent ledger technology enhances efficiency, security, and traceability in energy transactions and grid management New York, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Market Size & Overview: The global blockchain in energy market is forecast to expand at a CAGR of 25.6% and thereby increase from a value of US$6.43 billion in 2023 to US$31.73 billion by the end of 2030. Blockchain technology is making significant inroads into the energy sector, revolutionizing the way transactions and data are managed throughout the energy value chain. This transformative technology is being leveraged to enhance transparency, security, and efficiency in various aspects of the energy market. One key application of blockchain in the energy sector is in the realm of smart grids. Blockchain enables the creation of decentralized and secure platforms for managing smart grid operations. This includes real-time monitoring of energy production, distribution, and consumption, as well as facilitating peer-to-peer energy trading. Through blockchain, consumers can directly buy and sell excess energy to each other without the need for intermediaries, promoting a more decentralized and efficient energy ecosystem. In addition to smart grids, blockchain is playing a crucial role in renewable energy transactions. It facilitates the creation of transparent and immutable records of renewable energy generation and consumption, allowing for better traceability of renewable energy certificates and carbon credits. This not only ensures the authenticity of green energy claims but also encourages the growth of renewable energy sources in the overall energy mix. Moreover, blockchain technology is streamlining energy supply chain management by providing a decentralized and secure platform for recording and verifying transactions related to energy resources. This reduces the risk of fraud and enhances the overall efficiency of energy trading and billing processes. Story continues Blockchain is also contributing to the development of innovative financing mechanisms for energy projects. Through the use of smart contracts, investors can automate and secure their investment processes, while consumers can participate in crowdfunding initiatives for renewable energy projects, fostering a more inclusive and democratized approach to energy investments. Unlock Growth Potential in Your Industry - Get Your Sample Report Now: https://www.persistencemarketresearch.com/samples/33754 Market Scope: Report Coverage Details Market Revenue 2023 US$6.43 billion Estimated Revenue 2030 US$31.73 billion Growth Rate - CAGR 25.6% Forecast Period 2023-2030 No. of Pages 160 Pages Market Segmentation Type Form Application End-use Region Regions Covered North America Latin America Europe South Asia & Pacific East Asia The Middle East & Africa Key Companies Profiled Accenture IBM Infosys SAP Microsoft Market Growth Drivers: Blockchain technology is experiencing significant growth in the energy market, driven by several key factors that are reshaping the industry. One major driver is the need for enhanced transparency and traceability in energy transactions. Blockchain's decentralized and immutable ledger allows for a secure and transparent record of energy transactions from generation to consumption. This transparency helps build trust among stakeholders and reduces the risk of fraud, enabling more efficient and reliable energy transactions. Another crucial growth driver is the increasing complexity of energy systems, with the integration of renewable energy sources, decentralized energy generation, and smart grids. Blockchain provides a decentralized and distributed framework that can streamline the management of these complex systems. Smart contracts, a feature of blockchain technology, automate and enforce agreements between parties, facilitating seamless and efficient energy transactions. This is particularly relevant in the context of peer-to-peer energy trading, where individuals or entities can directly buy and sell excess energy without the need for intermediaries. Blockchain's ability to enhance cybersecurity is also contributing to its growth in the energy sector. The decentralized nature of blockchain makes it inherently resistant to hacking and tampering. By securing critical infrastructure and data, blockchain helps mitigate cybersecurity risks in the energy sector, where the potential impact of cyber threats on energy grids and systems is a significant concern. Moreover, the increasing focus on sustainability and the transition towards cleaner energy sources are driving the adoption of blockchain in the energy market. Blockchain can enable the creation of transparent and auditable carbon credit and renewable energy certificate markets, providing a mechanism to incentivize and track sustainable practices. In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at: https://www.persistencemarketresearch.com/market-research/blockchain-in-the-energy-market.asp Market Restraints: The widespread adoption of blockchain technology in the energy sector is not without its challenges and constraints. One notable restraint is the regulatory uncertainty surrounding the integration of blockchain in the energy market. As blockchain disrupts traditional centralized systems, regulators are grappling with how to establish frameworks that ensure compliance, security, and fair market practices. The lack of standardized regulations hampers the scalability and widespread implementation of blockchain solutions, as energy companies hesitate to fully invest in technologies that may face regulatory hurdles in the future. Moreover, the complexity of existing energy infrastructures poses a significant challenge. The energy sector comprises a diverse range of stakeholders, including utilities, grid operators, and consumers. Integrating blockchain into these complex ecosystems requires overcoming interoperability issues and ensuring seamless communication between various systems. The retrofitting of legacy systems to accommodate blockchain can be resource-intensive and time-consuming, acting as a deterrent for companies looking to embrace this technology. Energy consumption and environmental concerns also contribute to the challenges facing blockchain in the energy market. The proof-of-work consensus mechanism, commonly associated with blockchain networks like Bitcoin, requires significant computational power, leading to high energy consumption. This environmental impact is at odds with the sustainability goals of the energy industry. As the sector increasingly focuses on eco-friendly solutions, the energy-intensive nature of certain blockchain protocols becomes a barrier to adoption. Additionally, the perceived complexity and technical barriers associated with blockchain may hinder its acceptance in the energy market. Many industry participants may lack the expertise and understanding needed to implement and manage blockchain solutions effectively. The learning curve and initial investment required to integrate blockchain may discourage smaller players in the energy sector from exploring its potential benefits. Opportunities: Blockchain technology presents various opportunities within the energy market, revolutionizing the way energy is produced, distributed, and consumed. One notable opportunity lies in the enhancement of transparency and traceability in energy transactions. Blockchain's decentralized and immutable ledger ensures that every step in the energy supply chain, from generation to consumption, is recorded securely and transparently. This not only reduces the risk of fraud but also fosters trust among stakeholders. Smart contracts powered by blockchain technology offer another promising opportunity in the energy sector. These self-executing contracts automate and enforce the terms of agreements, facilitating efficient and secure energy transactions. For instance, smart contracts can enable automatic and instantaneous payments between energy producers and consumers, streamlining the billing process and reducing administrative overhead. Decentralized energy grids represent a transformative opportunity for blockchain in the energy market. Blockchain can facilitate the creation of peer-to-peer energy trading platforms, allowing consumers with renewable energy sources, such as solar panels, to sell excess energy directly to their neighbors. This disintermediation can create more resilient and efficient energy networks, empowering consumers and promoting the use of renewable energy sources. Moreover, blockchain technology can play a pivotal role in enabling the integration of renewable energy sources into the existing energy infrastructure. The intermittent nature of renewables like solar and wind power poses challenges to grid stability. Blockchain can be utilized to create decentralized energy markets that incentivize the efficient utilization of renewable energy, encouraging a more sustainable and environmentally friendly energy ecosystem. Analysts view the integration of blockchain technology into the energy market as a transformative and disruptive force, poised to revolutionize the traditional energy landscape. Blockchain's decentralized and tamper-resistant ledger system brings unprecedented transparency and efficiency to energy transactions. By enabling secure, peer-to-peer energy trading, blockchain facilitates a more democratic and decentralized energy ecosystem, empowering consumers and promoting energy sustainability. Furthermore, analysts highlight the potential of blockchain to streamline complex processes in the energy sector, such as supply chain management, asset tracking, and smart grid operations. The immutable nature of blockchain records enhances data integrity, reducing the risk of fraud and ensuring accurate and auditable energy transactions. This increased transparency not only instills trust among stakeholders but also opens up new avenues for innovation and collaboration within the industry. Moreover, blockchain is seen as a catalyst for the integration of renewable energy sources into existing energy grids. Through smart contracts and decentralized energy markets, renewable energy producers can efficiently sell excess energy directly to consumers, fostering a more resilient and sustainable energy infrastructure. Supply-side Dynamics: The supply-side dynamics for blockchain in the energy market are characterized by a transformative shift in the traditional energy landscape. Blockchain technology, known for its decentralized and transparent nature, is being increasingly adopted by energy suppliers, producers, and grid operators to enhance efficiency, security, and accountability in the energy supply chain. One key aspect of the supply-side dynamics involves the integration of blockchain to streamline energy transactions and trading. Blockchain facilitates peer-to-peer energy trading, enabling consumers to directly buy and sell excess energy with one another. This decentralized approach reduces the need for intermediaries, creating a more efficient and cost-effective energy market. Moreover, blockchain plays a crucial role in enhancing the reliability and security of energy supply chains. The technology ensures the integrity of data through its distributed ledger, making it resistant to tampering or unauthorized alterations. This transparency reduces the risk of fraud and enhances the overall resilience of the energy infrastructure. Another significant supply-side dynamic is the utilization of smart contracts powered by blockchain. Smart contracts automatically execute and enforce predefined terms and conditions when certain conditions are met. In the energy sector, this can automate complex processes such as billing, grid management, and compliance, reducing administrative overhead and minimizing errors. Market Segmentation: Blockchain technology is making significant inroads into the energy sector, offering transformative solutions across various segments. One crucial market segmentation for blockchain in the energy industry includes its application in Supply Chain Management and Transparency. Blockchain enables a decentralized and tamper-proof ledger, providing a transparent and traceable record of the entire energy supply chain. This enhances accountability, reduces fraud, and ensures the authenticity of energy transactions, fostering trust among stakeholders. Another key segment is Smart Contracts and Automated Transactions. Blockchain facilitates the creation and execution of smart contracts, enabling automated and secure transactions within the energy ecosystem. This not only streamlines processes but also reduces the need for intermediaries, enhancing efficiency and cost-effectiveness for both producers and consumers. Furthermore, the Decentralized Energy Trading segment is gaining traction. Blockchain allows for peer-to-peer energy trading, enabling consumers to buy and sell excess energy directly to one another. This decentralized approach promotes energy independence, encourages renewable energy adoption, and creates a more resilient and efficient energy market. In the realm of Grid Management and Integration, blockchain plays a pivotal role. It enables a decentralized and secure way to manage the electricity grid, ensuring real-time monitoring, efficient load balancing, and improved grid resilience. The technology facilitates the integration of renewable energy sources into the grid, addressing the intermittency challenges associated with solar and wind power. Additionally, the market segment of Data Security and Privacy is of utmost importance. Blockchain's cryptographic features enhance data security, protecting sensitive information related to energy transactions, user identities, and grid operations. This addresses concerns about data breaches and unauthorized access, fostering a secure and trustworthy energy ecosystem. Top Regional Markets: North America: In North America, the adoption of blockchain technology in the energy sector has gained significant traction. The region's well-established energy infrastructure and the increasing emphasis on renewable energy sources contribute to the growth of blockchain applications. By enhancing transparency, security, and efficiency in energy transactions, blockchain is helping North American energy markets optimize operations and integrate renewable energy sources more seamlessly. Collaborative initiatives and partnerships among key industry players further drive the innovation and adoption of blockchain solutions in the energy sector. Europe: Europe is emerging as a key regional market for blockchain in the energy sector, with a focus on enhancing the efficiency of energy trading, grid management, and renewable energy integration. The European Union's commitment to clean energy goals and the transition toward decentralized energy systems aligns with blockchain's capabilities in creating transparent and traceable energy networks. Pilot projects and regulatory support across European countries are fostering the development of blockchain applications, creating a conducive environment for the growth of the blockchain in the energy market in the region. Asia-Pacific: The Asia-Pacific region is witnessing a surge in blockchain adoption in the energy sector driven by the rapid expansion of energy infrastructure and the increasing need for efficient energy management. Countries like China, Japan, and South Korea are actively exploring blockchain solutions to address challenges related to energy trading, data security, and the integration of renewable energy sources. Government initiatives, along with collaborations between technology firms and energy companies, are propelling the deployment of blockchain applications, offering new avenues for innovation and optimization within the energy market. Middle East and Africa: In the Middle East and Africa, blockchain is making inroads into the energy sector to address issues related to transparency, security, and the management of energy resources. The region's focus on diversifying energy sources and optimizing existing infrastructure aligns with blockchain's potential to streamline processes and enhance trust in energy transactions. Pilot projects and collaborations between governments and technology providers are paving the way for blockchain's integration into the energy landscape, offering solutions for efficient energy distribution and management. Latin America: Latin America is gradually embracing blockchain in the energy sector, with a growing interest in improving the efficiency of energy markets and promoting sustainability. Countries like Brazil and Mexico are exploring blockchain applications for energy trading, grid management, and renewable energy projects. As regulatory frameworks evolve and awareness increases, Latin America is becoming a promising market for blockchain solutions that can contribute to the region's energy transition and address the unique challenges faced by its diverse energy landscape. Future Outlook: The future outlook for blockchain in the energy market is highly promising, as the technology is poised to revolutionize the way the energy sector operates. Blockchain, a decentralized and secure digital ledger, has the potential to address various challenges and bring about significant improvements in efficiency, transparency, and sustainability within the energy industry. One key aspect of the future of blockchain in the energy market is its role in enabling decentralized energy systems. Blockchain can facilitate peer-to-peer energy transactions, allowing individuals and businesses to directly buy and sell excess energy without the need for intermediaries. This decentralized approach promotes energy democratization, empowering consumers to take control of their energy production and consumption. Smart contracts, a self-executing code embedded in the blockchain, are expected to play a crucial role in automating and enhancing energy transactions. These contracts can streamline processes such as billing, grid management, and energy trading by enforcing predefined rules without the need for intermediaries. This not only reduces costs but also ensures greater accuracy and transparency in energy transactions. Blockchain also has the potential to improve the traceability of energy sources. Through the implementation of blockchain technology, consumers can have real-time access to information about the origin of the energy they are using. This transparency fosters trust and allows consumers to make more informed decisions based on the environmental impact of their energy consumption. Furthermore, blockchain can contribute to the integration of renewable energy sources into the existing energy grid. The technology can enable more efficient management of distributed energy resources, such as solar panels and wind turbines, by providing a secure and transparent platform for monitoring and controlling these assets. About Persistence Market Research: Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges. Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part. Contact Persistence Market Research Teerth Technospace, Unit B-704 Survey Number - 103, Baner Mumbai Bangalore Highway Pune 411045 India Email: sales@persistencemarketresearch.com Web: https://www.persistencemarketresearch.com

2024-01-23 14:00:00+00:00

{"Bitcoin": [0, 8, 1392, 1511, 2155], "BTC": [331, 406]}

{"Bitcoin": [0]}

Bitcoin Slides to Lowest Level Since SEC’s ETF Approval

https://finance.yahoo.com/news/bitcoin-slides-lowest-level-since-140000130.html

etf.com

https://www.etf.com/

Bitcoin Bitcoin's price tumbled to its lowest level on Monday since the Securities and Exchange Commission’s approval of spot bitcoin ETFs on Jan. 10. The largest cryptocurrency by market capitalization was recently trading below $40,000, a more than 4% drop over the past 24 hours and more than 14% since the SEC approved 11 spot BTC products, according to crypto data provider CoinGecko. Earlier Monday, BTC dropped to roughly $39,600, its lowest since since early December. This fall in value contrasted to predictions of crypto advocates who viewed spot ETF approvals as a pivotal development for bitcoin, solidifying its place as a large-scale traditional investment. Despite the cryptocurrency's falling price, newly-minted spot bitcoin ETFs pulled in $3.33 billion in their first five days of trading, as investors enthusiastically embraced the funds after more than a decade of approval delays from regulators concerned about cryptocurrency’s vulnerability to fraud. At the same time, the funds largely declined in tandem with the price of bitcoin. Over the same period, broad market exchange traded funds such as the SPDR S&P 500 ETF Trust (SPY) jumped in price. At the same time, spot bitcoin ETFs have pulled in billions from investors: more than $3 billion as of Thursday, Jan. 18. Low Fees Low fees explain the draw from investors, with Bloomberg data revealing that the iShares Bitcoin Trust (IBIT) received $371 million from investors last Wednesday, closely followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) , witnessing a record $358 million inflows, the largest single-day amount since its inception last week. BlackRock and Fidelity together have garnered 68% of the total inflows into the nine new ETFs in the market, amounting to nearly $2 billion. Still, the launch of the investment vehicles appear in their early days to be a rousing success. The funds’ total market capitalization climbed to $3.25 billion, surpassing silver to become the second largest commodity ETF in the U.S. IBIT led the group, pulling in $1.23 billion since Jan. 11, while FBTC has grabbed $1.07 billion. The lowest fee spot bitcoin ETF, the Bitwise Bitcoin ETF (BITB) , brought in $393.8 million, the third-most. Permalink | © Copyright 2024 etf.com. All rights reserved

2024-01-23 14:03:39+00:00

{"Bitcoin": [19]}

{"Bitcoin": [0]}

Bitcoin down 20% from post-ETF highs

https://finance.yahoo.com/news/bitcoin-down-20-post-etf-140339596.html

Reuters

http://www.reuters.com/

LONDON (Reuters) - Bitcoin has fallen over one fifth since its peak earlier this month, hit after the United States approved its first spot bitcoin exchange traded fund (ETF), as investors who had bought in expectation of the approval sold after the confirmation. The world's largest crypto currency was last at $38,900, down 20.6% from around $49,000 - the three-year high it hit on Jan. 11 in the wake of the decision by the U.S. Securities and Exchange Commission to approve spot bitcoin ETFs. Nearly $4 billion of funds have flowed into the new spot bitcoin ETFs, particularly to products operated by BlackRock and Fidelity, according to analysts at Deutsche Bank. But, they said, $2.8 billion of those were accounted for by flows out of Grayscale - once a fund, now an ETF - which had previously dominated the regulated bitcoin investing market. A further factor in bitcoin's price decline was the sale of assets from bankrupt crypto exchange FTX, Deutsche said. Separately shares in Coinbase, the dominant U.S. crypto exchange, dipped around 4% in pre market trading on Tuesday after JPMorgan downgraded the stock to underweight from neutral, saying "the catalyst in bitcoin ETFs that has pushed the ecosystem out of its winter will disappoint market participants". Other crypto stocks are also under pressure. (Reporting by Alun John; Editing by Mark Potter)

2024-01-23 14:36:01+00:00

{"Bitcoin": [2416]}

{}

Halliburton Boosts Dividend Amid Overseas Drilling Expansion

https://finance.yahoo.com/news/halliburton-boosts-dividend-amid-overseas-125118786.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- Halliburton Co. joined rival SLB in boosting its quarterly dividend as the world’s biggest oilfield contractors gear up for an international boom amid slowing shale work. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs India Tops Hong Kong as World’s Fourth-Largest Stock Market The top provider of fracking services will lift its payout by 6% to 17 cents a share, the highest since the onset of the pandemic, after posting fourth-quarter earnings that beat expectations. Halliburton generated $1.1 billion in free cash flow, its best quarter in more than two decades. “The outlook for oilfield services demand remains strong,” Chief Executive Officer Jeff Miller said Tuesday in a statement. “We will deepen and strengthen our value proposition, and generate significant free cash flow.” Shares were little changed at $34.39 as of 9:33 a.m. in New York. Halliburton, with its unrivaled footprint in all of the major shale basins, offers the closest proxy to US producer activity. The Houston-based company’s dividend boost comes after SLB, the world’s biggest oilfield services provider, announced a 10% hike to its payout last week on the expected growth in offshore markets in the coming years. The top oilfield contractors are looking to make up for a slowdown in US shale work by boosting activity overseas. Capital spending by explorers in the US is expected to increase 2% this year, far less than last year’s 19% expansion, according to Evercore ISI. After posting surprising output growth in 2023, US producers are downshifting expansion plans in order to make their inventory last longer and continue returning profits to shareholders. As a result, Halliburton is expected to post little change in sales in the US and Canada this year, while the rest of its business increases 12%, according to data compiled by Bloomberg. Story continues Baker Hughes Co. will round out the Big 3 later Tuesday when it reports fourth-quarter results. (Updates shares in fourth paragraph.) Most Read from Bloomberg Businessweek How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 14:36:23+00:00

{"Bitcoin": [229]}

{}

New hacking details are a bad look for the SEC—and also for Elon Musk’s X

https://finance.yahoo.com/news/hacking-details-bad-look-sec-143623904.html

Fortune

http://fortune.com/

The Securities and Exchange Commission released new information about its colossal screw-up earlier this month that saw a hacker take over its social media account and briefly scramble the crypto markets by preempting news of an Bitcoin ETF decision. The details confirmed suspicions that the SEC, which has been going around fining firms with sloppy cybersecurity, failed to practice what it preaches. But the news also served as a reminder of how Elon Musk, since he bought Twitter and rebranded it as X, has undermined the security of the platform. As for the hack itself, the SEC told Fortune and others on Monday that the debacle came about because someone at the agency got SIM swapped—meaning the hacker bribed or tricked someone at T-Mobile or another big carrier to transfer the cellular service, and the phone number associated with it, to their phone. SIM swaps are not always nefarious. You might, for instance, be leaving the U.S. and ask your carrier to transfer your number and account to your sister. But they usually involve something crooked. SIM swaps are used for a variety of crimes but are especially common in the crypto world (shocking, I know) because they can help a hacker break into someone's financial or social media accounts. This happens because taking control of someone's cellular account lets the hacker intercept verification codes sent by text message. You've no doubt received such texts from your bank or Facebook or some other platform when trying to log in. There was a time when SIM swapping was on the cutting edge of cybercrime, but that's no longer the case. Today, it’s common knowledge among security professionals—and even among the general public—that text messages are a weaker form of multifactor authentication (a.k.a. MFA or 2FA), and that it's better to use an app like Google Authenticator or Authy to verify an account. Even if a hacker gets hold of your cellular service, they won't—unless they have your phone, too—be able to see the codes displayed in those apps. Story continues Chair Gary Gensler and other senior people at the SEC no doubt knew that relying on text message-based verification is considered poor security, and that it would increase the chances of their X account getting hacked. Yet they didn't bother to demand their staff use an authenticator app. Worse, the SEC admitted in their comments on Monday that, at the time of the attack, they had multifactor authentication disabled entirely. This is a horrible look for Gensler, but let's also save some of the blame for Elon Musk. Recall that, shortly after the billionaire took over Twitter, the platform disabled text message-based verification for all users unless they paid for its new paid subscription service. For cybersecurity professionals, this is deeply unethical and akin to a car dealer saying they will remove a customers' seat belts unless they pay more for their monthly lease. Worse, Musk and X did nothing to remind customers—including the SEC—that their accounts were unprotected and push them to add MFA via an authenticator app. In that spirit, I'll confess the SEC is hardly alone in failing to properly lock down its X account. Following Monday's news, I checked the settings on my account and found I, too, had failed to add an additional form of MFA since X removed text message validation early last year. I've since spent two minutes adding app-based MFA to my account. I suggest you do the same. Jeff John Roberts jeff.roberts@fortune.com @jeffjohnroberts This story was originally featured on Fortune.com

2024-01-23 14:48:37+00:00

{"Bitcoin": [3268]}

{}

GE’s Forecast Misses Estimates Ahead of Historic Breakup

https://finance.yahoo.com/news/ge-forecast-misses-estimates-ahead-115554681.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- General Electric Co. predicts profit will fall short of Wall Street’s expectations in its final quarter ahead of a long-planned breakup. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Turkey Approves Sweden NATO Bid, Leaving Hungary as Holdout Adjusted earnings will be 60 to 65 cents a share in the first three months of the year, GE said Tuesday in a statement that also detailed fourth-quarter results. That missed the 70-cent average of analyst estimates compiled by Bloomberg. GE’s “subdued” first-quarter forecast and 2024 aerospace guidance with implied margins close to flat “could be viewed as underwhelming,” Barclays analyst Julian Mitchell said in a note. While GE’s fourth-quarter results beat expectations, the outlook offered an uneven end to GE’s days as a conglomerate, as the 135-year-old company prepares to break up in early April. After spinning off its health-care operations in 2022, GE will separate the aerospace and energy businesses into standalone entities, culminating Chief Executive Officer Larry Culp’s multiyear effort to rescue the fallen manufacturing icon. Its shares fell 1.7% at 9:46 a.m. in New York after dropping as much as 3.6%, the biggest intraday decline since October. GE’s stock has soared 69% over the last 12 months, far outpacing the S&P 500 Index’s gain of roughly 22% in the same period. Fourth-quarter 2023 free cash flow — a key measure for investors — was about $3 billion, slightly ahead of the $2.9 billion average of analyst estimates. Adjusted earnings were $1.03 per share in the period, more than the 91 cents expected by Wall Street. The quarter was “a very strong finish to an excellent year,” Culp said in an interview. That sentiment was echoed by Citi analyst Andrew Kaplowitz, who said in a note that the results “highlight ongoing momentum” ahead of the breakup, despite the soft first-quarter guidance. Story continues Aerospace Profit GE Aerospace should produce as much as $6.5 billion in operating profit this year, even as the world’s largest jet-engine maker takes on about $600 million in costs as it becomes an independent company. That compares to about $6.1 billion in operating profit generated by the jet-engine division in 2023. The company expects GE Aerospace to generate more than $5 billion in free cash flow and adjusted revenue growth of low-double digits or more. The GE Vernova energy businesses this year should see as much as $35 billion in revenue and adjusted earnings before interest, taxes, depreciation and amortization margin in the mid-single-digit range. Free cash flow at the business should be $700 million to $1.1 billion, it said. “I’ve never been more confident in the path ahead,” Culp said on a conference call with analysts. (Updates with share trading in fifth paragraph) Most Read from Bloomberg Businessweek How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? It’s the Tesla Earnings Call—Time for Elon Musk Bingo The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 14:55:05+00:00

{"Bitcoin": [5753]}

{}

China’s Bold Stock-Market Rescue Plan Leaves Investors Skeptical

https://finance.yahoo.com/news/china-bold-stock-market-rescue-100934998.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- China’s boldest plan yet to stem the current stock market rout is facing a wall of skepticism as disillusioned investors say any rebound will prove fleeting without a fundamental fix for its ailing economy. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Turkey Approves Sweden NATO Bid, Leaving Hungary as Holdout A rare mix of positive news including a stabilization fund in the works and Premier Li Qiang’s order to calm markets sent equity benchmarks rallying on Tuesday. However, China’s history of botched market rescue efforts, the grim state of its economy, and uncertainties over Beijing’s long-term policy roadmap are keeping investors skeptical about the sustainability of these gains. Should the rally fail to hold, it raises the risk of a further downward spiral in sentiment, something authorities can ill-afford given that investors are already reeling from a record three-year losing run in onshore equities and the market’s heft in global portfolios is shrinking rapidly. “Xi Jinping’s people are almost certainly telling him that the rout in the equity market is a stability risk,” said George Magnus, a research associate at Oxford University’s China Centre. “Investors aren’t just abandoning Chinese stocks for normal reasons of valuation, but because the whole economic policy and political environment has atrophied. Getting confidence back probably requires major changes in both.” READ: China Mulls Stock Rescue Package Backed by $278 Billion The latest package including about 2 trillion yuan ($278 billion) to buy mainland shares via offshore trading links shows a sense of urgency from authorities. It comes after a rout that’s seen Chinese and Hong Kong stocks erase more than $6 trillion in market value since a peak reached in 2021. The value of China’s equity market has never been this far behind that of the US. Story continues The Hang Seng China Enterprises Index rose 2.8% Tuesday to cap its best day this year while a benchmark for mainland Chinese stocks ended up 0.4% after sliding to a five-year low. In the US, the Nasdaq Golden Dragon China Index of US-listed Chinese stocks rallied as much as 6.3% in early trading, its biggest intraday advance since July. Alibaba Group Holding Ltd. jumped more than 8% on a report that founder Jack Ma has been buying up shares in the firm. “Considering how cheap Chinese stocks have gotten and how under-owned they now appear, we would not be surprised by a short-term boost in sentiment and prices,” said Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon Investment Management. “But we doubt its sustainability unless these are complemented by a broader package of far-reaching reforms.” It’s hard to blame investors for their cynicism. China has a history of marshaling policy resources to stanch market bleeding, but few succeeded. During the 2015 rout, state funds reportedly spent the equivalent of $240 billion over the summer — but that didn’t keep prices from falling again after the buying wound down. In a high-profile misstep back then, the securities watchdog introduced a circuit breaker which instead of reducing volatility, led to a frenzied rush to the exit by panicky investors. READ: CHINA INSIGHT: ‘National Team’ Can’t Turn Stock Market by Itself Multiple rounds of efforts to reverse the selloff last year, including a reduction in stock trading stamp duty and ETF purchases by state-backed funds, fell flat. Selling gathered pace into the new year as technical factors including loss triggers at some structured products added to the pressure. All of this suggests that throwing money at the market as Beijing appears willing to do, while economic woes lie unresolved, will only embolden traders to sell into what may at best be a bear-market rally. “The 2015 experience shows that even when the government steps up buying, the rally is not necessarily sustainable unless we have a bigger stimulus package to address the economic issues,” said Michelle Lam, Greater China economist at Societe Generale SA. Authorities are feeling the heat to end this rout ahead of next month’s Spring Festival, one of the nation’s biggest festivities. Retail investors, at 220 million, account for around 60% of China’s stock market turnover, and the idea of disgruntlement at gatherings probably won’t sit well with the nation’s leadership. Without conviction over the economy’s recovery, investors will remain on the sidelines. Some of the world’s biggest money managers have already opted out of the market as they deem risks as too high. The list of economic troubles facing China is long, and requires structural fixes. A shrinking population bodes ill for consumption, geopolitical tensions are capping Beijing’s tech ambitions and property market is stuck in a rut — all of this is exacerbating deflationary pressure in the economy. “Ultimately, even if the money is enough to support the market, it doesn’t resolve any other issue that China is facing such as restrictions from the US, weak economy, unemployment,” said Vey-Sern Ling, managing director at Union Bancaire Privee. --With assistance from Yujing Liu, Abhishek Vishnoi, John Cheng, Henry Ren and Shikhar Balwani. (Updates with trading of US-listed Chinese stocks in the seventh paragraph.) Most Read from Bloomberg Businessweek How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? It’s the Tesla Earnings Call—Time for Elon Musk Bingo The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 15:05:15+00:00

{"Bitcoin": [2350]}

{}

BlackRock to Invest $500 Million in Canadian Solar Unit

https://finance.yahoo.com/news/blackrock-agrees-invest-500-million-114500278.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- BlackRock Inc. agreed to invest $500 million in an arm of New York-listed Canadian Solar Inc. as it increases its bets on renewable power and energy storage. Canadian Solar shares jumped as much as 21%. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Turkey Approves Sweden NATO Bid, Leaving Hungary as Holdout A BlackRock fund is buying preferred equity in Canadian Solar’s Recurrent Energy unit that is convertible into a 20% stake, according to a statement reviewed by Bloomberg News. Canadian Solar will continue to own a majority of the business. The fresh capital will help Recurrent Energy expand its project development pipeline, as well as transition into being a developer and long-term owner and operator of assets in markets including the US and Europe. The transaction is the first by BlackRock’s fourth climate infrastructure fund, which the firm launched in June with a target of $7 billion. The deal aligns with BlackRock’s ambitions to become a player in the rapidly growing market for alternative assets. This month, it agreed to buy Global Infrastructure Partners for about $12.5 billion. Recurrent Energy had a development pipeline of 26 gigawatts in solar and 55 gigawatt-hours in storage as of end-September, according to the statement. The BlackRock investment will exclude Recurrent Energy’s project development business in Japan and China, as well as some assets in Latin America. Founded in 2001, Canadian Solar has operations in more than 30 countries with 20,000 employees, its website shows. It holds a majority stake in Shanghai-listed CSI Solar Ltd., which encompasses solar module and battery storage manufacturing. Bank of America Corp. and Banco Santander SA advised Canadian Solar on the deal. Story continues Canadian Solar shares surged 15% to $24.13 at 10:04 a.m. in New York. (Updates to add stock move in first paragraph.) Most Read from Bloomberg Businessweek How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? It’s the Tesla Earnings Call—Time for Elon Musk Bingo The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 15:41:09+00:00

{"Bitcoin": [194, 376, 579, 864, 1009, 1087, 1155, 1608, 1704, 1859, 1960, 2422, 2546, 2981, 4812]}

{"Bitcoin": [51]}

It's a question of time before the UK gets its own Bitcoin ETFs

https://finance.yahoo.com/news/time-uk-gets-own-bitcoin-154109145.html

Evening Standard

http://www.standard.co.uk/

City Voices (ES) All too often, as Shakespeare wrote, sound and fury signifies nothing. But the frenzied reaction to the US Securities & Exchange Commission’s (SEC) approval of the sale of spot Bitcoin exchange-traded funds (ETFs) last week matched the significance of the occasion. After a decade-long wait, US investors are now able to gain exposure to the digital currency Bitcoin through ETFs (investment funds that track the performance of underlying assets) without having to directly buy it on a cryptocurrency exchange. That the 11 firms granted SEC approval to offer 11 Bitcoin ETFs included US asset management heavyweights BlackRock, Fidelity Investments and Franklin Templeton demonstrated how the gap between traditional and digital asset markets will be significantly diminished by this development. Standard Chartered Bank estimates the issuance of Bitcoin ETFs will attract inflows of $50-$100 billion in 2024 and there’s been no shortage of debate over the effect of the news on the price of Bitcoin. Yet the transformative impact of US regulatory authorisation of spot Bitcoin ETFs transcends short-term financial gains. The prospect of Bitcoin being invested by investment professionals into retirement plans, university endowments, sovereign wealth funds and pensions through investment managers will improve the ongoing security and transparency challenges that has surrounded digital assets and which came to the fore with the high-profile scandals bringing down the likes of FTX and Celsius. As Jean-Marie Mognetti, CEO of CoinShares, said last week following the SEC’s announcement: “Bitcoin has graduated with distinction and is recognised as an investable asset class.” For now Bitcoin ETFs are prohibited for sale in the UK by the Financial Conduct Authority (FCA) which classifies them as “restricted mass-market instruments”. But Bitcoin ETFs are not unheard of in Europe; London-based Jacobi Asset Management’s Jacobi FT Wilshire Bitcoin ETF became the first ever of its kind last August when it went live on Euronext Amsterdam Stock Exchange. As with fintech, the digital assets sector has evolved through hardened experience and matured to the point where more regulatory bodies are becoming more familiar with crypto assets and more satisfied that crypto assets can offer both sufficient investor protection and absence of market manipulation With investors now able to easily track their Bitcoin funds that are being safeguarded by the biggest financial institutions, some believe it’s a question of time before Bitcoin ETFs get given the green light in the UK. But regardless of when what was sanctioned on Wall Street last week will be permitted in the City, the news marks a breakthrough for the growth of the digital assets industry within the Square Mile. Story continues The reasons it represents a game changer for UK financial services are twofold: a strong example has been set by a major regulator that barriers to entry to investing in Bitcoin have significantly diminished and a nascent industry, hitherto renowned for perceived trading complexities, suddenly became easier for investors to navigate, operate within and understand. But for all that some crypto true believers like to emphasise the shock of the news in their sector, the City has recently been here before. The fintech revolution a decade ago ushered in contactless payments and frictionless cross-border transactions only after a lengthy journey spent securing the requisite regulatory shifts and government and financial services support. Just as London played host to successful fintech pioneers such as Starling and Monzo, so equivalent success for digital assets firms can now happen so long as the government translates supportive sentiments into meaningful actions for its ambition to make the UK a global hub for cryptoasset technology. Additionally, as with fintech, the digital assets sector has evolved through hardened experience and matured to the point where more regulatory bodies are becoming more familiar with crypto assets and more satisfied that crypto assets can offer both sufficient investor protection and absence of market manipulation. This isn’t the wild west anymore. Blockchain technologies are consistently demonstrating tangible advancements in payments efficiency and market innovation. Away from the hype over digital currency speculation and non-fungible tokens (NFTs), digital asset custody providers such as Copper are partnering with exchange-traded product providers to take advantage of the greater institutional accessibility towards crypto against a backdrop of more effective regulation and political acceptance. With the SEC’s X (formerly Twitter) account being breached resulting in a fake post announcing the news a day earlier, the issuance of the first Bitcoin ETFs was not without its farcical elements. But with many bad actors having now left the crypto stage, last week showed that the UK faces tough competition if it wants to capitalise on its proven financial services credentials and become the home of the digital assets trading ecosystem and ultimately, harness the growth potential it brings. Eva Gustavsson is head of public affairs at digital assets custodian Copper View comments

2024-01-23 17:01:31+00:00

{"Bitcoin": [584, 802, 844, 1057, 1112, 1492]}

{"Bitcoin": [21]}

Retail Investors See Bitcoin Falling Further, Survey Finds

https://finance.yahoo.com/news/retail-investors-see-bitcoin-falling-170131808.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The world’s largest cryptocurrency broke beneath $40,000 yesterday, and many retail investors believe it is heading even lower by year-end, according to a Deutsche Bank Research report. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 Turkey Approves Sweden NATO Bid, Leaving Hungary as Holdout An Isolated Israel Doubles Down on War in Gaza — At All Costs Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Over one-third of people surveyed think that Bitcoin will fall below $20,000 by next January, according to the report. About 15% of people said they expect the price will be between $40,000 and $75,000 by year-end. Hype around the much-anticipated launch of spot Bitcoin ETFs on Jan. 11 sent the price of Bitcoin to $49,000, the highest it has been since March 2022. Sell-offs since have sent the price of the asset down over 20%, to around $39,000 as of 11:52 am in New York on Tuesday. Read more: What Are These New Bitcoin ETFs and How Do They Work?: QuickTake New spot Bitcoin ETFs are expected to expand institutionalization of the oldest digital asset, according to the report’s analysts Marion Laboure and Cassidy Ainsworth-Grace. The majority of ETF flows, however, have come from retail investors, according to the report. The survey, conducted between Jan. 15 to Jan. 19, asked 2,000 people in the US, UK and the Eurozone about their views on Bitcoin’s price and volatility. Most Read from Bloomberg Businessweek Hong Kong’s High Rents Create a New Type of Cross-Border Commuter How Sweden Quit Smoking Without Quitting Nicotine It’s the Tesla Earnings Call—Time for Elon Musk Bingo The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 17:01:41+00:00

{"Bitcoin": [0, 139, 435]}

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It looks like bitcoin ETFs were a 'sell the news' event after all

https://finance.yahoo.com/news/looks-bitcoin-etfs-were-sell-170141691.html

Business Insider

https://www.businessinsider.com/

Bitcoin was predicted to surge following the approval of the first US spot ETFs, but the coin is back below $40,000. NurPhoto/Getty Images Bitcoin has declined to its lowest price in about two months, dipping below $39,000 on Tuesday. Investors drove steep gains ahead of the SEC's approval of the ETFs, but the rally has faded. Experts say long-term momentum for the crypto remains intact even as ETFs fail to catalyze a big move up. Bitcoin erased its gains from the last two months to trade below $39,000 on Tuesday, reinforcing concerns that the Securities and Exchange Commission's approval of spot bitcoin ETFs was an excuse to sell after a months-long rally driven by anticipation of the event. The world's biggest cryptocurrency has tumbled almost 5% in the last 24 hours, less than two weeks after trading began for the nearly dozen bitcoin ETFs from firms including BlackRock, Fidelity, and Grayscale. The token was trading at $39,300 at midday Tuesday, climbing slightly from lows earlier in the day. The latest decline wipes the gains from a strong rally that kicked off at the end of last year. From October to January 11, the day after regulators gave the green light for the new products, bitcoin surged 70% to $46,000. "It's classic 'buy the rumor, sell the news,'" Tuttle Capital Management chief executive Matthew Tuttle told Business Insider. "A couple weeks back, everyone pretty much knew the ETFs would get approved, and you saw bitcoin's price ramp up. People bought it up in anticipation, then took their profits." To that point, over recent months, the overwhelming sentiment among market strategists on bitcoin has been bullish. The ETFs usher in more mainstream acceptance and allow for a wider share of investors to gain exposure to crypto without buying a token outright. Fundstrat's Tom Lee , for one, forecasted earlier this month that the spot ETFs could help bitcoin jump to $500,000 over five years. Standard Chartered analysts said it could top $200,000 within two years. While those predictions still have a long time to pan out, the showing in the wake of the SEC's approval has been decidedly weak. Story continues Fairlead Strategies founder and managing partner Katie Stockton told Business Insider that the recent short-term breakdown for bitcoin doesn't mean it isn't a good investment over the intermediate- to long-term. The sell-off, she explained, comes at a natural place on the price chart, as it followed a strong move higher. "The pullback shouldn't be instilling any massive panic," Stockton said. "It does not appear to be a bearish reversal to us." Even though the market anticipated the approval of the products, Fairlead expects bitcoin to trend higher, and Stockton said longer-term indicators suggest momentum remains intact. "Maybe the rally got extended on the [spot bitcoin] news, but I do think it's positive for bitcoin and crypto," she said. "It enhances the ability for people to invest, and with that comes more institutional relevance." Tuttle also remains optimistic despite the latest dip. He said if he had to pick whether to go long or short on bitcoin, he would choose the former. "Client interest in bitcoin ETFs has increased," Tuttle said. "And I think demand for those will drive demand for the cryptocurrency." Read the original article on Business Insider

2024-01-23 18:39:43+00:00

{"Bitcoin": [198]}

{}

Stock market today: US futures hold steady, but bitcoin falls under $40,000

https://finance.yahoo.com/news/stock-market-today-us-futures-183943114.html

Business Insider

https://www.businessinsider.com/

US stock futures were stable Tuesday as investors assessed market prospects following recent gains. Chinese stocks gained amid reports Beijing is considering special measures to support the market. Bitcoin extended declines below the $40,000 mark, taking the month-to-date losses to 8%. US stock futures were steady in Tuesday's early trading as investors awaited fresh cues on market sentiment after the S&P 500 index hit a fresh record high on Monday. Airline stocks led premarket gains among S&P 500 names, while Veralto, Invesco, and Philip Morris were among notable decliners. Chinese and Hong Kong shares rebounded, paring some of recent declines, following media reports that Beijing is looking at special measures to support the local market. In crypto, bitcoin extended declines below the $40,000 level. Crude oil prices slipped, while the dollar was little changed. Market overview Futures on the S&P 500 index were unchanged at 4,881 points as of 5:10 a.m. ET, while similar contracts on the Nasdaq 100 were at 17,459. European stocks were in defensive mode, with the Euro Stoxx 50 slipping 0.3%. Germany's DAX 40 index was little changed and France's CAC 40 retreated 0.2%. In Asia, Hong Kong's Hang Seng rallied 2.6% and the Shanghai Composite rose 0.5%. Japan's Nikkei 225 was almost flat at 36,517 and India's Nifty 50 dropped 1.5%. In the crypto market, bitcoin slid 1.7% to $38,870, taking losses in January to more than 8%. Ether slid almost 4% to $2,221. The Dollar Index, which tracks the greenback against a basket of currencies, moved in tight ranges. Ten-year Treasury yields were little changed at 4.13%. US crude oil declined 0.6% to $74.28 a barrel. Read the original article on Business Insider

2024-01-23 19:15:45+00:00

{"Bitcoin": [4406]}

{}

Netflix Must Show That Growth Is Here to Stay After 40% Rally

https://finance.yahoo.com/news/netflix-must-show-growth-stay-191545525.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- There’s a lot riding on Netflix Inc. to demonstrate that it’s back in growth mode after a pandemic hangover, when the streaming giant reports earnings after market on Tuesday. Most Read from Bloomberg Putin Sends US Signal on Ukraine Talks, Seeing War Advantage Giuliani Lists Yankees Loot, Trump Claim as Assets in Bankruptcy Trump Ordered to Pay $83.3 Million for Defaming Carroll MacKenzie Scott Pares Her Amazon Stake by $10 Billion One of World’s Richest Doctors Sees Fortune Surge to $12 Billion The stock has gained more than 40% since Netflix’s last report in October, which showed subscriber additions that blew past expectations. Wall Street sees this trend continuing, with revenue rising 11% in the fourth quarter. That would be its fastest expansion in two years, when the company got a boost from the stay-at-home economy. The risk is that Netflix shares may have already priced in much of the anticipated good news — potentially putting them in a perilous position if results disappoint. “Expectations for 2024 and 2025 are pretty high, so there are a few risks here that could cause it to underperform,” said Hanna Howard, portfolio manager at Gabelli Funds, citing aggressive revenue projections and higher content costs. Netflix shares were up 0.8% Tuesday afternoon in New York. Earlier in the day, the company said it bought the rights to Raw and other programming from World Wrestling Entertainment, its first big live event move. Read More: Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Much of Netflix’s 65% stock advance in 2023 was tied to its efforts to boost sales. The streamer launched a new advertising-supported subscription tier, raised prices and cracked down on password sharing, which contributed to a blowout third quarter and sparked a rally that helped push the stock to its best annual performance since 2020. “The sell side is expecting all sorts of good things to happen and the buy side is actually on some of the key metrics even ahead of the sell side, so the setup doesn’t strike me as particularly favorable,” Citi analyst Jason Bazinet said in a Bloomberg TV interview on Monday. Citi recently downgraded Netflix to neutral from buy. Story continues Amy Reinhard, Netflix’s president of advertising, stoked expectations earlier this month when she said the ad-tier had reached 23 million global monthly active users, up from about 15 million in November. Netflix is projected to add 8.9 million subscribers in the quarter, according to the average of analyst estimates compiled by Bloomberg. Some are more cautious given the valuation and risks ahead. Gabelli’s Howard said that potential headwinds “cause us to be a little bit more on the sidelines at current levels rather than buying.” Still, for Wedbush analyst Alicia Reese, one of the key issues for Netflix shares is whether the company can keep content spending in check in coming years and maintain an advantage over rival streaming services such as Walt Disney Co.’s Disney+ and Max at Warner Bros Discovery Inc. “It’s the only streamer that’s currently profitable and we think that they’re just going to widen the gap by keeping their content costs more efficient than their competitors,” said Reese, who has an outperform rating and a $525 price target on Netflix. Tech Chart of the Day Nvidia Corp. is inching closer to Amazon.com Inc.’s market capitalization, threatening to overtake the e-commerce giant’s value for the first time since 2001. The rally in artificial intelligence-related firms has made the chip company the fifth-most valuable US stock after Apple Inc., Microsoft Corp., Alphabet Inc. and Amazon. Top Tech News RagaAI has secured funding to develop a tool that aims to diagnose and fix flaws with artificial intelligence systems, responding to an increasing emphasis on safety and reliability during the AI boom. Alphabet Inc.’s lab for pioneering technology is laying off dozens of employees as it turns to outside investors to help fund its ventures. Samsung Electronics Co. is exploring the development of noninvasive glucose monitoring and continuous blood pressure checking, setting its sights on ambitious health-care goals in a race with Apple Inc. and other tech giants. No political deepfake has alarmed the world’s disinformation experts more than the doctored audio message of US President Joe Biden that began circulating over the weekend. Bitcoin has fallen almost 20% since the Jan. 11 launch of the first exchange-traded funds investing directly in the token as speculators become more cautious about the potential impact of the products. Zee Entertainment Enterprises Ltd. plunged by a record after the cancellation of a planned $10 billion merger with Sony Group Corp. sparked a flurry of downgrades, with analysts predicting a sharp contraction in the Indian company’s valuation. Earnings Due Tuesday Premarket Verizon Communications Inc. Postmarket Netflix Inc. Texas Instruments Inc. --With assistance from Subrat Patnaik. (Updates stock move and adds context in fifth paragraph.) Most Read from Bloomberg Businessweek How a Lucky Break Fueled Eli Lilly’s $600 Billion Weight-Loss Empire How the West’s Favorite Autocrat Engineered Africa’s Most Dramatic Turnaround AI Needs So Much Power That Old Coal Plants Are Sticking Around Why Did Car Insurance Get So Expensive? American Workers Come Out Winners in a Clash Between Economists Over a Curve ©2024 Bloomberg L.P.

2024-01-23 19:15:45+00:00

{"Bitcoin": [4427]}

{}

Netflix Must Show That Growth Is Here to Stay After 40% Rally

https://finance.yahoo.com/news/netflix-must-show-growth-stay-145111796.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- There’s a lot riding on Netflix Inc. to demonstrate that it’s back in growth mode after a pandemic hangover, when the streaming giant reports earnings after market on Tuesday. Most Read from Bloomberg Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 China Weighs Stock Market Rescue Package Backed by $278 Billion Turkey Approves Sweden NATO Bid, Leaving Hungary as Holdout An Isolated Israel Doubles Down on War in Gaza — At All Costs China’s Bold Stock-Market Rescue Plan Leaves Investors Skeptical The stock has gained more than 40% since Netflix’s last report in October, which showed subscriber additions that blew past expectations. Wall Street sees this trend continuing, with revenue rising 11% in the fourth quarter. That would be its fastest expansion in two years, when the company got a boost from the stay-at-home economy. The risk is that Netflix shares may have already priced in much of the anticipated good news — potentially putting them in a perilous position if results disappoint. “Expectations for 2024 and 2025 are pretty high, so there are a few risks here that could cause it to underperform,” said Hanna Howard, portfolio manager at Gabelli Funds, citing aggressive revenue projections and higher content costs. Netflix shares were up 0.8% Tuesday afternoon in New York. Earlier in the day, the company said it bought the rights to Raw and other programming from World Wrestling Entertainment, its first big live event move. Read More: Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events Much of Netflix’s 65% stock advance in 2023 was tied to its efforts to boost sales. The streamer launched a new advertising-supported subscription tier, raised prices and cracked down on password sharing, which contributed to a blowout third quarter and sparked a rally that helped push the stock to its best annual performance since 2020. “The sell side is expecting all sorts of good things to happen and the buy side is actually on some of the key metrics even ahead of the sell side, so the setup doesn’t strike me as particularly favorable,” Citi analyst Jason Bazinet said in a Bloomberg TV interview on Monday. Citi recently downgraded Netflix to neutral from buy. Story continues Amy Reinhard, Netflix’s president of advertising, stoked expectations earlier this month when she said the ad-tier had reached 23 million global monthly active users, up from about 15 million in November. Netflix is projected to add 8.9 million subscribers in the quarter, according to the average of analyst estimates compiled by Bloomberg. Some are more cautious given the valuation and risks ahead. Gabelli’s Howard said that potential headwinds “cause us to be a little bit more on the sidelines at current levels rather than buying.” Still, for Wedbush analyst Alicia Reese, one of the key issues for Netflix shares is whether the company can keep content spending in check in coming years and maintain an advantage over rival streaming services such as Walt Disney Co.’s Disney+ and Max at Warner Bros Discovery Inc. “It’s the only streamer that’s currently profitable and we think that they’re just going to widen the gap by keeping their content costs more efficient than their competitors,” said Reese, who has an outperform rating and a $525 price target on Netflix. Tech Chart of the Day Nvidia Corp. is inching closer to Amazon.com Inc.’s market capitalization, threatening to overtake the e-commerce giant’s value for the first time since 2001. The rally in artificial intelligence-related firms has made the chip company the fifth-most valuable US stock after Apple Inc., Microsoft Corp., Alphabet Inc. and Amazon. Top Tech News RagaAI has secured funding to develop a tool that aims to diagnose and fix flaws with artificial intelligence systems, responding to an increasing emphasis on safety and reliability during the AI boom. Alphabet Inc.’s lab for pioneering technology is laying off dozens of employees as it turns to outside investors to help fund its ventures. Samsung Electronics Co. is exploring the development of noninvasive glucose monitoring and continuous blood pressure checking, setting its sights on ambitious health-care goals in a race with Apple Inc. and other tech giants. No political deepfake has alarmed the world’s disinformation experts more than the doctored audio message of US President Joe Biden that began circulating over the weekend. Bitcoin has fallen almost 20% since the Jan. 11 launch of the first exchange-traded funds investing directly in the token as speculators become more cautious about the potential impact of the products. Zee Entertainment Enterprises Ltd. plunged by a record after the cancellation of a planned $10 billion merger with Sony Group Corp. sparked a flurry of downgrades, with analysts predicting a sharp contraction in the Indian company’s valuation. Earnings Due Tuesday Premarket Verizon Communications Inc. Postmarket Netflix Inc. Texas Instruments Inc. --With assistance from Subrat Patnaik. (Updates stock move and adds context in fifth paragraph.) Most Read from Bloomberg Businessweek Hong Kong’s High Rents Create a New Type of Cross-Border Commuter It’s the Tesla Earnings Call—Time for Elon Musk Bingo How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 19:30:11+00:00

{"Bitcoin": [1773], "BTC": [2375]}

{}

Donald Trump Sold $2.4 Million Ethereum: Smart Move Or Big Mistake?

https://finance.yahoo.com/news/donald-trump-sold-2-4-193011066.html

Benzinga

http://www.benzinga.com/

Former President Donald Trump has sold more than 1,000 Ether (ETH) in the past several weeks, according to blockchain analytics company Arkham Intelligence, which has been tracking his ETH holdings for the past several months. It obtained the data through Trump's financial filings and disclosures. Most of the ETH comes from royalties for non-fungible token (NFT) projects that Trump created. In December 2022, Trump released a set of 45,000 NFTs, each priced at $99. The project has amassed trading volumes of over $35 million or 15,000 ETH. The NFTs are largely trading above their original price of $99. As of Jan. 19, the cheapest NFT is listed for over $600 and the highest sale was for 37 ETH. Don't Miss: Don't buy the top this time around. Reboot your crypto portfolio today . The last-standing top crypto exchange without a major security breach offers what now? In early 2024, Trump announced another trading card NFT project that has some unique rewards for owners. Some of the potential perks could be dinner with the former president, or even a small piece of fabric from the suit he wore in his Georgia mugshot. However, Trump and his companies are not directly associated with these NFT projects. NFT International created and distributed the NFTs and uses Trump's "name, likeness and image under paid license from CIC Digital LLC, which license may be terminated or revoked according to its terms." Trump sold 1,075 ETH for over $2.4 million through Coinbase.. At its peak, it was worth more than $4 million. The sale comes after a strong month for Ethereum. The price was up more than 17% in the month leading up to the sale, 30% in the six months before and 60% over the past year. Even though Trump said during his presidency that he was "not a fan" of Bitcoin and that crypto is a "disaster waiting to happen," it is hard to pass on several million dollars. Though Trump is largely unaffiliated with the project, he is still earning royalties. While his stance on crypto is still up in the air, the recent sale is an interesting development in Trump's relationship with crypto. As the presidential race heats up, it will be important to watch for news relating to presidential candidates' stances on crypto, as this could have large implications for prices, future adoption and use cases going forward. Read Next: Did you know $2.5 BILLION was earned by BTC miners in the 4th quarter of 2023 ? Copy and paste Mark Cuban’s startup investment strategy according to his colorful portfolio. "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Story continues Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Donald Trump Sold $2.4 Million Ethereum: Smart Move Or Big Mistake? originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments

2024-01-23 20:20:45+00:00

{"Bitcoin": [203, 443, 713]}

{}

JPMorgan downgrades Coinbase to underweight

https://finance.yahoo.com/news/jpmorgan-downgrades-coinbase-underweight-202045366.html

Forkast News

https://forkast.news/

Coinbase Global Inc., the largest U.S.-based cryptocurrency exchange, has been downgraded by JPMorgan Chase & Co. from neutral to underweight. The investment bank’s analysts suggest that the anticipated Bitcoin exchange-traded fund (ETF) may not meet market expectations, impacting Coinbase’s revenue. This downgrade comes as the crypto industry faces a period of heightened scrutiny and volatility. The analysts pointed to the launch of spot Bitcoin ETFs in the U.S. as a catalyst that might disappoint investors, as it could draw trading volume away from platforms like Coinbase. The introduction of such a fund is expected to provide a more accessible route for institutional and retail investors to invest in Bitcoin, potentially reducing the need for services offered by exchanges. Coinbase is currently in a court battle against the U.S. Securities and Exchange Commission. In June 2023, the SEC sued Coinbase for operating as an unregistered securities exchange, broker and clearing agency. Coinbase shares on the Nasdaq dropped 2.64% today, as of 3:20 p.m. ET.

2024-01-23 21:00:11+00:00

{"Bitcoin": [2091], "BTC": [974]}

{}

Step Aside Dogecoin, WIF Gains Over 100% In 30 Days

https://finance.yahoo.com/news/step-aside-dogecoin-wif-gains-210011702.html

Benzinga

http://www.benzinga.com/

In 2020 and 2021, Dogecoin (DOGE) became an internet sensation. Elon Musk became a strong proponent of the token, and billionaires were made overnight. Since then, many have been searching for the next major meme coin that will propel them to new financial heights. With Solana's recovery after issues with FTX Trading Ltd. in 2022 and 2023, many are looking at its chain as the place to find the next big meme tokens. Bonk (BONK) recently made waves as one of the first meme coins on Solana. The token is up tens of thousands of percent since its inception. At one point, Bonk was one of the largest cryptocurrencies, with a market cap of over $1.5 billion. As the hype for Bonk appears to be slowing, some are looking for the next big meme to go all in on. Some believe that the next big meme coin is dogwifhat (WIF). This token is entirely based on the dogwifhat meme (dog with hat) — a picture of a dog wearing a hat. Don't Miss: Did you know $2.5 BILLION was earned by BTC miners in the 4th quarter of 2023 ? Copy and paste Mark Cuban’s startup investment strategy according to his colorful portfolio. The token exploded in early 2024 after its launch in late 2023. After starting publicly trading for less than $0.10, the price reached an all-time high of nearly $0.50 on Jan. 18, 2024. This coincided with a market capitalization of nearly $500 million. This market cap makes the token one of the largest in the space, nearing the top 100 by market capitalization. As of Jan. 19, Ethereum Name Service (ENS) is the 100th largest token, with a market cap of $570 million. However, WIF is the 12th largest project on the Solana chain, beating out recently airdropped Jito and automated market maker (AMM) Raydium. Many see Binance's listing as a reason for the price appreciation. On Jan. 18, Binance announced that it would begin offering perpetual contracts for the token. Essentially, this allows users to speculate on the price of WIF without having to buy the tokens themselves. Users must provide collateral for this exposure, which can be done with cash or other assets, such as Bitcoin. Story continues By allowing users to trade with futures, it brought in a new set of investors and may have pushed the price higher. While there is no guarantee, seeing this effect on other exchanges could be possible if they also list WIF. One wallet sold $1 million of SOL to buy $1 million of WIF just before Binance began offering the token. While this investment has lost some since the wallet bought the WIF tokens, the timing is intriguing. Read Next: Don't buy the top this time around. Reboot your crypto portfolio today . The last-standing top crypto exchange without a major security breach offers what now? "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Step Aside Dogecoin, WIF Gains Over 100% In 30 Days originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

2024-01-23 21:11:38+00:00

{"Bitcoin": [86, 530, 989, 1104, 1288, 1367]}

{"Bitcoin": [7]}

Waning Bitcoin ETF Hype to Drag on Coinbase, JPMorgan Says

https://finance.yahoo.com/news/waning-bitcoin-etf-hype-set-130720599.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- The biggest US cryptocurrency exchange could fall victim to a slump in Bitcoin and waning enthusiasm for exchange-traded funds that invest directly in the digital token, according to JPMorgan Chase & Co. Most Read from Bloomberg Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 China Weighs Stock Market Rescue Package Backed by $278 Billion Turkey Approves Sweden NATO Bid, Leaving Hungary as Holdout China’s Bold Stock-Market Rescue Plan Leaves Investors Skeptical “We think the catalyst in Bitcoin ETFs that has pushed the ecosystem out of its winter will disappoint market participants,” analysts led by Kenneth Worthington wrote in a note on Monday, downgrading Coinbase Global Inc. to underweight from neutral. Coinbase’s shares dropped 3.1% on Tuesday following the downgrade, which marks JPMorgan’s first sell-equivalent rating on the stock since initiating coverage in May 2021. Coinbase shares ended 2023 with a gain of nearly 400%, tracking Bitcoin’s surge into the end of the year. However, following the US financial regulator’s recent approval for spot Bitcoin ETFs, market watchers have been left wondering whether crypto-related stocks will be able to continue their stellar gains. Coinbase shares are down 29% so far this year, while Bitcoin has declined about 6.8% and was last trading below $40,000. Read more: Bitcoin Selloff Hits 20% Since Landmark Spot ETF Listings “We see greater potential for cryptocurrency ETF enthusiasm to further deflate, driving with it lower token prices, lower trading volume, and lower ancillary revenue opportunities for firms like Coinbase,” JPMorgan’s Worthington added. The analyst maintained his price target of $80 on the stock, which predicted a 38% drop in the shares over the next 12 months from Monday’s close. Bearish sentiment is rising on Coinbase, which has 12 sell ratings, eight buys and eight holds, according to data compiled by Bloomberg. CFRA cut its recommendation to sell last week due to worries over competition. Story continues --With assistance from Henry Ren and Bre Bradham. (Updates stock moves throughout for market close.) Most Read from Bloomberg Businessweek Hong Kong’s High Rents Create a New Type of Cross-Border Commuter It’s the Tesla Earnings Call—Time for Elon Musk Bingo How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Goldman, Lazard Look to Ex-Spies to Gain an Edge in Volatile World ©2024 Bloomberg L.P.

2024-01-23 21:21:41+00:00

{"Bitcoin": [3601, 5632]}

{}

US Stocks Buck Concerns the ‘Pivot Party’ Is Over: Markets Wrap

https://finance.yahoo.com/news/asia-stocks-look-mixed-wall-223503704.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) -- US stocks eked out a gain Tuesday, setting fresh closing highs ahead of an onslaught of company reports that promise insight into the state of the global economy. Most Read from Bloomberg Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 China Weighs Stock Market Rescue Package Backed by $278 Billion Turkey Approves Sweden NATO Bid, Leaving Hungary as Holdout Ackman Buys Into Israel Bourse in First Major Deal Since War The S&P 500 and Nasdaq 100 both closed at all-time highs for the second day this week, while the cyclically-oriented Dow Jones Industrial Average slid 0.3%. United Airlines Holdings Inc., Procter & Gamble Co., Verizon Communications Inc. all advanced on upbeat earnings reports while 3M Co. and Johnson & Johnson fell following disappointing guidance. In postmarket trading, Netflix Inc. jumped more than 7% after reporting subscriber growth that topped estimates. Texas Instruments Inc. tumbled roughly 4% after a disappointing revenue forecast, its chipmaking rivals also slid. Investors are awaiting the results from the Republican presidential primary after voters in New Hampshire hit the polls Tuesday. Equities have largely been immune to the Federal Reserve’s warnings that interest-rate cuts are a ways off. Instead investors have cheered the economy’s resilience even after the most aggressive policy-tightening cycle in decades. But some corners of Wall Street are starting to question if the rally will endure as swaps traders in the US rein in bets of a March rate cut. “The excitement is kind of gone at this point and everybody’s sobering up a little bit after the pivot party,” Emily Roland, the co-chief investment strategist of John Hancock Investment Management, said by phone. “Multiple expansions are starting to get a little tapped out here.” “Recent weeks have seen an increasingly optimistic narrative in markets,” said Henry Allen, a strategist at Deutsche Bank. “But can this be sustained? When financial conditions get as accommodative as they are right now, it doesn’t tend to last long.” Story continues “The data has been impressively resilient,” he added. “But we know that investors will eventually adjust for repeated upside surprises.” Goldman Sachs warns that fast-twitch traders may be forced to sell over the next few sessions after building $129 billion in long positions. Read more: Goldman Says Momentum Traders to Sell Stocks in ‘Every Scenario’ Treasury yields mostly edged higher Tuesday with the benchmark 10-year at 4.14%. The rate on policy-sensitive two-year fell 1 basis point to 4.38%. “The bounce in 2-year yields off the YTD lows achieved last week should embolden dip buyers,” BMO Capital Markets’ Vail Hartman wrote. US-listed Chinese shares gained after Bloomberg News reported Beijing is considering a package of measures to stabilize the falling stock market. Central banks are in focus this week. While the Bank of Japan held rates steady, Governor Kazuo Ueda said the certainty of achieving its projections has continued to gradually increase. That language supports the prevailing view among economists that the BOJ will raise rates at some point in the first part of this year. Read more: BOJ Watchers See Rising Case for April Rate Hike on Wage Talks On Thursday, investor attention will shift to the European Central Bank’s meeting and whether officials there may indicate a start to policy easing. The US will also get some of final pieces of data ahead of next week’s FOMC meeting with a fourth-quarter GDP readout Thursday and the Fed’s preferred gauge of inflation on Friday. Bitcoin slumped for a second day — retail investors have been growing more bearish on the world’s largest cryptocurrency, according to a Deutsche Bank report. Meanwhile, West Texas Intermediate crude dipped below $75 a barrel after the US advised caution for vessels transiting the Red Sea, but didn’t advise pausing shipping traffic. Corporate Highlights Apple Inc., reaching a make-or-break point in its decade-old effort to build a car, has pivoted to a less ambitious design with the intent of finally bringing an electric vehicle to market. Alibaba Group Holding Ltd. shares jumped after the New York Times reported that founder Jack Ma has been buying up shares in the company. Johnson & Johnson shares slid after the company said drug sales will be lower in the second half of the year than the first. Verizon gave guidance for 2024 adjusted earnings per share that topped the average analyst estimates. Homebuilder D.R. Horton Inc. sank after reporting weaker-than-expected quarterly orders. Coinbase Global Inc. fell after JPMorgan cut its recommendation on the cryptocurrency platform operator’s stock to underweight. Key events this week: New Hampshire holds first-in-the-nation presidential primary, Tuesday Canada rate decision, Wednesday Eurozone S&P Global Services & Manufacturing PMI, Wednesday US S&P Global Services & Manufacturing PMI, Wednesday Eurozone ECB rate decision, Thursday Germany IFO business climate, Thursday US GDP, initial jobless claims, durable goods, wholesale inventories, new home sales, Thursday Japan Tokyo CPI, Friday US personal income & spending, Friday Bank of Japan issues minutes of policy meeting, Friday Some of the main moves in markets: Stocks The S&P 500 rose 0.3% as of 4 p.m. New York time The Nasdaq 100 rose 0.4% The Dow Jones Industrial Average fell 0.3% The MSCI World index rose 0.1% Currencies The Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.3% to $1.0850 The British pound fell 0.2% to $1.2686 The Japanese yen fell 0.2% to 148.36 per dollar Cryptocurrencies Bitcoin fell 1.7% to $39,120.72 Ether fell 5.5% to $2,196.33 Bonds The yield on 10-year Treasuries advanced three basis points to 4.13% Germany’s 10-year yield advanced six basis points to 2.35% Britain’s 10-year yield advanced eight basis points to 3.99% Commodities West Texas Intermediate crude fell 0.3% to $74.53 a barrel Spot gold rose 0.3% to $2,028.72 an ounce This story was produced with the assistance of Bloomberg Automation. --With assistance from Isabelle Lee, Sujata Rao, Jason Scott, Divya Patil and Winnie Hsu. Most Read from Bloomberg Businessweek Hong Kong’s High Rents Create a New Type of Cross-Border Commuter It’s the Tesla Earnings Call—Time for Elon Musk Bingo Goldman, Lazard Look to Ex-Spies to Gain an Edge in Volatile World How Sweden Quit Smoking Without Quitting Nicotine Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? ©2024 Bloomberg L.P.

2024-01-23 21:40:50+00:00

{"Bitcoin": [5143]}

{}

Trump Fuels Meme-Like Rallies in Stocks Tied to 2024 Bid

https://finance.yahoo.com/news/trump-fuels-meme-rallies-stocks-173457553.html

Bloomberg

https://www.bloomberg.com/

(Bloomberg) — Donald Trump’s charge toward the Republican presidential nomination is fueling a speculative frenzy in a corner of the US equity market, setting off rallies in obscure stocks seen as tied to his candidacy. Most Read from Bloomberg China Weighs Stock Market Rescue Package Backed by $278 Billion Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 Netflix Pays $5 Billion for ‘Raw’ in Bet on Live Events An Isolated Israel Doubles Down on War in Gaza — At All Costs India Tops Hong Kong as World’s Fourth-Largest Stock Market The gains have echoes of the pandemic’s meme-stock mania, when legions of day traders piled into a handful of money-losing companies, seeking to pocket quick gains when their share prices surged. PSQ Holdings Inc., an online marketplace that says it caters to “freedom-loving Americans” and had just $3 million in revenue over the first nine months of last year, jumped 25% Monday before pausing the advance Tuesday. The company is worth just $154 million. Shares of Fannie Mae and Freddie Mac — the mortgage-finance giants that have been in the federal government’s hands since the Great Financial Crisis — climbed to hit two-and-a-half year highs. And Phunware Inc., a money-losing software company that designed the app for Trump’s 2020 campaign, has climbed over 400% this year — to around 43 cents a share. Then there’s Digital World Acquisition Corp., the special-purpose vehicle whose planned merger with Trump Media & Technology Group has been held up for more than two years by regulatory issues. It surged 88% Monday and extended the jump Tuesday, leaving up 190% this year at more than $50. There remains a significant risk that the acquisition won’t close, which would hit shareholders with deep losses. But as Matthew Tuttle, the chief executive officer of Tuttle Capital Management, put it: “Right now that doesn’t matter. Trump makes this the memeist of all meme stocks and it is trading like one, so valuation is out the window.” Story continues Republican presidential candidate former President Donald Trump speaks with members of the media during a campaign stop in Londonderry, N.H., Tuesday, Jan. 23, 2024. (AP Photo/Matt Rourke) (ASSOCIATED PRESS) Speculative Boomlet The speculative boomlet stands in contrast to the broader stock market, which so far is treating the election as little more than background noise, with the focus squarely on the trajectory of the economy and whether the Federal Reserve will cut interest rates this year. Analysts in general have been hesitant to make stock picks based on the outcome of the November vote, given the significant uncertainty of the outcome. There have been previous rallies in companies seen as linked to Trump’s return to the White House, including in 2021. But the magnitude of the recent gains have drawn attention since he’s long been seen as the Republican frontrunner. Fannie and Freddie Join Rally The rises have also extended beyond the usual suspects to companies like Fannie Mae and Freddie Mac, whose stocks are traded over-the-counter, amid speculation that a second Trump administration would move to privatize the companies. During his presidential term, Trump backed an attempt to return the mortgage companies to private control which could’ve brought big returns to investors, though it was never enacted. While Digital World’s stock has long been tethered to Trump, the recent rally hasn’t been accompanied by any shift in the likelihood of the merger closing. Jay Ritter, a University of Florida finance professor who studies initial public offerings and SPAC, said the company’s recent trading price suggests that Trump Media — whose main asset is the Truth Social site — is worth more than $8 billion. He said that seems “very, very rich” given it brought in less than $5 million in revenue in the first nine months of last year and is losing money. Investors would only get just over $10 a share if the deal collapses. Others Gain Steam Video platform Rumble Inc., which has a pact with Trump Media, added $502 million to its valuation after striking a deal with controversial media firm Barstool Sports. The gains were kickstarted last week after Trump’s large victory in the Iowa caucuses, with returns over the past six sessions topping 90%. West Palm Beach, Florida-based PSQ Holdings, whose website Public Square sells politically-themed merchandise aimed at Trump’s base, was a later entrant to the Trump rally. It gained Monday after struggling to gain traction since it went public via blank-check merger, though it was little changed Tuesday as he faced off against Nikki Haley in the New Hampshire primary. “At some point they have to pull back but New Hampshire is somewhat up in the air as far as how much he is going to win by,” Tuttle said of Digital World. “Positive developments for Trump could move it higher.” —With assistance from Felice Maranz. (Updates share movement throughout.) Most Read from Bloomberg Businessweek How Sweden Quit Smoking Without Quitting Nicotine The Downfall of Diddy Inc. Should I Tell My Colleagues (or My Boss) About My Bipolar Diagnosis? The Bitcoin Hype Is Back and About Just as Hollow as Before ©2024 Bloomberg L.P.

2024-01-23 22:07:00+00:00

{"Bitcoin": [408, 1123, 2166, 2357, 2404, 3520, 4696]}

{"Bitcoin": [28]}

Why OKB, Axie Infinity, and Bitcoin Cash Flash-Crashed Today

https://finance.yahoo.com/news/why-okb-axie-infinity-bitcoin-220700882.html

Motley Fool

http://www.fool.com/

It's been a wild and wacky day in the world of crypto once again. The overall crypto market has headed lower, with the aggregate market capitalization of all digital assets sinking more than 4% over the past 24 hours. However, certain notable tokens are piquing investor interest amid this decline. Among the top cryptos leading the market lower today are OKB (CRYPTO:OKB), Axie Infinity (CRYPTO: AXS) , and Bitcoin Cash (CRYPTO: BCH) . As of 3 p.m. ET, these three tokens saw declines of 11.3%, 7.1%, and 4.6%, respectively, over the past 24 hours. Let's dive into what's driving today's outsized move in these three popular cryptocurrencies . Flash crash driving some negative sentiment in the crypto sector OKB saw the most dramatic drop, actually giving up 50% of its value in a flash crash earlier this morning. While many investors may be taking solace in the fact that this token has recovered a significant portion of these losses, and the team behind the OKX crypto exchange is investigating this crash, it's certainly a development that's worth paying attention to. It should be noted that both Axie Infinity and Bitcoin Cash saw a swift decline right around the time of this OKB flash crash. Word spreads fast in the crypto sector. However, it's intriguing to see such correlated moves across these three rather disparate projects. Big swings are often seen during Asian trading hours, so this isn't necessarily out of the ordinary, but it's quite something for North American traders to wake up to. Axie Infinity's decline today is notable in light of recent developments around the launch of Axie Infinity: Origins Season 7 , which is a sneak peek of the project's upcoming Axie Infinity: Homeland gaming features and other new developments. Sentiment around blockchain-based gaming has been fickle, and today's decline in Axie Infinity isn't isolated, with other top gaming-related cryptos seeing similar declines during today's session. Investors appear to be focusing on the fundamentals when it comes to such projects, which haven't progressed as quickly as many may have initially anticipated a couple of years ago. Story continues Today's move in Bitcoin Cash is also intriguing, as this is a project that's actually been on quite the roll lately. I recently discussed some of the impressive metrics in terms of transaction volume on the Bitcoin Cash network. However, news today that Bitcoin Cash repayments could begin as part of the Mt. Gox debacle years ago appears to be driving near-term concern around selling pressure for this token. Where to go from here? Flash crashes certainly aren't conducive to positive investor sentiment, so it makes sense that many alt coins saw marked declines following what we saw take place on the OKX exchange earlier this morning. There are undoubtedly a number of fundamental structural concerns many conservative investors have about crypto. The thought of someone pressing the wrong button or writing the wrong line of code, and everyone loses everything is a real risk. Thus, the more such events happen (flash crashes, exchange issues, rug pulls), the less enthusiasm mainstream investors may have for the world of digital assets. The recovery OKB and other tokens have seen since this early morning move is something crypto bulls can hang their hat on. And with many top alt coins continuing to consolidate and trade sideways this afternoon, it appears the market is settling down, at least for the time being. For those bullish on OKB, Axie Infinity, or Bitcoin Cash, these tokens are still trading at a discount. While I think investors should probably wait for the dust to settle before jumping in, there's a reason why these tokens saw immediate buying interest earlier today. These are three tokens I'll keep on my watch list for now. Should you invest $1,000 in Axie Infinity right now? Before you buy stock in Axie Infinity, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Axie Infinity wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 22, 2024 Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . Why OKB, Axie Infinity, and Bitcoin Cash Flash-Crashed Today was originally published by The Motley Fool

2024-01-23 22:08:18+00:00

{"BTC": [2462]}

{}

13 Most Buzzing Stocks To Buy Now

https://finance.yahoo.com/news/13-most-buzzing-stocks-buy-220818778.html

Insider Monkey

http://www.insidermonkey.com

In this article, we will take a detailed look at the 13 Most Buzzing Stocks To Buy Now . For a quick overview of such stocks, read our article 5 Most Buzzing Stocks To Buy Now . Investors are still deeply divided over what the future might look like for the stock market in the weeks and months to come. While the bulls believe a soft landing is in sight, doubts remain over the Federal Reserve's possible plan of action regarding rate cuts as inflation remains sticky. A latest Wall Street Journal report cited CME FedWatch tool data which says there is now a 50% chance the central bank keeps interest rates unchanged during its March meeting. When 2024 was about to start this figure stood at just 3.85%. The optimism seen in the last quarter of 2023 was overwhelming and proved to be fickle. The WSJ report also said, citing swap contracts tied to the consumer-price index, that traders now see inflation at 2.4% over the next five years, the highest level since November. This shows we might be in for a long period of elevated inflation and high interest rates. In this environment, would mega-cap tech stocks like Amazon.com Inc (NASDAQ:AMZN), NVIDIA Corp (NASDAQ:NVDA) and Apple Inc (NASDAQ:AAPL) which posted euphoric gains in 2023 be able to keep going higher? Only time would tell. For now let's take a look at the stocks that are trending these days. Most Buzzing Stocks To Buy Now Luis Louro / shutterstock.com Methodology Amid earnings, the beginning of the election buzz and upcoming economic data, it's interesting to see which stocks are currently trending in terms of high volume. For this article we used Yahoo Finance' stock screener which looks for mid-, small- and large-cap stocks with high trading volume and movement. From these stock we selected stocks with the highest number of hedge fund investors.  Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years ( see the details here ). That’s why we pay very close attention to this often-ignored indicator. 13. Marathon Digital Holdings Inc (NASDAQ: MARA ) Number of Hedge Fund Investors: 13 Crypto mining and digital assets company Marathon Digital Holdings Inc (NASDAQ:MARA) has gained about 80% in value over the past one year amid a rebound in bitcoin. In December, Marathon Digital Holdings Inc (NASDAQ:MARA) achieved record bitcoin production as Marathon Digital Holdings Inc (NASDAQ:MARA) produced 1,853 BTC in the month, which was up 56% from November 2023. It was also a 290% YoY increase. Story continues Out of the 910 funds tracked by Insider Monkey, 13 hedge funds tracked by Insider Monkey had stakes in Marathon Digital Holdings Inc (NASDAQ:MARA). 12. Lucid Group Inc (NASDAQ: LCID ) Number of Hedge Fund Investors: 18 Lucid Group Inc (NASDAQ:LCID) is one of the most shorted stocks in the EV space amid fears regarding production and uncertainty in 2024 due to upcoming elections. Earlier this month, the stock fell to an all-time low after Lucid Group Inc (NASDAQ:LCID) said it produced 2,391 vehicles during the last quarter of 2023 and delivered 1,734 vehicles, better than the analyst estimates for 1,696 vehicles delivered. 11. Nio Inc - ADR (NYSE: NIO ) Number of Hedge Fund Investors: 18 As US presidential elections 2024 inch closer, investors are starting to closely watch EV companies as a new government in the US could make or break EV stocks amid new policies. Analysts believe if Republicans come into power and make policies unfriendly to US EV companies, it would bode well for Chinese EV companies like Nio Inc - ADR (NYSE:NIO) which would also plan faster expansion in other markets. As of the end of the third quarter of 2023, 18 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Nio Inc - ADR (NYSE:NIO). The biggest hedge fund stakeholder of Nio Inc - ADR (NYSE:NIO) during this period was Jos Shaver's Electron Capital Partners which owns a $38 million stake in Nio Inc - ADR (NYSE:NIO). 10. Vale SA (NYSE: VALE ) Number of Hedge Fund Investors: 34 Brazilian mining giant Vale SA (NYSE:VALE) ranks 10th in our list of the top buzzing stocks to buy now. The stock is moving after Bloomberg reported that Brazilian President Luiz Inacio Lula da Silva wants his former finance minister to be the next CEO of Vale SA (NYSE:VALE). In December, Vale SA (NYSE:VALE) disclosed that its iron ore production of 310M-320M metric tons in 2024 will be flat when compared to  2023. A total of 34 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Vale SA (NYSE:VALE). The biggest stakeholder of Vale SA (NYSE:VALE) during this period was Ken Fisher's Fisher Asset Management which owns a $243 million stake in Vale SA (NYSE:VALE). Miller Value Partners Income Strategy made the following comment about Vale S.A. (NYSE:VALE) in its second quarter 2023 investor letter : “Vale S.A. (NYSE:VALE) fell during the quarter with iron ore prices. The company reported 1Q23 revenue of $8.44B, -22.7% Y/Y, below consensus of $8.79B, and Adjusted EBITDA of $3.69B, compared to 1Q22 EBITDA of $6.55B, below consensus of $4.49B. The Brazilian miner produced 66.8 million tons (Mt) of iron ore in 1Q23, +5.8% Y/Y, below consensus of 67.7 Mt, 67.0 thousand tons (kt) of copper, +18.4% Y/Y, and 41.0 kt of nickel, -10.5% Y/Y. Although management reaffirmed its FY23 production guidance, analysts seemed to be concerned by the negatively offsetting impacts of weaker iron ore prices as China, the world’s largest iron ore buyer, has threatened to curb any “unreasonable” price gains for the metal in an effort to prevent this year’s steel output from exceeding 2022 levels. Vale generated 1Q23 free cash flow (FCF) of $2.28B, bringing trailing-twelve month (TTM) FCF to $6.73B, or a FCF yield of 11.3%. The company repurchased $763MM worth of shares in the quarter and paid $1.80B in dividends, bringing total capital returned to shareholders in the quarter to $2.56B, or 4.3% of the company’s market cap.” 9. Ford Motor Co (NYSE: F ) Number of Hedge Fund Investors: 43 Ford Motor Co (NYSE:F) ranks ninth in our list of the most buzzing stocks to buy now. Earlier this month Ford Motor Co (NYSE:F) posted domestic Q4 sales volumes, with record electric vehicle (EV) numbers. Ford Motor Co (NYSE:F) sold 25,937 EVs in the period, a growth of 24% on a YoY basis. 8. AT&T Inc (NYSE: T ) Number of Hedge Fund Investors: 52 AT&T Inc (NYSE:T) is buzzing as investors get ready to see the company's fourth quarter earnings report. Earlier in the month Oppenheimer upgraded the stock to Outperform with a $21 price target. Oppenheimer's analysts see several tailwinds for the stock, including AT&T Inc's (NYSE:T) 120MHz C-Band portfolio which now covers over 200M point of presence, or POPs. Oppenheimer said that about 60% of AT&T Inc's (NYSE:T) subscribers are now fiber, which means healthier margins and pricing leverage. In addition to AT&T, other stocks trending right now include Amazon.com Inc (NASDAQ:AMZN), NVIDIA Corp (NASDAQ:NVDA) and Apple Inc (NASDAQ:AAPL). AT&T is one of the most buzzing stocks to buy right now popular among hedge funds. Miller Value Income Strategy made the following comment about AT&T Inc. (NYSE:T) in its Q3 2023 investor letter : “Our third-largest holding at quarter end was AT&T Inc. (NYSE:T), a leading provider of communications and connectivity services in the US. At $15/share, the stock trades at the same price it did almost thirty years ago. The share price is much less interesting to us in relation to where it has traded in the past than in relation to how much cash the company generates and what management is doing with it. At just over 6x earnings, the stock trades near its lowest price-to-earnings (P/E) multiple ever, also representing close to its largest-ever P/E discount to the stock market. The business converts most of its earnings to free cash flow, implying a forward free cash flow yield north of 15%. Just under half of free cash flow is going toward the dividend (7.5% yield), while much of the balance is going to debt paydown. In other words, if the stock does not fall below its lowest-ever valuation, investors clip a rock-solid 7.5% in cash, while owning a growing portion of a very steady business as management reduces debt outstanding. A discounted cash flow model will suggest that intrinsic value for shares begins with a “2,” suggesting the stock is undervalued on an absolute basis. The lack of volatility in the underlying fundamentals also makes it unique when compared to many other things we own, which reduces the probability of permanent capital impairment and argues for a significant weight in the portfolio. AT&T looks particularly attractive when compared to some of the larger names dominating the S&P 500. Compare the stock to Apple, for instance, whose revenues and profits are likely to shrink this year, even as it trades at 29x this year’s earnings estimate. The ongoing return to rationality and capital accountability, along with extreme valuations in the megacap tech stocks, have us more excited about our portfolio’s prospects than we can remember for quite some time. As always, we remain the largest investors and welcome any questions or comments.” 7. Intel Corp (NASDAQ: INTC ) Number of Hedge Fund Investors: 70 Intel Corp (NASDAQ:INTC) is creating a buzz as investors get ready to receive Intel Corp's (NASDAQ:INTC) earnings report slated to be released on January 25. Recently, a Gartner report said Intel Corp (NASDAQ:INTC) ranked first in the list of top semiconductor companies in 2023, with a  total semiconductor revenue of $48.7 billion. As of the end of the third quarter of 2023, 70 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Intel Corp (NASDAQ:INTC). The most significant stake in Intel Corp (NASDAQ:INTC) is owned by William B. Gray's Orbis Investment Management which owns a $468 million stake in Intel Corp (NASDAQ:INTC). Intel ranks fifth in our list of the most buzzing stocks to buy now. Upslope Capital Management stated the following regarding Intel Corporation (NASDAQ:INTC) in its fourth quarter 2023 investor letter : “Intel Corporation (NASDAQ:INTC) – New Long: This is not a traditional long for Upslope in any sense. Intel is outside of the box in terms of typical sector and market cap focus, and the position is really a portfolio hedge (and structured as such). The thesis is very simple: Intel is uniquely positioned to benefit in two important scenarios, both of which require “protection” for Upslope’s portfolio: a continued melt-up in technology stocks and/or rising tensions over Taiwan. Combined with expectations and sentiment around Intel that were incredibly low, this nudged me to add exposure via long-dated INTC call options. While still material in terms of delta-adjusted exposure, the position has been reduced repeatedly and is much more modest today.” 6. Tesla Inc (NASDAQ: TSLA ) Number of Hedge Fund Investors: 81 Tesla Inc (NASDAQ:TSLA) shares are creating a buzz on the Wall Street as investors await Tesla Inc's (NASDAQ:TSLA) earnings that are set to be announced on January 24. The stock also came in the limelight after Elon Musk expressed his desire to have about 25% voting control over Tesla Inc (NASDAQ:TSLA) in order to make Tesla Inc (NASDAQ:TSLA) a leader in AI and robotics. Tesla ranks sixth in our list of the most buzzing stocks to buy now. Like Tesla, Amazon.com Inc (NASDAQ:AMZN), NVIDIA Corp (NASDAQ:NVDA) and Apple Inc (NASDAQ:AAPL) are also trending. Tesla Inc (NASDAQ:TSLA) shares have gained about 47% over the past one year. Some analysts expect Tesla Inc's (NASDAQ:TSLA) earnings to come in weaker than expected amid pricing wars in the EV sector. As of the end of the third quarter of 2023, 81 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Tesla Inc (NASDAQ:TSLA). Tsai Capital Corporation stated the following regarding Tesla, Inc. (NASDAQ:TSLA) in its fourth quarter 2023 investor letter : “ Tesla, Inc. (NASDAQ:TSLA) ($248.48 – up 101.7% for the year. Recent high $299.29): Tesla has significant and underappreciated competitive advantages across multiple verticals including electric vehicles, software and energy storage. Misunderstood by much of Wall Street – and consequently a favorite of short sellers – Tesla continues to grow rapidly and increase its lead over the competition while delighting consumers in the process. Despite his unconventional (and sometimes off-putting) personality, Elon Musk is a visionary who has created enormous shareholder value. Musk is also a long-term thinker who has embraced the scale-economies-shared business model favored by Henry Ford and Jeff Bezos, intentionally reducing prices, increasing the customer value proposition and expanding the total addressable market. Tesla’s massive scale and cost advantages are now challenging the viability of legacy auto, which has hundreds of billions of dollars of outdated property, plant and equipment in a world that is rapidly transitioning to electric vehicles (EVs). While we expect competition for EVs to intensify and for Tesla to lose market share over time, we also believe the company will increase production and deliveries from approximately 1.8 million vehicles today to approximately 15 million vehicles in 2030 and further its lead in autonomous driving capability. In fact, we expect Tesla will eventually license its autonomous driving software, creating high-margin (70-80%), recurring licensing revenue. Tesla is also one of only two companies that dominate the energy storage market, which has the potential to grow to several hundred billion in revenue as power plants around the world increase their focus on renewable energy. Our investment in Tesla is aligned with our preference for companies that have strong balance sheets and the managerial skill to reinvest capital at high rates of return into large addressable markets.” Click to continue reading and see 5 Most Buzzing Stocks To Buy Now . Suggested Articles: Analysts on Wall Street Lower Ratings for These 10 Stocks 17 High Growth Non-Tech Stocks That Are Profitable 11 Stocks Insiders and Billionaires Are Crazy About Disclosure: None. 13 Most Buzzing Stocks To Buy Now is originally published on Insider Monkey. View comments

2024-01-23 22:47:43+00:00

{"Bitcoin": [1612]}

{}

US stocks trade mixed amid rush of quarterly earnings reports

https://finance.yahoo.com/news/us-stocks-trade-mixed-amid-224743845.html

Business Insider

https://www.businessinsider.com/

History suggests that bond yields aren't actually that high, compared to prior decades. Michael M. Santiago / Getty US stocks traded mixed on Tuesday following a record-breaking session on Monday. That came amid a rush of fourth-quarter earnings reports. Shares of United Airlines and Verizon jumped on better-than-expected results. US stocks were mixed Tuesday amid a flood of earnings reports after indexes set fresh record highs in the prior session. United Airlines and Verizon jumped after outpacing their earnings estimates, while 3M and GE fell after their reports. Tesla and Netflix are also due to report fourth-quarter earnings later this week. Investors are also looking to the release of more inflation data and fourth-quarter GDP data this week, helping inform the Federal Reserve's next monetary policy decision. Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday: S&P 500 : 4,856.69, up 0.13% Dow Jones Industrial Average : 37,910.56, down 0.24% (91.25 points) Nasdaq Composite : 15,390.43, up 0.20% Here's what else happened today: "Bond king" Bill Gross warned that a major recession is on the table if the Fed doesn't lower rates this year. China may intervene in its stock market to arrest the $6 trillion meltdown . Despite the S&P's record high, it has more room to run , UBS said. In commodities, bonds, and crypto: West Texas Intermediate crude oil dropped 1.4% to $73.65 a barrel. Brent crude , the international benchmark, fell 1.35% to $78.96 a barrel. Gold stayed essentially flat at $2,024.05 per ounce. The 10-year Treasury yield rose 3.4 basis points to 4.128%. Bitcoin slid 2.2% to $38.744. Read the original article on Business Insider

2024-01-23 22:57:05+00:00

{"Bitcoin": [49, 1646]}

{"Bitcoin": [49]}

Direxion Joins Rivals Seeking to Offer Leveraged Bitcoin ETFs

https://finance.yahoo.com/news/direxion-joins-rivals-seeking-offer-225705969.html

etf.com

https://www.etf.com/

Direxion Joins Rivals Seeking to Offer Leveraged Bitcoin ETFs On the heels of the rollout of the first spot bitcoin ETFs, issuers are seeking to offer specialized varieties of funds—leveraged and inverse—in an effort to cater to investors hoping to capitalize on the cryptocurrency’s price swings. Direxion , the asset manager that has $35 billion in 80 ETFs, filed Jan. 18 with the Securities and Exchange Commission to launch five leveraged and inverse leveraged spot bitcoin funds. The ETFs filed include a 2x spot bitcoin ETF, an inverse 2x, a 1.5x fund, an inverse 1.5x, and an inverse 1x fund. ETF issuer ProShares , in addition to a partnership between Rex Shares and Tuttle Capital Management (T-Rex), have also filed for similar funds with the SEC. T-Rex first filed for the leveraged funds on Jan. 3, while ProShares shared unveiled their suite of leveraged and inverse bitcoin ETFs on Jan. 16. Spot bitcoin ETFs, which provide exposure to price swings in bitcoin rather than to bitcoin futures, began trading Jan. 11 and have proven popular with investors by quickly pulling in more than $3 billion in flows. Firms in the notoriously competitive field, already slashing management fees to gain customers, are betting on creating new products to gain market share, such as those that give investors double exposure, or inverse exposure, on the controversial commodity. The proposed exchange-traded funds aren’t the first leveraged products from New York-based Direxion. The firm has launched a slew of leveraged funds, the largest being the Direxion Daily Semiconductor Bull 3X Shares (SOXL), which has about $8 billion in assets. Spot Bitcoin ETF Race While leveraged funds may speak to investors with a higher risk appetite, the recently rolled out spot bitcoin ETFs have garnered billions in assets in their first week of trading, surprising some cryptocurrency skeptics. Despite investor enthusiasm for the long-awaited spot bitcoin ETFs, the price of bitcoin has pared gains that came in the runup to the products’ launch. It’s currently around $39,000, down more than 13% since January 9 when it reached its high of the year at nearly $47,000. Story continues Contact Lucy Brewster at lucy.brewster@etf.com . Permalink | © Copyright 2024 etf.com. All rights reserved

2024-01-24 00:48:56+00:00

{"Bitcoin": [529, 637, 838]}

{}

IEF AUM Jumps 2.5%: ETF Flows as of Jan. 23

https://finance.yahoo.com/news/ief-aum-jumps-2-5-004856937.html

etf.com

https://www.etf.com/

etf.com Top 10 Creations (All ETFs) Ticker Name Net Flows ($, mm) AUM ($, mm) AUM % Change QQQ Invesco QQQ Trust 1,790.42 240,674.98 0.74% IEF iShares 7-10 Year Treasury Bond ETF 702.20 28,211.30 2.49% XLF Financial Select Sector SPDR Fund 595.53 35,412.78 1.68% SLV iShares Silver Trust 369.40 10,228.39 3.61% LQD iShares iBoxx USD Investment Grade Corporate Bond ETF 294.11 35,892.67 0.82% VTI Vanguard Total Stock Market ETF 269.83 353,129.01 0.08% SPY SPDR S&P 500 ETF Trust 265.32 477,713.89 0.06% FBTC Fidelity Wise Origin Bitcoin Fund 222.34 1,262.70 17.61% BND Vanguard Total Bond Market ETF 203.31 104,668.99 0.19% IBIT iShares Bitcoin Trust 201.47 1,400.75 14.38% Top 10 Redemptions (All ETFs) Ticker Name Net Flows ($, mm) AUM ($, mm) AUM % Change TLT iShares 20+ Year Treasury Bond ETF -959.26 47,671.61 -2.01% GBTC Grayscale Bitcoin Trust ETF -590.42 22,945.49 -2.57% IWM iShares Russell 2000 ETF -491.22 61,845.33 -0.79% XLP Consumer Staples Select Sector SPDR Fund -378.30 14,989.26 -2.52% USHY iShares Broad USD High Yield Corporate Bond ETF -361.57 11,846.68 -3.05% SUSA iShares MSCI USA ESG Select ETF -309.43 3,545.77 -8.73% TQQQ ProShares UltraPro QQQ -226.57 20,773.13 -1.09% RSP Invesco S&P 500 Equal Weight ETF -224.42 49,139.92 -0.46% VFH Vanguard Financials ETF -207.95 8,866.92 -2.35% DIA SPDR Dow Jones Industrial Average ETF Trust -189.30 32,386.85 -0.58% ETF Daily Flows By Asset Class Net Flows ($, mm) AUM ($, mm) % of AUM Alternatives 1.65 6,705.65 0.02% Asset Allocation -16.13 16,307.59 -0.10% Commodities 406.46 126,153.41 0.32% Currency -88.88 30,646.54 -0.29% International Equity 260.11 1,340,543.68 0.02% International Fixed Income 159.48 169,720.52 0.09% Inverse -525.55 14,601.29 -3.60% Leveraged -171.27 82,861.94 -0.21% U.S. Equity 1,837.71 4,991,911.34 0.04% U.S. Fixed Income 219.39 1,355,906.89 0.02% Total: 2,082.98 8,135,358.84 0.03% Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges. Permalink | © Copyright 2024 etf.com. All rights reserved

2024-01-24 01:28:23+00:00

{"Bitcoin": [3588]}

{}

FOREX-Dollar hovers near 6-week high on Fed view; yen edges up after BOJ

https://finance.yahoo.com/news/forex-dollar-hovers-near-6-012823115.html

Reuters

http://www.reuters.com/

By Kevin Buckland TOKYO, Jan 24 (Reuters) - The dollar hovered near a six-week high against major peers on Wednesday as investors cemented expectations that the Federal Reserve would be in no rush to cut interest rates in the face of a resilient U.S. economy. The Japanese yen, though, ticked higher as expectations rose for a stimulus exit as soon as March, following hawkish comments from the Bank of Japan on Tuesday. The U.S. dollar index - which tracks the currency against six rivals, including the euro and yen - was flat at 103.48 after rising to the highest since Dec. 13 at 103.82 in the previous session. The U.S. rate futures market on Tuesday priced in a roughly 47% chance of a March rate cut, up from late on Monday, but down from as much 80% about two weeks ago, according to LSEG's rate probability app. For 2024, futures traders are betting on five quarter-point rate cuts. Two weeks ago they expected six. In the last comments before Fed officials entered a blackout period ahead of their Jan. 31 policy decision, San Francisco Fed President Mary Daly said Friday she believes monetary policy is in a "good place" and it is premature to think rate cuts are imminent. Earlier that week, Fed Governor Christopher Waller said policymakers would move "carefully and slowly", which traders took as pushing back at pricing for a speedy fall in rates. "Markets have been correcting from the narrative that rate cuts were incoming and incoming quickly," leading to dollar strength, said James Kniveton, senior corporate FX dealer at Convera. "This follows a general pattern of resistance to inflation reduction the closer central banks get to their final target, and has caused a rethinking of how fast monetary policy would return to lower levels," he added. "We have seen ECB (European Central Bank) officials push back on rate cut expectations as well, in line with the Federal Reserve." The ECB decides policy on Thursday. No change in interest rates is expected, but investors will watch the tone of the statement and central bank chief Christine Lagarde's press conference for clues on where rates are headed. Story continues The euro was flat at $1.08565, after slipping as low as $1.0822 on Tuesday for the first time since Dec. 13. Sterling was slightly higher at $1.2694, making up some ground following an overnight dip of 0.2%. The Bank of England announces its policy decision on Feb. 1. The Japanese yen gained some ground on Wednesday, following a volatile session a day earlier, after the BOJ opted to keep stimulus settings unchanged, as expected, but central bank head Kazuo Ueda hinted at a possible end to negative rates in April or even March. The dollar declined 0.17% to 148.085 yen, after swinging from as low as 146.99 and as high as 148.70 on Tuesday. The Bank of Canada meets on policy on Wednesday, and is expected to leave its key overnight rate unchanged at a 22-year high of 5%. The greenback was flat at C$1.3462, after slipping 0.15% on Tuesday. China's yuan was steady in offshore trading at 7.1660 per dollar, keeping close to a nearly two week high of 7.1635 from Tuesday, when Bloomberg reported that Chinese policymakers are seeking to mobilise about 2 trillion yuan ($278.86 billion) as part of a stabilisation fund to support the ailing stock market. Elsewhere, cryptocurrency bitcoin steadied at just above $40,000 after sliding as low as $38,505 on Tuesday for the first time since Dec. 1. Traders have unwound bullish positions built up in anticipation of U.S. approval of the country's first spot bitcoin exchange traded fund (ETF). Bitcoin had surged to a record $49,048 on Jan. 11, a day after the approval, but tumbled as low as $41,509 in the subsequent session as traders dumped the token in a textbook sell-the-fact move. ($1 = 7.1720 Chinese yuan renminbi) (Reporting by Kevin Buckland; Editing by Christopher Cushing)

2024-01-24 02:46:04+00:00

{"Bitcoin": [237, 407, 534, 583, 609, 875, 915, 1212, 1773, 2097, 2672, 3762, 3969, 4049, 4092, 4248, 4808, 4876], "BTC": [254, 549]}

{"Bitcoin": [4]}

Why Bitcoin, Dogecoin, and Etherium Fell Today

https://finance.yahoo.com/news/why-bitcoin-dogecoin-etherium-fell-024604280.html

Motley Fool

http://www.fool.com/

Several major cryptocurrencies slumped on Tuesday as investors grappled with the implications over capital inflows to the crypto market following the U.S. Securities and Exchange Commission's (SEC's) landmark approvals of the first spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) almost two weeks ago on Jan. 10, 2024. When all was said and done during today's regular trading session, the price of Bitcoin had fallen 2.2%, Ethereum (CRYPTO: ETH) was down 6.4%, and Dogecoin (CRYPTO: DOGE) had declined 5.9%. Company card for Bitcoin CRYPTO:BTC Excitement is waning for spot Bitcoin ETFs The price of Bitcoin, in particular, has declined around 20% from its post-ETF approval highs of around $49,000 as the excitement surrounding the approvals has seemed to wane. That marked a three-year high on Jan. 11, the day after the SEC's formal approval of 11 competing spot Bitcoin ETFs hit the wires. To be fair, Bitcoin is also still up more than 70% over the past year. The bulk of that gain came in a multi-month rally that began in Oct. 2023 after the SEC declined to appeal a federal court's ruling in August that prevented crypto-asset manager Grayscale Investments from converting its popular Grayscale Bitcoin Trust into an ETF. Many investors considered this a huge deal for the cryptocurrency market in general. ETFs are a much more accessible medium for investors putting their capital to work in cryptocurrency assets, after all, compared to setting up separate crypto accounts or wallets with a crypto-specific broker. ETF shares can be bought and sold throughout the normal trading day through virtually any broker, similar to how retail investors can easily buy and sell publicly traded stocks. Crypto-industry watchers also mused that once the first spot Bitcoin ETFs were finally approved, it would not only serve as validation for crypto assets as a mainstream investment medium but could also present an enormous windfall for ETF providers as capital surged into crypto assets. According to research from data analytics firm CryptoQuant, the capital influx stemming from spot Bitcoin ETFs has the potential to increase the overall cryptocurrency market capitalization by a total of more than $1 trillion over the long term. Story continues This is more than a simple "sell the news" event While some investors are undoubtedly taking their quick crypto profits off the table given the massive rally, I think this situation is more than a simple "sell the news" event. According to a report from digital asset manager CoinShares this morning, for example, crypto funds saw inflows of "only" $1.25 billion in the first week after the launch of the first Bitcoin ETFs. That influx turned to an out flow of $21 million last week, however, as some large institutional investors took advantage of the rally to pare their own positions. But even that surprising news requires more perspective. As Bloomberg Intelligence's senior ETF analyst Eric Balchunas pointed out on X this week, the outflows have been primarily fueled by more than $2.2 billion in withdrawals from Grayscale's spot bitcoin ETF alone. Among those large sellers was the estate of former cryptocurrency exchange FTX, which liquidated around $1 billion of its holdings as part of its bankruptcy proceedings. That could signal a light at the end of this tunnel for crypto bulls, however. There's certainly plenty of work to be done for the cryptocurrency market to gain true acceptance as a mainstream investment option. But it's also not exactly common to see a bankrupt cryptocurrency exchange liquidating its massive positions on the heels of what otherwise should have represented a watershed moment for the crypto asset class. Once the dust settles surrounding the recent spot Bitcoin ETF approvals, I won't be the least bit surprised if the crypto market's outflows turn back to inflows as more investors begin dipping their toes into the crypto pool. If that happens, this pause in Bitcoin's rally might just prove to be short-lived. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 22, 2024 Steve Symington has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy . Why Bitcoin, Dogecoin, and Etherium Fell Today was originally published by The Motley Fool

2024-01-24 05:07:08+00:00

{"Bitcoin": [2383]}

{}

US stocks trade mixed after key earnings reports miss the mark

https://finance.yahoo.com/news/us-stocks-trade-mixed-key-050708318.html

Business Insider

https://www.businessinsider.com/

(Photo by Mario Tama/Getty Images) US stocks were mixed on Tuesday as some earnings reports underperformed expectations. GE, 3M, and Lockheed Martin beat fourth-quarter views but gave disappointing forecasts. Netflix is set to release its earnings after Tuesday's closing bell. US stocks finished mixed on Tuesday, with the Dow Jones Industrial Average pulling back after a record-setting session on Monday. General Electric, 3M, and Lockheed Martin beat fourth-quarter views but gave disappointing guidance. Meanwhile, Verizon and United Airlines both jumped on strong earnings, though the airline operator warned that first-quarter results could be hit by the recent grounding of its Boeing 757 Max 9 planes . Investors will be watching for Netflix , which reports after Tuesday's closing bell, and for Tesla, which is due late Wednesday. GDP data from the fourth quarter is also set for Thursday and a key inflation report is due Friday, helping inform the Federal Reserve's next monetary policy decision. While strong market hopes for an imminent interest rate pivot has fueled the stock rally, traders are growing less certain about how soon rate cuts could happen. Where markets once indicated strong expectations for a cut as soon as March, most investors now see one happening in May, the CME FedWatch Tool shows. Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday: S&P 500 : 4,864.60, up 0.29% Dow Jones Industrial Average : 37,905.45, down 0.25% (96.36 points) Nasdaq Composite : 15,425.94, up 0.43% Here's what else happened today: Commercial property will face a debt reckoning in 2024 , Capital Economics warned. A retail trading frenzy has sent Spirit Airlines soaring 131% . Maybe bitcoin ETFs were a "sell the news" event after all. Billionaire CEO Howard Lutnick will launch a platform for interest-rate futures trading . Fed rate hikes made dollar-based lending expensive — it's another reason fueling de-dollarization. "Bond king" Bill Gross warned that a major recession is on the table if the Fed doesn't lower rates this year. Story continues In commodities, bonds, and crypto: Oil prices fell. West Texas Intermediate crude oil dipped 0.33% to $74.47 a barrel. Brent crude , the international benchmark, slid 0.45% to $79.65 a barrel. Gold climbed 0.38% to $2,028.33 per ounce. The 10-year Treasury yield gained 4.2 basis points to 4.136%. Bitcoin slumped 0.7% to $39,248. Read the original article on Business Insider

2024-01-24 05:41:57+00:00

{"Bitcoin": [438, 1341]}

{}

SEC Commissioner Hester Peirce: No Lawsuit Needed for Spot Ethereum ETF Approvals

https://finance.yahoo.com/news/sec-commissioner-hester-peirce-no-054157250.html

CoinMarketCap

https://coinmarketcap.com/

SEC Commissioner Hester Peirce: No Lawsuit Needed for Spot Ethereum ETF Approvals Hester Peirce, a commissioner at the United States Securities and Exchange Commission (SEC), has stated that the SEC should not require a lawsuit to approve spot Ethereum (ETH) exchange-traded fund (ETF) applications. Speaking to Coinage Media, Peirce emphasized that the SEC should learn from the Grayscale court ruling that preceded the approval of spot Bitcoin ETFs in the United States. She believes that the SEC should not need a court to tell it that its approach is "arbitrary and capricious" in order to make the right decisions. Peirce acknowledged that the facts and circumstances vary with each ETF application, but she expects the SEC to apply the same precedent that came from the Grayscale case. She stressed the importance of ensuring that the disclosures align with how the product actually works. Several companies, including BlackRock, VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, and Hashdex, have submitted spot Ether ETF applications to the SEC for approval. Bloomberg ETF analyst Eric Balchunas estimates a 70% chance of a spot Ether ETF approval by May. The SEC has specific deadlines to decide on each application, ranging from May 23 to August 7. SEC Chair Gary Gensler has previously stated that the approval of a spot Bitcoin ETF does not signal the Commission's willingness to approve listing standards for other cryptocurrency ETF applications. He emphasized that most crypto assets are investment contracts subject to federal securities laws. View comments

2024-01-24 06:38:04+00:00

{"Bitcoin": [4124]}

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FOREX-Yen strengthens as traders brace for BOJ stimulus exit; dollar resilient

https://finance.yahoo.com/news/forex-yen-strengthens-traders-brace-063804097.html

Reuters

http://www.reuters.com/

(Updates market pricing as of 0624 GMT) By Kevin Buckland TOKYO, Jan 24 (Reuters) - The yen strengthened on Wednesday as investors firmed up bets that the Bank of Japan will exit stimulus in coming months, while the dollar broadly held its ground against major rivals amid expectations that the Federal Reserve won't rush to cut interest rates. The Japanese currency gained as much as 0.41% to 147.76 per dollar during Tokyo trading hours as Japanese government bond yields leapt to six-week highs after central bank chief Kazuo Ueda said on Tuesday that the prospects of achieving the BOJ's inflation target were gradually increasing. The yen got an additional tailwind from a pullback in long-term U.S. Treasury yields in Wednesday trading, which the dollar-yen pair tends to track, as traders fine-tuned Fed easing wagers. The dollar was down 0.3% at 147.90 yen as of 0624 GMT, although its gain for the year is still almost 5% amid lessening expectations of early Fed cuts and, until Tuesday's hawkish tilt, a pushing back of bets for a BOJ stimulus exit. "Ueda's comments have given the market a little more confidence that April is definitely a live date for a potential exit from the current policy," said Ray Attrill, head of FX research at National Australia Bank. At the same time, "near term, I'd say a test of 150 is much more likely than a move down to the 145 area" for dollar-yen, because the currency pair is susceptible to a move upwards in Treasury yields after a too-aggressive pricing out of near-term Fed rate cut risks, Attrill said. "Our view is March is still very much a live meeting." The U.S. rate futures market on Tuesday priced in a roughly 47% chance of a March rate cut, up from late on Monday, but down from as much 80% about two weeks ago, according to LSEG's rate probability app. For 2024, futures traders are betting on five quarter-point rate cuts. Two weeks ago they expected six. Story continues The U.S. dollar index - which tracks the currency against six rivals, including the yen and euro - ticked down 0.07% to 103.43, but didn't stray far from the highest level since Dec. 13 at 103.82, reached in the previous session. In the last comments before Fed officials entered a blackout period ahead of their Jan. 31 policy decision, San Francisco Fed President Mary Daly said Friday she believes monetary policy is in a "good place" and it is premature to think rate cuts are imminent. Earlier that week, Fed Governor Christopher Waller said policymakers would move "carefully and slowly", which traders took as pushing back at pricing for a speedy fall in rates. "Markets have been correcting from the narrative that rate cuts were incoming, and incoming quickly," leading to dollar strength, said James Kniveton, senior corporate FX dealer at Convera. "This follows a general pattern of resistance to inflation reduction the closer central banks get to their final target, and has caused a rethinking of how fast monetary policy would return to lower levels," he added. "We have seen ECB (European Central Bank) officials push back on rate cut expectations as well, in line with the Federal Reserve." The ECB decides policy on Thursday. No change in interest rates is expected, but investors will watch the tone of the statement and central bank chief Christine Lagarde's press conference for clues on where rates are headed. The euro added 0.11% to $1.0864, after slipping as low as $1.0822 on Tuesday for the first time since Dec. 13. Sterling was 0.13% higher at $1.2703, making up some ground following an overnight dip of 0.2%. The Bank of England announces its policy decision on Feb. 1. The Bank of Canada meets on policy on Wednesday, and is expected to leave its key overnight rate unchanged at a 22-year high of 5%. The greenback rose slightly to C$1.34695, after slipping 0.15% on Tuesday. Elsewhere, cryptocurrency bitcoin steadied around $39,700, after sliding as low as $38,505 on Tuesday for the first time since Dec. 1. Traders have unwound bullish positions built up in anticipation of U.S. approval of the country's first spot bitcoin exchange traded fund (ETF). Bitcoin had surged to a record $49,048 on Jan. 11, a day after the approval, but tumbled as low as $41,509 in the subsequent session as traders dumped the token in a textbook sell-the-fact move. (Reporting by Kevin Buckland; Editing by Christopher Cushing and Kim Coghill)

2024-01-24 09:23:00+00:00

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Should You Buy the Dip on Bitcoin Mining Stocks?

https://finance.yahoo.com/news/buy-dip-bitcoin-mining-stocks-092300714.html

Motley Fool

http://www.fool.com/

After posting stellar triple-digit returns in 2023, Bitcoin (CRYPTO: BTC) mining stocks are down across the board in early 2024. For example, Marathon Digital Holdings (NASDAQ: MARA) is down 32%, and Riot Platforms (NASDAQ: RIOT) is down 35%. Those sharply negative returns are all the more striking, given all the hype around Bitcoin and the new spot Bitcoin exchange-traded funds (ETFs). On one hand, this could be a fantastic opportunity to buy the dip in Bitcoin mining stocks. On the other hand, there is likely a fundamental change in market outlook that's causing this sharp correction to the downside. Let's take a closer look. Impact of the Bitcoin halving Now that the Bitcoin ETF approval drama is over, the market is starting to wake up to the potential impact of the next Bitcoin halving, scheduled for April 2024. A Bitcoin halving occurs only once every four years and, as a result, is highly anticipated by the market. In three previous halving cycles, the price of Bitcoin has skyrocketed, and many investors are expecting the same pattern this time around. Image source: Getty Images. While the investment thesis is fairly clear for Bitcoin itself, it's a bit murkier for Bitcoin miners. The halving reduces the mining reward paid out to Bitcoin miners by one-half. Right now, every time a Bitcoin miner adds a block to the Bitcoin blockchain, they are paid a reward of 6.25 BTC, which is worth roughly $250,000 at today's prices. That might sound like a lot, but much of it goes to owning and operating Bitcoin mining rigs, which consume vast amounts of energy. In April 2024, the "mining reward" will be slashed to 3.125 BTC. That might not seem like a big deal until you consider how it impacts both the top and bottom lines for Bitcoin miners. Think about it for a second. What would happen if your boss told you your "paycheck reward" would be slashed by one-half starting in April? Oh, and you're also expected to work the same number of hours and put in the same amount of work. If you're like most people, you'd probably start looking for new opportunities as soon as possible. Story continues And that's why I think there will be a shakeout in the Bitcoin mining industry this year. All other things staying the same, Bitcoin miners will have a much harder time breaking even in 2024. The growing consensus is that the new break-even point will be a Bitcoin price of $40,000. If the price of Bitcoin falls below that level, a lot of Bitcoin miners could go out of business. The difficulty of picking winners In 2023, all that really mattered was the number of mining rigs a Bitcoin miner could bring online. The more rigs, the more Bitcoin they could mine and the more money they could make. Very easy to understand. You just bought the biggest miners. But all that changes in April. The competitive playing field will be stacked in favor of Bitcoin mining companies with the lowest costs, the greatest liquidity, and the least debt. While the absolute number of mining rigs will obviously still matter, the emphasis will be on getting production costs below that magic $40,000 mark. If you're running an entire fleet of highly inefficient machines gobbling up a lot of electricity, you lose. That makes buying the dip on Bitcoin miners so risky right now. You really don't know who the new winners will be. There are a lot of factors to take into account. The current consensus is that Riot Platforms, due to its low cost base, will be among the winners. Is there an alternative to buying specific mining stocks? Instead of trying to pick winners, it might be easier just to invest in a diversified ETF, such as the Valkyrie Bitcoin Miners ETF (NASDAQ: WGMI) . This fund holds approximately 20 different stocks related to the Bitcoin mining industry. There's no need to pick winners because, theoretically, you're letting a much smarter fund manager figure out the right portfolio blend for you. No, you might not get the same type of upside as if you picked a single Bitcoin mining stock, but you also diversify away some of your risk. In theory, this ETF should have the highest allocations to the best Bitcoin miners. If you're expecting a lot of turbulence in the Bitcoin mining industry this year, as I am, this might be a safer way to play Bitcoin mining stocks. That said, the Valkyrie Bitcoin Miners ETF is down 30% to start the year, so it's certainly not without risk. The investment narrative around Bitcoin continues to shift. Yes, Bitcoin mining stocks were a slam-dunk investment last year. But if you really dig into the economics of the upcoming Bitcoin halving event, it's easy to see how Bitcoin mining stocks come with much more downside risk this year. As for me, I'm avoiding direct exposure to Bitcoin mining stocks until after the next big miner shakeout. Should you invest $1,000 in Riot Platforms right now? Before you buy stock in Riot Platforms, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Riot Platforms wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 16, 2024 Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . Should You Buy the Dip on Bitcoin Mining Stocks? was originally published by The Motley Fool

2024-01-24 09:41:09+00:00

{"Bitcoin": [1108, 1516, 1698, 1901, 2202, 2347, 2425]}

{}

FTSE 100 Live 23 January: London top flight closes down two points after borrowing comes in below expectations

https://finance.yahoo.com/news/ftse-100-live-23-january-063100916.html

Evening Standard

http://www.standard.co.uk/

FTSE 100 Live (Evening Standard) The seasonal performances of Primark and Mr Kipling are in today’s spotlight after Associated British Foods and Premier Foods published updates. Crest Nicholson’s annual results, a debt crisis at Southend airport and the latest UK public borrowing figures are among today’s other developments. Meanwhile, stock markets are on the front foot after Wall Street set new records last night and Asia shares benefited from speculation of China stimulus measures. Key points December public sector borrowing lowest since 2019 Primark on the up thanks to Rita Ora Debt crisis at Southend airport FTSE 100 closes down 1.9 points Tuesday 23 January 2024 16:37 , Daniel O'Boyle The FTSE 100 has closed at 7,485.73 today, slightly down for the day. London's top flight started strong, hitting 7516, but faded fast and remained close to where it opened for most of the day. Standard Chartered and Endeavour Mining were among the big risers amid reports of Chinese economic stimulus. Admiral And Rolls-Royce led the fallers. City Voices: It's a question of time before the UK gets its own Bitcoin ETFs Tuesday 23 January 2024 16:24 , Daniel O'Boyle Just as London played host to successful fintech pioneers such as Starling and Monzo, so equivalent success for digital assets firms can now happen, Eva Gustavsson writes All too often, as Shakespeare wrote, sound and fury signifies nothing. But the frenzied reaction to the US Securities & Exchange Commission’s (SEC) approval of the sale of spot Bitcoin exchange-traded funds (ETFs) last week matched the significance of the occasion. After a decade-long wait, US investors are now able to gain exposure to the digital currency Bitcoin through ETFs (investment funds that track the performance of underlying assets) without having to directly buy it on a cryptocurrency exchange. That the 11 firms granted SEC approval to offer 11 Bitcoin ETFs included US asset management heavyweights BlackRock, Fidelity Investments and Franklin Templeton demonstrated how the gap between traditional and digital asset markets will be significantly diminished by this development. Story continues Standard Chartered Bank estimates the issuance of Bitcoin ETFs will attract inflows of $50-$100 billion in 2024 and there’s been no shortage of debate over the effect of the news on the price of Bitcoin. Yet the transformative impact of US regulatory authorisation of spot Bitcoin ETFs transcends short-term financial gains. Read more here City Comment: Tax cuts are tempting, but Hunt must act for the long term Tuesday 23 January 2024 15:32 , Jonathan Prynn There have not been too many occasions in recent years when the ONS number crunchers have delivered economic data markedly better than City forecasts. So let’s allow Jeremy Hunt to enjoy the moment today. The £7.8 billion borrowed by the government in December was the lowest for the month since 2019, admittedly a pretty low bar to set given what has come since then. But it was well below the £11.4 billion pencilled in by City scribblers. More importantly borrowing is now on course to undershoot the OBR’s projections by £5 billion in the current financial year, and much more next year. In the time honoured phrase, that gives the Chancellor “wiggle room” to deliver crowd pleasing tax cuts of up to £20 billion when he rises to his feet in the Commons on March 6, according to the commentators. But let us not get too carried away. Read why here US market snapshot Tuesday 23 January 2024 15:09 , Daniel O'Boyle Take a look at the latest US market snapshot with the S&P 500 still hovering around record highs Wall Street stocks to climb slightly further Tuesday 23 January 2024 13:59 , Daniel O'Boyle US stocks are set to climb even higher, according to futures markets. S&P 500 futures are up 0.2% to 4,890.00, which would be another record high. Nasdaq futures are up 0.3% to 17,510.00, the highest since 2021. Dow Jones futures are down slightly, at 38,173.00. Big premarket risers include Alibaba's US stocks amid reports of major stimulus in China, and telecoms giant Verizon. Early afternoon market snapshot Tuesday 23 January 2024 13:40 , Daniel O'Boyle Take a look at today's market snapshot, with the FTSE 100 close to flat. Santander becomes first 'big six' lender to raise mortgage rates this year Tuesday 23 January 2024 12:29 , Daniel O'Boyle Santander has become the first “big six” lender to raise mortgage interest rates this year, following last week’s shock rise in inflation. However, brokers said the change was unlikely to be the first step in a wave of big price increases. Lenders started the year with a wave of price cuts, in the hope that the Bank of England would soon cut its own base rate. Read more here FTSE 100 falls into red Tuesday 23 January 2024 11:31 , Daniel O'Boyle The FTSE 100 is in negative territory, despite starting the day ahead. Take a look at our latest market snapshot. Ryanair agrees first deal with online travel agent Tuesday 23 January 2024 11:23 , Daniel O'Boyle Ryanair has launched its first partnership with an online travel agent (OTA) despite repeatedly branding the companies “pirates”. The Dublin-based airline said it has agreed a deal with loveholidays to offer its flights as part of package trips. Ryanair has previously strongly complained about OTAs selling its flights without permission. Read more here Miners support FTSE 100 but hotel chains struggle, Royal Mail owner up 6% Tuesday 23 January 2024 10:23 , Graeme Evans Shares in the UK’s largest pawnbroker H&T today fell sharply after it reported that record profits for 2023 will be 10% short of City hopes. While the pawnbroking arm increased lending by 19% to £260 million in the year, the trend towards lower priced jewellery and watches in the run-up to Christmas meant retail sales dropped 3% in the fourth quarter. AIM-listed H&T fell 14% or 54.8p to 343.2p, the lowest level in over a year. Elsewhere on the London market, the biggest upward moves were by mining and Asia-focused stocks after China pledged action to stabilise market confidence. The potential boost to the demand outlook meant Anglo American led the FTSE 100 index with a gain of 3% or 51.2p to 1802.4p while Prudential lifted 14.6p to 811p. In contrast to a 2.6% rebound for Hong Kong’s Hang Seng index and last night’s Wall Street highs, London’s top flight stood 6.15 points lower at 7481.56. On the fallers board, hotel chains Whitbread and IHG were 1% lower while caterer Compass dropped 38p to 2127p after HSBC removed its “buy” stance. The FTSE 250 index consolidated yesterday’s 1% rise with a fall of 3.76 points to 19,701.88. Royal Mail owner International Distributions Services rose 6% or 14p to 268.3p as investors awaited Ofcom’s view on reform of the postal service. Premier Foods edged up 0.4p to 140.6p after the Mr Kipling and Bisto maker reiterated profit guidance on the back of a 14% rise in Christmas quarter sales. Public borrowing a 'scant reward' for Tory electoral hopes Tuesday 23 January 2024 09:41 , Daniel O'Boyle Charles Hepworth, investment director at GAM Investments, said better public borrowing figures are unlikely to make a big difference for the Conservative Party electorally: "An improvement in the UK’s public finances at the end of last year will be a scant reward for the Tory bruising expected at the upcoming general election, whenever it is announced. More tax receipts, and lower inflation related interest rate payments, helped in bringing down overall borrowing in December to £7.8bn against forecasts expected to be almost £4bn higher. "While the Office for Budget Responsibility (OBR) expected this fiscal year borrowing to be at £124bn upto this point, the government has undershot this by £5bn so far. This will cheer Tory MPs clamouring for what they think will be vote-saving tax cuts.  At this point though, given the current polling, hope is a fool’s errand." Lower interest payments may be offset by lower tax receipts Tuesday 23 January 2024 08:31 , Daniel O'Boyle Cara Pacitti, Senior Economist at the Resolution Foundation, says: “Lower-than-expected inflation late last year has reduced debt interest costs and given the Chancellor a timely fiscal boost ahead of his Budget in March. “However lower inflation is also likely to mean lower tax receipts. How these factors offset each other will be important in deciding how much fiscal headroom the Chancellor has.” Market snapshot: FTSE 100 higher Tuesday 23 January 2024 08:24 , Daniel O'Boyle The FTSE 100 is back over the 7500 mark in early trading this morning Take a look at our full market snapshot: Boohoo finance boss out Tuesday 23 January 2024 08:13 , Daniel O'Boyle Boohoo chief financial officer Shaun McCabe quit with immediate effect this morning, "by mutual arrangement". McCabe will be replaced by Stephen Morana, who was previously CFO of Zoopla, Betfair and Cazoo. Mahmud Kamani, group executive chairman, said: "Stephen is a highly regarded finance director who is well known to boohoo, having previously served on our Board in a Non-Executive capacity for four years. He supported us through the IPO process and in our early years as a PLC. While the business has grown significantly since then, Stephen has a wealth of experience with global digital businesses and is therefore very well placed to support the strategy in pursuit of our growth ambitions." The online fashion retailer has struggled in the post-pandemic era. It said today that trading is still in line with expectations. Mr Kipling maker Premier Foods sells 4 million more mince pies as sweet treats fly off the shelves Tuesday 23 January 2024 07:57 , Michael Hunter It was an exceedingly good Christmas for Premier Foods, the maker of Mr Kipling cakes. Sales of sweet treats at the FTSE 250 company rose by over a fifth, helping power an overall rise in revenue of over 14%. The icing on the cake was its Cadbury Mini Rolls brand of confections, which helped sweeten sales by over 17%.. It also sold 4 million more mince pies this year. That helped the St Albans based firm stand by its profit forecasts for the year, Everyman profits grow despite strikes Tuesday 23 January 2024 07:53 , Daniel O'Boyle Profits at high-end cinema chain Everyman grew last year, despite the impact of Hollywood strikes on the film release calendar. Underlying profits rose to £16.2 million, as revenue increased to £90.9 million. “The Group's performance in H2 2023 was marginally affected by the well-documented WGA and SAG-AFTRA strikes, which led to certain key titles moving to 2024,” Everyman said. “The Board is pleased however to re-confirm market expectations for 2024 and has confidence in the prospects of the business moving forward.” It said films next year including Wicked, Despicable Me 4, Paddington in Peru, Joker: Folie à Deux, Inside Out 2, Mufasa: The Lion King, Dune: Part II and an untitled Gladiator sequel should boost sales. Dune Part II could boost Everyman (Warner Bros) Crest Nicholson confirms profit warning as Farnham's Brightwell Yard development takes further toll in 'weak' housing market Tuesday 23 January 2024 07:47 , Michael Hunter Housebuilder Crest Nicholson has confirmed the impact of cost over-runs at a major brownfield development on its annual results, following a profit warning last week. The FTSE 250's Brightwells Yard development in Farnham in London's commuter belt generated further costs of £11 million in the year. It will cost a further £2.5 million to complete and a review of other sites has identified other costs of £5.5 million in total. Full-year revenue dropped by almost 30% to at £657.5 million and profit crashed to £41.4 million from £137.8 million in what it "reflecting the weakness in the housing market". There was an exceptional charge of £13 million, "in respect of a legal claim recently received relating to 2021 fire damage of a low-rise bespoke apartment scheme". Peter Truscott, CEO, called the results "disappointing". He said: "We have proactively streamlined the business to align with the challenging trading environment and have taken decisive measures to address operational challenges associated with Farnham and other legacy sites, implementing strategies to control costs and ensure a more precise and feasible path towards projects completion." Tuesday 23 January 2024 07:36 , Simon Hunt Southend Airport has been plunged into a debt crisis after its owner Esken faced demands to urgently repay a near £200-million loan, the firm warned today. Lender Carlyle Global Infrastructure said the £194 million convertible loan, which had been set to mature in August 2028, must now be repaid by 16 February -- a deadline of a little over three weeks -- after it accused Esken of breaching the terms of the debt deal. Esken warned that forcing through the repayment would have "significant adverse implications" for the airport and would be "value destructive for all stakeholders." The company said it has a 'robust position in relation to the claim' and was 'investigating the validity of alleged breaches' of the loan terms. Esken has been seeking a buyer for Southend Airport since June last year, after it warned on the stability of its finances. In 2022 the firm arranged a £50 million borrowing facility to keep its finances afloat. If unpaid, the convertible loan will turn into equity and could allow CGI to mount a takeover of the airport. Read more here Chancellor's "wiggle room" may not be so large Tuesday 23 January 2024 07:34 , Daniel O'Boyle Michal Stelmach, senior economist at KPMG UK, warned that the Chancellor's "wiggle room" for tax cuts or spending may not be as large as it first appears. He said: “The wiggle room could easily be squashed if some of the downside risks materialise. The government’s implicit commitment to freeze fuel duty rates lowers revenue by £6 billion a year relative to current plans, while the assumption that real spending on unprotected departments would have to fall by over 2% a year is largely unrealistic in the absence of significant productivity improvements. "That’s before considering the longer-term pressures from an ageing population, energy transition, and slowing workforce growth.” Hipgnosis accuses founder of "cherry picking" songs for $465m sale Tuesday 23 January 2024 07:31 , Daniel O'Boyle Music rights fund Hipgnosis says its board is investigating claims its founder and investment adviser Merck Mercuriadis “cherry picked” the fund’s best songs in a controversial sale last year to another fund he partially controls. The Hipgnosis fund  aimed to sell $465 million worth of songs by artists such as Nelly, Rick James and Shakira to an unlisted fund run by Mercuriadis' Hipgnosis Songs Management and owned by Blackstone last year. At the time, the fund said its market value did not reflect the true worth of its assets. However, now the fund says two independent research reports claim the songs in question “were growing at materially higher rates to the overall portfolio and were therefore ‘cherry picked’”. “The newly constituted board is investigating whether this is the case, and if so, whether this was properly and fully disclosed to the previous Board in the investment papers, which included the recommendation provided by Hipgnosis Song Management, and therefore whether the previous Board were provided with the relevant information to enable them to make a decision in the best interests of shareholder,” the fund’s board said. Primark on the up thanks to Rita Ora Tuesday 23 January 2024 07:27 , Simon English Primark enjoyed a good Christmas partly thanks to leisure and tailored clothing in the Rita Ora collection, the singer who has a deal with the budget fashion chain. In the 16 weeks to January 6 retail sales were up 7.9% to £3.37 billion, a sign that Primark's popularity is undimmed. It was also able to raise margins at the clothes business. The company did admit that Christmas sales had a a slow start due to "unseasonal warm weather". Primark is part of the giant Associated British Foods group which owns Twinings tea and Silver Spoon sugar. Overall sales for the company rose 5.4% to £6.88 billion. Ovaltine did well in Europe but was weaker in Asia. The statement to the stock market said: "The Group continues to trade well. We continue to look forward to a year of meaningful progress in both profitability and cash generation, with the profitability improvement being driven by a recovery in Primark margin."ABF, a FTSE 100 company, is likely to see shares rise today. £20bn of headroom for tax cuts? Tuesday 23 January 2024 07:24 , Daniel O'Boyle Ruth Gregory, deputy chief UK economist at Capital Economics, says: "December’s better-than-expected public finances figures brought some cheer for the Chancellor after the recent run of poor outturns and will give him a bit more wiggle room for a big pre-election splash in the Spring Budget on 6th March." "After nine months of the 2023/24 fiscal year, borrowing is on track to undershoot the OBR’s full-year borrowing forecast of £123.9bn by £5.0bn. What’s more, with market interest rate expectations and long-dated gilt yields having fallen since November, we suspect the OBR will revise down its borrowing forecast significantly from 2025/26. That may provide the Chancellor with 'headroom' against his fiscal mandate of about £20bn in the Budget." Asia markets higher on China support hopes, Wall Street sets new records Tuesday 23 January 2024 07:16 , Graeme Evans Asia shares today rallied on speculation that China is preparing a package of measures worth 2 trillion yuan (£220 billion) to stabilise its stock markets. Hong Kong’s Hang Seng index, which has fallen more than 10% so far this year, jumped 3% and the Shanghai Composite improved 0.5%. In Tokyo, the Nikkei 225 closed slightly lower after the Bank of Japan continued its ultra-dovish policy by leaving its short-term interest rate at -0.1%. Lower-than-expected oil prices meant the central bank revised its inflation forecast for the next financial year to 2.4% from 2.8% projected in October. The FTSE 100 index finished yesterday’s session 25.78 points higher at 7487.71 and is forecast by CMC Markets to add another 15 points at the opening bell. The improvement comes after US markets picked up where they left off on Friday by setting fresh highs, with the Dow Jones Industrial Average and S&P 500 index up 0.4% and 0.2% respectively at the closing bell. Public borrowing lowest for December since 2019 Tuesday 23 January 2024 07:04 , Daniel O'Boyle The UK Government borrowed £7.8 billion in December, the lowest for the final month of the year since before the Covid-19 pandemic. The total was less than half the amount borrowed a year earlier. A major reason for the decline was a sharp decline in interest paid on RPI-linked gilts as inflation came down. The lower borrowing figures may provide Jeremy Hunt with some room for tax cuts at the last Budget before the election, though economists have warned that the scope for giveaways likely still remains limited. Recap: Yesterday's top stories Tuesday 23 January 2024 06:44 , Simon Hunt Good morning from the Standard City desk. Jeremy Hunt is hoping to recreate the Eighties “Lawson boom” with tax cuts in the March Budget, according to one particularly lurid splash headline in the Sunday papers. Be careful what you wish for. The Chancellor is old enough and — I assume — well versed enough in recent British economic history to know that it did not end well, either for the UK, or for the reputation of his Tory predecessor. Hunt has many difficult tasks ahead of him as he plans for the March Budget. But “doing a Lawson” is surely not a solution for any of them. In his 1987 and 1988 Budgets, Nigel Lawson slashed the standard rate of income tax from 29p to 25p, in two steps, and the top rate from 60% to 40%. Within months of the 1988 budget, interest rates had doubled and the path was set for a nasty recession in the early Nineties that brought back the scourge of mass unemployment. The downturn also shattered the housing dreams of millions of homeowners when collapsing prices left them with deep negative equity that condemned tens of thousands to repossession. Hunt has many difficult tasks ahead of him as he plans for the March Budget. But “doing a Lawson” is surely not a solution for any of them. Here's a summary of our other top stories from yesterday: The number of UK companies in “critical financial distress” jumps to 47,000 - of which 14,000 are in London - says alarming report from insolvency specialists Begbies Traynor AI firm 11Labs founded by 29 year old hits $1 billion valuation after fresh funding round Fortnum & Mason profits rise to £7.5 million but boss warns of “challenging” trading conditions S4 Capital boss Sir Martin Sorrell warns of tough year ahead Compass buys Royal Opera House caterer CH&Co in £475 million deal And... why the government's 99% mortgage plan would be a disaster for the housing market

2024-01-24 10:25:02+00:00

{"Bitcoin": [1228, 2155, 2883]}

{}

Someone Just Put Legendary '90s Video Game Doom on Dogecoin

https://finance.yahoo.com/news/someone-just-put-90s-darling-102502440.html

CoinDesk

https://www.coindesk.com

Doom , the popular and influential first-person shooter video game first released in 1993, is now available on the Dogecoin network, thanks to a relatively new protocol that lets developers stash large amounts of data on a blockchain. "Ð is for Doginals! Ð is for DOOM on Dogecoin," developer @minidogeart, who put the game on Dogecoin, posted at launch . "Now inscribed on Dogecoin blockchain forever!" That means the game's deployment on Doginals fetches all of its gaming data entirely from the data stored on the Dogecoin network. It does not rely on any other sources outside of the network. Doom was among the first computer games that went viral in the 1990s. It was deployed on Doginals on its 30th anniversary, as per @minidogeart. The version is so-called shareware, which contains nine levels of the game that can be published without the possibility of legal issues. Since May, developers have been able to put art collections and games on Dogecoin, helping its ecosystem extend beyond a dog-themed meme token using inscription technology. Inscriptions are digital entries that store images, videos, audio and text files that store data on the blockchain. Inscriptions are dubbed "Doginals" on Dogecoin – similar to Bitcoin Ordinals – and are a relatively new feature of the blockchain ecosystem. Transactional activity bumps Such features can open up flourishing ecosystems on a blockchain, adding to a token's fundamentals and contributing to an increase in prices on heightened demand. In May, hype for Dogecoin inscriptions bumped transactional volumes on the network to lifetime peaks, leading to a 10% gain in the cryptocurrency's price. Transaction activity has cooled in the past month but is seemingly ramping up again. Data shows activity has risen to 420,000 transactions as of Wednesday from 90,000 earlier this month. Developers such as @minidogeart see inscription and Ordinals usage to eventually bump interest in the broader Dogecoin ecosystem, which expands beyond DOGE to collections, games and tokens issued on the Dogecoin blockchain. Story continues "The advent of Doginals on the Dogecoin blockchain, akin to Ordinals on Bitcoin, has the potential to revolutionize the way we view blockchain transactions," @minidogeart said in an X message to CoinDesk. "Embedding digital assets directly into the proof of ownership, Doginals add significant intrinsic value to each transaction. This transformation elevates each exchange from a mere financial transaction to a permanent and secure record of digital asset ownership." "The inscription of DOOM on the Dogecoin blockchain demonstrates that even a compact game can be permanently preserved on the blockchain, highlighting the capability for a broad spectrum of digital content to be securely managed and stored," they added. Jan. 25 (08:56 UTC): Adds clarification in the DEK that Ordinals started on Bitcoin.

2024-01-24 11:28:00+00:00

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1 Unstoppable Cryptocurrency to Buy Before It Soars 1,120%, According to This Wall Street Analyst

https://finance.yahoo.com/news/1-unstoppable-cryptocurrency-buy-soars-112800453.html

Motley Fool

http://www.fool.com/

Wall Street analysts don't always get things right, but some have such a strong track record of success that it's worth paying attention when they make a prediction. Tom Lee is the co-founder and head of research at Fundstrat, a Wall Street advisory firm focusing on stocks and financial assets. In 2013, Lee predicted the Dow Jones Industrial Average would hit 20,000 within four years. Lo and behold, it crossed that level in early 2017. Lee also had the most bullish S&P 500 target on Wall Street in 2023, despite many analysts fearing a recession and falling stock prices. He estimated the index would end the year at 4,750, and it closed at 4,769. Lee has maintained a bullish view on the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC) , for years. But he just came out with a fresh prediction: that the token could soar by 1,120% within the next five years. Image source: Getty Images. Bitcoin is still recovering from a steep loss in 2022 The cryptocurrency industry is still recovering from a brutal crash that sent Bitcoin from an all-time high of $69,000 in 2021 to just $16,256 near the end of 2022. The industry fell into turmoil during 2022 thanks to a string of high-profile collapses. Centralized crypto exchange FTX was shut down when its founder, Sam Bankman-Fried, was caught committing fraud, leaving clients and investors $8 billion out of pocket. Shortly before that, stablecoin TerraUSD lost its peg, which wiped out $60 billion worth of value. Investors were quickly losing confidence in cryptocurrencies, especially because they had gained almost no traction as a payment mechanism in the real world. Even today, a mere 9,393 merchants around the world accept Bitcoin in exchange for goods and services. Centralized exchanges continued to face legal trouble in 2023, with the head of crypto exchange Binance forced to step down for his role in breaching anti-money laundering rules. He is currently awaiting trial. Ironically, those high-profile takedowns have given investors more confidence in the cryptocurrency industry. Aggressive regulatory actions are deterring bad actors, as well as legitimizing the industry. Combined with a risk-on sentiment for financial assets like stocks in 2023, Bitcoin has recovered a good deal of lost ground. Story continues The token jumped more than 150% in 2023, and it currently trades at about $39,000, though that's still far from its all-time high of $69,000. Bitcoin exchange-traded funds are a new source of demand The U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin exchange-traded funds (ETFs) in earlier this month, which adds a new way for investors to buy the token -- and it's a big reason Tom Lee is so bullish. An ETF is managed by professionals, and it's designed to hold underlying assets (like stocks, bonds, or in this case, Bitcoin) and package them into one security for investors to buy or sell. Before the approval of a Bitcoin ETF, it was difficult for financial advisors and institutions to own the token because of its risk profile. Volatility aside, the purchaser had to carefully secure their Bitcoin in a digital wallet or in cold storage (like a USB, locked in a safe). There was no insurance or bailout if the tokens were stolen. Now, a financial advisor can simply buy an ETF for their clients without worrying about storing Bitcoin. That responsibility falls upon the manager of the fund; BlackRock , Ark Investment Management, and Fidelity are just some of the high-profile Wall Street asset managers with an approved Bitcoin ETF. Of course, it comes with a cost. An ETF will incur an annual fee ranging from 0.2% to 1.5% of the total value of the Bitcoin it owns, which can crimp the returns over the long term. However, for Bitcoin, the ETF could spark anywhere from $50 billion to $100 billion in fresh demand within the first year, according to Standard Chartered . That could push the price of Bitcoin higher as asset managers buy up tokens for their ETFs. Tom Lee thinks Bitcoin could soar to $500,000 in five years Bitcoin is a finite resource, much like gold. Its source code limits its maximum supply to 21 million tokens, the last of which is expected to be mined in the year 2140. Theoretically, so long as demand exists, its price should gradually rise. Tom Lee thinks ETF demand could push Bitcoin to $150,000 per token this year. But he predicts it could soar to $500,000 per token within five years, which would represent a gain of more than 1,120%. Is that realistic? Bitcoin has a total market capitalization of $770 billion right now, so a gain of 1,120% would drive that number to almost $9 trillion. For context, Apple is the largest company in the world, with a value of just $3 trillion. It sells tangible goods and services that produce substantial revenue and earnings, and those form the basis of the company's value. Bitcoin, on the other hand, produces nothing tangible, which makes it very hard to truly value. The total value of all gold reserves is estimated at $13.6 trillion, and that might be a better comparison to the potential of Bitcoin. Still, gold can be physically owned, which is a useful trait in the event of an economic or social crisis. Bitcoin could very well hit Lee's $500,000 target by 2029, but investors should always tread with caution when it comes to speculative assets like cryptocurrency. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 16, 2024 Anthony Di Pizio has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple and Bitcoin. The Motley Fool recommends Standard Chartered Plc. The Motley Fool has a disclosure policy . 1 Unstoppable Cryptocurrency to Buy Before It Soars 1,120%, According to This Wall Street Analyst was originally published by The Motley Fool

2024-01-24 11:30:00+00:00

{"Bitcoin": [2025]}

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Got $1,000? Buy This Hot Growth Stock Before It Takes Off

https://finance.yahoo.com/news/got-1-000-buy-hot-113000452.html

Motley Fool

http://www.fool.com/

It isn't often that a stock is up more than 120% in the past year and still considered to have plenty of room to run. But not every company is like Coinbase Global (NASDAQ: COIN) . Rising to become one of the crypto industry's most prominent leaders, crypto exchange Coinbase is rising from the ashes of the most recent bear market and has its sights set on returning to its glory days. As crypto gears up for a new bull market, investors would be wise not to overlook this lucrative opportunity. Image source: Getty Images. A new company takes shape A year ago, the prospects of Coinbase surviving a brutal bear market and making it to the next bull market looked slim. As the crypto winter set in and activity on its platform dried up, Coinbase posted a $1 billion net loss. But since then, much has changed. A company that once depended on one source of revenue now boasts a suite of products that can produce income in any market. Previously accounting for more than 90% of total revenue, transaction fees now make up less than half today. Comprised of staking rewards, monthly subscription packages, custodial services, and more, Coinbase's Subscriptions and Services segment has proved an invaluable investment and picked up much of the slack. Adding to its transformation, Coinbase developed innovative technologies and products to further diversify its revenue streams. For example, Base, the company's own blockchain , launched in August and has already brought in $5.7 million in revenue. That number likely will increase as the ecosystem matures and crypto activity picks up. Furthermore, Coinbase is slowly becoming the preferred intermediary for onboarding deep-pocketed institutional investors looking to explore the power of blockchains and cryptocurrencies. Since Q4 2018, Coinbase has seen a 1,200% increase in transaction volume from its institutional clients. More recently, Coinbase reached a landmark agreement with some of Wall Street's biggest names, offering custodial services to eight of the 11 new Bitcoin ETF providers. With billions of dollars flowing through these new assets, the company may have found yet another lucrative source of income. Story continues Coinbase is going global Perhaps the most intriguing development during the past year is Coinbase's global expansion. Although the company commands about 75% of the U.S. crypto market, it recognized its international presence was lacking. But that is quickly changing. As it currently stands, Binance is the clear leader on an international scale. But recent legal battles it faces in the U.S. and increasing scrutiny abroad are giving Coinbase a chance to enter new markets. Capitalizing on this window of opportunity, Coinbase initiated its "Go Broad, Go Deep" expansion strategy at the beginning of 2023. Today, Coinbase operates in more than 100 countries, provides its Coinbase One subscription plan in 38 countries, launched an international derivative exchange, and offers stablecoin and staking products in more than 110 countries. It also recently established a European headquarters in Ireland and plans to take advantage of the European Union's favorable crypto policies to solidify its presence in one of the largest economies in the world. Building out its global reach might prove to be the most significant catalyst for Coinbase to continue growing. An analysis by the investment firm VanEck suggests that by the end of the year, Coinbase could see a 500% jump in volume on its derivative exchange should it gain approval, as expected, in the EU and other international markets. Plenty of untapped potential As crypto finally shook off a brutal crypto winter, Coinbase followed suit and rebounded more than 400% in 2023. Yet, despite this monumental surge, it remains more than 50% below its all-time high today. Should a bull market return -- which, given crypto's cyclical nature and recent resurgence, seems more like a matter of "when" than "if" -- Coinbase has what it takes to surpass its peak valuation. At the time of the last bull market, Coinbase was but a mere fraction of the company it is today and, yet, was worth nearly $90 billion, three times more than its current valuation. With its revamped business model and international expansion, don't be surprised if it soars to new highs sooner than later. As crypto continues its historic journey, no other company is in a better position to capitalize on the burgeoning asset class than Coinbase. Should you invest $1,000 in Coinbase Global right now? Before you buy stock in Coinbase Global, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Coinbase Global wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 22, 2024 RJ Fulton has positions in Coinbase Global. The Motley Fool has positions in and recommends Coinbase Global. The Motley Fool has a disclosure policy . Got $1,000? Buy This Hot Growth Stock Before It Takes Off was originally published by The Motley Fool

2024-01-24 12:00:00+00:00

{"Bitcoin": [159, 1671, 1827, 1953]}

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Bitfarms Purchases Land in Yguazu, Paraguay in Support of Transformative Fleet Upgrade & 2024 Target of 21 EH/s

https://finance.yahoo.com/news/bitfarms-purchases-land-yguazu-paraguay-120000943.html

GlobeNewswire

https://www.globenewswire.com/

Bitfarms Ltd. TORONTO, Ontario and BROSSARD, Québec, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, announces that it has completed the purchase of land for its new 100 MW production facility in Yguazu, Paraguay. “This transaction, an important step in our recently announced transformative fleet upgrade, expands our LATAM portfolio with low-cost renewable hydropower,” said Geoff Morphy, President and CEO of Bitfarms. “The newly acquired land is located in the heart of Paraguay near the Itaipú Dam, the third largest hydropower dam in the world with 14 gigawatts of installed capacity. Positioned to benefit from the region's abundant renewable energy resources, this new facility should be sustainable both economically and environmentally. Once Yguazu comes online, over 85% of our portfolio will be powered by low-cost green energy that promotes environmentally sustainable bitcoin mining. “We look forward to starting construction on the Yguazu farm and anticipate completing the facility's build-out in the second half of 2024. In conjunction with our miner redeployment strategy, the Yguazu project will be designed to help provide sufficient infrastructure to achieve a corporate hashrate of 21 EH/s by year end 2024 should we exercise our recently announced miner purchase order option for additional Bitmain T21 miners.” “Bitfarms is dedicated to managing costs and driving returns for shareholders. This upgrade should deliver meaningful improvements in hashrate, energy efficiency and cost per bitcoin, positioning us well for the Halving and to capture upside from rising Bitcoin prices and mining economics,” Geoff Morphy concluded. About Bitfarms Ltd. Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime. Bitfarms currently has 11 farms in production, one in expansion, one under construction, and one in development, in four countries: Canada, the United States, Paraguay, and Argentina. Powered by predominantly environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable, locally based, and often underutilized energy infrastructure. Story continues To learn more about Bitfarms’ events, developments, and online communities: Website: www.bitfarms.com https://www.facebook.com/bitfarms/ https://twitter.com/Bitfarms_io https://www.instagram.com/bitfarms/ https://www.linkedin.com/company/bitfarms/ Glossary of Terms EH or EH/s = Exahash or exahash per second MW or MWh = Megawatts or megawatt hour Cautionary Statement Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. None of the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the expectations for the Company’s planned new facility in Yguazu, Paraguay, including its expected construction timeline, are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of the facility may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and, the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.SEDAR.com (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the annual information form for the year-ended December 31, 2022, filed on March 21, 2023. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law . Contacts: Investor Relations Tracy Krumme (Bitfarms) +1 786-671-5638 tkrumme@bitfarms.com David Barnard (LHA) +1 415-433-3777 Investors@bitfarms.com Actual Agency Khushboo Chaudhary +1 646-373-9946 mediarelations@bitfarms.com Québec Media: Tact Louis-Martin Leclerc +1 418-693-2425 lmleclerc@tactconseil.ca View comments

2024-01-24 12:27:00+00:00

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{"Bitcoin": [39]}

Saylor's Sales: A Prediction of Future Bitcoin Prices?

https://finance.yahoo.com/news/saylors-sales-prediction-future-bitcoin-122700293.html

Motley Fool

http://www.fool.com/

MicroStrategy (NASDAQ: MSTR) founder and chairman Michael Saylor started selling stock in his own company in early January, culled from his portfolio of stock options. Astute investors may have noticed that the sales have been very consistent and are still going on today. Even keener observers, of course, saw this process coming from a mile away -- actually, from early November 2023. They also know how long Saylor's sales will go on, and why he is doing it. In case you missed the early hints, here's why Michael Saylor is converting a massive lot of stock options into MicroStrategy shares, only to sell them immediately on the open market. Spoiler alert: Saylor has not lost faith in his data analytics business. He simply wants to buy some Bitcoin (CRYPTO: BTC) for himself. Why Saylor is selling his converted stock options This is not a guess. Saylor stated his plan to execute some of his stock options in 2024 and then sell the resulting shares on the grand stage of MicroStrategy's third-quarter earnings call in November : I was granted a stock option in 2014 with respect to 400,000 shares, which is going to expire next April if I don't exercise it by then. For almost a decade now at my request, the company has only paid me a $1 salary, and I've chosen not to be eligible for any cash bonuses. Exercising this option will allow me to address some financial obligations, as well as to acquire additional Bitcoin for my personal account. Those options were about to expire at the end of April anyway, so why not convert them into some cash and a lot of Bitcoin? After all, that's exactly what Saylor has been doing to most of MicroStrategy's cash in recent years. Saylor went on to explain his trading plan in some detail. As stated on that call and in the regulatory filings that followed, Saylor is converting 5,000 stock options into MicroStrategy shares on every day between Jan. 2 and April 25. This slow and steady approach minimizes Saylor's impact on MicroStrategy's daily trading patterns and volumes. It's a patient and responsible way to take advantage of the only significant compensation MicroStrategy has issued to Saylor in the last decade. Story continues The story behind Saylor's stock option play It should be said that Michael Saylor has a history of controversial business practices. The block of 400,000 stock options was set up to placate activist investor group Apex Capital in 2014. The firm argued that Saylor -- CEO at the time -- was spending too much time on his yachts and golf courses, paying insufficient attention to MicroStrategy's management. With a strictly symbolic annual paycheck, no bonuses for the next decade, and a huge block of stock options to his name, Michael Saylor's objectives were strictly aligned with those of common shareholders. The only way to make money under this structure was to increase MicroStrategy's stock value over time. This options-based structure wasn't looking good in 2020. By midsummer that year, MicroStrategy's stock price was down 5% from the start of 2014. Saylor's 400,000 stock options were worth a grand total of $47 million that summer. It's hardly a beggar's ransom, but also far from the stellar returns expected by the CEO of a successful software business over nearly seven years. Later that summer, Michael Saylor invested $250 million of MicroStrategy's cash in Bitcoin, calling the cryptocurrency "a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash." MicroStrategy's stock price more than tripled between July 1 and New Year's Eve, right alongside a similar surge in Bitcoin prices. ^SPX Chart Bitcoin has been good to Michael Saylor over the years. At today's share prices, those 400,000 options are worth approximately $159 million. That should be more than enough to settle Saylor's golf club premiums, put a fresh coat of paint on every yacht, and boost his personal Bitcoin exposure significantly. Bitcoin transformed Saylor's fortunes -- should you follow suit? Michael Saylor's stock-option settlement worked out in his favor thanks to a bold Bitcoin bet. The man looks like a genius when the largest cryptocurrency is on the rise, but not so much during crypto winters and other market downturns. If those options had expired one year earlier, forcing him to execute the conversion plan in the spring of 2023, MicroStrategy's and Bitcoin's average prices were about half of what they are today. My takeaway from Michael Saylor's Bitcoin adventures is not that my entire net worth should be converted into Bitcoin today. Rather, I see the upsides of a successful crypto strategy next to the downsides of more challenging periods. If anything, I'm inspired to take my hands off the Bitcoin wheel for a while (apart from moving my Bitcoin ETF holdings into a different vehicle, as I disclosed last week ) and wait for the next crypto winter before increasing my crypto bets. I respect the longtime Bitcoin advocate's deep devotion to the cause, but he isn't my favorite role model by a long shot. Saylor rides the Bitcoin roller coaster with gusto, but for those of us watching from the ground, it's a clear signal to diversify our tickets and enjoy a steadier ride. That's why my Bitcoin investments are a small portion of my total nest egg, and why master investor Warren Buffett wouldn't touch the digital currency with a 10-foot pole. Should you invest $1,000 in Bitcoin right now? Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitcoin wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*. See the 10 stocks *Stock Advisor returns as of January 22, 2024 Anders Bylund has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy . Saylor's Sales: A Prediction of Future Bitcoin Prices? was originally published by The Motley Fool