404376
Firas 🅰️
@firasnfts #404376
Full-Time Web3 • Law student • Investor
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🟢Alibaba, Tencent rally as Beijing stimulus plans push China’s tech stocks to 13-month high.
🔴Banks including Goldman Sachs and Bank of America expect the pound, currently trading about $1.34, to climb in the coming months.
DECISION ON BLACKROCK AND BITWISE ETHEREUM ETFS POSTPONED
In a statement issued by the commission, the US Securities and Exchange Commission decided to postpone its decision on Nasdaq’s proposed rule change regarding the listing and trading of options on BlackRock and Bitwise’s Ethereum spot exchange-traded funds.
The statement explained that the ruling (which was scheduled to be issued next Thursday) has been postponed until November 10. The SEC’s decision comes on the heels of the recent approval of options trading on BlackRock’s iShares Bitcoin Trust (IBIT), which was approved last week.
In a statement issued by the commission, the US Securities and Exchange Commission decided to postpone its decision on Nasdaq’s proposed rule change regarding the listing and trading of options on BlackRock and Bitwise’s Ethereum spot exchange-traded funds.
The statement explained that the ruling (which was scheduled to be issued next Thursday) has been postponed until November 10. The SEC’s decision comes on the heels of the recent approval of options trading on BlackRock’s iShares Bitcoin Trust (IBIT), which was approved last week.
ECB MEMBER NAGEL: GERMAN ECONOMY MAY GAIN SOME MOMENTUM AGAIN
On Tuesday, European Central Bank member and Bundesbank Governor Joachim Nagel made some important comments regarding economic activity in Germany, assuming that the country's economy should gain some momentum to grow again, but at a slow pace.
In addition, Nagel said that the main factors behind Germany's growth were the energy crisis, weak foreign demand and high inflation, but the consequences of high inflation led to a decline in economic activity; many consumers refrained from spending, and in addition, the ECB's tightening of monetary policy weakened economic activity in Germany.
In its recent monthly report, the Bundesbank expected that Germany's economic growth rate would decline - and possibly enter a recession - in the third quarter due to weak manufacturing activity, investment and consumer spending at the same time.
On Tuesday, European Central Bank member and Bundesbank Governor Joachim Nagel made some important comments regarding economic activity in Germany, assuming that the country's economy should gain some momentum to grow again, but at a slow pace.
In addition, Nagel said that the main factors behind Germany's growth were the energy crisis, weak foreign demand and high inflation, but the consequences of high inflation led to a decline in economic activity; many consumers refrained from spending, and in addition, the ECB's tightening of monetary policy weakened economic activity in Germany.
In its recent monthly report, the Bundesbank expected that Germany's economic growth rate would decline - and possibly enter a recession - in the third quarter due to weak manufacturing activity, investment and consumer spending at the same time.
DOLLAR FED MEMBERS' STATEMENTS: STABILITY AFTER RISE
The US dollar stabilized on Tuesday, while the euro tried to recover after the big losses it suffered in the previous session.
The US dollar stabilized on Tuesday, while the euro tried to recover after the big losses it suffered in the previous session.
UK MANUFACTURING AND SERVICES PMIS RELEASED
Data released by IHS Markit, a division of S&P Global, on Monday morning showed a negative preliminary reading for the UK Manufacturing Purchasing Managers' Index (PMI) for September, with the preliminary reading recording a contraction of 51.5 points, lower than market expectations of 52.3 points, and also lower than the previous reading for August, which recorded 52.5 points.
At the same time, the preliminary reading showed that the UK Services PMI grew at 52.8 points during September, lower than market expectations of 53.5 points, after the August reading had recorded growth of 53.7 points.
Data released by IHS Markit, a division of S&P Global, on Monday morning showed a negative preliminary reading for the UK Manufacturing Purchasing Managers' Index (PMI) for September, with the preliminary reading recording a contraction of 51.5 points, lower than market expectations of 52.3 points, and also lower than the previous reading for August, which recorded 52.5 points.
At the same time, the preliminary reading showed that the UK Services PMI grew at 52.8 points during September, lower than market expectations of 53.5 points, after the August reading had recorded growth of 53.7 points.
Key Events This Week
- S&P Global Services PMI Data – Monday
- Consumer Confidence Data – Tuesday
- New Home Sales Data – Wednesday
- Durable Goods Orders Data – Thursday
- Final GDP Reading for Q2 2024 – Thursday
- Inflation Data for August – Friday
- S&P Global Services PMI Data – Monday
- Consumer Confidence Data – Tuesday
- New Home Sales Data – Wednesday
- Durable Goods Orders Data – Thursday
- Final GDP Reading for Q2 2024 – Thursday
- Inflation Data for August – Friday
General Electric stock price increased 6x times during last 4 years and now valued with P/S=4.5x, all-time-high multiple.
🟢Intel shares gained nearly 8% after the Wall Street Journal reported that Qualcomm approached the company about a takeover.
🔺European markets set to open lower following slew of central bank decisions.
JAPANESE STOCKS CLOSE SHARPLY HIGHER AFTER FED MEETING, BANK OF JAPAN DECISION AWAITED
Most Asian stocks rose during trading on Thursday, and Japanese stocks closed the session sharply higher after the US Federal Reserve on Wednesday evening began its interest rate cutting cycle with a large reduction of 50 basis points, bringing the target range for the benchmark borrowing rate to 5.00% - 4.75%.
Today’s rise in Japanese stocks was mainly driven by the sharp decline in the Japanese yen against the US dollar, as traders prepare for the Bank of Japan’s interest rate decision on Friday morning, when the bank’s Monetary Policy Committee will announce its decision on interest rates, after the Bank of Japan ended its decades-long negative interest rate regime earlier this year.
Most Asian stocks rose during trading on Thursday, and Japanese stocks closed the session sharply higher after the US Federal Reserve on Wednesday evening began its interest rate cutting cycle with a large reduction of 50 basis points, bringing the target range for the benchmark borrowing rate to 5.00% - 4.75%.
Today’s rise in Japanese stocks was mainly driven by the sharp decline in the Japanese yen against the US dollar, as traders prepare for the Bank of Japan’s interest rate decision on Friday morning, when the bank’s Monetary Policy Committee will announce its decision on interest rates, after the Bank of Japan ended its decades-long negative interest rate regime earlier this year.
NOMURA BANK EXPLAINS THE SCENARIOS FOR TRADING THE DOLLAR AFTER THE FED MEETING
Japanese Nomura Bank published a note on Tuesday regarding its expectations for trading the US dollar with the US Federal Reserve’s decision, which included scenarios for trading the US dollar according to the bank’s possible decision.
Nomura expects that a 25 basis point interest rate cut by the Federal Open Market Committee will initially strengthen the US dollar, but it expects the US dollar to weaken during the press conference of Fed Chairman Jerome Powell, and a larger cut could exacerbate this weakness.
The bank’s analysts indicated that a larger 50 basis point rate cut is likely to lead to further weakness in the US dollar, and Nomura also lowered its forecast for the USD/JPY pair, recommending selling the pair, especially if the yen recovers and the pair falls towards 143-145 yen.
Japanese Nomura Bank published a note on Tuesday regarding its expectations for trading the US dollar with the US Federal Reserve’s decision, which included scenarios for trading the US dollar according to the bank’s possible decision.
Nomura expects that a 25 basis point interest rate cut by the Federal Open Market Committee will initially strengthen the US dollar, but it expects the US dollar to weaken during the press conference of Fed Chairman Jerome Powell, and a larger cut could exacerbate this weakness.
The bank’s analysts indicated that a larger 50 basis point rate cut is likely to lead to further weakness in the US dollar, and Nomura also lowered its forecast for the USD/JPY pair, recommending selling the pair, especially if the yen recovers and the pair falls towards 143-145 yen.
BREAKING:
Zuckerberg bans Russian state media on Facebook and Instagram.
Zuckerberg bans Russian state media on Facebook and Instagram.
🔴BREAKING - Traders Raise Odds of 50-Basis Point Rate Cut to 68%
Traders have not been this divided on the outcome of the Fed’s next rate decision since before the financial crisis. Markets are now pricing in a 68% chance of a 50-basis-point cut, compared with 43% on Friday.
With just one day to go, whether Fed policymakers will cut rates by a quarter-point or a half-point is a wild card in U.S. interest rates markets. Excluding the Fed’s emergency cut in March 2020 at the start of the pandemic, that’s the highest level of uncertainty in interest-rate swaps markets for any decision by the U.S. central bank since 2007, according to data compiled by Bloomberg.
Traders have not been this divided on the outcome of the Fed’s next rate decision since before the financial crisis. Markets are now pricing in a 68% chance of a 50-basis-point cut, compared with 43% on Friday.
With just one day to go, whether Fed policymakers will cut rates by a quarter-point or a half-point is a wild card in U.S. interest rates markets. Excluding the Fed’s emergency cut in March 2020 at the start of the pandemic, that’s the highest level of uncertainty in interest-rate swaps markets for any decision by the U.S. central bank since 2007, according to data compiled by Bloomberg.
Oil moves in a narrow range as Chinese demand concerns persist
Crude oil prices fell slightly during trading on Monday, coinciding with growing concerns about weak Chinese demand for crude oil after the release of a number of economic data in China.
Crude oil prices fell slightly during trading on Monday, coinciding with growing concerns about weak Chinese demand for crude oil after the release of a number of economic data in China.
⭕️ BREAKING - TRUMP SAFE AFTER POSSIBLE GUNSHOTS ‘IN HIS VICINITY,’ CAMPAIGN SAYS
Former President Donald Trump was safe on Sunday after his campaign said it heard gunshots fired in his vicinity.
CNBC has not independently verified the gunshots.
The sounds were heard on Trump’s golf course in West Palm Beach, Florida, where the the Republican presidential nominee was golfing, a source familiar with the matter told NBC News on Sunday.
The former president was immediately taken to a safe location, the source said.
The Secret Service said in a statement posted on X that it was “investigating a protective incident” involving Trump.
Trump was injured in an attempted assassination at a Pennsylvania rally in July.
Former President Donald Trump was safe on Sunday after his campaign said it heard gunshots fired in his vicinity.
CNBC has not independently verified the gunshots.
The sounds were heard on Trump’s golf course in West Palm Beach, Florida, where the the Republican presidential nominee was golfing, a source familiar with the matter told NBC News on Sunday.
The former president was immediately taken to a safe location, the source said.
The Secret Service said in a statement posted on X that it was “investigating a protective incident” involving Trump.
Trump was injured in an attempted assassination at a Pennsylvania rally in July.
🟥 New York Post: Two people exchanged gunfire outside Trump resort, but he was not the target.
Netflix insiders sold shares worth $135 mm in August. Second largest monthly sales volume ever.
BOEING SHARES FALL MORE THAN 3% ON STRIKE CALLS!
Boeing shares fell sharply during trading on Friday, by more than 3%, as the stock was damaged by a strike by Boeing machine workers after they refused a 25% wage increase, which caused the company's factory to close.
Fitch, in turn, said that if the strike continues for a long period, it could lead to a downgrade of Boeing's rating to an undesirable level.
Boeing shares fell sharply during trading on Friday, by more than 3%, as the stock was damaged by a strike by Boeing machine workers after they refused a 25% wage increase, which caused the company's factory to close.
Fitch, in turn, said that if the strike continues for a long period, it could lead to a downgrade of Boeing's rating to an undesirable level.
BITCOIN ETFS SEE NEARLY $39 MILLION INFLOWS
Spot Bitcoin ETFs are seeing inflows again, with the 12 Bitcoin ETFs reporting net inflows of $39.02 million on September 12, according to data from SoSo Value.
Also, ARK 21Shares’ ARKB Fund topped the list with $18.3 million inflows. This comes after the fund saw $54 million in outflows the previous day.
Fidelity’s FBTC Fund followed with $11.5 million inflows into its fund (the ETF was the only fund to record net inflows for four consecutive days, with $115.9 million in). Grayscale’s Bitcoin Mini Trust also attracted $5.18 million.
Also, VanEck’s HODL, Franklin Templeton’s EZBC, and Bitwise’s BITB saw net positive inflows of $4.9 million, $3.4 million, and $2.2 million, respectively, on the day. On the other hand, Grayscale’s GBTC was the only Bitcoin ETF to report outflows, with $6.5 million leaving the fund, resulting in total outflows of $20.04 billion since its launch.
Spot Bitcoin ETFs are seeing inflows again, with the 12 Bitcoin ETFs reporting net inflows of $39.02 million on September 12, according to data from SoSo Value.
Also, ARK 21Shares’ ARKB Fund topped the list with $18.3 million inflows. This comes after the fund saw $54 million in outflows the previous day.
Fidelity’s FBTC Fund followed with $11.5 million inflows into its fund (the ETF was the only fund to record net inflows for four consecutive days, with $115.9 million in). Grayscale’s Bitcoin Mini Trust also attracted $5.18 million.
Also, VanEck’s HODL, Franklin Templeton’s EZBC, and Bitwise’s BITB saw net positive inflows of $4.9 million, $3.4 million, and $2.2 million, respectively, on the day. On the other hand, Grayscale’s GBTC was the only Bitcoin ETF to report outflows, with $6.5 million leaving the fund, resulting in total outflows of $20.04 billion since its launch.
The People's Bank of China decided on Friday morning to set the yuan exchange rate against the US dollar at 7.1030 yuan per dollar, while expectations indicated that it would record 7.1048 yuan. The pair's closing price yesterday was 7.1173 yuan. The bank also pumped 236 billion yuan in repurchase operations in the markets for 7 days, with a return of 1.7%.
It is worth noting that the Bank of China influences the price of the US dollar USD by linking the value of its currency - the yuan - to the dollar USD, as the bank uses a fixed exchange rate policy, which differs from the free exchange rate used by the United States and many other countries, leaving a margin of movement for the Chinese currency to move in a narrow range.
The Bank of China manages the value of the yuan by keeping it fixed against a basket of currencies of countries that are considered partners of China. The basket is measured by the dollar price USD because the United States is China's largest trading partner.
It is worth noting that the Bank of China influences the price of the US dollar USD by linking the value of its currency - the yuan - to the dollar USD, as the bank uses a fixed exchange rate policy, which differs from the free exchange rate used by the United States and many other countries, leaving a margin of movement for the Chinese currency to move in a narrow range.
The Bank of China manages the value of the yuan by keeping it fixed against a basket of currencies of countries that are considered partners of China. The basket is measured by the dollar price USD because the United States is China's largest trading partner.
ASIAN CHIP-RELATED STOCKS RALLY ON RENEWED AI OPTIMISM AFTER NVIDIA CEO COMMENTS
Asian chipmaking heavyweights extended Wall Street’s rally as Nvidia
CEO Jensen Huang made bullish comments about the AI darling’s outlook.
The founder of the artificial intelligence chip powerhouse discussed his views on the company’s moat, its rivals and supply chain at Goldman Sachs Communacopia + Technology Conference in San Francisco. Nvidia shares rallied 8% Wednesday as Huang described the demand for the company’s products as “so great” that it “is really emotional for people.”
“We have a lot of people [on] our shoulders, and everybody’s counting on us,” he said.
Asian chipmaking heavyweights extended Wall Street’s rally as Nvidia
CEO Jensen Huang made bullish comments about the AI darling’s outlook.
The founder of the artificial intelligence chip powerhouse discussed his views on the company’s moat, its rivals and supply chain at Goldman Sachs Communacopia + Technology Conference in San Francisco. Nvidia shares rallied 8% Wednesday as Huang described the demand for the company’s products as “so great” that it “is really emotional for people.”
“We have a lot of people [on] our shoulders, and everybody’s counting on us,” he said.
🇺🇸 US Crude Stocks Rise More than Expected: EIA
Crude oil inventories in the US rose by 0.833 million barrels in the week ended September 6, 2024, below market expectations of a 1 million rise, data from the EIA Petroleum Status Report showed. Also, gasoline stocks increased by 2.311 million, against forecasts of a 0.1 million fall. Distillate stockpiles, which include diesel and heating oil, went up by 2.308 million barrels, above the consensus of a 0.3 million rise. On the other hand, crude stocks at the Cushing, Oklahoma, delivery hub went down by 1.704 million barrels, following a 1.142 million barrel decrease.
Crude oil inventories in the US rose by 0.833 million barrels in the week ended September 6, 2024, below market expectations of a 1 million rise, data from the EIA Petroleum Status Report showed. Also, gasoline stocks increased by 2.311 million, against forecasts of a 0.1 million fall. Distillate stockpiles, which include diesel and heating oil, went up by 2.308 million barrels, above the consensus of a 0.3 million rise. On the other hand, crude stocks at the Cushing, Oklahoma, delivery hub went down by 1.704 million barrels, following a 1.142 million barrel decrease.
SAUDI ARAMCO CUTS ARAB CRUDE PRICE FOR ASIAN, EUROPEAN AND US CUSTOMERS
Saudi Arabian Oil Company (Aramco) has cut the selling prices of Arab Light crude for Asian, European and US customers during October; Saudi Aramco reduced the price of Arab Light crude for buyers in Asia by 70 cents.
As for customers in Northwest Europe, Aramco reduced the price of its Arab Light crude by 80 cents, equivalent to 10 cents to the United States.
Last month, Saudi Aramco announced the signing of a final acquisition deal with Japan’s Sumitomo Chemical to purchase an additional 22.5% stake in their joint venture, Petro Rabigh Refining and Petrochemical Company, for $702 million.
After the deal was concluded, Saudi Aramco’s stake in Petro Rabigh Refining and Petrochemical Company became about 60%, while Sumitomo Chemical’s stake decreased to about 15% only.
Saudi Arabian Oil Company (Aramco) has cut the selling prices of Arab Light crude for Asian, European and US customers during October; Saudi Aramco reduced the price of Arab Light crude for buyers in Asia by 70 cents.
As for customers in Northwest Europe, Aramco reduced the price of its Arab Light crude by 80 cents, equivalent to 10 cents to the United States.
Last month, Saudi Aramco announced the signing of a final acquisition deal with Japan’s Sumitomo Chemical to purchase an additional 22.5% stake in their joint venture, Petro Rabigh Refining and Petrochemical Company, for $702 million.
After the deal was concluded, Saudi Aramco’s stake in Petro Rabigh Refining and Petrochemical Company became about 60%, while Sumitomo Chemical’s stake decreased to about 15% only.