Thursday, August 6

Day: 2 July 2020

NewsWatch: The coronavirus crisis is costing states and locals hundreds of billions, analysis finds
Stock News

NewsWatch: The coronavirus crisis is costing states and locals hundreds of billions, analysis finds

MARKETWATCH FRONT PAGE The economic pain facing state and local governments resulting from the coronavirus pandemic is disconnected from the improving outlook on the national front. A new analysis from a Cleveland Federal Reserve researcher quantifies that hit. See full story. No U.S. stock funds? Is this 25-year old investor crazy — or on to something? Do-it-yourself retirement saver goes against the Wall Street crowd See full story. Lemonade IPO: 5 things to know about the online insurer As the world is buffeted by digital and societal revolutions, Lemonade Inc. is hoping to leverage the uncertainty created by those upheavals to reshape an industry meant to provide peace of mind: insurance. See full story. James Carville says there’s a ‘significant chance’ Trump drops out of the presid...
Market Snapshot: Dow books slight gain, Nasdaq ends at a record as rise in coronavirus cases caps rally on strong jobs report
Stock News

Market Snapshot: Dow books slight gain, Nasdaq ends at a record as rise in coronavirus cases caps rally on strong jobs report

U.S. stock indexes ended a choppy session Thursday with meager gains to close out a holiday-shortened week, as a record rise in new coronavirus cases in states like Florida helped to erode some of the optimism surrounding a stronger-than-expected monthly employment report for June. U.S. financial markets will be closed on Friday to observe the July Fourth holiday which falls on Saturday this year. How are benchmarks performing? The Dow Jones Industrial Average DJIA, +0.35% closed 92.39 points, or 0.4%, higher to finish at 25,827.36, while the S&P 500 index SPX, +0.45% added 14.15 points, or 0.5%, to reach 3,130.01. Meanwhile, the Nasdaq Composite Index COMP, +0.52% gained 53 points, or 0.5%, close at 10,207.63, booking its second straight record close but well off its intraday high...
Qorvo: An Attractive Semiconductor Pick In The Overheated Technology Sector
Stock News

Qorvo: An Attractive Semiconductor Pick In The Overheated Technology Sector

Semiconductor player, Qorvo (QRVO) has seen its share of challenges in 2020. With revenues majorly exposed to the struggling smartphone market, the company was forced to reduce its fourth-quarter guidance in March 2020. Qorvo landed up reducing fourth-quarter revenue outlook from $800-840 million to $770 million. But investors were up for a treat when the actual fourth-quarter revenue performance reported was $787.77 million, 15.70% YoY growth, and ahead of the consensus by $18.39 million. The company's fourth-quarter non-GAAP EPS of $1.57 also managed to beat the consensus by $0.21. Although the overall demand for smartphones has declined, the company seems to be benefitting from the 5G rollout and associated increase of data content. The company is also seeing strength in its infrastruct...
Metamask Enhances User Privacy With New Wallet Update
Crypto News

Metamask Enhances User Privacy With New Wallet Update

Metamask, a popular Ether (ETH) wallet and browser extension, has just released a new major application upgrade. Announcing the news on July 2, Metamask outlined that the new update, Metamask Version 8, offers a number of new features like enhanced privacy control and a new account-login system. This story is developing and will be updated. Source: Cointelegraph
Behind the 4.8m jobs that returned: key takeaways from June’s US jobs report – The Guardian
Stock News

Behind the 4.8m jobs that returned: key takeaways from June’s US jobs report – The Guardian

Donald Trump was quick to celebrate the US Department of Labor’s monthly job report on Thursday after it revealed a record 4.8m jobs came back in June as states reopened following coronavirus lockdowns. But while the White House has already boasted the report is a sign of successful economic recovery, the reality is that millions of Americans are still indefinitely out of work. And to make things worse, the report gets its data from a survey that was administered in the earlier half of June, before states such as California, Arizona and Texas reversed the reopening of businesses like gyms and bars in the wake of huge surges of new Covid-19 infections. Here are a few takeaways from today’s report, which shows many are still suffering the consequences of the pandemic’s recession and the eco...
Forex News

Forex Trading in Zimbabwe • Forex Strategies • Benzinga – Benzinga

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more. 2019 marked the end of the multiple currency system in Zimbabwe. The country reintroduced its native dollar with a new system to avoid the hyperinflation of the past. Moving forward from 2020, the Reserve Bank of Zimbabwe adopted a managed float exchange rate system. Although the currency still faces fluctuation, it is nothing like the 500 billion percent inflation rate pre-2016. Attribution: Inside Business Retail forex traders in Zimbabwe have a refreshed opportunity to participate in the global financial markets. The Securities and Exchange Commission of Zimbabwe (SECZ) says very little of regulation in the retail trader space, but Zimbabwean investors can s...
Forex Trading in Zambia • Forex Strategies • Benzinga – Benzinga
Forex News

Forex Trading in Zambia • Forex Strategies • Benzinga – Benzinga

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more. Zambia continues to be 1 of the most exciting emerging markets coming out of Africa. The Zambia Securities and Exchange Commission and the Bank of Zambia provide a favorable regulatory structure, helping investors to trust the private operators within the country’s borders. There remains a great deal of income inequality and overflows in government spending. Attribution: Wikimedia The Zambian kwacha has gained ground against the dollar in the past few years as well. All of these advances have led to an increase in the number of people interested in retail forex trading. If you are looking into the market, here are the most important things to consider. Get Star...
Forex News

Forex Trading in South Korea • Forex Strategies • Benzinga – Benzinga

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more. In an uncertain global market driven by COVID, South Korea is actively examining its forex policies. The quick actions of the Bank of Korea (BOK) and other financial regulators during the crisis helped to avoid initial market panic from spreading. The country’s positive relations with the U.S. and China have also helped to stabilize its financial market even considering the won’s exchange rate against major currencies. Attribution: Flickr As a result, many forex brokers are able to offer commission-free trade executions in South Korea. Because the country is also well-positioned in the middle of 3 huge forex exchanges — Japan, Singapore and Hong Kong — South Ko...
Motherson Sumi Systems approves group reorganisation plan
Stock News

Motherson Sumi Systems approves group reorganisation plan

New Delhi: Auto component major Motherson Sumi Systems (MSSL or the Company) Thursday said it has approved a group reorganization plan with the objective of creating value for the shareholders. The reorganization realigns interests of all its stakeholders and creates a simplified corporate structure for growth of businesses across product portfolios within auto components space and allied operations, the company said in a statement. The reorganization plan approved by the respective boards of MSSL and Samvardhana Motherson International Limited (SAMIL) among other things, entails demerger of Domestic Wiring Harness (DWH) business from MSSL into a new company which is in the process of being incorporated as a wholly owned subsidiary of MSSL and subsequent merger of SAMIL into MSSL to con...
US equity futures rally after NFP
Forex News

US equity futures rally after NFP

US nonfarm payrolls increased 4,800k in June, better than expected, after the upwardly revised 2,699k (was 2,509k) bounce in May following the -20,787k (was -20,687k) collapse in April. The unemployment rate slide to 11.1% versus 13.3% (was 13.3%) previously, and April’s 14.7%. The rate was at a 50-year low of 3.5% in February. The labor force rose another 1,705k after the prior 1,746k gain, with household employment up 4,940k versus 3,839k. The labor force participation rate rose to 61.5% versus 60.8%. Average hourly earnings declined another -1.2% versus -1.0% previously, unwinding some of the 4.7% pop in April. Average weekly hours fell to 34.5 in June from 34.7 in May. Private payrolls climbed 4,767k (versus ADP’s 2,369k) following the 3,232k (was 3,094k) increase in May The goods prod...