Thursday, August 6

Day: 10 July 2020

Data Suggests Bitcoin Price Will Rise as Investor Demographics Shift
10Jul By webeatthebrokerNo Comments
Crypto News

Data Suggests Bitcoin Price Will Rise as Investor Demographics Shift

Bitcoin (BTC) has been trading sideways for around a month now and is being outperformed by several other altcoins like Ether (ETH) and Chainlink (LINK). The cryptocurrency also hit the lowest levels of volatility since November 2018.  Moreover, Bitcoin’s trading volume in it’s USDT and USD pairs has decreased by 56% and 44%, while global crypto trading volumes in June are down by 49.3% as well, according to CryptoCompare. While some point to these key factors as the start of a downtrend in Bitcoin price, there are still a few bullish scenarios to look out for. A recent report by Stack Funds found that a shift in investor demographics may soon bring the price of Bitcoin to new highs.  Utilizing data from Coindance, the report found that 50% of Bitcoin investors are millennials....
Read More
UBS Updates Exchange Rate Fixing Time for ETRACS Alerian Midstream Energy Index ETN due June 21, 2050 – Business Wire
10Jul By webeatthebrokerNo Comments
Forex News

UBS Updates Exchange Rate Fixing Time for ETRACS Alerian Midstream Energy Index ETN due June 21, 2050 – Business Wire

NEW YORK--(BUSINESS WIRE)--On June 30, 2020, Alerian announced an update to the methodology guide for the Alerian Midstream Energy Index (the “Index”). Effective as of the close of business on June 30, 2020, the Index began using the WM/Reuters USD/CAD foreign exchange rate as of 4:00 p.m. Eastern Time (rather than 4:00 p.m. London Time) to convert the value of Canadian index constituent securities, for purposes of determining the Index values. Subsequent to the Index methodology update, UBS Securities LLC, in its capacity as calculation agent for the ETRACS Alerian Midstream Energy Index ETN due June 21, 2050 (Ticker: AMNA) (the “Securities”) today announced a change to the USD/CAD foreign exchange rate fixing time for the Securities following a determination that the prior USD/CAD forei...
Read More
The cost of Biden’s economic plan to the stock market is more than you might think
10Jul By webeatthebrokerNo Comments
Stock News

The cost of Biden’s economic plan to the stock market is more than you might think

While momentum investors are increasingly focused on ever-higher stock prices, prudent investors should start focusing on the presidential election. Democratic front-runner Joe Biden released his “Buy American” economic plan to challenge President Trump. Still, investors need to ask how Biden would pay for the plan. He could take away Trump’s tax cuts for corporations and the rich. But Biden and Trump might also share a strategy: Borrow more and influence the Federal Reserve to print more money. Readers know that I am politically agnostic. My sole job is to help investors. Let’s explore the issue with the help of a chart. Chart Please click here for an annotated chart of the Dow Jones Industrial Average ETF DIA, +1.39%, which tracks the Dow Jones Industrial Average DJIA, +1.43%. Note t...
Read More
US STOCKS-S&P 500, Dow edge higher as Gilead data offsets virus concerns – Reuters
10Jul By webeatthebrokerNo Comments
Stock News

US STOCKS-S&P 500, Dow edge higher as Gilead data offsets virus concerns – Reuters

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.) * Nasdaq eases from record closing high * Carnival rises on plan to resume trips in phases * Netflix rises after Goldman Sachs PT raise * Dow rises 0.75%, S&P up 0.39%, Nasdaq down 0.03% (Updates to early afternoon) By Medha Singh and C Nivedita July 10 (Reuters) - The S&P 500 and the Dow advanced on Friday as a positive update from Gilead’s antiviral drug to treat COVID-19 countered nerves over a record rise in coronavirus cases in the United States that threatens to damage Corporate America. Gilead’s remdesivir significantly improved clinical recovery and reduced the risk of death in COVID-19 patients, additional data from a late-stage study showed. The drugmaker’s shares rose 2.1% as it said...
Read More
Investors await BlackRock earnings after blistering Q2 market rally
10Jul By webeatthebrokerNo Comments
Stock News

Investors await BlackRock earnings after blistering Q2 market rally

NEW YORK: Investors will watch next week's earnings from BlackRock, the world's largest asset manager, for a snapshot of how the industry performed during the second quarter's dramatic rebound in global financial markets. Most expect numbers from industry bellwether BlackRock and other asset managers to reflect the sharp stock market rebound. The S&P 500 rose 20% in the second quarter after falling as much in the first three months of 2020 as the coronavirus pandemic slammed the economy. Since the performance of asset managers tends to be tied to how markets fare, investors see a range of risks ahead, including further acceleration of U.S. coronavirus cases and potential market volatility around the Nov. 3 presidential election. Still, "just on a market level, the asset managers ar...
Read More
SAIL Q4 results: Steelmaker reports net profit of Rs 2,022 crore
10Jul By webeatthebrokerNo Comments
Stock News

SAIL Q4 results: Steelmaker reports net profit of Rs 2,022 crore

Kolkata: SAIL has earned a net profit of Rs 2,021.54 crore in FY’20 on a turnover of Rs 61,024.88 crore. The net profit for the year was a shade below the previous year's figure of Rs 2179 crore. The company also reported a Profit Before Tax (PBT) of Rs 3,170.66 crore in spite of the challenging market conditions including the onset of the coronavirus pandemic, an official statement said. SAIL said EBITDA per tonne of Saleable Steel improved from Rs 7,284 in FY19 to Rs 7,869 FY20. The company’s EBITDA/Turnover figure stood at 18.35% in FY20 in comparison to a figure of 15.52% in the same period last year. Along with this, SAIL also achieved its best ever 14.23 million tonne (mt) annual sales during FY20. SAIL's exports touched 1.18 mt in FY20, achieving its highest-ever export volume w...
Read More
FOREX-Yen rises on renewed surge in virus cases; dollar index falls – Yahoo Finance
10Jul By webeatthebrokerNo Comments
Forex News

FOREX-Yen rises on renewed surge in virus cases; dollar index falls – Yahoo Finance

* U.S. producer prices fall in June, dollar weaker * U.S. COVID cases post one-day record on Thursday * Yuan dips but stays near 4-month high * Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E (Adds new comment, FX table, updates prices, changes byline, dateline; previous LONDON) By Gertrude Chavez-Dreyfuss NEW YORK, July 10 (Reuters) - The safe-haven Japanese yen climbed to a two-week peak against the dollar on Friday, lifted by concerns about a surge in coronavirus infections in the United States and around the world. The yen was on track to post its largest daily percentage gain against the dollar in about a month. The greenback fell against a basket of major currencies, pressured by weaker-than-expected U.S. producer prices in June as well as positive news about the potentia...
Read More
Dow and broader stock-market futures turn positive amid upbeat report on Gilead’s experimental coronavirus treatment – MarketWatch
10Jul By webeatthebrokerNo Comments
Stock News

Dow and broader stock-market futures turn positive amid upbeat report on Gilead’s experimental coronavirus treatment – MarketWatch

U.S. stock-index futures turned positive on Friday after a report from Gilead Sciences indicated that its experimental treatment for coronavirus was seeing positive results in reducing deaths. Futures for the Dow Jones Industrial Average YM00, +0.48% YMU20, +0.48% were up 0.1% at 25,600, those for the S&P 500 index ES00, +0.22% ESU20, +0.22% were trading up 0.1% at 3,144, while Nasdaq-100 futures NQ00, -0.06% NQU20, -0.06% advanced 0.1% at 10,740. Gilead published a report on Friday saying that its antiviral drug remdesivir showed that it reduced the risk of death for coronavirus patients by 62% compared with standard care alone. The findings are being presented at the Virtual Covid-19 Conference as part of the 23rd International AIDS Conference, the company said. Credit: Source
Read More
The Treasury Department says Americans’ $450 billion in charitable donations last year shows ‘greater distribution of wealth’ in the U.S.—but data suggest otherwise
10Jul By webeatthebrokerNo Comments
Stock News

The Treasury Department says Americans’ $450 billion in charitable donations last year shows ‘greater distribution of wealth’ in the U.S.—but data suggest otherwise

Americans gave a near-record amount of money to charity last year, and that is evidence that the Trump administration’s policies are spreading prosperity, the Treasury Department said recently. But longer-term research on charitable giving paints a different picture—one of growing economic inequality. “Total giving growth in 2019 was driven primarily by an increase in giving by individuals, which may reflect larger trends such as greater distribution of wealth,” the Treasury Department said in a recent announcement. Citing figures from the Giving USA report on charitable giving in 2019, the Treasury Department noted that Americans gave an estimated $449.64 billion to charity last year—a 2.4% increase from 2018 and the second highest amount on record when adjusted for inflation. America...
Read More
Key Short-Term Scalability Feature Still Needs Research, Says Vitalik Buterin
10Jul By webeatthebrokerNo Comments
Crypto News

Key Short-Term Scalability Feature Still Needs Research, Says Vitalik Buterin

Research into stateless clients for Ethereum is seen as instrumental for the long-term health of the network, but despite all the progress, some fundamental limitations prevent them from being applied in practice for now. At the Unitize conference, Vitalik Buterin, a co-founder of Ethereum, provided an up-to-date picture on the latest progress and problems for the stateless client transition. Stateless clients, in short, are a way to allow nodes to fully participate in validation without having to hold the entire earlier history of the blockchain. The state represents all current balances, smart contracts code and their respective data. Each new block only makes very small alterations to the state, but all of them have to be verified against the entire blockchain, making it a very ineff...
Read More