Day: July 28, 2020

CityWatch: Southampton concert featuring Chainsmokers, Goldman Sachs chief could result in fines, criminal penalties
Stock News

CityWatch: Southampton concert featuring Chainsmokers, Goldman Sachs chief could result in fines, criminal penalties

Organizers of a charity concert featuring the Chainsmokers and Goldman Sachs GS, -0.69% CEO David Solomon spinning tracks, as well as the town of Southampton, New York, where the event was held, could face civil fines and criminal penalties for the mass gathering, Gov. Andrew Cuomo said on Tuesday. Fallout and public scrutiny continue to ramp up in the wake of the “drive-in” concert that took place in a Hamptons sculpture park on Saturday night, after viral photos and videos of the event showed guests crowding in front of the stage without masks during a Chainsmokers performance. The New York State Department of Health has since opened an investigation into the event. “I want local governments to understand that we take this very seriously,” Cuomo said during a conference call with medi...
Huge opportunities for greater and more affordable connectivity
Stock News

Huge opportunities for greater and more affordable connectivity

The strict lockdown enforced at the end of March in SA has accelerated the digitalisation of the workplace much faster than most business leaders would ever have thought possible, says MVN-X CEO Valde Ferradaz. The subsequent surge in the demand for data impacted the ability of mobile networks to keep up. The use of digital platforms such as Zoom and Microsoft Teams exploded – replacing face-to-face interaction. And it all required data. The Independent Communications Authority of South Africa (Icasa) issued regulations in April that allow for the temporary release of high demand spectrum during the National State of Disaster to “ease network congestion, maintain a good quality of broadband services, and enable licencees to lower the cost of access to consumers”. The regulator ackno...
Cardano’s Shelley Hard Fork is Happening Tomorrow, No Interruption Expected
Crypto News

Cardano’s Shelley Hard Fork is Happening Tomorrow, No Interruption Expected

On July 29, Cardano (ADA) will migrate from the Byron to Shelley era with a planned hard fork. The team stated that no interruptions to the Blockchain’s normal operations are expected, elaborating that “this is the moment when Shelley ‘comes alive’ on mainnet, introducing features such as stake pools, delegation and rewards, opening up a new era of decentralization for Cardano.” Charles Hoskinson: thousands of DApps by 2021 Cardano founder Charles Hoskinson is extremely optimistic about the platform’s future, he expects to see thousands of decentralized applications and tons of projects residing on the new mainnet a year from now: Source: Twitter. A continuation of the Romantic Era The transition from Byron to Shelley seems to be going according to plan without any major deviations ...
Fed announces extension in lending facilities until end of the year
Stock News

Fed announces extension in lending facilities until end of the year

WASHINGTON: The US Federal Reserve said on Tuesday it will extend several of its lending facilities through the year-end as the central bank continues to dial back expectations on how quickly the US economy will recover from the novel coronavirus pandemic.The extensions apply to those facilities that were due to expire on or around Sept. 30, the Fed said in a statement. "The three-month extension will facilitate planning by potential facility participants and provide certainty that the facilities will continue to be available to help the economy recover," the Fed said. Hopes for a quick recovery have been dashed as the United States continues to struggle to contain the virus. A resurgence in new cases has forced some authorities in the hard-hit South and West regions to close businesse...
Late-Stage Coronavirus Vaccine Trials Begin: Biotech ETFs to Gain
ETFs

Late-Stage Coronavirus Vaccine Trials Begin: Biotech ETFs to Gain

The first company to start human clinical trials of its coronavirus vaccine candidate in the United States — Moderna MRNA — has once again cheered investors with a positive development. The company, which is developing this vaccine in collaboration with the National Institute of Allergy and Infectious Diseases, has now begun the Phase 3 clinical trial, encompassing 30,000 healthy participants at around 100 research sites in the United States. Notably, the first participant has been administered the dose at a site in Savannah, GA. The participants in the trial will be given either two 100 microgram doses of the vaccine or a placebo in a gap of around 28 days. Moreover, participants and the investigators will not be informed about who has received the vaccine. Infectious diseases expert,...
Tuesday’s ETF with Unusual Volume: DVOL
ETFs

Tuesday’s ETF with Unusual Volume: DVOL

The First Trust Dorsey Wright Momentum & Low Volatility ETF is seeing unusually high volume in afternoon trading Tuesday, with over 198,000 shares traded versus three month average volume of about 44,000. Shares of DVOL were down about 0.2% on the day. Components of that ETF with the highest volume on Tuesday were Apple, trading down about 1% with over 13.5 million shares changing hands so far this session, and Microsoft, off about 0.2% on volume of over 9.9 million shares. Roper Technologies is the component faring the best Tuesday, higher by about 2.4% on the day, while Tyler Technologies is lagging other components of the First Trust Dorsey Wright Momentum & Low Volatility ETF, trading lower by about 2%. VIDEO: Tuesday's ETF with Unusual Volume: DVOL The views and opi...
Turkish lira falls to a fresh record low against the euro amid investor selling, sanctions risk – CNBC
Forex News

Turkish lira falls to a fresh record low against the euro amid investor selling, sanctions risk – CNBC

Turkish Lira stock photo herkisi Turkey's lira fell to a fresh record low against the euro on Tuesday, extending losses from the previous session, as investors worry about the country's dwindling foreign exchange reserves, growing foreign-denominated debt, central bank intervention and potential sanctions from the EU.   The lira was briefly trading at a record low of 8.1733 to the euro just after 10 a.m. London time on Tuesday. The euro, which is also at its strongest level against the dollar in almost two years, has gained about 22% on the lira year-to-date according to Reuters Eikon data. The lira's drop comes despite aggressive dollar selling by Turkish state banks to prop it up, reported by the Financial Times to amount to some $2 billion this week alone. The co...
Turkey faces currency crisis as lira nears record lows. – The New York Times
Currencies

Turkey faces currency crisis as lira nears record lows. – The New York Times

Turkey was headed toward a currency crisis Tuesday as the value of the lira fell and the country’s central bank appeared to be running out of ammunition to stop its decline toward record lows. The lira was trading at more than 8 to the euro for the first time since a crisis in 2018. The lira was faring better against the U.S. dollar, but analysts said that the central bank was probably running out of reserves to buy lira and prop up its value. President Recep Tayyip Erdogan has battled the economic effects of the pandemic by encouraging banks to increase lending and by pressuring the central bank to keep its benchmark interest rate below the rate of inflation. Those policies have fueled fears of a credit bubble, prompting investors to sell Turkish assets, driving down the lira’s value ...
Tesla shares have surged on hope of inclusion in the S&P 500. But does being added to an index help a stock?
Stock News

Tesla shares have surged on hope of inclusion in the S&P 500. But does being added to an index help a stock?

What happens when a stock joins a benchmark index? It isn’t just an academic question. Shares of Tesla Inc. TSLA, +1.53% have surged in recent weeks as observers speculated about whether a fourth straight quarterly profit would put the electric-vehicle maker on track to be added to the S&P 500 SPX, +1.24%. But being added to an equity index isn’t such a great thing for most stocks, according to a new working paper. Tulane University’s Benjamin Bennett, Zexi Wang of the Lancaster University Management School, and René M. Stulz of Ohio State University analyze about 20 years of history, and find that while stocks may have benefited from being added to indexes at one time, that is changed in the past decade or so. “The positive announcement effect on the stock price of index inclusio...
Daily Gold News: Tuesday, July 28 – Gold’s New Record High Followed by Sharp Downward Reversal
Commodities

Daily Gold News: Tuesday, July 28 – Gold’s New Record High Followed by Sharp Downward Reversal

FXEmpire.com - The gold futures contract reached new record high yesterday at the price level of $1,941.90, as it further extended the advance following recent breakout above the short-term trading range and $1,800 level. The yellow metal has reached the highest in history following U.S. dollar sell-off, among other factors. And overnight it reached close to $1,980, before sharply retracing that after-hours rally. Last month gold broke above medium-term local highs along $1,750 price level, as we can see on the daily chart: Gold is 0.5% lower this morning after bouncing from $1,980 price level. The market traded at new record high. What about the other precious metals? Silver gained 7.23% on Monday and today it is 3.5 % lower following overnight reversal from $26 an ounce. Platinum g...