Day: September 9, 2020

Investors are buying the dip for now, but the market rout is likely not over
Business news

Investors are buying the dip for now, but the market rout is likely not over

A man walks a dog in the shade away from the midday sun past the New York Stock Exchange (NYSE) building in Manhattan, during hot weather in New York City, New York, U.S., August 11, 2020. Mike Segar | Reuters The swift correction in Nasdaq and technology stocks has cleared away some of the market's speculative froth, but there is likely to be a period of choppiness before stocks begin a new march higher, strategists say. Stocks staged an impressive spring back rally Wednesday, but ended the day off their highest levels. The Nasdaq recovered 2.7% after a three-day 10% decline, the quickest correction ever. Stocks like Apple, Amazon and Microsoft all gained sharply but Tesla surged more, rallying 10.9% after its 21% loss Tuesday. The S&P 500 was up 2% , and the Dow jumped 1...
Mastercard launches virtual testing environment for central bank currencies
Currencies

Mastercard launches virtual testing environment for central bank currencies

Mastercard announced on Wednesday the release of a proprietary tool targeted to central banks that wish to test their Central Bank Digital Currency, or CBDC. Over 70% of central banks are entertaining the idea of a digital currency in some form, a Bank of International Settlements report noted. While few have moved into actual concept and experimentation, the tool released by Mastercard aims to make testing simpler. The tool simulates various types of transaction environments to let central banks evaluate CBDC use cases. It mimics the issuance, distribution and exchange of CBDCs between banks, financial services companies and consumers.  Mastercard called for partners to use the platform to evaluate the effectiveness of CBDC’s technological designs, proposed use cases and the int...
Daily Market Outlook, September 9, 2020
Forex News

Daily Market Outlook, September 9, 2020

Daily Market Outlook, September 9, 2020  Following declines across European and US stock market yesterday, equities have continued to trade heavily across the Asia Pacific region overnight. Almost all major indices are trading lower this morning, in part driven by the news of AstraZeneca Plc’s decision to pause its trial of a Covid-19 vaccine. Meanwhile, US Customs and Border Protection officials have prepared orders to block imports of cotton and tomato products from China’s Xinjiang region following allegations they were being produced with forced labour. The eighth round of formal negotiations between the EU and UK on a future trade deal enters its second day today. So far, discussions have been acrimonious leading the UK to announce its proposal for a UK Internal Market Bill whi...
Why Traders Should Care About The Federal Reserve in 2020
Online Trading

Why Traders Should Care About The Federal Reserve in 2020

With a temporary shutdown of a large portion of the United States economy and high unemployment, the stock market continues to rise. Things are confusing, and lots of people are blaming the Federal Reserve. For many, it’s easy to ignore the Fed-related hysteria because those yelling the loudest are the same folks trying to sell you physical precious metals and calling doomsday each time the S&P 500 drops a few percent. It can be easy to say that a “broken clock is right twice a day” and move on. Not so fast… The Fed has taken some actions over the past six months, which will have unquantifiable effects on the global economy, positive and negative. Among them are: Allowing inflation to “run hot.” Printing trillions of dollars Buying corporate debt These are pretty...
Owning a Bitcoin ATM is about to get a lot harder in Germany
Crypto News

Owning a Bitcoin ATM is about to get a lot harder in Germany

In an effort to increase the country's legal overwatch, Germany now says Bitcoin (BTC) ATMs require regulatory approval before they are allowed to operate. ATMs that offer assets such as Litecoin and Bitcoin now requires a license from Germany's financial regulator, BaFin, a Sept. 8 statement from the entity said.  "Proprietary trading is a financial service and financial commission business is a banking business, for which prior approval from BaFin is required." This does not appear so much as a new ruling as it does a clarification of current legal requirements. "Those who set up such crypto machines that do not have permission from BaFin are acting illegally," the statement read. Cointelegraph reached out to BaFin for additional details, but received no response as of press t...
Sebi to roll out system-driven disclosures for promoter group members, designated persons of cos
Stock News

Sebi to roll out system-driven disclosures for promoter group members, designated persons of cos

NEW DELHI: Markets regulator Sebi on Wednesday decided to implement system-driven disclosures for members of promoter group, directors and designated persons of a listed company. To begin with, the system-driven disclosures will pertain to trading in equity shares and equity derivative instruments -- futures and options -- of the listed company by such entities, Sebi said in a circular. The system-driven disclosures in the securities market were first introduced in December 2015 and are being implemented in a phased manner. "It has now been decided to implement the system-driven disclosures for member(s) of promoter group and designated person(s) in addition to the promoter(s) and director(s) of company...under the PIT Regulations," Sebi said. The depositories and stock exchanges will...
ECB Meeting Preview: It will be Hard to Stop the Euro
Forex News

ECB Meeting Preview: It will be Hard to Stop the Euro

The ECB should need to say something extraordinary to stop the Euro rally. Verbal intervention looks like the only option it’s not the time to change something in the policy. It is still too early to talk about expanding the limit of the main anti-crisis instrument (PEPP). The ECB also does not plan to touch deposit rate and change QE volume, and there is little sense in doing so. Given the structural downtrend in the dollar, the likelihood of a resumption of the bullish trend in EURUSD is high. To understand why we should not expect active actions from the ECB, it is important to keep in mind two points: The ECB has gone too far in easing by making the rate negative and launching a fairly substantial QE, including PEPP with a ceiling of 1.35 trillion Euro. It is a well-known fact...
Walmart Canada’s blockchain freight supply chain proving its value
Crypto News

Walmart Canada’s blockchain freight supply chain proving its value

While it’s notable that some enterprises are beginning to deploy blockchain solutions this year, it’s important to point out that very few have done so. A report from Everest Group Research published in June shows that while 79% of projects have completed their pilot phases, only 7% have been deployed to production in 2020. That being said, it’s impressive that one of the world’s largest retailers has successfully deployed and implemented a blockchain solution. Walmart Canada has adopted DL Freight, a blockchain-based supply chain platform, as its national standard for freight invoices and payment management to be used among 60-plus transportation carriers. Although Walmart Canada and Toronto-based blockchain firm DLT Labs initially launched a blockchain-based platform for supply-chain a...
Dow rallies 400 points as tech recovers from massive sell-off, Apple up 3%
Business news

Dow rallies 400 points as tech recovers from massive sell-off, Apple up 3%

Stocks ripped higher on Wednesday as tech shares clawed back some of the steep losses that pushed the Nasdaq Composite into correction territory. The Dow Jones Industrial Average traded 404 points higher, or 1.5%. The S&P 500 jumped 1.7% and the Nasdaq Composite advanced 2%. Shares of Tesla, which had their single worst day ever on Tuesday dropping 21%, rose 8.5% Wednesday. Apple, which lost more than 6% in the previous session, was up by 3.5%. Those two stocks, along with Microsoft, Amazon, Alphabet and Facebook, lost $1 trillion in market value the last three days. All six were rebounding Wednesday. "The megacap Tech stocks are no longer invincible," Tom Lee, head of research at Fundstrat Global Advisors, wrote in a note. "The bludgeoning seen in the last few days resulted in...
Sensex pares 260 points from day’s low but still ends 171 points down; Nifty slides below 11,300
Stock News

Sensex pares 260 points from day’s low but still ends 171 points down; Nifty slides below 11,300

NEW DELHI: Throughout the day, domestic equity indices traded in the red but pared some of the afternoon losses at close on Wednesday after European markets opened with some gains, lifting the sentiments. Rout in US technology stocks and setback in Astrazeneca Covid-19 vaccine trial put pressure on Indian markets as investors sold shares in the heap. The drug firm stopped phase three trials after one of the participants developed unexplained illness. The 30-share pack Sensex ended the day down 171.43 points or 0.45 per cent at 38,193.92. During the day, the index had fallen below 39,000 level but recovered nearly 260 points from its day’s low. The NSE flagship Nifty closed down 39.95 points or 0.35 per cent at 11,278. "After opening with losses and drifting lower, the benchmark indices r...