Tuesday, December 1

Day: October 28, 2020

Dow futures rise 100 points after Wall Street’s worst sell-off in months
Business news

Dow futures rise 100 points after Wall Street’s worst sell-off in months

A trader takes a break outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., October 28, 2020.Carlo Allegri | ReutersU.S. stock futures opened modestly higher on Wednesday night after the worst day for the market in several months.Futures tied to the Dow Jones Industrial Average gained about 112 points, or 0.4%. Those for the S&P 500 and the Nasdaq 100 both rose about 0.5%.The move in futures comes after a sharp sell-off during Wednesday's session that extended Wall Street's losing streak. The Dow lost 934 points, or 3.4%, for its fourth-straight negative day and worst loss since June 11. The S&P 500 also saw its worst day since June 11, falling 3.5% for its third-straight negative session.The tech-heavy Nasdaq Composite su...
Asian stocks set for slight gains after Wall Street ends higher
Stock News

Asian stocks set for slight gains after Wall Street ends higher

Asian stocks were set for cautious gains on Friday after positive U.S. economic data and signs of progress in stimulus talks in Washington lifted Wall Street benchmarks."There will be a positive bias to the opening tone in Asian trade," said Tom Piotrowski, market analyst at Australian broker CommSec. "But regional investors won't necessarily hang their hats on that outcome, the markets can move around quite quickly."In early Asian trade, futures for Japan's Nikkei 225 index were up 0.3%.Australia's S&P ASX 200 and MSCI's gauge of stocks across the globe were roughly flat. Hong Kong's Hang Seng index futures were down 0.11%.U.S. lawmakers were still trying to hammer out a roughly $2 trillion stimulus deal late on Thursday, with U.S. House Speaker Nancy Pelosi saying that she...
Avanti launches crypto-friendly bank in Wyoming
Crypto News

Avanti launches crypto-friendly bank in Wyoming

According to an Oct. 28 announcement from Avanti, The Wyoming State Banking Board voted 8-0 to grant the financial institution a bank charter. The approval will allow Avanti to operate the new crypto-friendly bank under the name Avanti Bank & Trust as well as its “tokenized U.S. dollar” Avit, designed to modernize USD payments.Avanti said it planned to open for customers in early 2021, but will be limited to high minimum balance accounts. Retail clients will have to wait.“Avanti’s mission is to provide a compliant bridge between the traditional and digital asset financial systems, with the strictest level of institutional custody standards,” said Avanti founder and CEO Caitlin Long:“Currently the only type of U.S. financial institution that can provide final and simultaneous se...
Gold Price Analysis: Bears finally catch a break
Forex

Gold Price Analysis: Bears finally catch a break

Gold bears take control and break into fresh bearish territory.  Further downside on the cards, but market volatility is here to stay.From an ongoing analysis, the bears have finally managed to catch the break that they were looking for and the prior analysis had forecasted originally, here:and again, here:Original forecastEnd resultTo be continued...Next?As illustrated, the trendline resistance held and the price eventually crumbled to the first target area. So where is next?Casting minds back to the original analysis, the expectations are of a deeper retracement of the monthly bullish impulse to at least a 38.2% Fibonacci target.However, markets rarely move this far without offering a discount, especially in an asset class such as gold which ...
Blue Star Q2 results: Posts net profit of Rs 15 cr
Stock News

Blue Star Q2 results: Posts net profit of Rs 15 cr

NEW DELHI: Air conditioning and commercial refrigeration maker Blue Star Ltd on Wednesday reported a consolidated net profit of Rs 15.32 crore for the second quarter ended September 2020. The company had posted a net profit of Rs 37.94 crore in the corresponding quarter of the previous financial year, Blue Star said in a regulatory filing.Its revenue from operations stood at Rs 902.12 crore during the period under review. It was Rs 1,249.47 crore a year ago, the company said.According to the company, its "results for the quarter are not comparable with those for the previous quarter, owing to the impact of the COVID-19 lockdown on the company's operations".Blue Star's total expenses were at Rs 885.52 crore.Its revenue from 'electro-mechanical projects and commercial air condition...
Bitcoin price sees pullback, but bulls still marching toward $20K
Crypto News, Trading

Bitcoin price sees pullback, but bulls still marching toward $20K

The price of Bitcoin (BTC) has increased by 36% in the last 35 days, showing a strong rally. The market sentiment has been optimistic due to rising institutional demand and the perception of BTC as an inflation hedge.But after a large uptrend, the belief that BTC may pull back has begun to increase. While a minor correction could occur, like the 4% downward trip to just under $13,000 on Oct. 28, a sizable downtrend is becoming increasingly unlikely. Bitcoin was at $13,860 at the day’s peak, which marked the top of the July 2019 rally. After hitting such a resistance area, a minor pullback is expected. Following a drop to below $13,000, BTC has quickly recovered to $13,150, demonstrating resilience.Throughout the past 11 years, Bitcoin price has moved in cycles. One of the most promin...
BoC’s Macklem: Negative interest rates would be disruptive at current time
Forex

BoC’s Macklem: Negative interest rates would be disruptive at current time

Following the Bank of Canada's decision to leave its policy rate unchanged at 0.25% as expected, Governor Tiff Macklem and Senior Deputy Governor Carolyn A. Wilkins are delivering their remarks on the policy outlook in a press conference.Key quotes"Negative interest rates would be disruptive at the current time.""The bar to have negative rates would be very high.""Negative rates are in the toolbox but we are not currently discussing them."[embedded content]About Tiff Macklem via bankofcanada.ca"Tiff Macklem was appointed Governor of the Bank of Canada, effective June 3, 2020, for a term of seven years. During the Global Financial Crisis, Mr. Macklem was Associate Deputy Minister at the Department of Finance, and served as Canada's representative at the G7, G20 and Financial...
Dow sinks 800 points as investors fear rise in coronavirus cases could halt the economic recovery
Business news

Dow sinks 800 points as investors fear rise in coronavirus cases could halt the economic recovery

U.S. stocks fell sharply on Wednesday, following their European counterparts, as investors worried that the latest increase in coronavirus infections could halt the global economic recovery.The Dow Jones Industrial Average dropped 823 points, or 3%. The S&P 500 dipped 2.9% and the Nasdaq Composite traded 3% lower.In Europe, the German Dax index dropped 4.4% to its lowest level since late May and the French CAC 40 slid 4%. The FTSE 100 in London fell 3.2%.This uptick has led some countries to reinstate certain social distancing measures. German Chancellor Angela Merkel called on Wednesday for a limited lockdown. Meanwhile, Reuters reported, citing sources, that France was poised to issue a stay-at-home order. In the U.S., the state of Illinois has ordered Chicago to shut down in...
SP 500, Dow slip on worries about earnings, US stimulus outlook
Stock News

SP 500, Dow slip on worries about earnings, US stimulus outlook

Stocks on Wall Street closed little changed on Tuesday, with the Dow and S&P 500 slipping on disappointing earnings and little hope for a U.S. coronavirus stimulus before Election Day, though the Nasdaq rose ahead of big technology company results.Investor sentiment sagged after the White House said a deal on COVID-19 relief could come in “weeks,” meaning a deal is unlikely before the Nov. 3 election.But the tech-heavy Nasdaq rose as Microsoft Corp firmed in the run-up to its results after the closing bell, and the technology heavyweights kept the S&P 500 slightly in the black for much of the session.Microsoft beat Wall Street estimates for quarterly revenue which rose 12% to $37.2 billion, as the software giant benefited more from a global shift to work and learning from ...
Firstsource Q2 results: Net profit surges 56% to Rs 105 cr
Stock News

Firstsource Q2 results: Net profit surges 56% to Rs 105 cr

New Delhi: Business process management (BPM) services provider Firstsource Solutions on Wednesday posted 56.3 per cent rise in consolidated net profit to Rs 105.2 crore for the second quarter ended September 30. Its net profit (attributable to owners of the equity) stood at Rs 67.3 crore in the year-ago period, Firstsource said in a statement. Revenue from operations grew 21.2 per cent to Rs 1,178.3 crore in the reported quarter, from Rs 971.4 crore a year ago, it added."We delivered solid results in Q2 with broad-based growth as economies continue to recover. I'm pleased with the strong performance and new client acquisitions across our financial services, healthcare and Born Digital segments...Looking forward to continued growth momentum steered by our Digital First, Digital Now appr...