Bitcoin was already down about 4% before the latest news hit on the SEC delaying decisions on bitcoin spot ETFs from WisdomTree, Invesco and Valkyrie.The delay was largely expected so there might be a 'sell the rumour, buy the fact' trade in the works here. But it's...
Non-farm payrolls preview: Why August jobs are likely to disappoint
nonfarm payrollsWe won't have to wait long for the non-farm payrolls report as the calendar turns to September on a Friday. There's a big quirk in the August jobs report, as the initial data tends to run below the consensus. It's missed to the downside (before...
Oil climbs for the sixth straight day as it settles at the highs
Russia's Novak offered a cryptic hint about what's coming to the oil market next today, saying that OPEC+ will decide on future policy next week. That's not something that was on the schedule but leaves the market uncertain of what's to come. Initially the reaction...
The Nasdaq continues to drive US equities
Nasdaq Comp dailyThe S&P 500 and Russell 2000 are flat today but the Nasdaq is up another 0.5% in the fifth straight day of gains. Memory and chipmakers are leading the way:WDC +6.6%MU +3.1%AVGO +2.8%INTC +2.2%But Amazon +2% and Shopify +9.6% are other tech...
VinFast Stock Surged: All You Need to Know
Vietnamese electric vehicle manufacturer unexpectedly emerged as one of the most valuable carmakers in the world. When we are writing this article, VinFast’s capitalization is being exceeded only by Tesla and Toyota. But chances are, you've likely never even heard of...
Markets grow skeptical that the ECB will hike rates again, weighing on the euro
Last week the market was placing higher odds on the ECB hiking rates than leaving them unchanged at the Sept 14 meeting but now there's just a 30% chance of a hike. What changed?Three stories have done the majority of the lifting:On Friday, an 'ECB sources' report...
ECB’s DeGuindos: Latest date points to deceleration in Q3 and probably Q4
Latest data from July and Aug point towards economic deceleration in Q3 and probably in Q4We need to keep working to get inflation back to the 2% targetSeptember decision is still up for debateData in the next days is key to the ECB decisionWe are at the finishing...
BOC likely to hold at 5.00% in September meeting but will keep options open
RBC Capital Markets anticipates that the Bank of Canada (BoC) will maintain its key interest rate at 5.00% in its upcoming September policy meeting. Despite a hawkish tone in the July statement and Monetary Policy Report (MPR), Governor Macklem struck a more balanced...
European equity close: DAX diverges
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Atlanta Fed GDPNow 5.6% vs 5.9% prior
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USD/JPY falls to the lows of the day in volatile month-end trading
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Russia’s Novak says they will be announcing main parameters of OPEC+ deal next week
It's not entirely clear what Novak is referring to here but he said that Russia agreed with OPEC+ of further actions. He might be referring to an extension of Russian cuts or a larger OPEC deal. There are some ticks lower in oil on these headlines but I think the...
EIA weekly natural gas inventories +32 bcf vs +25 bcf expected
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USD/JPY stages a comeback. What the market is watching
USDJPY 10 minsThe US dollar has battled back today as better economic data pushes back against the idea the economy is rapidly slowing. USD/JPY is still lower on the day -- down 20 pips -- but has rebounded to 146.05 from 145.64. It's part of a broader bid in the US...
OPEC August output rose 220k bpd led by Iran – survey
Reuters' influential 'secondary sources' oil survey is out and highlights rising Iranian production. The country isn't subject to OPEC quotas because of sanctions declines.The Biden administration -- which blocked the Keystone XL pipeline -- has instead turned a blind...
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Fed’s Collins doesn’t touch on monetary policy in speech
Boston Fed President Susan Collins spoke at a convocation ceremony and didn't touch on monetary policy instead offering this kind of thing:In conclusion, I’ll just say that it is so essential that all in society have opportunities to enhance skillsThe full speech is...
Chinese yuan strengthens after PBOC rolls out mortgage measures
The piecemeal approach to China stimulus hasn't impressed the market yet but today's announcements on mortgages have captured more of the market's attention.The yuan is trading at a two-week high after a series of steps on mortgages.USDCNY dailyThe PBOC today said...
Canada June average weekly earnings +3.61% vs +3.61% prior
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US initial jobless claims w.e. 26 August 228K vs 235K expected
Prior 230K; revised to 232K4-week moving average initial jobless claims 237.50KPrior 236.75K; revised to 237.25KContinuing claims 1.725M vs 1.703M expectedPrior 1.702M; revised to 1.697MIt's a marginal decline in the weekly jobless claims but in any case, it is...