40 Burst results for "European Central Bank"
The Crypto Overnighter
A highlight from 686:Do Kwons SEC Charges and FTXs Shifting Assets
"Good evening, and welcome to The Crypto Overnight. I'm Nickademus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax and let's get started. And remember, none of this is financial advice. And it's 10 p .m. Pacific Sunday, October 1st, 2023. Welcome back to The Crypto Overnight, where we have no sponsors, no hidden agendas, and no BS. But we do have the news, so let's talk about that. Tonight, we're diving deep into the murky waters of deception, legal turmoil, and the ongoing struggle for financial freedom. DoKwan's courtroom dramas, FTX's questionable asset movements, and the European Central Bank's stance on the digital euro are all on the table. Trust is at a premium, and it's becoming increasingly clear that centralized entities are on shaky ground. Let's get to it. DoKwan, the founder of Terra, a once massive crypto ecosystem, is in hot water. Court documents from the U .S. Securities Exchange Commission reveal that Kwan admitted to faking trading volume. The SEC filing shows a text exchange between DoKwan and Daniel Shin, founder of the payments app Chai. Kwan tells Shin, quote, I can just create fake transactions that look real, which will generate fees. When Shin questions the ethics, Kwan assures him, I won't tell if you won't. Chai partnered with Terra to speed up payments. But the SEC alleges that this partnership was a sham. Terra never replaced Chai's payment systems. Instead, they replicated Chai payments onto the Terraform blockchain to deceive investors. In 2019, Terra announced its partnership with Chai, promising to process millions, if not billions in transaction volume. But the SEC claims that Chai payments did not use the Terraform blockchain. They were made through traditional means. This is a betrayal of trust, a slap in the face to every investor who bought into the Terra ecosystem. And it gets worse. DoKwan's Terra was focused on algorithmic stablecoins and was the second biggest DeFi blockchain after Ethereum. Its native cryptocurrency, Luna, was a top digital asset. But in May 2022, Terra collapsed. This led to a brutal bear market and bankrupted many crypto projects linked to Terra. DoKwan now faces a litany of charges. He was arrested in Montenegro on charges of document forgery. He's been detained indefinitely and is fighting extradition to the US. The SEC has requested his extradition, but his attorneys are pushing back, claiming it would prevent Terraform Labs from presenting a statement during the summary judgment process. Now before we move on, if you're enjoying tonight's deep dives, do me a favor. Hit that like button and turn on notifications. Trust is the currency of our times, and DoKwan's saga reminds us to be cautious. Speaking of caution, let's delve into a recent move that's causing waves. Remember the FTX exploit from last year? Well, the Ether tied to that exploit is on the move again. Let's set the stage. Around 2 ,500 Ether, worth just over $4 million, started moving early Saturday morning. These funds were divided via multiple transactions. A chunk of 700 Ether was transferred using ThorChain router, a cross -chain bridge with a focus on privacy. Another 1 ,200 Ether moved through Railgun, a privacy -focused DeFi wallet. The Ether, worth around $21 million, sitting in the original wallet. The timing on this is interesting. This movement comes just days after FTX founder Sam Beckman -Fried is set to go on trial in the US over fraud and conspiracy charges. Beckman -Fried has pled not guilty, but some former FTX and Alameda Research executives have pled guilty and are expected to testify against him. More on that trial in a bit. So who's behind this? The identity of the exploiter remains a mystery. Last year, accounts tied to FTX and its US affiliate were drained almost immediately after the company filed for bankruptcy and Beckman -Fried stepped down. Shortly after the exploit, 21 ,500 Ether was converted into the stablecoin die. Now let's not forget the broader implications. The market is anticipating the launch of Ethereum futures ETFs. And here we have a significant movement of Ether tied to a high -profile exploit. Interesting timing for the Ether to be on the move, especially with the possibility of those Ether ETFs coming out soon. It's like a pot about ready to boil over. But the heat doesn't stop there. The US government is digging into FTX's asset handling.
Bloomberg Markets
Fresh update on "european central bank" discussed on Bloomberg Markets
"Prior to hearings adr org faster resolve you took the first step in quit smoking but even former smokers may still be at risk for lung cancer that's why saved by the scan org wants you to know about a new low dose scan that can detect lung cancer early it takes only 60 seconds and could save your life you took the first step now take the next visit save by the scan org for a simple quiz to see if you're eligible doctor about screening saved by the scan org is brought to you by the American Lung Association's Lung Force Initiative and the Ad Council get instant access to the financial and political news of Europe every business day we watch sterling now shooting up wake up with Bloomberg Daybreak Europe Edition the European Central Bank's fight to tame inflation isn't over available now on your podcast be each weekday morning by 7 a .m. in London get the news you need to start your day in just 15 minutes subscribe to Bloomberg Daybreak Europe
Markets Daily Crypto Roundup
A highlight from Crypto Update | Navigating Token Listings and Delistings in the Crypto World with Host Noelle Acheson
"This episode of Markets Daily is sponsored by Kraken. It's Monday, September 18th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto's Macro Now newsletter on Substack. On today's show, we're talking about new crypto rules from New York State financial regulator and official support from token financing in Japan. And just a reminder, Coindesk is a news source and does not provide investment advice. Now, a markets roundup. Crypto markets have been enjoying a green day, with Bitcoin up almost 2 .8 % as at 10 am Eastern Time, trading at $27 ,280 according to Coindesk indices. Ether is up almost 1 .8%, trading at $1 ,658. Some smaller tokens such as Chainlink are up almost 10%, and Cosmos' ATOM token is up over 4%. The driver behind the change in mood appears to be renewed trader interest, as open interest in Bitcoin and Ether futures has jumped to the highest point for both since mid -August, according to data from Coinglass. 30 -day implied volatility as priced by the options markets is also on the rise. In traditional markets, U .S. stock indices are all trading slightly down so far this morning, as traders adopt a cautious mood ahead of Wednesday's FOMC rate decision. Futures market pricing is still signalling high confidence around a pause, but concerns remain around the Federal Reserve's outlook and expectations. Wednesday also sees the release of updated official economic projections, which will give us some insight into where the Fed expects rates to end the year, and by how much it expects to cut next year. We'll also get a glimpse of its expectations for U .S. inflation and GDP growth. As always, the fun part is the press conference afterwards, where Chair Powell feels some predictable and some unexpected questions from journalists. In Europe, the FTSE 100 was down 0 .75 % earlier today, drifting lower on weakening risk sentiment ahead of the Bank of England's rates decision later this week. European stocks were also weaker in trading today, with both the Euro Stoxx 600 and the German DAX down just over 1%. This comes amid concerns about the relentless climb in oil prices, and concerns that U .S. and Eurozone rates will remain higher for longer than many economists have predicted. Earlier today, a European Central Bank policy -maker said that the rate -setter would need to wait until at least March of next year before ruling out further hikes. In Asia, China's Shanghai Composite Index climbed just over 0 .25 % in trading today, as investors focused on last week's of economic stabilization. The Hang Seng Index, however, was down almost 1 .4%, hit by persistent concerns about the Chinese property sector and the impact on technology stocks of persistently high U .S. and Eurozone interest rates. Japan's market was closed today for a public holiday. In commodities, earlier this morning, the Brent crude benchmark took a breather from its weekend climb and is trading at just under $95 per barrel. Citigroup analysts put out a note earlier today saying that, while geopolitical risks could push oil prices over $100 a barrel in the short term, expected supply increases from non -OPEC producers should soon bring this back down below $90 a barrel. The energy minister for Saudi Arabia is due to address the World Petroleum Congress in Calgary later today. No doubt his remarks will be scrutinized for any hint as to how much longer the leading oil exporters' production cuts will continue. Gold prices continued their weekend climb, currently trading at around $1 ,923 per ounce, up just over 0 .1 % over the past 24 hours. While the price is still down 0 .6 % from the beginning of the month, traders appear to be energized by the likely pause in U .S. rate hikes. It also doesn't hurt that on Friday, China's central bank lifted temporary curbs on gold imports for state and mid -sized commercial banks. Stay tuned, after the break, we'll take a look at latest and supportive not -so -supportive rules from regulators. Back in a minute.
Bloomberg Daybreak Europe
Fresh update on "european central bank" discussed on Bloomberg Daybreak Europe
"Members of the conservative party rejected rishi sunak as leader they voted for liz truss they got rishi sunak after liz truss's disastrous mini budget and the crashing of the uk bond markets effectively but he stabilized things and joining me this morning to discuss what could be in this speech is bloomberg's uk correspondent lizzie you and i have been at party conference for four days you know the whole buildup has been towards the speech from the prime minister at lunchtime today what do you think might be in it well caroline you're asking what the theme tune might be what he might walk into i know he's a taylor swift fan maybe it'll be look what you made we do that could be a good reference to hs2 maybe it'll be blank space referring to the lack of policy at this conference no surely something much more positive and upbeat that is what rishi soon is going to try to do what we've been told is that he's going to promise to fundamentally change britain that could include an increase in the legal age at which you can smoke here in the uk effectively a ban what's likely to dominate the speech as i say is hs2 grant shaps the defense secretary has already confirmed this morning we're going to be speaking to him but he's already confirmed that we are expecting the northern leg to be scrapped in this speech there's a sense that this conference slogan long -term decisions for a brighter future are jars with that decision given that the project has been in the works for five predecessors this time of rishi sunak but you could actually get other transport projects in the north announced to sweeten the blow andy burnham the manchester mayor he says why does manchester the north have to choose why can't it have it like all the south but fundamentally this is a government that's been in for 13 years it's going to be hard to present himself as the long -term change candidate the latest savanta polling that's just landed in my inbox suggests that last week when the tories actually clawed back a bit of the gap in the polls it was just an anomaly and now that's been reversed so i wonder whether this is the moment where rishi sunak actually shows a bit of personality the real rishi sunak and whether he hints at his personal story because at the end of hunt speech if you remember the chancellor jeremy hunt there was one line about rishi sunak's personal story being about about aspiration maybe we get a bit more of that today yes absolutely um this is the the person who of course made it to an elite private school then to oxford then to golden sachs made it as a an mp voted in then to chancellor and now the first british asian prime minister in the uk's history and of course i think trying to breakthrough perhaps the slightly more technocratic air that he often gives off and which he shares as with kier stammer he does and also perhaps this speech needs to convince the hall of his political now so as you say hs2 has overshadowed a lot of the discussions today but there was also a sort of similar snafu when it comes to rolling back some of the green pledges that the party had he had to come with an emergency press conference totally right but it's not just the other policies that are stealing the like it's also with the personalities the former prime minister liz making their thinly veiled auditions like suella braverman like kemmy beat beat it now but also nigel farrar has been an unlikely star of this conference so rishi sunak as you say is is going to have to demonstrate some political now so if he wants to put the spotlight back on himself yes we have seen a lot of these individuals um of course walking around the hall which we're sitting in here in manchester and especially nigel forage and i think this is peculiar now to the uk you know the politician turn broadcaster what hat after they wearing at which point i think it's quite fascinating and you're going to be speaking to go out shots on the big tv uh a little bit later on today i can see him over there okay oh yes we certainly he's inches away on television and we also are going to be presenting the uk politics podcast later on we'll bring you the prime minister speech live we're also going to bring you um our interview with robert hayward who is the crossbench pier and pollster uh to think a little bit about the electoral maths also the next to by elections that are coming um what do we need to think about in of terms response reaction from business as well as politics to what the prime minister has to today say well we've already been getting a lot of loud warnings from other politicians outside the tory party and within it let me say the mayor of the west midlands andy street has warned that scrapping the northern leg of to would damage the uk's international reputation among investors and in fact there are fears he that could resign over it would be a huge embarrassment given that he himself is a conservative but you also asked about the business response on bloomberg tv this morning we were speaking to the may ceo he says that it would undermine a massive amount confidence of in uk plc that's exactly the same message that i got from rayne newton smith the cbi director general yesterday what business wants is certainty yeah that word is crucial and peculiar also so that the devolved mayor seemed to be the main power centers uh you know outside of london now such significant influence who knew devolution would be like this yeah absolutely andy burnham and andy street uh bloomberg tk correspondent lizzie burden thank you so much for joining me much more to come then on bloomberg radio and tv speaking to the defense secretary grant shafts later stephen caroline and lizzie thank you very much with the latest in the conservative party conference in manchester as we look ahead to that speech from the prime minister rishi sunak a little bit later on we will have a check on the markets and a reminder of our top stories for you next this is bloomberg daybreak europe if we want faster growth and also an end to taxes ever ratcheting higher that is possible but there are no shortcuts i'm a conservative of course i want to cut taxes the best tax cut that i can deliver for the british people right now is the heart of inflation inflation is a task the european central bank are working hard to keep inflation under control bloomberg europe daybreak on bloomberg radio and it's 8 30 here in london a good very good morning i'm stephen carroll and i'm crady gupta this is bloomberg daybreak europe on the markets we are seeing that right in bond markets continuing somewhat of a slowing in the jump in yields that we saw earlier the 30 -year yields now just below at five percent 4 .97 percent the moment five points higher on the day the ten -year yield at 4 8 4 across the european bond space yields on the 10 years up between three and five basis points the 10 -year german bunch yield now just below
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Navigating Token Listings and Delistings in the Crypto World with Host Noelle Acheson
"This episode of Markets Daily is sponsored by Kraken. It's Monday, September 18th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto's Macro Now newsletter on Substack. On today's show, we're talking about new crypto rules from New York State financial regulator and official support from token financing in Japan. And just a reminder, Coindesk is a news source and does not provide investment advice. Now, a markets roundup. Crypto markets have been enjoying a green day, with Bitcoin up almost 2 .8 % as at 10 am Eastern Time, trading at $27 ,280 according to Coindesk indices. Ether is up almost 1 .8%, trading at $1 ,658. Some smaller tokens such as Chainlink are up almost 10%, and Cosmos' ATOM token is up over 4%. The driver behind the change in mood appears to be renewed trader interest, as open interest in Bitcoin and Ether futures has jumped to the highest point for both since mid -August, according to data from Coinglass. 30 -day implied volatility as priced by the options markets is also on the rise. In traditional markets, U .S. stock indices are all trading slightly down so far this morning, as traders adopt a cautious mood ahead of Wednesday's FOMC rate decision. Futures market pricing is still signalling high confidence around a pause, but concerns remain around the Federal Reserve's outlook and expectations. Wednesday also sees the release of updated official economic projections, which will give us some insight into where the Fed expects rates to end the year, and by how much it expects to cut next year. We'll also get a glimpse of its expectations for U .S. inflation and GDP growth. As always, the fun part is the press conference afterwards, where Chair Powell feels some predictable and some unexpected questions from journalists. In Europe, the FTSE 100 was down 0 .75 % earlier today, drifting lower on weakening risk sentiment ahead of the Bank of England's rates decision later this week. European stocks were also weaker in trading today, with both the Euro Stoxx 600 and the German DAX down just over 1%. This comes amid concerns about the relentless climb in oil prices, and concerns that U .S. and Eurozone rates will remain higher for longer than many economists have predicted. Earlier today, a European Central Bank policy -maker said that the rate -setter would need to wait until at least March of next year before ruling out further hikes. In Asia, China's Shanghai Composite Index climbed just over 0 .25 % in trading today, as investors focused on last week's of economic stabilization. The Hang Seng Index, however, was down almost 1 .4%, hit by persistent concerns about the Chinese property sector and the impact on technology stocks of persistently high U .S. and Eurozone interest rates. Japan's market was closed today for a public holiday. In commodities, earlier this morning, the Brent crude benchmark took a breather from its weekend climb and is trading at just under $95 per barrel. Citigroup analysts put out a note earlier today saying that, while geopolitical risks could push oil prices over $100 a barrel in the short term, expected supply increases from non -OPEC producers should soon bring this back down below $90 a barrel. The energy minister for Saudi Arabia is due to address the World Petroleum Congress in Calgary later today. No doubt his remarks will be scrutinized for any hint as to how much longer the leading oil exporters' production cuts will continue. Gold prices continued their weekend climb, currently trading at around $1 ,923 per ounce, up just over 0 .1 % over the past 24 hours. While the price is still down 0 .6 % from the beginning of the month, traders appear to be energized by the likely pause in U .S. rate hikes. It also doesn't hurt that on Friday, China's central bank lifted temporary curbs on gold imports for state and mid -sized commercial banks. Stay tuned, after the break, we'll take a look at latest and supportive not -so -supportive rules from regulators. Back in a minute.
Bloomberg Daybreak Europe
Fresh update on "european central bank" discussed on Bloomberg Daybreak Europe
"That's the equivalent of a declaration of war and because of our political issues that are now internally you're going to be likely to push that because of the fact that many in Congress and so on would say we will defend Taiwan at all cost and we will give them this and you could even cross that line it's what my point is it's right at the edge that's that we have a chips issue and we have a technology and sanctions issue the reason in World War II war with Japan you had the cutting off of the oil and then the sanctioning them taking their payments so you have a somewhat similar situation chips is oil like back then and it's a very very very delicate issue you have the geopolitical issue which so is manifest in each of them and so on supporting the supporting Ukraine and other geopolitical issues which are also at the edge neither country wants to go to war afraid everybody's of what that war would be like because it would be devastating economically and politically so you will see sort of the postponing these will remain and probably intensify over the next five to ten years but they will be at that edge you're going to see in November there will be in San Francisco the APAC conference and you will see President Xi get together with President Biden but we have a political situation and so on that's it in China they are also dealing with a number of big problems as we're dealing with our problems they're dealing with their problems those problems are first the debt problem that has now been allowed to pass through the into the system meaning you have real estate and real estate counts for about 70 % of savings people put their money in real estate and about 20 % of their economy and there was a bubble and then that's passing through and that goes down to local governments that were living on debt and also land sales for real estate purchases and so that's a structural issue they need to do a debt restructuring and a debt restructuring is a very difficult thing to do they do can it but it's also very politically impactful because those who are you determine whoever's making these decisions determines whose wealth and how they divide the pie so you have that going on you have a move to what President Xi calls the hundred year on storm the horizon in other words he believes there's a hundred year storm on the horizon that's the sort of things that we're now talking about and with that hundred year storm on the horizon you have a very autocratic in other words if you don't behave well you'll lose your head and so on and that kind of environment which by the way in war periods and so on has been what most countries have moved toward or something and so that's having an effect on the economy we have the US China conflict itself which is affecting what country what companies do do I want to be in China or do I want to be in Vietnam that's one of the things that's benefiting neutral countries so they think okay if the ASEAN countries India and other places can be a beneficiary of that where do I want to be but that's also hurting and then of course that we have a world economy which is relatively slow moving that affects their exports so they're going through a very difficult period that was Ray Dalio the Bridgewater Associates founder speaking to David Weston at the Greenwich Economic Forum interesting to hear from him especially as we consider the situation in bond markets today and only last week Ray Dalio said that he believed the United States was going to have a debt crisis and was watching what he called a risky fiscal situation we're looking at the 30 -year treasury we yield 4 .99 % this morning so looking at levels crossing potentially that five percent just a whisker away from crossing that five percent handle the 10 -year yield seven basis points higher as well 4 four .86 % we're talking about these yields at a level last seen in 2007 and the early early trades on the European bond markets as well we are seeing yields ticking higher there as well the German two -year yield is two up to basis point three point two two percent the 10 -year German bond shield also up by five basis basis points this morning to 2 .97 % it's a similar move across France Germany Italian and Spanish yields and looking at the situation that's happening there on currency markets we are seeing the Bloomberg dollar spot index continuing to strengthen so we're keeping an eye too on the Japanese yen to see if it'll cross over that 150 handle again it did briefly yesterday after that Joltz data did show some of the situation the US labor market and the update on that was part of what was accelerated this move on markets that we saw today as well in equity markets contributing to a sell -off there across at the equity space in Asia and also where futures are pointing to we'll have a check on the markets for you next all right this is Bloomberg Daybreak Europe if we want faster growth and also an end to taxes ever ratcheting higher that is possible but there are no shortcuts I'm a conservative of course I want to cut taxes the best tax cut that I deliver can for the British people right now is the half inflation inflation is attached Christine Lagarde and the European Central Bank are working hard to keep inflation under control Bloomberg Daybreak Europe on Bloomberg Radio the time just coming up 730 here in London I'm Stephen Carroll this is Bloomberg Daybreak Europe let's check on those markets for you then we are watching yields push higher across European bonds after the the rise in treasuries has accelerated the 30 -year yield still holding a 4 .99 % 7 basis points 10 higher years at 4 .86 % this morning the havoc is spreading across financial the particularly markets when we see borrowing costs being pushed higher currencies being weighed on as well
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | SEC Says Stoner Cats NFTs Are Unregistered Securities, With Host Noelle Acheson
"This episode of Markets Daily is sponsored by Kraken. To make sure you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a markets roundup. Crypto markets edged higher today as details emerged regarding the timing of FTX asset sales. You may recall a couple of days ago, I talked about how asset prices were down because of fears of downward pressure from the sale of Bitcoin and other tokens held by the FTX estate. Well, yesterday, a judge ruled that the estate could proceed with the asset sales, but gently. The estate does not have to give advance notice of any sales, but it is limited to $100 million worth a week. This can be increased in special circumstances and with some paperwork, but on the whole, it looks like the market impact will be less than originally feared. The estate can take its time with the sale and is likely to take care to not adversely impact the market. As at 10 a .m. Eastern Time, Bitcoin was up over 1 .7%, trading at almost $26 ,565. Ether is up 1 .8 % over the past 24 hours, trading at $1 ,624. In traditional markets, US stocks have been moving higher after US retail sales came in notably higher than expected, with a month -to -month increase in August of 0 .6 % versus the consensus forecast of 0 .2%. This is higher even than July's month -on -month increase of 0 .5 % and reinforces the surprising resilience of the US consumer. However, the jump was largely due to higher -than -expected receipts at the gas pump due to higher oil prices. This could end up crowding out other expenditures, especially as the cost of credit starts to bite and as student loan repayments resume next month. At 10 a .m. Eastern Time today, the S &P 500 and the Nasdaq were both up roughly 0 .3%, while the Dow Jones was lagging with a 0 .1 % gain. The strength of the US economy was also a tailwind over in Europe, with the FTSE 100 index up more than 1 .3 % as at 10 a .m. Eastern Time today. The mood was also lifted by hints from the European Central Bank that the 25 -basis -point hike delivered this morning could be the last. Inflation in the Eurozone is still much higher than the target rate, and staff raised the forecast for the end of 2023 to 5 .6%, dropping to 3 .2 % in 2024. Obviously, the phrase higher for longer does not just apply to US rate expectations, as at 10 a .m. Eastern Time, the German DAX index was up almost 0 .5%, while the broader Eurostock 600 was up 1%. Over in Asia, the Nikkei jumped 1 .4 % as sharper -than -expected drop in machinery orders for July dampened speculation that the Bank of Japan could raise rates in the near future. In China, the Shanghai Composite was largely flat with no clear catalysts, while the Hang Seng index rose a modest 0 .2%. In commodities, oil prices continued their climb today, with the Brent crude benchmark breaching $93 per barrel for the first time since November of last year. At 10 a .m. Eastern Time, Brent was trading at $93 .25, up more than 1 .2 % over the past 24 hours, and up a painful 13 .6 % since the beginning of this year. This does not bode well for global inflation figures. Gold is largely flat today as traders digest the latest US economic data. At 10 a .m. Eastern Time today, it was still hovering around $1 ,906 per ounce.
Bloomberg Daybreak Europe
Fresh "European Central Bank" from Bloomberg Daybreak Europe
"Four basis points at 4 .84 % the two -year yields holding steady at 4 .16 % we have seen the yields yesterday up about 15 basis points on the day in late trading the biggest move in a year the sell -off gathering pace after an unexpected jump in job openings reinforced speculation the Federal Reserve isn't done raising interest rates we're seeing a sell -off on equity markets today as well the MSC Irish Pacific index 1 .5 % lower the Nikkei in Tokyo's down by 1 .9 % the Hang Seng 1 0 .6 % lower as the Caspian soul reopened after its holidays down by 2 .25 % European stock are futures in the red down two tenths of 1 % for Eurostock's 50 future its S &P E -minis on Wall Street are down by tenths three of 1 % that market closed down by 1 .4 % yesterday on currency markets the Bloomberg dollar spot index is a tenth of 1 % stronger the euro's trading at 104 .70 the pound at 120 .80 on cable the Japanese yen a tenth of 1 % weaker 149 .19 is where that is trading that's after we have seen movements on the Japanese markets the five -year yield rising to the highest since 13 earlier and 10 -year swaps hitting 1 % matching the effective yield cap in place by the Bank Japan on commodity markets oil prices are a touch weaker this morning Brent crude backup over $90 a barrel although $90 .79 or WTI is trading at $89 .10 that your is Bloomberg radio business flash now Bridgewater Associates founder Ray Dalio says cash is a good investment of the moment and that he doesn't want to own bonds right now he says that firms that really know how to use artificial intelligence will do well Ray Dalio has been speaking to Bloomberg's David Weston at the Greenwich Economic Forum US China relationship relations are in a number of areas on the brink of red lines so in other words these irreconcilable differences they're right on the brink so if I was to take let's say the Taiwan issue it's an irreconcilable issue and so on it's right at the line the the breaking point is if the United States said we are in favor of the independence Taiwan of that's the equivalent of a declaration of war and because of our political issues that are now you're internally going to be likely to push that because of the fact that in many Congress and so on would say we will defend Taiwan at all cost and we will give them this and you could even cross that line it's what my point is it's right at the edge that's that we have a chips issue and we have a technology and sanctions issue the reason in World War II war with Japan you had the cutting off of the oil and then the sanctioning them taking their payments so you have a somewhat similar situation chips is like oil back then and it's a very very delicate issue you have the geopolitical issue which also is manifest in each of them and so on supporting the supporting Ukraine and other geopolitical issues which are also right at the edge neither country wants to go to war everybody's afraid of what that war would be like because it would be devastating economically and politically so you will see the sort of the postponing these issues will remain and probably intensify over the next five to ten years but they will be at that edge there will be in San Francisco the APAC conference and you will see President Xi get together with President Biden but have we a political situation and so on that's it in China they are also dealing with a number of big problems as we're dealing with our problems they're dealing with their problems those problems are first the debt problem that has now been allowed to pass through the into the you system meaning have real estate and real estate counts for about seventy percent of savings people put their money in real estate and about twenty percent of their economy and there was a bubble and then that's passing through and that goes down to local governments that were living on debt and also land for real estate purchases and so that's a structural issue they need to do a debt restructuring and debt restructuring is a very difficult thing to do they can do it but it's also very politically impactful because those who are you determine whoever's making these decisions determines whose wealth and how they divide the pie so you have that going on you have a move to what president Xi calls the hundred -year storm on the horizon in other words he believes there's a hundred -year storm on the horizon that's the sort of things that we're now talking about and with that hundred year storm on the horizon you have a very autocratic in other words if you don't behave well you'll lose your head and so on and that kind of environment which by the way in war periods and so on has been what most countries have moved toward or something and so that's having an effect on the economy we have the US -China conflict itself which is affecting what countries what companies do. Do I want to be in China or do I want to be in Vietnam? That's one of the things that's benefiting neutral countries. So they think okay if the ASEAN countries India and other places can be a beneficiary of that where do I want to be but that's also hurting them and then then of course that we have a world economy which is relatively slow moving that affects their exports so they're going through a very difficult period. That is the Bridgewater Associates founder Ray Dalio speaking to Bloomberg's David Weston at the Greenwich Economic Forum. This is of course we're watching really high drama play out on global bond markets treasuries bulldozing their way through markets to the greatest extent since we saw the start of the pandemic traders bracing for 10 -year treasury yields to top 5 % they're currently at 4 .84 % but yields are rising further in trading today. this relentless sell -off in government bonds sparking trouble to cross major bond markets we've seen australia's 10 -year yields rising faster than their us peers over the past week despite the central bank they're remaining on hold as well and market analysts say speaking to Bloomberg saying that these moves are starting to cause worries across all asset classes global bonds down three and a half percent in 2023 so far and that really is a huge huge market story that's driving out so interesting in that context to see Ray Alio saying that he doesn't want to own bonds right now as we're seeing these big moves on markets as well we'll have a check of the markets and a reminder of our top stories for you coming up next this is Bloomberg Daybreak Europe if we want faster growth and also an to taxes ever ratcheting higher that is possible but there are no shortcuts but of course I want to cut taxes the best tax cut that I can deliver for the British people right now is the half inflation inflation is a task. Christine Lagarde and the European Central Bank are working hard to keep inflation under control. Bloomberg Daybreak Europe on Bloomberg radio good morning I'm Stephen Cowell you are listening to Bloomberg Daybreak Europe on London DAB radio it is 6 .30 here in the city let's get check a on where markets are moving for you so we're talking about the huge rise in treasuries continuing today with 10 that -year yield up four basis points a 30 -year yield also at four basis points a 30 -year yield now close to 5 % point 4 nine seven percent in fact as the sell -off in Asian equity markets is gathering pace the Nikkei in Tokyo down by 1 .8 % the Hang Seng is 1 % lower European stock futures looking at more more moderate losses at the moment european stock euro stocks 50 futures down two
Markets Daily Crypto Roundup
A highlight from Crypto Update | SEC Says Stoner Cats NFTs Are Unregistered Securities, With Host Noelle Acheson
"This episode of Markets Daily is sponsored by Kraken. To make sure you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a markets roundup. Crypto markets edged higher today as details emerged regarding the timing of FTX asset sales. You may recall a couple of days ago, I talked about how asset prices were down because of fears of downward pressure from the sale of Bitcoin and other tokens held by the FTX estate. Well, yesterday, a judge ruled that the estate could proceed with the asset sales, but gently. The estate does not have to give advance notice of any sales, but it is limited to $100 million worth a week. This can be increased in special circumstances and with some paperwork, but on the whole, it looks like the market impact will be less than originally feared. The estate can take its time with the sale and is likely to take care to not adversely impact the market. As at 10 a .m. Eastern Time, Bitcoin was up over 1 .7%, trading at almost $26 ,565. Ether is up 1 .8 % over the past 24 hours, trading at $1 ,624. In traditional markets, US stocks have been moving higher after US retail sales came in notably higher than expected, with a month -to -month increase in August of 0 .6 % versus the consensus forecast of 0 .2%. This is higher even than July's month -on -month increase of 0 .5 % and reinforces the surprising resilience of the US consumer. However, the jump was largely due to higher -than -expected receipts at the gas pump due to higher oil prices. This could end up crowding out other expenditures, especially as the cost of credit starts to bite and as student loan repayments resume next month. At 10 a .m. Eastern Time today, the S &P 500 and the Nasdaq were both up roughly 0 .3%, while the Dow Jones was lagging with a 0 .1 % gain. The strength of the US economy was also a tailwind over in Europe, with the FTSE 100 index up more than 1 .3 % as at 10 a .m. Eastern Time today. The mood was also lifted by hints from the European Central Bank that the 25 -basis -point hike delivered this morning could be the last. Inflation in the Eurozone is still much higher than the target rate, and staff raised the forecast for the end of 2023 to 5 .6%, dropping to 3 .2 % in 2024. Obviously, the phrase higher for longer does not just apply to US rate expectations, as at 10 a .m. Eastern Time, the German DAX index was up almost 0 .5%, while the broader Eurostock 600 was up 1%. Over in Asia, the Nikkei jumped 1 .4 % as sharper -than -expected drop in machinery orders for July dampened speculation that the Bank of Japan could raise rates in the near future. In China, the Shanghai Composite was largely flat with no clear catalysts, while the Hang Seng index rose a modest 0 .2%. In commodities, oil prices continued their climb today, with the Brent crude benchmark breaching $93 per barrel for the first time since November of last year. At 10 a .m. Eastern Time, Brent was trading at $93 .25, up more than 1 .2 % over the past 24 hours, and up a painful 13 .6 % since the beginning of this year. This does not bode well for global inflation figures. Gold is largely flat today as traders digest the latest US economic data. At 10 a .m. Eastern Time today, it was still hovering around $1 ,906 per ounce.
Bloomberg Daybreak Asia
Fresh update on "european central bank" discussed on Bloomberg Daybreak Asia
"Self monitor your blood pressure in four easy to remember steps. It starts with a monitor. Be next to talk to your doctor about your blood pressure numbers. Get down with your blood pressure. Self monitoring is power. Visit ManagerBP .org. Brought to you by the Ad Council, the American Heart Association and the American Medical Association in partnership with the Office of Minority Health and Health Resources and Services Administration. Get instant access to the financial and political news of Europe every business day. We watch Sterling now shooting up. Wake up with Bloomberg Daybreak Europe Edition. The European Central Bank's fight to tame inflation isn't over. Available now on your podcast feed. Each weekday morning by 7am in London. Get the news you need to start your day in just 15 minutes. Subscribe to Bloomberg Daybreak Europe Edition today on Apple, Spotify, and everywhere you get your podcasts. Bloomberg Radio. Context changes Markets, headlines, and
Markets Daily Crypto Roundup
A highlight from Crypto Update | Franklin Templeton Joins List of Asset Managers Wanting Spot Bitcoin ETF, With Host Noelle Acheson
"This episode of Markets Daily is sponsored by Kraken. To make sure you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, Coindesk is a news source and does not provide investment advice. Now, a markets roundup. Crypto sentiment continues to be weak. Earlier today, crypto prices recovered part of yesterday's slump but are still down on the previous day. As at 10am Eastern Time, Bitcoin was trading just over six tenths of a percent lower than 24 hours ago, at $26 ,122 according to Coindesk Indices. Ether was down almost eight tenths of a percent, trading at $1 ,596. Yesterday, Bitcoin dominance, which is the Bitcoin market capitalization as a percentage of total market capitalization, popped back above 50%. This means that Bitcoin now accounts for half of the whole crypto market. Usually, a rising Bitcoin dominance suggests that investors are rotating out of smaller tokens and into the relative safety of crypto's largest and longest -running asset. A falling Bitcoin dominance points to greater investor confidence as they move out on the risk curve in search of higher gains, focusing on smaller, more volatile tokens. So, the rise of Bitcoin dominance over the past week confirms what the prices have been telling us. Investors are uneasy, but Bitcoin is outperforming other crypto assets. Moving on to traditional markets, U .S. markets are slightly up this morning as traders digest the U .S. inflation data out earlier. Month -on -month U .S. inflation for August came in as expected at 0 .6 % versus July's 0 .2%. But the annual figure was slightly higher than forecast, showing an increase of 3 .7 % versus July's 3 .2%. Month -on -month core CPI inflation, stripping out energy and food prices, was also slightly higher than expected at 0 .3 % versus July's 0 .2%. The data is moving in the opposite direction from what the Fed would like to see, which is strengthening conviction that another rate hike this year is likely. CME futures are signaling more or less even odds that the Fed will hike again at or before the December FOMC meeting. There's some more key data to come out, though, before the FOMC meeting next week. Tomorrow we get retail sales expected to show a slowdown, and next Tuesday we should get some more clarity on the state of the U .S. housing market. The market is not expecting the Fed to raise rates in the September meeting, and it would be very unusual for the Fed to go against short -term market conviction. As at 10 a .m. Eastern Time, the S &P 500, NASDAQ and the Dow Jones were all up roughly 0 .2%. Over in Europe, the FTSE 100 was flat on the previous day as investors digested weaker than expected GDP data. The British economy shrank 0 .5 % in July, the biggest decline so far this year and reversing a 0 .5 % expansion in June. European stock markets are trading weaker, with Germany's DAX index down 0 .4%, as at 10 a .m. Eastern Time. The Euro Stoxx 600 index is down almost 0 .3%. Trader attention is focused on the European Central Bank's policy meeting tomorrow, with the possibility of a tenth consecutive interest rate hike weighing on sentiment.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Franklin Templeton Joins List of Asset Managers Wanting Spot Bitcoin ETF, With Host Noelle Acheson
"This episode of Markets Daily is sponsored by Kraken. To make sure you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, Coindesk is a news source and does not provide investment advice. Now, a markets roundup. Crypto sentiment continues to be weak. Earlier today, crypto prices recovered part of yesterday's slump but are still down on the previous day. As at 10am Eastern Time, Bitcoin was trading just over six tenths of a percent lower than 24 hours ago, at $26 ,122 according to Coindesk Indices. Ether was down almost eight tenths of a percent, trading at $1 ,596. Yesterday, Bitcoin dominance, which is the Bitcoin market capitalization as a percentage of total market capitalization, popped back above 50%. This means that Bitcoin now accounts for half of the whole crypto market. Usually, a rising Bitcoin dominance suggests that investors are rotating out of smaller tokens and into the relative safety of crypto's largest and longest -running asset. A falling Bitcoin dominance points to greater investor confidence as they move out on the risk curve in search of higher gains, focusing on smaller, more volatile tokens. So, the rise of Bitcoin dominance over the past week confirms what the prices have been telling us. Investors are uneasy, but Bitcoin is outperforming other crypto assets. Moving on to traditional markets, U .S. markets are slightly up this morning as traders digest the U .S. inflation data out earlier. Month -on -month U .S. inflation for August came in as expected at 0 .6 % versus July's 0 .2%. But the annual figure was slightly higher than forecast, showing an increase of 3 .7 % versus July's 3 .2%. Month -on -month core CPI inflation, stripping out energy and food prices, was also slightly higher than expected at 0 .3 % versus July's 0 .2%. The data is moving in the opposite direction from what the Fed would like to see, which is strengthening conviction that another rate hike this year is likely. CME futures are signaling more or less even odds that the Fed will hike again at or before the December FOMC meeting. There's some more key data to come out, though, before the FOMC meeting next week. Tomorrow we get retail sales expected to show a slowdown, and next Tuesday we should get some more clarity on the state of the U .S. housing market. The market is not expecting the Fed to raise rates in the September meeting, and it would be very unusual for the Fed to go against short -term market conviction. As at 10 a .m. Eastern Time, the S &P 500, NASDAQ and the Dow Jones were all up roughly 0 .2%. Over in Europe, the FTSE 100 was flat on the previous day as investors digested weaker than expected GDP data. The British economy shrank 0 .5 % in July, the biggest decline so far this year and reversing a 0 .5 % expansion in June. European stock markets are trading weaker, with Germany's DAX index down 0 .4%, as at 10 a .m. Eastern Time. The Euro Stoxx 600 index is down almost 0 .3%. Trader attention is focused on the European Central Bank's policy meeting tomorrow, with the possibility of a tenth consecutive interest rate hike weighing on sentiment.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Market Selling Pressure on the Horizon, With Host Noelle Acheson
"This episode of Markets Daily is sponsored by Kraken. It's Tuesday, September 12th, 2023, and this is Markets Daily from CoinDesk. My name is Noelle Acheson, CoinDesk collaborator and author of the Crypto's Macro Now newsletter on Substack, here again for your daily Markets Roundup. On today's show, we're talking about potential selling pressure, fund outflows, and Gary Gensler. To make sure you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a Markets Roundup. After yesterday's sharp move down, support for Bitcoin emerged in the form of a short squeeze. This pushed the Bitcoin price back above $25 ,800 in early trading today. Support has continued to emerge, and at 10 a .m. Eastern Time today, Bitcoin was trading at $26 ,286 according to CoinDesk indices, a gain of more than 2 .2 % over the past 24 hours. Ether followed a similar pattern to that of Bitcoin, dropping sharply yesterday only to rebound early this morning. At 10 a .m. Eastern Time today, Ether was trading at $1 ,608, up almost nine -tenths of a percent. Indeed, the market as a whole has been feeling more cheerful today, with the CoinDesk market index benchmark up almost 1 .7 % over the past 24 hours. Moving on to traditional markets, U .S. stocks opened down today, led by declines in the tech sector. This morning, Oracle projected current quarter revenue below Wall Street estimates, which has triggered similar concerns for the other tech giants. Nerves are also high ahead of tomorrow's release of August CPI data, with consensus forecasts expecting an uptick of the headline month -on -month growth to 0 .6 % from 0 .2 % in July. If this turns out to be correct, it would be the strongest month -on -month increase since July of last year. Over in Europe, eyes are on the European Central Bank meeting on Thursday, with expectations divided as to whether officials will raise rates again or opt for a pause. As at 10am Eastern Time, the Eurostock 600 was trading up four -tenths of a percent over the past 24 hours, with the German DAX up almost two -tenths. The FTSE 100 looks set to record its fourth consecutive gain today. Traders see the uptick in Britain's unemployment rate for August, reported this morning, as a sign that the Bank of England could be nearly done with its rate hikes. As at 10am Eastern Time, the index was up 1 .2 % over the past 24 hours. And in Asia, confidence in China's economic recovery weakened further today despite positive indications of loan growth. The Shanghai Composite Index closed almost 0 .2 % lower today, while the Hang Seng Index lost almost four -tenths of a percent. In Japan, the Nikkei Index jumped almost 1 % today, as government bond yields settled down after a jump on Monday. Over in commodities, oil prices are reaching new local highs. The Brent crude benchmark touched $91 .60 per barrel earlier today for the first time since November of last year. This was triggered by a report out this morning from OPEC forecasting even steeper inventory drawdowns in coming months. Gold remained subdued ahead of tomorrow's inflation reading, dropping eight -tenths of a percent over the past 24 hours to reach $1 ,908 per ounce. Stay tuned. After the break, we'll take a look at potential market selling pressure, crypto fund outflows, and today's testimony by SEC Chair Gary Gensler. Back in a minute.
Markets Daily Crypto Roundup
A highlight from Crypto Update | Market Selling Pressure on the Horizon, With Host Noelle Acheson
"This episode of Markets Daily is sponsored by Kraken. It's Tuesday, September 12th, 2023, and this is Markets Daily from CoinDesk. My name is Noelle Acheson, CoinDesk collaborator and author of the Crypto's Macro Now newsletter on Substack, here again for your daily Markets Roundup. On today's show, we're talking about potential selling pressure, fund outflows, and Gary Gensler. To make sure you don't miss an episode, be sure to follow the podcast on your platform of choice. And just a reminder, CoinDesk is a news source and does not provide investment advice. Now, a Markets Roundup. After yesterday's sharp move down, support for Bitcoin emerged in the form of a short squeeze. This pushed the Bitcoin price back above $25 ,800 in early trading today. Support has continued to emerge, and at 10 a .m. Eastern Time today, Bitcoin was trading at $26 ,286 according to CoinDesk indices, a gain of more than 2 .2 % over the past 24 hours. Ether followed a similar pattern to that of Bitcoin, dropping sharply yesterday only to rebound early this morning. At 10 a .m. Eastern Time today, Ether was trading at $1 ,608, up almost nine -tenths of a percent. Indeed, the market as a whole has been feeling more cheerful today, with the CoinDesk market index benchmark up almost 1 .7 % over the past 24 hours. Moving on to traditional markets, U .S. stocks opened down today, led by declines in the tech sector. This morning, Oracle projected current quarter revenue below Wall Street estimates, which has triggered similar concerns for the other tech giants. Nerves are also high ahead of tomorrow's release of August CPI data, with consensus forecasts expecting an uptick of the headline month -on -month growth to 0 .6 % from 0 .2 % in July. If this turns out to be correct, it would be the strongest month -on -month increase since July of last year. Over in Europe, eyes are on the European Central Bank meeting on Thursday, with expectations divided as to whether officials will raise rates again or opt for a pause. As at 10am Eastern Time, the Eurostock 600 was trading up four -tenths of a percent over the past 24 hours, with the German DAX up almost two -tenths. The FTSE 100 looks set to record its fourth consecutive gain today. Traders see the uptick in Britain's unemployment rate for August, reported this morning, as a sign that the Bank of England could be nearly done with its rate hikes. As at 10am Eastern Time, the index was up 1 .2 % over the past 24 hours. And in Asia, confidence in China's economic recovery weakened further today despite positive indications of loan growth. The Shanghai Composite Index closed almost 0 .2 % lower today, while the Hang Seng Index lost almost four -tenths of a percent. In Japan, the Nikkei Index jumped almost 1 % today, as government bond yields settled down after a jump on Monday. Over in commodities, oil prices are reaching new local highs. The Brent crude benchmark touched $91 .60 per barrel earlier today for the first time since November of last year. This was triggered by a report out this morning from OPEC forecasting even steeper inventory drawdowns in coming months. Gold remained subdued ahead of tomorrow's inflation reading, dropping eight -tenths of a percent over the past 24 hours to reach $1 ,908 per ounce. Stay tuned. After the break, we'll take a look at potential market selling pressure, crypto fund outflows, and today's testimony by SEC Chair Gary Gensler. Back in a minute.
The Cryptoshow - blockchain, cryptocurrencies, Bitcoin and decentralization simply explained
A highlight from #461 DANGEROUS: FTX SELL OFF!!!
"Welcome to The Crypto Show, your podcast for everything around crypto, blockchain, bitcoin, and more. Here is your host, international blockchain expert, serial entrepreneur, and investor, Dr. Julian Hasp. FDX is selling cryptos. This, after an entire year of basically FDX being shut down, this may confuse you. And so I want to make this video where I explain all this. We're going to discuss obviously the FDX stuff. We're going to discuss what else could be affecting the markets this week. There are some updates on inflation. There are some updates coming out of Europe. So all of this is going to have a bit of an impact. This and much more in today's live here. If you're absolutely new to the channel and you have no clue what it's all about, my name is Julian. I'm the CEO and co -founder of The Cake Group. We have several verticals in what we do. We have Bake for retail, getting access to crypto, investing in crypto. We have Levain for the enterprise side. We have birthday research as an R &D arm. We develop for blockchains. I actually just came from the Ordinal Summit here in Singapore that was organized by birthday research. We also have a VC fund. On top of that, I work a lot with the European Union. There's a lot of regulating work going on. And obviously I am a crypto author. I write books. I do a little bit of YouTube. So I try to wear different hats. And I try to make this as rational and reasonable how the crypto world works. I try to stay as intellectually honest when it comes to certain topics. If you love this stuff and you also want to become crypto fit, then I would love if you give me a subscribe and follow here on the various channels. With this, let's dive in. I got my notes here, so I'm going to open them so I know what I'm talking about and all the things that are happening. Well, I think in general, over the past weeks, we've seen a very, very kind of stable market. Most of crypto has actually been more like stable coins. It's been very, very difficult to generate much alpha, getting a lot of returns. A lot of it was a bit of waiting and just a little bit of suffering as well. Yesterday in our office here in Singapore, I held a meetup where we held a meetup where I gave a talk. And in that talk, I talk about if you actually look back all the way pre -pump in June. So this is three months ago. We've been actually sideways since then. So now all this ETF hopium that we've had is kind of gone. And sadly, Bitcoin is going into a death cross, meaning there's a high, high, high risk that we're seeing a 50 % selloff in Bitcoin. Now, the other coins are not as bad, but many times the charts are not so crucial about this. Many, many times the fundamentals are more important and what actually happened in the real world is going to show on the chart. And it's not that the chart dictates what people do in the real world. On top, the US dollar, surprisingly, very, very strong. And that also has to do with some hopium that the Fed is done raising their rates in eight days. Next week, we're going to have an update on interest rates. And so people are expecting that we're not going to see much of a change. We're going to stay at 5 .25%. It's obviously also interesting because on Thursday, the ECB, the European Central Bank, is going to make an interest rate decision. And it looks like they're going to halt as well. So I think that's in the whole grand scheme of things, I think, important.
Tech Path Crypto
A highlight from 1248. Coinbase Stablecoin Master Plan Revealed!
"All right you guys don't want to miss this one. It is gonna be breaking down what is in store for stablecoins but also what is happening on more of a global footprint. There's a lot of things happening around the G20 that may have some influence on the crypto markets I think in a long -term scenario and we're gonna break all that down for you today. I think you'll like it. My name is Paul and this is the topic of an alternative stablecoin and what that might look like. This was FX Street kind of coming in on CEO Brian Armstrong talking about stablecoin hot take. This is the whole idea around flatcoin. He mentioned this I'll show you the video here in a second but basically he told Yahoo Finance basically in an interview that the next iteration of stablecoins, flatcoin, is on the horizon for the exchange. Now the point is will and are exchanges like Coinbase really going to focus in on this? And one of the things that I think is interesting here is the fact that we're seeing Coinbase move in this direction almost in unison and lockstep with what's happening in DC. And a lot happening this month most likely we'll have a house vote on stablecoins and it's very possible we could get some regulatory clarity. So I think they are queuing up for it. I want to say they meaning Coinbase queuing up for it. Remember they recently listed that they were doing and or going to list PayPal stablecoin on the exchange as well. So the idea behind these flatcoins is kind of interesting. There was a video here on this. Let me just jump over here to this video real quick. And this is where he kind of breaks it down but listen in to what he had to say. And so what would it look like to have a better form of money in the crypto space? Well it'd be something that's decentralized and maybe tracks CPI. So CPI is the consumer pricing index. It essentially has a basket of goods underlying it. Things that people spend their money on. You know a place to live, transportation, commodities like you know food and energy and wheat and you know copper things like that. And so we actually that is a good property of money. We want our money to preserve its purchasing power. All right so I'm gonna stop it there. Want our money to preserve purchasing power and the idea around tracking this against things like the consumer price index which is highly connected to inflation in general. And I think you know there are some interesting scenarios that maybe play into this for what they're trying to do. And I and I would agree with what Brian is talking about. Now remember this video that he just did was the ideas that they were trying to get behind. These are the ideas that they feel should be in the marketplace and would support. And they had a whole line list of ten different great ideas that you know Coinbase didn't have time to build everything. So it's something that I think a lot of markets are now starting to understand maybe how this connects to more of a global aspect. A couple other points you know to kind of hit within this. Coinbase CEO Brian Armstrong also said the company is working on the next generation version of Stablecoin and that there may be a new SEC chair by 2024. So he's definitely maybe maybe either that's wishful thinking or you know something else. But they're also talking about donating to a presidential candidate who supports cryptocurrency. I think right now with Ramaswamy he's probably the one that most likely will be maybe a candidate that could go in that direction along with RFK juniors. So there's there's some interesting political scenarios playing into that. And when you think about political you know and how that plays into it you have to look on the global scale of things. But I look at Coinbase also just in their current size because Coinbase I think is one of those you know kind of the tail that wags the dog kind of companies. And if you look at just where they are currently there's just your recent data. This is their Coinbase revenue and usage stats for 2023. There's a lot here. I mean first of all Coinbase expecting to get revenue around 7 .3 billion in 2023 which is a significant increase of 2 billion just in Q2 of 2021. That's a very big jump in a market in which has been almost a full bear market since 2021. So that's a big deal. Also in terms of user stats let me kind of zoom in on that for you guys projected to have around 150 million verified users by the end of 23. Now the reason I think that's important is when you look at what happened with PayPal we talked about this if you haven't watched our PayPal video go check it out because PayPal has around 450 million users another 50 million Venmo users. So 500 half a billion people but only a small fraction of that might use the PayPal stablecoin versus if you look at Coinbase projecting 150 million verified users by the end of 2023. That is a much more captivated audience because I would say for anybody that's on Coinbase most likely you're probably talking in excess of 50 to 60 percent that are holding stablecoins and especially right now where Coinbase is rewarding USDC holding with a high percentage of yield interest that's being paid. So when you think about that the size of the market then all of the implications that rolls into the global spec of things and then the size of Coinbase themselves and the number, remember they're a global company and they're growing and continuing to grow outside the US, could become very interesting for what is going to happen around the stablecoin market. Another factor that you might want to look at is what's happening with the European Central Bank this week ahead of the ECB taking center stage as the euro is obviously dealing with some challenges here. A couple of things I wanted to look at. Problem for the euro is interest rate differentials even though the Fed is expected to hold rates steady later this month and the ECB is expected to squeeze in another hike when it meets on Thursday next week. The interest rate differential between the German and the US one -year bond or yield is around 1 .8 percent. This is a problem for the future of what is happening in the European Union and I think this is also playing out globally. Now why is this interesting or important around stablecoins? Because if stablecoins start to become a regulatory product and become very active within the financial system we're gonna start seeing a lot of countries adopting the use case for stablecoins which will only cause massive growth. Now you look at other major Western countries. Let's take a look at Canada.
Markets Daily Crypto Roundup
A highlight from Crypto Update | Bitcoin Shows Signs of Life
"This episode of Markets Daily is sponsored by Kraken. It's Friday, September 8th, 2023, and this is Markets Daily from CoinDesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin, FTX political donations and more. And just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin showed some signs of stirring from its September stupor late on Thursday. Bitcoin rose around 3 % to $26 ,400 before dropping back below $26 ,000 during the European morning. The CoinDesk market index, CMI, also hit its highest point this month, rising over 2 % before retreating. Bitcoin has mostly languished below $26 ,000 this month as traders awaited clarity around the big regulatory hotspots. The biggest news traders await is the SEC's decision on the listing of a spot Bitcoin ETF in the U .S. September is historically a difficult month for Bitcoin, which has posted negative returns every year since 2016. And for 2023, it looks so far to be no exception. The battered crypto market awaits the Bitcoin blockchain's fourth mining reward halving, due in April 2024. Positive outlooks hope the halving would kickstart a major run higher, living up to its past reputation as a major bullish catalyst. Reward halvings refer to already programmed code that reduces Bitcoin's pace of supply expansion by 50 % every four years. Traders, however, should note that previously halvings did not necessarily catalyst bull runs single -handedly. Macro likely also played a significant role, mainly in the form of abundant fiat liquidity conditions, according to data tracked by macro -micro. And with those macro conditions, a key indicator to watch is the M2 growth rate. M2 is a monetary aggregate measured on central banks, representing the total value of their respective fiat currency circulating in the market. The magnitude of the expected halving lit up trend has been and will continue to be likely contingent on four major central banks. The U .S. Federal Reserve, European Central Bank, Bank of Japan and People's Bank of China, boosting their year -on -year M2 money supply growth rates. The previous post halving bull runs were characterized by a 6 % or higher aggregate M2 money supply growth of the previously mentioned banks. Meanwhile, bear markets coincided with a deceleration in the money supply growth rate. The pattern validates the popular argument that Bitcoin is a pure play on fiat liquidity. And another macro look, Federal Reserve, Bank of Chicago economists predict low inflation and a resilient economy. This prediction is a potential Goldilocks scenario for risk assets, including cryptocurrencies. Economists at the Chicago Fed argue that the rate increases implemented since March 2022 have set inflation on a path to 2%. While ensuring soft landing for the economy. Notably, the economists said that further tightening may not be needed. Today's crypto markets coverage comes from Jamie Crawley and Amkar Gebole. Stay tuned for after the break when we'll take a look at the top FTX executives recent plea agreement. But before that, the markets daily team is excited to announce our new host, Noelle Acheson. Here's a message from her. Hi, I'm Noelle Acheson. You may know me from the Crypto is Macro Now newsletter I produce daily on Substack. I'm also a former Coindesker and I'm excited to be back in the fold to bring you the latest market news and narratives. We'll be kicking this off on Monday, September 11th. Talk to you then.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Bitcoin Shows Signs of Life
"This episode of Markets Daily is sponsored by Kraken. It's Friday, September 8th, 2023, and this is Markets Daily from CoinDesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin, FTX political donations and more. And just a reminder, CoinDesk is a news source and does not provide investment advice. Bitcoin showed some signs of stirring from its September stupor late on Thursday. Bitcoin rose around 3 % to $26 ,400 before dropping back below $26 ,000 during the European morning. The CoinDesk market index, CMI, also hit its highest point this month, rising over 2 % before retreating. Bitcoin has mostly languished below $26 ,000 this month as traders awaited clarity around the big regulatory hotspots. The biggest news traders await is the SEC's decision on the listing of a spot Bitcoin ETF in the U .S. September is historically a difficult month for Bitcoin, which has posted negative returns every year since 2016. And for 2023, it looks so far to be no exception. The battered crypto market awaits the Bitcoin blockchain's fourth mining reward halving, due in April 2024. Positive outlooks hope the halving would kickstart a major run higher, living up to its past reputation as a major bullish catalyst. Reward halvings refer to already programmed code that reduces Bitcoin's pace of supply expansion by 50 % every four years. Traders, however, should note that previously halvings did not necessarily catalyst bull runs single -handedly. Macro likely also played a significant role, mainly in the form of abundant fiat liquidity conditions, according to data tracked by macro -micro. And with those macro conditions, a key indicator to watch is the M2 growth rate. M2 is a monetary aggregate measured on central banks, representing the total value of their respective fiat currency circulating in the market. The magnitude of the expected halving lit up trend has been and will continue to be likely contingent on four major central banks. The U .S. Federal Reserve, European Central Bank, Bank of Japan and People's Bank of China, boosting their year -on -year M2 money supply growth rates. The previous post halving bull runs were characterized by a 6 % or higher aggregate M2 money supply growth of the previously mentioned banks. Meanwhile, bear markets coincided with a deceleration in the money supply growth rate. The pattern validates the popular argument that Bitcoin is a pure play on fiat liquidity. And another macro look, Federal Reserve, Bank of Chicago economists predict low inflation and a resilient economy. This prediction is a potential Goldilocks scenario for risk assets, including cryptocurrencies. Economists at the Chicago Fed argue that the rate increases implemented since March 2022 have set inflation on a path to 2%. While ensuring soft landing for the economy. Notably, the economists said that further tightening may not be needed. Today's crypto markets coverage comes from Jamie Crawley and Amkar Gebole. Stay tuned for after the break when we'll take a look at the top FTX executives recent plea agreement. But before that, the markets daily team is excited to announce our new host, Noelle Acheson. Here's a message from her. Hi, I'm Noelle Acheson. You may know me from the Crypto is Macro Now newsletter I produce daily on Substack. I'm also a former Coindesker and I'm excited to be back in the fold to bring you the latest market news and narratives. We'll be kicking this off on Monday, September 11th. Talk to you then.
Simply Bitcoin
A highlight from Blackrock Increases Bitcoin Stack | EP 811
"You You're against freedom Good morning everybody. We are back. What a weekend. We were in Austin all weekend. But anyways anyways Crazy stuff happening BlackRock increases their Bitcoin exposure But not in the way that everyone thought there was some speculation on the timeline on BlackRock stacking But they are getting exposure in every way possible Recent news shows that they've been buying a bunch of public mining company stocks So we're gonna get into all that news and then of course we just came back from Austin We were in BitBock boom so awesome to see all you guys in the flesh Hang out with Bitcoin family members as I like to call them friends acquaintances new faces old faces It was a great weekend and we streamed the whole thing live on YouTube I think it's on the Swan and the Gary's BitBock boom channel so if you want to catch all that we got it all recorded for you on the YouTube verse, but The reason I bring that up not only because we had a great time but there was another conference that happened over the weekend It wasn't by Bitcoiners though. It was by your favorite central bankers out there in Jackson Hole, Wyoming So I'm gonna kind of contrast the two we have the Bitcoin BitBock boom conference in Austin And then we have the central bankers meeting in Jackson Hole, Wyoming So, I don't know I thought it's very fitting that the two happen on the same weekend and we'll see the difference between The fiat monetary policy handlers and the Bitcoiners and the energy coming out of there You just love to see the contrast and of course guys also as you can tell I'm hosting the show today I will actually be hosting the show till probably Wednesday Nico has some family stuff that he has to take care of so send some thoughts and prayers over to Nico He will be back in a couple of days, but you guys know the show don't stop This is why we've been doing our best To make sure that I handle the show that we're training our boys Dell and Rustin on the show and we even have some people Coming off on the bench. So shouts out to our boy Mike Hobart Cuz we are making sure that the show don't stop for you guys We will continue to give you guys the signal as you guys know, this is simply Bitcoin We are your number one source for the peaceful Bitcoin revolution We cover breaking news culture and memetic warfare and we bring on Bitcoiners from all around the world from the biggest names to the everyday Bitcoiner we got them all and we will be your guide through the separation of money and state, but of course guys I'm not alone. I'm here with my co -host Dell Dell. How you doing this morning, brother? I'm good, but I got a got to do a quick correction to what you said about that other Symposium the the meeting over in Jackson Hole. You said it wasn't put on by Bitcoiners I'll change that too. It wasn't put on by Bitcoiners yet Yet they will be just joy just wait given enough time Everybody's gonna come around and see the bright orange light of Bitcoin. It's unavoidable Let's go. Alright guys. Well, let's get into the show. We got a lot to cover today The Bitcoin numbers is your Bitcoin in cold storage really secure is your seed phrase Really secure stamp seeds do -it -yourself kit has everything you need to hammer your seed words into commercial grade Titanium plates instead of just writing them on paper. Don't store your generational wealth on paper Papers prone to water damage fire damage. You want to put your generational wealth on one of the strongest metals on planet earth? titanium your words are actually stamped into this metal plate with this hammer and these letter stamps and once your words are in they Aren't going anywhere. No risk of the plate breaking apart and pieces falling everywhere Titanium stamp seeds will survive nearly triple the heat produced by a house fire They're also crush proof waterproof non -corrosive and time proof all things that paper is not allowing you to huddle your Bitcoin with peace of mind for The long haul stamp your seed on stamps Alright guys, as you know hit the QR code in the bottom and get yourself a seed phrase storage kit Do not leave your Bitcoin seed phrase on paper in your sock drawer Anyways, let's get into some of the numbers here. Of course. We're over here on Clark Moody's dashboard and Our favorite number the block high it keeps going up guys. It's almost like Bitcoin works. It is at eight hundred and five thousand one hundred 82 for the new all -time high of block height the current Bitcoin price is twenty six thousand one hundred and twenty dollars guys We're still in the 26k range Which means you have an opportunity to stack more sets than we did what two weeks ago? Which means the Moscow time aka the sats per dollar aka how much your Fiat dollars worth? It's currently at three thousand eight hundred and twenty Six and I did drop a poll in the chat guys. Are we gonna see 4k sets? I don't know Let's see what you guys think. Let's speculate a little bit in the chat for you guys get you involved Anyways, the total percentage of Bitcoin issued is at ninety two point seven one percent the current market cap in Fiat dollar terms is five hundred and eight point eight billion dollars Bitcoin isn't even at a Trillion -dollar market cap yet. We're a half a trillion Anyways, the realized monetary inflation taking fiat currencies to school was at one point seven five percent and someone asked me on telegram What what does this number mean? It means like even though Bitcoin is hard cap there is a realized monetary inflation until 2140 until the last Bitcoin gets released and That is going to get halved and cut in half in April and actually dealt maybe Can we can we talk about your your dad the little story you just told us in regards to the halving and and this number The monetary or realized monetary inflation. I think this might be an interesting little story, but tldr me I know how you like to talk so tldrs The long and short of it is if you keep on talking To people and you keep on blasting them every time you get on the phone with them about Bitcoin then sooner or later They'll either I guess I guess there's a bit you run the risk of them telling you to never speak again, but Sometimes they might start to see some some of the things they might go. Wait a second so if the halving means that there's less Bitcoin to be found and there's only ever gonna be X amount 21 million and More people want it as time goes on. That means that the price goes up, right? And I'm like like Lavi said that was a tldr of my my conversation with my dad and I said that's exactly what it means There's only so much it's gonna get more and more scarce and the price can only go one way so Yeah, they're waking up. They're be they're noticing people are noticing. Okay last couple numbers We have the Bitcoin verse gold market cap is only currently 3 .96 percent of the gold market cap If you remember gold is I believe around 10 trillion dollars Bitcoin Still less than half a chair above a little more than half a trillion. Anyways, the total lightning capacity is 24 ,746 point nine four BTC the hash rate the last 90 days is 377 point four exa hashes and the pending fees is currently three point one one BTC Okay, guys as I was telling you guys This weekend we had a contrast between two different Conferences we had bit block boom in Austin the Bitcoin maxi conference Well, all your favorite bitcoiners were and we were live streaming from the floor. We were holding down the media desk and we had the central bankers meeting in Jackson Hole, Wyoming and I just I that the irony isn't lost on me that they happen on the same weekend, but you can tell that there is complete difference in Ideologies and the feeling coming out of these conferences and first and foremost I'm pretty sure we played this video for you guys over the weekend on the streams, but I want to play it again Because you can just see not only the hubris of Christine Lagarde, but notice the body language of her Does she really believe what she's saying or is she just saying this stuff just to say it to play the confidence game? And I also got a story or a newsletter article Sorry coming out a couple days later about what was said at the conference And again, we are contrasting this to bitcoins monetary policy because that's what it's all about and remember what Dells dad just said People are starting to wake up. People are starting to notice and they're starting to understand Wow, maybe I want to get some Bitcoin just in case just catches on Anyways, we have a tweet here by Christine Lagarde. She goes hello from the Jackson Hole economic policy symposium I'm looking forward to sharing my thoughts and exchanging views with central bankers from around the globe on the very relevant theme of Structural shifts in the global economy Thanks for hosting the event Kansas City Fed. All right, let's just get into this little video notice her body language And what is she even saying here? Anyway, let's get into this to all of you and I would like to share this Magnificent panorama that is behind me. It is the setting of the Jackson Hole conference that takes place every year It is a little bit like the Sintra of the West except it's been around for longer Many central bank governance many academics many experts in monetary policy and on the economy in general Will be gathering for two days and we will talk about the current situation The major shifts that we are seeing the major breaks and how we can best response with good policies That will actually help bring inflation back to 2 % This is the goal. This is the mission. We're not done yet We are working hard But we also have to compare notes and share our views with others so that we can have really the highest level of confidence That we are taking everything into account, but this is a very inspiring place to do it Interesting, okay first and foremost, of course they are still struggling to maintain 2 % inflation rate as we like to call it, you know, the the publicly Acceptable amount a Purchasing power they can steal from you every year is 2 % and they're struggling to get back down as we've been covering for a long time on the show The inflation rate the official inflation rate CPI is nowhere near 2 % It almost got as high as 10 % I think there's somewhere roughly around 3 % right now and they are still working on getting that lower But anyways, let's talk about what they actually talked about or as Christine Lagarde was saying You know share our notes in Jackson Hole, Wyoming, you know It might sound Very very simple very innocent. We're just gonna share our notes so that we know what's going on in the world So we're all on the same page Some might say they're conspiring but hey, let's not go down that path Okay We're over here on Bloomberg and we have an article here and it goes at Jackson Hole post inflation challenges vex central bankers and the subtitle Is pledge policymakers to keep rates high until inflation is tame as you can tell the theme is inflation is not tamed Anyways, let's get into this article and I will jump back and forth on a few different articles from Bloomberg and then of course I am going to angle this in regards to Bitcoin and Bitblock boom that we just all were hanging out with over the weekend in Austin so the world's top central bankers stress the need to keep interest rates high until inflation is contained and Their job harder at an annual Federal Reserve gathering in Jackson Hole Wyoming keynote speeches from Fed chair Jerome Powell and European Central Bank president Christine Lagarde on Friday Laid out the challenges each is facing in deciding if they should extend Historic strings of rate increases that began last year at the same time They offered investors few clues as to whether they would in fact Do so in the coming months and there's a link here and I want to jump on to this other link real quick Because of course as Bitcoiners, we know what our monetary policy is and yet people are still out here Waiting for the people in suits to tell them what is happening with their money Anyways, what are these clues that they're talking about? So Powell has bond traders right where he wants them full of doubt Interesting interesting as we know monetary policy at least in the fiat world is a game of trust a game of confidence and Playing with that confidence they want you full of doubt so you don't know which way they're gonna go Are they gonna pivot are they you know, they're gonna lower rates.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Bitcoin Clings to $26K as Investors Await Powells Speech
"This episode of Markets Daily is sponsored by Kraken. It's Friday, August 25th, 2023, and this is Markets Daily from Coindesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin, Binance, FTX and more. And just a reminder, Coindesk is a news source and does not provide investment advice. We've had a few comments on our podcast wondering if I am real or this is AI technology. I am a real human during the week posting our crypto markets roundup. However, here at Coindesk, we're trying something new on the weekends. For our weekend reads, we're utilizing AI technology. Let us know what you think at podcasts .com, subject line, Markets Daily. And now on with today's show. Bitcoin is holding steady around the $26 ,000 mark as investors eagerly await the much -anticipated speech by U .S. Federal Reserve Chair Jerome Powell at Jackson Hole later today. Also present at the event will be European Central Bank President Christine Lagarde, scheduled to deliver her speech later in the day. Closely scrutinizing the speech, investors will be on the lookout for indications regarding the outlook of monetary policy. In a research note, Bank of America indicated that strong policy signals are not anticipated to emerge from this year's event. Leading up to the event, both Bitcoin and Ether exhibited declines in trading, with Bitcoin experiencing a 1 .5 % decrease and Ether seeing a 1 % drop within the past 24 hours. Among the altcoins, predominantly negative trading was observed and the most significant daily setback was witnessed by Lido Dow's LDO token, which incurred a 6 % loss. Finance is reaching out to crypto projects featuring tokens with low liquidity, initiating communication with the intention of, quote, strengthening their liquidity protection, unquote. In an email statement to Coindesk, a spokesperson mentioned, quote, As part of our continuous risk management efforts, our team contacted a select few projects that have listed digital assets on our platform over the past week, unquote. The exchange is seeking details about the project's market makers and are inquiring whether these entities would be open to contributing up to 5 % of their circulating tokens to Binance's saving pools. In return, participants would receive interest. This information was reported earlier by the block. Additionally, similar requests can be observed in unverified screenshots posted on X, the social media platform formerly known as Twitter. In a press release on Thursday, Num Finance, the stablecoin issuer, announced the launch of a token pegged to the Colombian peso on the Polygon network. Emerging regions with vulnerable financial systems such as Latin American Turkey are witnessing a rising demand for stablecoins, a category of digital assets worth approximately 124 billion dollars. As highlighted in a report from the crypto research firm Chainalysis, these crypto currencies are not only utilized for storing value, but for also sending remittances. The rise in demand, however, does align with the debut of Num Finance's new token. Ether whales scooped up 94 million dollars in ETH as the price plunged to 1600 dollars yesterday. Crypto investors known as whales hold substantial amounts of digital assets and due to the significant influence their transactions wield over the markets, it is prudent to monitor their actions as a means of predicting market trends. Amidst ETH's decline to its lowest price since June, plunging to as little as 1547 dollars on late Thursday from its previous value of nearly 1700 dollars merely hours before, significant whale purchases occurred. This drop was attributed to cascading liquidations. During this period, the cryptocurrency exhibited its most oversold state based on the Relative Strength Index, RSI, indicator since the FTX exchange crash last November, which had caused ETH to fall below 1000 dollars. Economic reporter Christian Sandor has the full story. According to a research report from JP Morgan, the study of open interest in Chicago Mercantile Exchange's Bitcoin futures suggests that the closing of long positions seems to be nearing its conclusion rather than its initial stages. Open interest refers to the total number of outstanding derivative contracts such as options or futures that have not been settled. JP Morgan said that the news of Elon Musk's SpaceX writing off its Bitcoin holding in the previous quarter acted as an, quote, additional catalyst for the correction in crypto markets, unquote. Markets reporter Will Canny has more.
Markets Daily Crypto Roundup
A highlight from Crypto Update | Bitcoin Clings to $26K as Investors Await Powells Speech
"This episode of Markets Daily is sponsored by Kraken. It's Friday, August 25th, 2023, and this is Markets Daily from Coindesk. Hi, I'm Michelle Musso here with your crypto markets roundup. On today's show, we're talking Bitcoin, Binance, FTX and more. And just a reminder, Coindesk is a news source and does not provide investment advice. We've had a few comments on our podcast wondering if I am real or this is AI technology. I am a real human during the week posting our crypto markets roundup. However, here at Coindesk, we're trying something new on the weekends. For our weekend reads, we're utilizing AI technology. Let us know what you think at podcasts .com, subject line, Markets Daily. And now on with today's show. Bitcoin is holding steady around the $26 ,000 mark as investors eagerly await the much -anticipated speech by U .S. Federal Reserve Chair Jerome Powell at Jackson Hole later today. Also present at the event will be European Central Bank President Christine Lagarde, scheduled to deliver her speech later in the day. Closely scrutinizing the speech, investors will be on the lookout for indications regarding the outlook of monetary policy. In a research note, Bank of America indicated that strong policy signals are not anticipated to emerge from this year's event. Leading up to the event, both Bitcoin and Ether exhibited declines in trading, with Bitcoin experiencing a 1 .5 % decrease and Ether seeing a 1 % drop within the past 24 hours. Among the altcoins, predominantly negative trading was observed and the most significant daily setback was witnessed by Lido Dow's LDO token, which incurred a 6 % loss. Finance is reaching out to crypto projects featuring tokens with low liquidity, initiating communication with the intention of, quote, strengthening their liquidity protection, unquote. In an email statement to Coindesk, a spokesperson mentioned, quote, As part of our continuous risk management efforts, our team contacted a select few projects that have listed digital assets on our platform over the past week, unquote. The exchange is seeking details about the project's market makers and are inquiring whether these entities would be open to contributing up to 5 % of their circulating tokens to Binance's saving pools. In return, participants would receive interest. This information was reported earlier by the block. Additionally, similar requests can be observed in unverified screenshots posted on X, the social media platform formerly known as Twitter. In a press release on Thursday, Num Finance, the stablecoin issuer, announced the launch of a token pegged to the Colombian peso on the Polygon network. Emerging regions with vulnerable financial systems such as Latin American Turkey are witnessing a rising demand for stablecoins, a category of digital assets worth approximately 124 billion dollars. As highlighted in a report from the crypto research firm Chainalysis, these crypto currencies are not only utilized for storing value, but for also sending remittances. The rise in demand, however, does align with the debut of Num Finance's new token. Ether whales scooped up 94 million dollars in ETH as the price plunged to 1600 dollars yesterday. Crypto investors known as whales hold substantial amounts of digital assets and due to the significant influence their transactions wield over the markets, it is prudent to monitor their actions as a means of predicting market trends. Amidst ETH's decline to its lowest price since June, plunging to as little as 1547 dollars on late Thursday from its previous value of nearly 1700 dollars merely hours before, significant whale purchases occurred. This drop was attributed to cascading liquidations. During this period, the cryptocurrency exhibited its most oversold state based on the Relative Strength Index, RSI, indicator since the FTX exchange crash last November, which had caused ETH to fall below 1000 dollars. Economic reporter Christian Sandor has the full story. According to a research report from JP Morgan, the study of open interest in Chicago Mercantile Exchange's Bitcoin futures suggests that the closing of long positions seems to be nearing its conclusion rather than its initial stages. Open interest refers to the total number of outstanding derivative contracts such as options or futures that have not been settled. JP Morgan said that the news of Elon Musk's SpaceX writing off its Bitcoin holding in the previous quarter acted as an, quote, additional catalyst for the correction in crypto markets, unquote. Markets reporter Will Canny has more.
AP News Radio
Europe's outlook for economic growth brightens — a little
"The European Union's executive body has raised its economic growth forecast. Officials say Europe's dodged a winter recession that was feared amid an energy crisis, but stubbornly high inflation is likely to keep hurting the economy by sapping people's ability to spend in a spring forecast the European Commission says it expects improved economic growth of 1.1% this year. That's up from .9% in the commission's previous predictions in February, but the European economy faces persistent challenges from inflation and rising interest rates that the European Central Bank is unleashing to try to tame spikes in consumer prices. I'm Charles De Ledesma
AP News Radio
European Central Bank slows pace of rate hikes but vows more
"The European Central Bank hiked interest rates by a quarter point today and hinted at more adjustments to come. Like the U.S. Federal Reserve, the European Central Bank appears to be stepping back with a quarter point interest rate increase after a string of rate hikes aimed at snuffing out inflation, but at a news conference in Frankfurt, Germany, Central Bank president Christine Lagarde, says they have further to go. Based on the information we have today, we have more ground to cover. And we are not pausing at extremely clear. Economic growth in the Eurozone has slowed to a crawl in inflation has declined for several months, but at 7% it's still far above the bank's goal. The inflation outlook continues to be too high and for too long. The guard says risk to economic growth include upheaval in the U.S. banking system, a slowdown in lending, wage and profit pressures in Russia's war against Ukraine. I'm Jennifer King
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"It was a week of contradictions. The Federal Reserve height rates and other 25 basis points and warned that more is coming. We continue to anticipate that ongoing increases will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time. Whatever chair pile said, the markets apparently heard only the things may be getting better. I think there are opportunities for this rally to go longer and higher than you would expect. While the European Central Bank and the Bank of England continue to play catch up with both raising rates, the expected 50 basis points. We know that we have ground to cover. We know that we are not done. President Biden met with speaker McCarthy at The White House. And afterward, they agreed only on continuing to talk, with no resolution in sight of the dash ceiling dilemma. My role right now is to make sure we have a sensible, responsible ability to raise the debt ceiling, but not continue this runaway spending. Earnings were all over the place, with snaps selling off, while meta surprised to the upside. It is a good sign that both daily active users and monthly active users for platform like Facebook that is quite old in social network terms is still gaining. Caterpillar missed on profits while GM scored big, where we see consumer demand for our vehicles at our price points is really strong. We just need to make sure we get production up to be able to meet that demand. But over in India, the adani conglomerate had bigger problems than just earnings. As it tried to stabilize with the stock offer after being hit hard by a short seller. Only to have to cancel the offering. As the company lost over $100 billion in market value. It's all about that. There are companies and it's associates heavily in debt. And that's what scared us away. And then came Friday
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"Bloomberg quick tape. This is a Bloomberg business flash. From Bloomberg world headquarters I'm Charlie pellett the day of steep losses for U.S. equity markets, the Dow, the S&P and Ned stack all down by 2.2% or more. S&P today was down two and a half percent tumbling 99 points, the Dow down 764, that was a drop of 2.25% as stacked down 360, a decline of 3.2%. The ten year yield 3.44% but the two year yielding 4.23% spot gold 1776 the Alps. West Texas intermediate crude at 76 11 a barrel down today by one and a half percent. Stocks dropped after a wave of rate hikes from central banks this week with the Federal Reserve and the European Central Bank warning of more pain to come. Again, recapping a move lower two in a row for the S&P down by two and a half percent. I'm Charlie Palatin. That is a Bloomberg business flash. Your listening to Bloomberg sound on with Joe Matthew on Bloomberg radio. Working against the clock on Capitol Hill knowing that the government runs out of funding, it runs out of money tomorrow night. No one is threatening a shutdown, but that doesn't mean that things can happen when you walk right up to the line. Is it going to pass this one week extension
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"In this relationship? We're guessing one thing is that you are better informed. European Central Bank president Christine Lagarde had this to say, actually, we're not guessing. The realism of this is tangible up to the moment news. Some of the biggest states, good see most of the money. Expert analysis. Does that mean you're focusing on banks and other financials, Bloomberg radio, the Bloomberg business app and Bloomberg video dot com and Bloomberg, the world is listening. Elon Musk asked a federal appeals court to throw out the deal he made with the SEC in 2018 over a so called Twitter sitter. Since 2018, a Tesla lawyer has screened all of Musk's company related tweets, we believe. After a tweet about taking Tesla private forced the SEC to act, must cause the Twitter sitter agreement an illegal effort to muzzle him, adding that it's hindering his freedom of speech. A judge refused Musk's last plea to end the Twitter sisa deal back in April. And Tesla has added Joe gibber as a board member gear is the cofounder of Airbnb and last 14 years has helped launch Airbnb's design studio and Airbnb dot org. The company's nonprofit foundation. He recently stepped back from his full-time role in operations to pursue other ventures. Ghibli replaces Larry Ellison on the board. And General Mills, the maker of cinnamon toast crunch and Annie's box pastas is backing food tech startup, grub market. San Francisco based grub market has raised a $120 million in new equity from General Mills and other investors including Tiger global at a $2 billion valuation. The startup offers software and an ecommerce platform connecting farmers and key food suppliers with customers, grub market operates all across the U.S., South America, Asia, Europe, and Africa, an IPO could also be on the horizon. We've grub market holding talks with underwriters, Bloomberg, his reported
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"Decision is one minute away with Tom Keene and Lisa rabbid Sam Jonathan farrow going into it future as positive about a tenth of 1% on the S&P 500 on the NASDAQ 100 unchanged Euro dollar term. One zero zero one 8 were positive about a tenth of 1%. Pro tip follow John Farrell, the dynamic here that matters is to watch the outlier, which is John, Italy. It'll be interesting to see how Italy paper moves here. And that spread got into this decision about 227 basis points, Lisa, 50 or 75 with 30 seconds away. And whether or not it's going to matter, right? A lot of people saying the consensus is 75. You are seeing a bit of Euro strengthening ahead of this. Can it stick regardless of what the ECB does in the face of some of these energy problems? I'm proud of a news conference as well. We're looking for some forecasts and I think it's important to recognize this. We're all talking about a recession, aren't we? In Europe, it's not there yet. It might be in one now, haven't seen the data yet. Will the ECB actually forecast one in that news conference in 30 minutes? And if they don't, what does it mean for their credibility at a time when everybody else seems to be forecasting one? The second's a wife and that right decision we are looking for 75, most people though think it's a coin toss between 50 basis points or 75 from the CCB. The decision moments away, leaks out seconds late, this is not unusual. There it is. 75 basis points from the ECP. The depot rate goes from zero to 75, the marginal lending facility goes to one 50, the main refinancing rate goes to one 25. So that is a 75 basis point hike from the European Central Bank. The reaction in the market looks like this on Euro dollar. Slightly positive by a tenth of 1% Euro dollar right now. One zero zero one 8. I was talking about the spread between Italy and Germany at the moment. That's about two 27. So Lisa, 50 or 75, it's 75. And the question is going to be what they signal going forward as a lot of people are already pricing in another 75 basis point of rate hikes through the remainder of the year. What does this mean for assets you are seeing a bit of a pop as you said to the Euro. But how much do they buffer this with some recognition of the pain that is being conferred on the Euro region as a result of the higher energy prices, as well as suddenly the fact that negative yields zero rates has absolutely evaporated. The working through the statement we're going to forecast here, looking ahead the ECB staff have significantly revised up their inflation projections and inflation is now expected to average 8.1% in 2022. 5.5% in 2023 and 2.3% in 2024. On the growth outlook, after a rebound of the first half of 22, recent data points were substantial slowdown in Euro area economic growth with the economy expected to stagnate later in the year and in the first quarter of 23. They go on to say very high energy prices are reducing the purchasing power of people's incomes and although supply bottlenecks are using, they're still constraining economic activity in addition. The adverse geopolitical situation, especially Russia's unjustified aggression towards Ukraine is weighing on the confidence of business and consumers. The outlook is reflected in the latest staff projections for economic growth, which have been revised down markedly for the remainder of the current year and throughout 23. I can give you that outlook now. They look for the economy to grow by 3.1% in 2022, 0.9% in 23, 1.9% in 2024. It's a 75 basis point high today. They're not forecasting a recession right now and they expect to raise interest rates again over the next few meetings. They're going to go meeting by mating, but Tom, I think if you get any criticism of the decision today, it might not be on the policy call. It may well be on the forecast because these forecasts are for growth. They are not for a recession as far as I can see. Well, there are forecasts and they're very political as well. Let's remember there's no statement in there on a war in Ukraine, which has a little bit to this because I haven't seen that as well. John, I love the elegance of getting away from data dependency and forward guidance where they just gracefully say there will be a meeting by meeting approach. They do it more elegantly than we do in math centric Washington. And this data is moving quickly. I believe we've got Maria today standing high in Frankfurt. It's been a while, Maria. I typically I'd spend some time welcoming you back, but we've got some news to cover. Go through the headlines for us. Yes, and Jonathan is 75 basis points. It was the obvious choice, but it was not a given because the debate around 75 for 50 basis points have really heated up in the days prior, remember some in the governing council were concerned about the idea of a full blown energy crisis, potentially hiking aggressively in the face of potentially a recession, which they don't refer to here. They talk about stagflation, but nonetheless, to me what it shows is that the hawks have it. It's really the hawks that control the governing council now and they really did feel at this point. There is a window to hike. The European Central Bank credibility is on the line here. You had to take or have to take decisive action here. Maria, who are the hawks besides the obvious bundes bank and the people of Germany. Who joins them this morning? I mean, we've seen this. It's the Dutch. It's also the Austrians. I guess we'll
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"This is what mcdaid brake Middle East. Tower top stories this morning. European stock futures plunge as the continent's energy crisis deepens with Russia turning off the taps, rationing this winter now looks all but inevitable the EU will consider emergency measures when ministers meet on Friday. It's not a surprise. Nobody should be surprised by these very last decision of the Russian government. We need to be prepared for a total cut of gas supply from Russia. All of this heaps pressure on the European Central Bank as it convenes this week. There are growing expectations for an unprecedented 75 basis point hike on Thursday. Oil surges on the possibility that OPEC plus may decide to trim production when the group meets later. And Dubai's IPO frenzy continues with road toll operator salek, set to sell a 20% stake. We'll have the details. Just got an 8 a.m. across the Emirates. I'm used to dean in Dubai. We have an energy crunch in Europe that is going into higher gear. And as a result, risk assets as you would expect are under pressure. There is talk of rationing towards the end of the year in Europe after the Russian gas cut on the S&P 500 mini just a little bit higher here and that shows you the resilience of the U.S. Vis-à-vis what we've seen on Euro stocks futures where we're called as much as 3% lower as a deeper European recession gets priced in. U.S. tens we're off to higher levels in terms of yields on Friday as more money flows into treasuries U.S. sends a three 1894 and then you're a dollar in focus as well extending losses into a fourth week standard charter that's talking about 97 cents before the end of the year. I want to get to this chart here. It's kind of set the groundwork on this Monday morning. The power prices a year from now. This is the European set of energy contracts. Those could test new records according to medley global advisers, they're looking at 350 to €400 per megawatt hour. These contracts are currently not trading just yet. We're just on the two hours away from the open. Think about the financial risks, right? In terms of energy suppliers facing collateral calls, banks with the most exposure to the European utility sector. I spent some time thinking about this over the weekend. Look out for the likes of BNP, HSBC, and potentially Barclays as well. I want to flip the board and get you a little bit of a gauge on where we stand with some of the energy prices where we do have a better understanding of where we stand with the countdown to the OPEC plus meeting. We're called at higher and we are trading higher on the Brent contract by as much as 2%. We understand from The Wall Street Journal that the Russians are opposed to an OPEC plus cut. JPMorgan is seeing the quotas remaining unchanged, though demand is rising and they're looking potentially at a $101 a barrel in the fourth quarter. I want to get to the markets in Asia now out to Juliet Saudi joins us from our Singapore studio as always. Jules, what's at the top of your agenda? Yeah, well, we were doing okay use of until we started to see that 3% slide in European equity futures in the beginning of the Asian trading session. So that is just weighing in to sentiment here, although no surprise you are seeing the likes of coal and gas stocks, particularly in the likes of Australia, rise. But regional stocks are down for a third session and we have seen the regional benchmark index now test those two year lows again, particular weakness coming through in Hong Kong, a lot of those tech players being hit as well with the risk of U.S. curbs on investment. And then king dollar just really weighing through into the currency space too. We had the PBOC once again set a stronger than expected fix for a 9th day in a row, but yet still you are seeing weakness in the offshore yuan at that two year low, the Korean won still holding it that 13 year low and really leading EM currencies lower today. Let's have a look at what's happening in China too. We had a 140 cases announced in Chengdu, of course, that lockdown continuing and extending and you have now seen the CSI 300 touch that key 4000 point level, what is going to give a boost to China equities will of course have been asking a lot of the guests on Bloomberg TV and radio and I am live pulse survey, and they say, look, you could see this record third term for president Xi Jinping, give China's beleaguered stock market a welcome boost later in the year, but yuan is likely to continue to slide according to participants in that survey. Yusuf. Jules, thank you very much for the overview. We will check back in with you later in the program that's actually there. I want to go back to our top story because European ministers are going to discuss special measures to try and rein in soaring energy costs this week that has the continent's crisis deepens after Russia shut off its gas taps or energy reporter Stephen sotsky is going to join us, but we're also going to get out to our men and the current who's going to cover the monetary policy side of this because we're counting down to the ECB. These energy prices leave them in a very tight corner, don't they, and really difficult space for the ECB use of markets talking about maybe a 75 basis points hike by the ECB, which is quite unprecedented. The issue they're facing, of course, is that soaring energy costs will of course stoke inflation, but obviously that also risks a deeper recession. And that's the problem that the ECB have to deal with on the one hand they've got to move to try and carbon inflation where they can, they can't obviously do a lot of gas prices, but they have to act to cool broad inflation pressures. On the other hand, of course, they know that the region might be heading towards a deeper slowdown if not a deeper recession in fact. And the other point of considering all of this might so much more complicated than what the fed is doing is they have to consider the impact of higher rates on some of those weaker governments in particular, Italy, a lot of focus on Italian born costs, of course, they have an all important election coming up to so the decision for the ECB this week is expected to be somewhere between going by 50 are going by 75, but the end outcome is expected to be the same. A lot of pain for the Eurozone on top of what's already happening with the energy crisis. Yeah, dramatic weekend in terms of events and a lot to catch up on in terms of repricing and recalibrating. And thank you for the analysis, as always, and the current in Hong Kong. Now I want to get to the new UK prime minister because that's going to be announced later in terms of who's officially taking over from Boris Johnson on Tuesday. They'll inherit a currency near the lowest in decades and an unprecedented surge in government borrowing costs and then add on top of that record underperformance of domestic stocks that set out to Bloomberg's David finnerty for more. David, this is a grim economic picture. By any stretch of the imagination, what is going to really filter through here in terms of policy priority in number ten? Yeah, it's not a good outlook for whoever wins today won't be Liz truss if she's soon act. The bookings favorite study to be mistrust and she's came out of the weekend and said she used to win. She will invoke her emergency budget very quickly within the first month, which obviously would be positive for the economy, but from Sterling and certainly for the guilt market that would be a bit worried about, well, how big is that policy stimulus should we say? And also, how is it going to be paid for? Because she's looking to roll back some taxes and corporate tax next year and the vat increase sorry and the national insurance increase from earlier this year. It's a bit worried we're okay. That's fantastic. You stimulate, but how do you pay for this down the line? So that's not really good for guilt. Could it add pressure to Sterling? Then moving forward certainly there'll be looking at other policies of hers in terms of BOE mandate. Does she tweak that? And dare I say Brexit does article was 16 getting voted at some point which could trigger deterioration in relation to between the EU and UK, which again is not another Sterling positive if it does. You know, it doesn't help, it's not the tallest moving from strength to strength, the number of dollar index up three tenths of 1% as we speak. David, thank you, great to see you. That's Bloomberg's David Finney. I want to get to the first word headlines now from around the world and for that week crossed back
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"For the European Central Bank to consider a jumbo interest rate hike when it meets next week. And it's now 5 O 7 on Wall Street where it's 72° in Central Park already got an accident westbound BQE off ramp to the Brooklyn Bridge, details coming up in traffic, first Michael Barr with what else is going on in New York and around the world. Good morning, Michael. Good morning, Nathan. The earth moved in New Jersey last evening. According to the U.S. geological survey, two earthquakes said northern New Jersey, the first, a 2.3 magnitude earthquake was just before 5 15 p.m. about 6 miles northwest of Morris plains, and 1.7 magnitude aftershock was then reported shortly after 6 30 p.m., also in Morris county. The last earthquake in New Jersey was in freehold in 2020, recorded at a 3.1 magnitude. One Texas official says migrants crossing into El Paso want to come to New York City. El Paso has been housing asylum seekers and welcome centers there to assist the homeless population. Texas has been bussing migrants from the opportunity center to where they want to go. Speaking to ABC's K, VIA in El Paso, John Martin, the deputy director of the center, says up until now, it has been working out well. I've never seen individuals run so quickly to take a shower so that they could get on a bus and be able to go to where they wanted to go. Martin says, though, it appears to have stopped a bus scheduled to leave Monday from the center was postponed. Former Soviet president Mikhail Gorbachev has died. Russian news reports say it happened at the central clinical hospital where he was undergoing unspecified treatments after a long illness, Mikhail Gorbachev was 91. Texas has announcing the first confirmed fatality of monkeypox in the U.S., doctor Jennifer mcquiston says the patient in Texas who tested positive from monkeypox had other underlying health conditions. It's important to focus that we have mitigation measures in place to prevent monkeypox. Get vaccinated. If you're sick, go to a doctor, get tested. And if you have severe illness, there are treatments that are available. Doctor mcquiston says only a handful of monkeypox fatalities have been reported globally. President Biden announced this safer America program. He proclaimed in books Barry Pennsylvania. The nation had to fund the police then criticized GOP members of Congress for not supporting his plan. Guess what? Every single Republican member of Congress. Every single one in this state, every single one voted against the support for law enforcement. I talk about how much they love it. They voted against the funding. President Biden, global news 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts more than a 120 countries. Michael Barr, this is Bloomberg Nathan. Thanks
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"Week cover story. America's complicated, multiyear effort to create air traffic control rules for drones. All of that to come, we begin this hour with a timely and global story featured in this week's economics section. Americans love their stuff, Carol, and our big spinning ways. That coupled with a supercharged dollar. They are boosting prices. Around the world, Bloomberg news economics editor Ben Holland, co wrote the story, he and business week editor Joel Weber help explain how the U.S. is now exporting inflation and why fed interest rate hikes will only make it worse. So I think it's happening in two ways. So the first thing is that all over the world in the pandemic, you had this kind of change in what people were buying, right? So people weren't buying gym memberships, they weren't buying restaurant meals. They weren't going on vacations so much. They were buying goods. They were buying exercise bikes and TV sets. But this shift was much bigger in the United States than in other countries. And it's lasted for longer. And it's been amplified by the way that some of the big U.S. retailers have been behaving because we know now that people are Walmart and target built up a huge inventories of staff. So they were basically buying even more soft than American consumers wanted to buy, which was already a lot. Because supplies of all these goods which are traded on global markets were constrained by COVID, the effect of Americans buying so much of them was to push their prices up for other countries too. Also joining us, of course, as Joel Weber, editor Bloomberg businessweek, and he's here in our interactive broker studio. Hey, Joel. Hi. So Ben, I wanted to ask you, you know, how is this manifesting itself yet? And we've seen what happens when we get a glut of inventory in America. And if this is getting pushed out, how is it showing up elsewhere? So it does show up in the inflation numbers in other countries. But if you look at a place like Europe, then of course in the headline numbers, this effect is swamp because the biggest driver of higher inflation is energy and food, a lot of which is the result of the Ukraine war. But you are seeing higher prices of imported goods by comparison with the produced domestically and European countries. And then the new side of it is a we're starting to see now, of course, is that the fix to this is problem if you want a very strong American demand is higher American interest rates. Well, that is knocking the dollar much higher. We now have a very, very strong dollar. And that makes the inflation problem for other countries even worse in a way because it means that stuff they buy from America or stuff that is priced in dollars like oil and other commodities also become more expensive for them. And I feel like this is not something that it's a touch and go Ben. And this is why we continue to see the inflationary problems globally sticking with us even longer than maybe we had all hoped. Yeah, I think so, because this is something that could outlast some of the other causes of inflation. So even if Europe, European energy and food problems, which are sort of magically disappear or if they were that inflation was to fade away, this other stuff caused by a strong dollar, for example, might still be around and it might still keep inflation higher than the central bankers in Europe would be comfortable with. Okay, so the fed pretty much going to keep raising rates for a while, so how much worse is this going to this problem going to get? I mean, it could potentially get worse. I mean, the caveat, of course, is that as I said, the headline inflation in places like Europe is really an energy story. But it could be that even when that goes away, that they are still left with a problem, which is caused by first strong American demand and then second, the very strong dollar. That makes their life harder. And the thing to another thing to think about here is that it also makes the job of a central banker harder because if you're the American, if you're the fed, if you're the American Central Bank and you think that American inflation is at least partly being caused by strong American demand. Well, that's something you can do something about. But it leaves the European Central Bank, for example, in the situation where inflation is not being caused by European consumers going out and buying lots of stuff. And yet, they still feel like they have to raise rates. The result might be that they just slow their economy down without really doing much to address the root of the problem. Why did Americans buy stuff at a different rate than other countries during the pandemic? Part of it is just that the patterns of what people buy are different in different countries to start with before the pandemic. But I think in the pandemic, the probably the biggest reason why that shift was bigger and longer lasting in America was that the United States did a bigger fiscal stimulus than the European countries, for example. Because it wasn't really, it couldn't really have been that the other side of it. The supply staff was harder to do here because more restaurants were closing Europe than the United States, right? One of the things I love in your story is you talk about the two economies may have similar rates of inflation. You're talking about Europe and the U.S., but they have different kinds with major implications again for how the banks tackle the problem, but you talk about the distinction boiling down to how big a share of price pressures is homegrown and we really need to look at internally where the inflationary pressures are within each country. Yeah, and what you see when you do look at that, I think, is really reinforces the point that more of it is homegrown in the United States than Europe. And that, in a way, that makes the job of the fed easier, I think compared with the job of the central banks because as I said, if you think the part of your high inflation in America is caused by strong American demand, well, that's something the American Central Bank can do something about. They can raise interest rates and they can cool down that demand. If you're Europe, and none of your inflation is really being caused by a strong European demand. But you still have very high inflation and you want to do something about it and you're worried about expectations getting entrenched. The risk is that you raise interest rates, but all you're really doing is slowing down your own economy. So if I heard our guest right, the fed has it easy, right, Carol. I guess so
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"As investors assess the latest earnings reports and prospects for growth as the European Central Bank joined global peers in tightening policy and data points to a weakness in the U.S. economy. And since we took a leg up led by tech and consumer discretionary stocks, Russia began sending natural gas to Europe through the Nord stream pipeline system after applause bringing relief to a continent, whose economy starting to wobble under the strain of reduced supplies, shipments returned to 40% of capacity at the level before flows were halted for ten days of planned maintenance. Bloomberg's will Kennedy managing editor Europe the Middle East and Africa tells Bloomberg that while the news brings a sense of relief, Russia boss Vladimir Putin can still use the gas supply as a tool to bring pressure. He's talking about another gas compressor on the pipeline that needs maintenance in individuals weeks time and could potentially reduce flow to 20%. There's a lot of gamesmanship there. What certain I think is that this pipeline gives Putin a lot of leverage in his mind and it would be very surprising given the widest backdrop that he doesn't seek to use it as we go into the crucial winter period. S&P is up 6 tenths of a percent of 25, the dows up a tenth of a percent of 32 in the NASDAQ is up over 1% up a 125. The ten year is up 1830 seconds the yield 2.95%. West Texas intermediate crudes down 3.2% at 96 66 a barrel. Comex gold up 6 tenths of a percentage 1728 even per ounce. The dollar yen, one 37 90, the Euro, a dollar O one 81 and the British found a dollar 1956, a quick look at silver's priced at $18 77 cents up one half of 1%. That is a Bloomberg business flash on Greg Jarrett. Now more balance of power with David Weston right here on Bloomberg radio. This is balance of power on Bloomberg television and radio. I'm David west, and Union Pacific had their second quarter
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"Great tragedy is this was going to be the year where Europe emerged from the pandemic with those supported fiscal policy relatively supportive monetary policy and strong growth drivers, particularly on the consumer side. And the hit from the war in Ukraine, not just as a political or a humanitarian tragedy, is that there will be these inflationary shocks from primarily energy, but also food and other disruptions to the supply chain that will force the CB to tighten, which it has already signaled it will do. And a very sharp decline in growth momentum probably leading to a recession later this year or early next. How much of this story is really the flood back to the U.S. dollar, despite, of course, domestic recession concerns. Is this kind of reentering a period where we see king dollar again just because of the risk of sentiment? It's hard to see the dollar weakening substantially from here. As I mentioned, the weakness in the European economy puts the European Central Bank in a box. They probably can't tighten as much as they would like to. Interest rates will still be significantly lower than what they are in the U.S. right now. And so I think that has given additional momentum for the dollar, along with what you described in some of your earlier reports about this flight to quality flight to safety that is always been something with the dollar has enjoyed. I'll just mention that the problems that the ECB faces were drawn in particularly sharp focus they last week, the CPI numbers for the Eurozone as a whole were 8.6%. That was an average, which ranged up to and including Spain, which came in at 10.6%. So when you have that kind of inflationary pressure coming through, you're probably going to see a pretty significant decline in consumer demand and therefore the weakness and recession risks rising in Europe. And that was Christopher smart, chief global strategist at berings investment institute, with Bloomberg Cheryl and Heidi Stroud watts
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"Great tragedy is this was going to be the year where Europe emerged from the pandemic with those supported fiscal policy relatively supportive monetary policy and strong growth drivers, particularly on the consumer side. And the hit from the war in Ukraine, not just as a political or a humanitarian tragedy, is that there will be these inflationary shocks from primarily energy, but also food and other disruptions to the supply chain that will force the CB to tighten, which it has already signaled it will do. And a very sharp decline in growth momentum probably leading to a recession later this year or early next. How much of this story is really the flood back to the U.S. dollar, despite, of course, domestic recession concerns. Is this kind of reentering a period where we see king dollar again just because of the risk of sentiment? It's hard to see the dollar weakening substantially from here. As I mentioned, the weakness in the European economy puts the European Central Bank in a box. They probably can't tighten as much as they would like to. Interest rates will still be significantly lower than what they are in the U.S. right now. And so I think that has given additional momentum for the dollar, along with what you described in some of your earlier reports about this flight to quality flight to safety that is always been something that the dollar has enjoyed. I'll just mention that the problems that the ECB faces were drawn in particularly sharp focus they last week, the CPI numbers for the Eurozone as a whole were 8.6%. That was an average, which ranged up to and including Spain, which came in at 10.6%. So when you have that kind of inflationary pressure coming through, you're probably going to see a pretty significant decline in consumer demand and therefore the weakness and recession risks rising in Europe. And that was Christopher smart, chief global strategist at barings investment institute, with Bloomberg cherry on and Heidi Stroud watts
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"And federal investments in both clean energy and fossil fuels. European Central Bank president Christine Lagarde stated officials intentions to raise interest rates in July and September, signaling the concerns over financial market tensions aren't derailing the fight against inflation. The comments Monday follow an emergency meeting last week where officials accelerated work on a tool to defend the integrity of the Euro region. Lagarde characterized the decision to develop a crisis measure as one that underpins a previous commitment to keep inflation under control. Meanwhile, inflation is taking a toll on infrastructure projects across the U.S. more from Bloomberg, Susanna Palmer, rising prices for materials such as asphalt, steel and iron pipes are driving up the costs to build roads, bridges, rail lines, and water mains, the prices for some infrastructure materials have risen even faster than general consumer prices. State and local officials say inflation is eating into the value of the $1 trillion federal infrastructure law signed by president Joe Biden just 7 months ago. Some officials say inflation has forced them to delay or to scale back the scope of projects. Susanna Palmer Bloomberg radio. Checking the global markets, the FTSE in London gained one and a half percent, the kak in Paris closed ahead a third of a percent. The Dax in Germany was up almost 1%. The knee came in Japan closed down three quarters of a percent, the hang seng in Hong Kong finished up .42% and China's CSI 300 closed up a half a percent. Global news, 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries. I'm Erica Hurst, this is Bloomberg. Broadcasting live from the Bloomberg interactive broker studio in New York. Bloomberg 11 three O to Washington, D.C., Bloomberg 99 one to Boston
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"What a 13 minutes before the Asian session begins with Tokyo coming on stream we're looking at positive momentum perhaps being intact because of gains in Europe and it's of course also after a strong session for China and Hong Kong as well and that was of course in the absence of trading in the U.S. for their holiday there as well Memorial Day naturally I should be 500 NASDAQ features like it lent support at the moment both moving to the upside crude oil also seems a bit stronger too That's down to EU leaders agreeing to pursue sanctions or partial sanctions that would forbid the purchase of crude and petroleum products from Russia delivered to by member states by sea but including a temporary exemption for pipeline crude Right well it was a deal so that we saw German inflation hitting another all time high at least for this particular dataset It does add to urgency for the European Central Bank to exit from its crisis era stimulus and adding to that urgency where numbers from Spain which are top economists estimates reports do come Just about ten days before we get a crucial ECB meeting where officials are apparently going to have been set to announce the conclusion of asset purchases and confirming plans of increasing interest rates in July if they do do that it would be the first time they would have lifted the cost of borrowing in 8 decades Overall being the 31st of May in this part of the world we've got global stocks On track to end the month with modest gains and of course there is a degree of skepticism about whether the market is near a truck and also this as we have volatility which does stay elevated On the data front it's China purchasing managers indices going to be the highlight of a calendar with forecasts of an increase in both manufacturing and services So that's a look at markets We do check them every 15 minutes Straight third dead backs in San Francisco looking at global news and all right thank you Extra service risk Australia's prime minister Anthony albanese Labor Party has clinched a parliamentary majority China's announced plans to start easing some quarantine measures in both Shanghai and Beijing this after two months China has suffered a setback in its effort.
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"This is Bloomberg at 17 minutes past 9 so we've been trading on the European markets for about an hour and 17 minutes European stocks currently gaining three tenths of a percent The future stateside now turning lower after previously looking positive You're currently lower by a tenth of a percent on the S&P E minis NASDAQ futures also pointing lower than as that closed down by more than 2% yesterday investors stateside starting to reassess the risks of recession after weaker housing data and a fed Richmond fed survey suggesting that business confidence is also starting to sag here in Europe they were weighing up additional comments from European Central Bank officials on the prospects for rate hikes from the European Central Bank Ollie ren of Finland and the governing member council member of the ECB suggesting that 25 basis points is appropriate for July in terms of where the ECB is heading currently You're looking against here in the UK of just two tenths of a percent The cat can hunt though is lowered by a tenth of a percent range bound in Germany on the Dax the FTSE made by in Italy gaining three tenths of a percent of Spain up 5 tenths Euro dollar currently down by 6 tenths of a percent again assessing those comments from various ECB officials the dollar is stronger as well up three tenths of a percent Sterling one 25 not a lot of movement in the pound this morning You had a session over in Asia that ended up just a tenth of a percent higher on the MSCI as a Pacific When it comes to bonds you had some pronounced moves Yesterday into treasuries as a move into risk havens on those recession fears a 16 basis point move lower in two year yields Barely correcting you're seeing a move about two basis points higher to date two 49 2.49% on the U.S. two year.
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"And Green Bay past this year I'm Dan schwarzman that your Bloomberg world sports op aid Markets headlines and breaking news 24 hours a day At Bloomberg dot com the Bloomberg business out and that Bloomberg quick tape This is a Bloomberg business flash Well we are looking for a nervy start to the session on this first train day of the week and Asian risk perhaps off the table at the moment and so we weigh up the Federal Reserve's tightening schedule against development's geopolitically speaking in the Ukraine Of course the U.S. shares its side on Friday and that could add some negative headwinds as you wish now we've got treasuries recovering That's after the Federal Reserve and European Central Bank officials pushed back against rising rate hike bets and investors moved towards some of those safe havens with the Swiss franc and certainly one of them And now talking of which we got the people's bank of China leaving economists divided over whether it needs to cut interest rates for a second month in order to bolster the economy there 16 of the 2070 kilometers at Bloomberg forecasting the center bank will keep the interest rates there on hold where we perhaps are looking at a 6 of them taking one tenth of 1% decrease Energy markets also in focus we've got crude oil prices inching closer to the $100 Mark We've got tacos geopolitical risks perhaps responsible for that Bretton future trading above 94 bucks the barrel Meanwhile Hong Kong's sons are looking set to be under a bit of pressure as well because the city's health officials warning that the current wave that we're witnessing in the city is facing a crisis point It's a recording preliminary record cases at the moment amongst the community That's a look at what's going on as far as markets go we check them every 15 minutes or so All right let's turn now to some of those stories making global headlines and get over to Denise Pellegrini Thank you Richard no progress made between Russian president Vladimir Putin and President Biden in their weekend talks and national security adviser Jake Sullivan.
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"This relationship We're guessing one thing is that you are better informed European Central Bank president Christine Lagarde had this to say Actually we're not guessing The realism of this is tangible Up to the moment news Some of the biggest states could see most of the money Expert analysis Does that mean you're focusing on banks and other financials Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening The Bloomberg money minute skilled workers will continue to be in demand in 2022 Market is strong and should strengthen further in the coming year Mark Hamrick of bankrate dot com The balance of power has been shifting back to workers And we think they'll continue to command the power in the months ahead Rebellion labs reports that because of labor shortages and employers increase their offers to recruiters by 14% in 2021 more than for any other profession recruiters know perhaps better than anyone how the workplace has evolved There have been reckonings and epiphanies a part of both workers and employers as to how work can change remote work is one of those opportunities And Hamrick predicts companies will never get back to having employees in their offices from 9 to 5 every day Those who are aspiring or planning to continue to work are demanding some flexibility either in the hours they're working or where they work including from home Jeff Bellinger Bloomberg radio for the Jewish communal fund Barbara novik investment professional and philanthropist I think JCF has one of the best funds out there It's very.
WGN Radio
"european central bank" Discussed on WGN Radio
"At the lakefront. It's 33 this morning in Aurora. It's 28 the windshield. There is 18 and in Gary, this morning, clear Skies and 30 to you. Our money on WGN Global shares are mostly higher today on optimism over the new U. S. President That's an offer rally on Wall Street yesterday. Also impacting the rally was some strong corporate earnings in early trading. Today, we see markets in Europe mostly higher. With the numbers in London of nearly a quarter percent, up nearly a half a percent in Frankfurt markets have fallen into the red in Paris in Asia, Japan's Nikkei closed nearly a percent higher this morning, South Korea edged up nearly 1.5%. And in China, the market gained nearly a percent U. S futures are higher to this morning. The European Central Bank confronting more economic gloom, virus cases and deaths are rising and new lockdowns mean 341 million people in the eurozone facing deepening recession in the coming weeks, with more than a trillion euros in stimulus still in the pipeline, European central Bank isn't likely to add more. President Biden is going to have more have some trouble getting his pellet on into the White House. Apparently, his stationary bike poses a security risk because it comes equipped with cameras and microphones. Livestream exercise classes. After poking a little fun yesterday on Social Media, Pol Politan says it is working on a way to overcome that dilemma. I'm Steve Christianity on Chicago's very own 7 20 w GM. If you've got an insurance question, you could talk to a park Ranger. But the only quotes they'd probably give you would be about the beauty of a fallen leaf or ripples in a pond. Not the kind that could save you money on your policies. Or you could talk to your local Geico agent who's an expert navigator.
Bloomberg Radio New York
"european central bank" Discussed on Bloomberg Radio New York
"This is a Bloomberg business Flash, but I'm Karen Moscow, the dollar strengthening, While European stocks and U. S stock index futures are fluctuating abate US investors focus on comments and the Federal Reserve and European Central Bank About the outlook for monetary stimulus. We check the markets every 15 minutes throughout the trading day on Bloomberg, right now S and P futures their lower down four points down futures down 14 NASDAQ futures down six the decks and Germany's down, 1/10 of upper said 10 Year Treasury up one 32nd. The yield 1.12% Yield on the two year 20.14%. Nynex crude oil's at 3/10 Percent, or 16 says that 53 37 a barrel Comex gold is up 6/10 percent, or $10.40. At 18 54 60 announce the euro 1.2168 against the dollar. British found 1.3666 and the yen is it went 3.98. Today we get a look at inflation with consumer price index. 70 30 Wall Street time The Federal Reserve releases its beige book at you. It's a Bloomberg business Flash. Now here's Michael Bar with more what's going on around the world, Michael Karen. The backlash to last week's violence at the Capitol is growing. The House is expected to vote today on whether to impeach the president for a second time. Representative Liz Cheney, the third highest ranking Republican in the House is in favor of impeachment. Cheney is now among other House GOP members and more than 200. Democrats seeking to impeach President Trump for willfully inciting violence against the government. The president is standing by those comments he made January 6th Senator Ted Cruz is communications director has resigned. Lauren Blair beyond She quit as Cruz continues to face fall out from efforts to overturn the results of the presidential election. In the NBA. The Nets beat the Nuggets won 22 1 16. The Warriors lost global news 24 hours a day on the air and on Bloomberg. Quick take powered by more than 2700, journalists and analysts on more than 120 countries. Michael Barn, This is Blumberg. The following commentaries from Bloomberg opinion for Biden to solve inequality. He'll need good wife. I I'm terrible, Ash Appel, a columnist for Bloomberg Opinion. Cove in 19 brought home the urgency of closing a digital divide that has left millions in the cold under lockdowns. But to close this divide, we need to be able to answer this most fundamental question. Where is it? Not even regulators have a good handle on this. The FCC estimates that 18 million people in the U. S don't have broadband access, but that data is widely considered to be flawed. Some sources estimate the figure to be twice as high and Microsoft's own user data suggests that more than 150 million Americans are using the Internet broadband speeds that's roughly half the population. President elect Joe Biden says the four policy areas help prioritize our cove in 19, the economic recovery, racial equity and climate change. Tackling these interconnected yet discreet crises depends in part on ensuring that every American has access to high speed Internet..