Stocks

Crypto’s 80 percent plunge worse than dot.com crash

Bloomberg The Great Crypto Crash of 2018 looks more and more like one for the record books. As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst ...

Read More »

US stocks swing between gains and losses; oil steadies

Bloomberg US stocks swung between gains and losses as lingering anxiety about US and Chinese trade relations hung over global financial markets. Treasury two-year note yields rose to a one-decade high, while oil steadied. The S&P 500, Dow Jones Industrial Average and the Nasdaq Composite all pushed higher briefly after starting the day in the red, before settling into little ...

Read More »

Pound volatility spikes as traders grapple with Brexit headlines

Bloomberg The pound may be in for a rough ride as contrasting headlines surrounding the fate of Brexit test traders’ nerves. Sterling whipsawed between gains and losses multiple times on Tuesday as investors adjusted their positions to news about the UK’s impending exit from the European Union. The currency tumbled from a six-week high after a report the EU sees ...

Read More »

US stocks pare gains as Trump pressures Apple

Bloomberg Stocks pared earlier gains as shares of Apple and Asia-based suppliers slumped after President Donald Trump insisted his trade war with China will spur more manufacturing jobs in the US. The S&P 500 opened higher, breaking a four-day slide, before pulling back from the day’s highs. The Stoxx Europe 600 Index fluctuated in early trading before finding its feet ...

Read More »

Pound surges after Barnier says Brexit deal within 8 weeks

Bloomberg The pound rallied and gilts fell after the European Union’s chief negotiator Michel Barnier said it’s “realistic” to get a Brexit deal within eight weeks. Sterling jumped as much as one percent as Barnier said an agreement is possible by the start of November, though several issues were still outstanding in the talks. That includes measures to prevent the ...

Read More »

Goldman model hints at pain for EM currencies

Bloomberg Goldman Sachs Group Inc. models are signaling that some developing-nation currencies have further to fall, even after a slide unprecedented since the financial crisis. While this year’s sell-off has pushed emerging-market exchange rates into undervalued territory by at least one measure, they are not yet as cheap as in early 2016, analysts at the investment bank including Mark Ozerov ...

Read More »

S&P momentum breaks as tech, trade war bite

Bloomberg Returning from vacation is a drag — in life, in stocks. True to form, September started with the worst S&P 500 retreat since June. Anyone hoping last month’s momentum would persist was disappointed. After hitting a record on August 29, the index has fallen on five of six days, with the twin tech pillars of semiconductors and the FAANGs ...

Read More »

Yuan outperforms peers as China deters bears before tariffs

Bloomberg China’s currency outperformed its Asian emerging market peers this week, as state-owned banks were said to have squeezed short sellers last week before a potential wave of new US tariffs. After five months of declines, the offshore yuan was poised to become the strongest emerging market Asian currency in the first week of September. State-owned banks bought yuan forward ...

Read More »

US tech shares tumble; emerging currencies dip

Bloomberg US stocks fell, with FANG shares tumbling as executives of the tech heavyweights face scrutiny on Capitol Hill. The selloff in emerging market currencies deepened, adding to the risk-off tone on global financial markets. Twitter, Facebook and Alphabet sent the Nasdaq Composite Index down by more than 1 percent during Senate Intelligence Committee hearing on social media and foreign ...

Read More »

Ether tumbles in crypto selloff

Bloomberg A fresh sign that the financial industry’s love affair with cryptocurrencies is cooling pummeled the largest tokens. Ether sank as much as 15 percent and Bitcoin fell almost 7 percent to a three-week low amid a report that Goldman Sachs Group Inc. is pulling back on near-term plans to set up a crypto trading desk. Litecoin and Ripple followed ...

Read More »
Send this to a friend