Stocks

BLOOMBERG The coders who maintain Bitcoin’s blockchain are clashing over whether to stamp out the meme tokens swarming the network. A torrent of speculative coins led to a record number of transactions and an 11-fold spike in processing fees on the blockchain in May, creating a logjam and forcing the Binance exchange to temporarily halt Bitcoin withdrawals. The tumult has ...

BLOOMBERG Wall Street’s reaction to the latest jobs report showed bets that another Federal Reserve interest-rate hike is likely in the bag — but that wouldn’t necessarily happen in June. As Treasury yields climbed, swap contracts projected officials will probably wait until next month to tighten again. The possibility of a Fed pause, more signals that the economy is still ...

BLOOMBERG The ESG fund with the biggest exposure to Nvidia Corp has just beaten 99% of its peers, as bets on artificial intelligence (AI) transform the fortunes of portfolios promoting environmental, social and governance principles. The $830 million Nvidia stake held by Swedbank Robur Technology C makes it the most exposed ESG-registered fund to the world’s most valuable chip company, ...

BLOOMBERG European stocks climbed after three days of declines, while US futures edged higher after the House passed a deal to avert a US default and Federal Reserve officials hinted at a pause in interest-rate hikes. Banks and carmakers led gains in the Stoxx Europe 600 index as data showed euro-area inflation slowed more than analysts’ estimates in May. Adnoc ...

BLOOMBERG Ghana’s pension funds are close to agreeing to a deal to restructure $2.6 billion worth of government bonds they hold, according to an umbrella body for the industry. Under the plan, the pension funds will receive more interest payments, but over a longer period of time, according to Thomas Esso, executive secretary of the Chamber of Corporate Trustees. The ...

BLOOMBERG European stocks and US equity futures pared losses sparked by China’s economic woes, while bonds gained amid signs of easing inflation. The Stoxx Europe 600 index pulled back from its lowest level in almost two months. China-exposed luxury-goods makers LVMH and Richemont remained among the biggest laggards, while Swedish landlord SBB plunged to an all-time low after its CEO ...

BLOOMBERG The crypto rebound is losing steam, leaving Bitcoin on course for its worst month since the FTX exchange collapsed in November 2022. The roughly 8% drop in May is Bitcoin’s first monthly retreat of 2023. A gauge of the top 100 digital assets has dropped by a similar magnitude. The largest crypto coin bounced 84% from the turn of ...

BLOOMBERG Treasuries and US stock futures advanced on hopes that Congress will pass a debt accord to head off a default as White House and Republican congressional leaders stepped up lobbying in support of the deal. Treasury yields fell across the curve. Yields on short-dated bills — the most at risk of a default — were indicated lower as they ...

BLOOMBERG The Big Tech rally of this year has further to run as the risk of a US recession drives investors into stocks that offer profitable growth in lean times, according to the latest Markets Live Pulse survey. Some 41% of 492 market participants surveyed said the highest returns this year would come from buying quality stocks focussed on profitability, ...

BLOOMBERG India has reclaimed its spot as the world’s fifth largest stock market after losing that status to France in January, as foreign investors snap up the Asian nation’s shares. India’s market capitalisation stood at $3.3 trillion, helped also by a rebound in Adani Group’s stocks after a short seller report earlier in the year sparked a heavy selloff. Meanwhile, ...