S&P Futures Slide, Europe Jumps As Traders Beg For End To Turbulent Week
There is a sense of almost detached resignation amid trading desks as we enter the last trading day of a chaotic, volatile week that has whipsawed and stopped out virtually everyone after the Nasdaq saw the biggest intraday reversal since Thursday and pattern and momentum trading has become impossible amid one headline tape-bomb after another. After yesterday furious tumble and sharp, last hour rebound, US equity futures are once again lower expecting fresh developments in the Huawei CFO arrest and trade war saga while today's payroll report may redirect the Fed's tightening focus in wage growth comes in hotter than the 3.1% expected; at the same time European stocks have rebounded from their worst day in more than two years while Asian shares posted modest gains as investors sought to end a bruising week on a more upbeat note. While stock trading was far calmer than Thursday, signs of stress remained just below the surface as the dollar jumped, Treasuries rose and oil whipsawed amid fears Iran could scuttle today's OPEC deal. The MSCI All-Country World Index, which tracks shares in 47 countries, was up 0.3% on the day, on track to end the week down 2%. After Europe's Stoxx 600 Index sharp drop on Thursday, which tumbled the most since the U.K. voted to leave the EU in 2016, Friday saw Europe's broadest index jump 1.2% as every sector rallied following the cautious trade in the Asia-Pac session and the rebound seen on Wall Street where the Dow clawed back nearly 700 points from intraday lows. European sectors are experiencing broad-based gains with marginal outperformance in the tech sector as IT names bounce back from yesterday’s Huawei-driven slump. Technology stocks lead gains on Stoxx 600 Index, with the SX8P Index up as much as 2.3%, outperforming the 1.1% gain in the wider index; Nokia topped the sector index with a 5.9% advance in Helsinki after Thursday’s public holiday, having missed out on initial gains from rival Huawei’s troubles that earlier boosted Ericsson. Inderes said the arrest of Huawei CFO over potential violations of American sanctions on Iran will benefit Nokia and Ericsson, who are the main rivals of Huawei and ZTE. Similarly, Jefferies wrote in a note on Chinese networks that China may have to offer significant concessions to buy Huawei an “out of jail” card and reach a trade deal, with China’s tech subsidies and “buy local” policies potentially under attack. "For example, why would Nokia and Ericsson have only 20% share in China’s 4G market," analysts wrote. Meanwhile, energy names were volatile as the complex awaits further hints from the key OPEC+ meeting today. In terms of individual movers, Fresenius SE (-15.0%) fell to the foot of the Stoxx 600 after the company cut medium-term guidance, citing lower profit expectations at its clinics unit Helios and medical arm Fresenius Medical Care (-7.8%). The news sent Fresenius BBB- rated bonds tumbling, renewing fears of a deluge of "fallen angels." On the flip side, Bpost (+7.5%) and Tesco (+4.8%) are hovering near the top of the pan-Europe index amid broker upgrades. Earlier in the session, Japanese equities outperformed as most Asian gauges nudged higher. MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.2%, though that followed a 1.8 percent drubbing on Thursday. Japan’s Nikkei added 0.8 percent. Chinese shares, which were up earlier in the day, slipped into negative territory with the blue chips off 0.1 percent.
E-Mini futures for the S&P 500 also started firmer but were last down 0.4 percent. Markets face a test from U.S. payrolls data later in the session amid speculation that the U.S. economy is heading for a tough patch after years of solid growth. Will the last employment report released this year (the December report comes out in early January) help markets to continue to form a base? The consensus for nonfarm payrolls today is for a 198k print, following the stronger-thanexpected 250k reading last month. Average hourly earnings are expected to rise +0.3% mom which should be enough to keep the annual reading at +3.1% yoy while the unemployment rate is expected to hold steady at 3.7%. DB's economists are more or less in line with the consensus with a 200k forecast and also expect earnings to climb +0.3% mom, however that would be consistent with a small tick up in the annual rate to +3.17% and the fastest pace since April 2009. They also expect the current pace of job growth to push the unemployment rate down to 3.6% which would be the lowest since December 1969. Meanwhile, Fed Chairman Jerome Powell confused traders when late on Thursday, he emphasized the strength of the labor market, throwing a wrench into trader expectations the Fed is poised to pause tightening - arguably the catalyst for Thursday's market-closing ramp following a WSJ article which reported Fed officials were considering whether to signal a new wait-and-see mentality after a likely rate increase at their meeting in December. While Friday's market has stabilized, for many the recent gyrations are just too much. For Dennis Debusschere, head of portfolio strategy at Evercore ISI, there’s still far too much risk to wade back into a market this riven by volatility. “Overall still untradeable in our opinion, until we get more clarity on trade and we think it will pay to wait this out,” he wrote in a note to clients Thursday. “That being said, our desk is open for business if you’re feeling up to trading this backdrop.” Meanwhile, the big question is what happens next year: “The big question mark still is what’s going to happen in 2019” with the Fed, Omar Aguilar, CIO of equities and multi-asset strategies at Charles Schwab, told Bloomberg TV. “The jobs report could easily be the catalyst that will tell us a little more about what the path may be.” Expecting that a big slowdown is coming, interest rate futures rallied hard in massive volumes with the market now pricing in less than half a hike next year, compared to just a month ago when they had been betting on more than two increases. Treasuries extended their blistering rally, driving 10-year yields down to a three-month trough at 2.8260 percent, before last trading at 2.8863 percent. Yields on two-year notes fell a huge 10 basis points at one stage on Thursday and were last at 2.75 percent. Investors also steamrolled the yield curve to its flattest in over a decade, a trend that has historically presaged economic slowdowns and even recessions. The seismic shock spread far and wide. Yields on 10-year paper sank to the lowest in six months in Germany, almost 12 months in Canada and 16 months in Australia. Italian debt climbed as European bonds largely drifted. The greenback advanced against most of its Group-of-10 peers ahead of U.S. jobs data that are expected to show hiring slowed last month. The pound fell as U.K. Prime Minister Theresa May was said to be weighing a plan to postpone the vote on her Brexit deal. In commodity markets, gold firmed to near a five-month peak as the dollar eased and the threat of higher interest rates waned. Spot gold stood 0.1 percent higher at $1,239.49 per ounce. Oil was less favored, however, falling further as OPEC delayed a decision on output cuts while awaiting support from non-OPEC heavyweight Russia. Brent futures fell 0.5 percent to $59.77 a barrel, while U.S. crude also lost half a percent to $51.19. Cryptocurrencies continued their collapse with fresh losses after U.S. regulators dashed hopes that a Bitcoin exchange-traded fund would appear before the end of this year. Market Snapshot
S&P500 futures down 0.4% to 2,680.00
STOXX Europe 600 up 1.3% to 347.69
MXAP up 0.2% to 151.21
MXAPJ up 0.2% to 485.67
Nikkei up 0.8% to 21,678.68
Topix up 0.6% to 1,620.45
Hang Seng Index down 0.4% to 26,063.76
Shanghai Composite up 0.03% to 2,605.89
Sensex up 0.9% to 35,631.53
Australia S&P/ASX 200 up 0.4% to 5,681.49
Kospi up 0.3% to 2,075.76
German 10Y yield rose 0.8 bps to 0.244%
Euro down 0.05% to $1.1368
Italian 10Y yield rose 13.9 bps to 2.835%
Spanish 10Y yield unchanged at 1.46%
Brent futures up 0.2% to $60.16/bbl
Gold spot up 0.2% to $1,239.70
U.S. Dollar Index little changed at 96.88
Top Overnight News from Bloomberg
The arrest of Huawei Technologies Co. Chief Financial Officer Meng Wanzhou in Canada over potential violations of American sanctions on Iran has triggered a debate in China over whether to carry on with trade talks with the U.S. or link the two issues and retaliate; Meng will have a bail hearing Friday to determine whether she is a flight risk and should remain in detention during proceedings on extradition to the U.S.
Oil extended losses near $51 a barrel after OPEC entered a second day of talks in an attempt to draw up a deal to cut output. Iran sees no possibility of agreeing to reduce its output, Oil Minister Bijan Zanganeh said Friday
Theresa May met with her top ministers in London on Thursday to discuss options of delaying the Dec. 11 Parliamentary vote on her Brexit deal to avoid a landslide defeat that would risk a major U.K. political crisis, according to a person familiar with the matter
EU leaders are poised to turn their next summit into a Brexit crisis meeting, but so far, it doesn’t look like they’re willing to offer her anything that could help to break the deadlock in the U.K. Parliament
Angela Merkel’s long exit from politics begins Friday when her party gathers in Hamburg to decide whether to appoint her chosen successor as its new leader or break with the legacy of her 13 years in charge of Germany
Italian Finance Minister Giovanni Tria has complained that he is the victim of one ambush after another as his future is called into question amid tensions with populist leaders over a spending spree to fund election policies, according to newspaper Il Giornale
Asian stocks saw cautious gains with the region getting an early tailwind after the sharp rebound on Wall St, where most majors inished lower albeit off worse levels as tech recovered and the DJIA clawed back nearly 700 points from intraday lows. ASX 200 (+0.4%) and Nikkei 225 (+0.8%) were both higher at the open but gradually pared some of the gains as the risk tone began to turn cautious heading into today’s key-risk NFP jobs data. Hang Seng (-0.3%) and Shanghai Comp (U/C) were indecisive amid further PBoC inaction in which it remained net neutral for a 5th consecutive week and with the upcoming Chinese trade data over the weekend adding to tentativeness, while pharmaceuticals were the worst hit due to concerns of price declines from the government’s centralized procurement program. Finally, 10yr JGBs were flat amid a similar picture in T-note futures and although early selling pressure was seen in Japanese bonds alongside the strong open in stocks, prices later recovered as the risk appetite somewhat dissipated. Top Asian News - China’s FX Reserves Rose Despite Intervention, Outflow Signs - Hong Kong May Slip Into Recession in 2019, Deutsche Bank Warns - SoftBank Seeks to Assuage Investors on Pre-IPO Mobile Outage - Southeast Asia Reserves Recover a Bit in November as Rout Eases European equities extended on gains from the cash open (Eurostoxx 50 +1.2%) following the cautious trade in the Asia-Pac session and the rebound seen on Wall St where the Dow clawed back nearly 700 points from intraday lows. European sectors are experiencing broad-based gains with marginal outperformance in the tech sector as IT names bounce back from yesterday’s Huawei-driven slump. Meanwhile, energy names are volatile (currently marginally underperforming) as the complex awaits further hints from the key OPEC+ meeting today. In terms of individual movers, Fresenius SE (-15.0%) fell to the foot of the Stoxx 600 after the company cut medium-term guidance, citing lower profit expectations at its clinics unit Helios and medical arm Fresenius Medical Care (-7.8%). On the flip side, Bpost (+7.5%) and Tesco (+4.8%) are hovering near the top of the pan-Europe index amid broker upgrades. Top European News
LandSec, Undeterred by Brexit, Makes New Bet on London Offices
Danske Says It’s Looking Into Selling Its Swedish Pension Assets
Chinese Group Agrees to Buy Amer Sports in $5.2 Billion Deal
Bad Air Warnings in London And Paris Peak With Fish And Chips
DXY- Typically rangebound trade in the run up to US labour data, and with markets also monitoring OPEC+ headlines as a decision on whether to cut output and if so by how much remains highly uncertain. The index is hovering just under the 97.000 handle within a 96.767-96.931 band, and well within nearest technical support and resistance levels at 96.300 and 97.311 respectively.
GBP- A marginal G10 underperformer as Cable retreats back below 1.2750 from just above 1.2800 at one stage, but this could be more flow-related rather than anything fundamental as EuGbp rallied towards 0.8930 peaks from just under the big figure into the Frankfurt fixing before drifting back again. However, Halifax house prices were much weaker than expected and latest Brexit news is hardly Sterling supportive given more speculation about delaying the meaningful vote to try and avoid a resounding rejection, even though the Government appears to be resolute and standing firm on December 11.
NZD/AUD- The Kiwi is at the opposite end of a relatively narrow Usd/Major spectrum, and like the Pound also impacted by indirect factors to a degree, if not in the main. Indeed, Nzd/Usd remains capped ahead of 0.6900, but Aud/Nzd is pivoting 1.0500 as the Aussie unit continues to feel the adverse effects of recent bearish impulses, namely softer than forecast Q3 GDP and a more dovish RBA via Debelle. Hence, Aud/Usd is softer between 0.7210-40 parameters and bound to be wary of huge option expiries from 0.7250-60 in 6.6 bn that form a formidable barrier ahead of circa 1.2 bn up at 0.7300.
EUJPY- In the pre-NFP ‘hiatus’ and awaiting anything further on the Italian budget front, option expiries may also exert directional impetus on EuUsd and Usd/Jpy, as the former faces 2+ bn at the 1.1400 strike and latter is flanked by 1+ bn at 112.50 and 113.00.
CAD- The Loonie has pared a bit more lost ground from recent lows, albeit partly due to a broad Usd retracement, eyeing OPEC and also Canada’s jobs report given latest BoC guidance indicating even greater data dependency. Usd/Cad currently just shy of the 1.3400 mark vs 1.3440+ at one stage yesterday.
In commodities, WTI (+0.2%) and Brent (+0.9%) are choppy in what was a volatile session thus far as comments from energy ministers emerged ahead of the key OPEC+ meeting, after yesterday’s OPEC talks ended with no deal for the first time in almost five years. Brent rose after source reports noted that Moscow are ready to cut output by 200k BPD (below OPEC’s desire of 250k-300k but above Russia’s prior “maximum” of 150k) if OPEC are willing to curb production by over 1mln BPD. Prices then fell to session lows following a less constructive tone from Saudi Energy Minister who reiterated that he is not confident there will be a deal today, which came after delegates noted that OPEC talks are focused on a combined OPEC+ cut of 1mln BPD (650k from OPEC and 350k from Non-OPEC). Markets are awaiting the start of the OPEC+ meeting after delegates stated that talks are at deadlocked as Iran appears to be the main sticking point to an OPEC deal, though sources emerged stating that Iran, Venezuela and Libya are set to get exemptions from cuts, adding that OPEC and Russia are looking for a symbolic production commitment from Iran as fears arise that Iran may not be able to follow-through on curb pledges due to US sanctions. In terms of metals, gold hovers around session highs and is set for the best week since August with the USD trading in a tight range ahead of the key US jobs data later today, while London copper rose over a percent is underpinned by the positive risk tone. US Event Calendar
8:30am: Change in Nonfarm Payrolls, est. 198,000, prior 250,000
Unemployment Rate, est. 3.7%, prior 3.7%; Underemployment Rate, prior 7.4%
Average Hourly Earnings MoM, est. 0.3%, prior 0.2%; YoY, est. 3.1%, prior 3.1%
8:30am: Average Weekly Hours All Employees, est. 34.5, prior 34.5
10am: U. of Mich. Sentiment, est. 97, prior 97.5; Current Conditions, prior 112.3; Expectations, prior 88.1
3pm: Consumer Credit, est. $15.0b, prior $10.9b
DB's Jim Reid concludes the overnight wrap The age of innocence has truly gone in financial markets after a turbulent 24 hours but one that saw a spectacular rally after Europe closed last night and one that has steadily carried on in Asia overnight (more on this below). Before we get to that I’m on an intense client marketing roadshow at the moment on the 2019 Credit outlook and there are a litany of worries out there from investors. Maybe I’m trying to be too cute here but I think the problems we’re seeing in credit at the moment are more of a “ghost of Xmas future” rather than a sign of an imminent disaster scenario. However my overall confidence that credit will blow up around the end of this cycle has only intensified in the last couple of weeks. Liquidity is awful in credit and it’s been a broken two way market for several years (probably as long as I’ve worked in it - 24 years). However this has got worse this cycle as the size of the market has grown rapidly but dealer balance sheets have reduced. As such you can buy massive size at new issue but your ability to sell in secondary is constrained to a small percentage of this. This didn’t matter much when inflows dominated - as they mostly did in this cycle pre-2018 - but in a year of outflows across the board the lack of a proper two way market is increasingly being felt. As discussed I don’t think this is the start of the crisis yet but be warned that when this economic cycle does roll over or even starts to operate at stall speed the credit market will be very messy and will influence other markets again. On the positive side and despite a very steep mid-session selloff, US markets ultimately closed well off the lows. The DOW, S&P 500 and NASDAQ finished -0.32%, -0.15% and +0.42% respectively, though they traded as low as -3.14%, -2.91%, and -2.43% respectively, around noon in New York. At its lows, the S&P 500 was on course for its worst two-session stretch since February, and before that you’d have to go back to August 2015 or 2011 to find the last episode with as steep a two-day drop. The DOW and S&P 500 dipped into negative territory for the year again, but clawed back and are now +0.92% and +0.84% YTD (+3.16% and +2.69% on a total return basis). The NASDAQ has clung to its outperformance, as it is now up +4.13% this year, or +5.20% on a total return basis, though of course the difference is narrower in the low-dividend paying, high-growth tech index. Unsurprisingly, the moves yesterday coincided with higher volatility with the VIX climbing as much as +5.2pts to 25.94 and pretty much back to the October highs, though it too rallied alongside the equity market to end close to flat at 21.15. Meanwhile, the price action was even uglier in Europe as the US lows were around the close. The STOXX 600 plunged -3.09% and is down -4.22% in two days – the most in two days since June 2016. Nowhere was safe. The DAX (-3.48%), CAC (-3.32%), FTSE MIB (-3.54%) and IBEX (-2.75%) all saw huge moves lower. The DAX has now joined the Italy’s FSTEMIB in bear market territory, as it is now -20.49% off its highs earlier this year. The FTSEMIB is down -24.04% from its highs. European Banks – which were already down nearly -27% YTD going into yesterday – tumbled -4.29% for the biggest daily fall since May and the third biggest since immediately after Brexit. The index is now at the lowest since October 2016 and within 17% of the June 2016 lows all of a sudden. US Banks fell -1.87%, though they had dipped -4.3% at their troughs to touch the lowest level since September 2017. As for credit, HY cash spreads in Europe and the US were +8.5bps and +14.8bps wider respectively. For context, US spreads are now at the widest since December 2016 and this is the best performing broad credit market over the last couple of years. In bond markets, 10y Treasuries rallied-2.4bps but was as much as 9bps lower intra-day. Thanks to an outperformance at the front end (two-year fell -3.7bps), the 2s10s curve actually ended a shade steeper at 13.0bps (+1.3bps on the day). However that move for the 10y now puts it at the lowest since September at 2.89%, and only +48.6bps above where we started the year. The spread on the Dec 19 to Dec 18 eurodollar contract – indicative for what is priced into Fed hikes for next year - is down to just 16bps. It was at 60bps in October. This certainly appears to be too low, though a Wall Street Journal article yesterday seemed to signal a willingness by the Fed to moderate its pace of rate hikes. Finally, in Europe, Bunds closed -4.1bps lower at 0.236%. Quite amazing moves with Bunds continuing to defy all fundamental logic and trading instead as a risk-off lightning rod. There was some talk that the sharp moves lower at the open yesterday were exaggerated by the unexpected midweek close for markets in the US which resulted in futures systems failing to be programmed to adjust and orders backing up. However the combination of a -2.25% drop for WTI (-5.2% at the lows) post the OPEC meeting (more below) and the Huawei story that we mentioned yesterday certainly aided to the initial malaise. There was some talk that both the Chinese and US authorities would have been aware of the arrest before last weekend’s talks and as such this story shouldn’t be necessarily a threat to the truce, though Reuters reported last night that President Trump did not know about the planned arrest. The implications of this are unclear, since it could mean that Trump has less direct control over the arresting agency, but it could also indicate that the move is not part of trade policy. Either way, how this development will be key for the market moving forward, especially any response from Chinese officials. This morning in Asia markets are largely trading higher with the Nikkei (+0.60%), Hang Seng (+0.21%), Shanghai Comp (+0.08%) and Kospi (+0.51%) all up. Elsewhere, futures on the S&P 500 (-0.11%) are pointing towards a flattish start. Meantime crude oil (WTI -0.39% and Brent -0.60%) prices are continuing to trade lower this morning. It wouldn’t be an EMR worth it’s place in the daily schedule without an Italy and Brexit update. As we go to print Italian daily La Stampa has reported that the Italian Premier Conte and Deputy Premier Di Maio are in favour of the resignation of Finance Minister Tria while Deputy Premier Salvini is against his resignation. So signs of tension. In the U.K. a few press articles (like Bloomberg) are suggesting that PM May is considering postponing Tuesday’s big vote. There doesn’t seem to be a lot of substance to the story at the moment but it mentions going back to the EU for concessions on the Irish backstop as one possibility. How the EU will feel would be the obvious question. As mentioned earlier, oil had a difficult session yesterday, falling back to its recent lows with WTI touching a $50 handle and Brent trading back below $60 per barrel. The first day of the OPEC summit did not appear promising for the odds of a new production deal, as the ministers apparently discussed a 1 million barrel per day cut, below the 1.5 million needed to balance the market.The Libyan oil minister abruptly left before the day’s meetings concluded, and the organization canceled their scheduled press conference. The Russian delegation will join the OPEC contingent today in an effort to finalize a deal, but Saudi Energy Minister al-Falih said that “Russia is not ready for a substantial cut.” Watch this space today. Overnight, the Fed Chair Powell delivered an upbeat message on the US economy and the Job market ahead of today’s payrolls release. He said, “our economy is currently performing very well overall, with strong job creation and gradually rising wages,’’ while adding, “in fact, by many national-level measures, our labour market is very strong.’’ Elsewhere, the Fed’s John Williams said yesterday that the biggest challenge which the policy makers are facing is achieving a soft landing. He said, “we have a pretty strong economy -- unemployment pretty low, inflation near our goal -- it’s just managing a soft landing, keeping this expansion going for the next few years.” So will the last employment report released this year (the December report comes out in early January) help markets to continue to form a base? The consensus for nonfarm payrolls today is for a 198k print, following the stronger-thanexpected 250k reading last month. Average hourly earnings are expected to rise +0.3% mom which should be enough to keep the annual reading at +3.1% yoy while the unemployment rate is expected to hold steady at 3.7%. Our US economists are more or less in line with the consensus with a 200k forecast and also expect earnings to climb +0.3% mom, however that would be consistent with a small tick up in the annual rate to +3.17% and the fastest pace since April 2009. They also expect the current pace of job growth to push the unemployment rate down to 3.6% which would be the lowest since December 1969. Going into that, yesterday’s ADP employment change report for November was a tad disappointing at 179k (vs. 195k expected) while more interestingly the recent tick up in initial jobless claims held with the print coming in at 231k. The four-week moving average is now 228k and the highest since April having gotten as low as 206k in September. So the climb, while not yet at concerning levels, is certainly notable and worth watching now on a week to week basis. As for the other interesting data points yesterday, the October trade deficit was confirmed as reaching a new cyclical wide. The ISM non-manufacturing print for November was a relative positive after coming in at 60.7, up 0.4pts from October and ahead of expectations for a decline to 59.0. Worth noting is that the three-month moving average of non-manufacturing ISM is now the highest on record which is a fairly reliable lead indicator for private nonfarm payrolls. US durable goods orders for October were revised slightly higher to -4.3% mom from -4.4%, though the core measures stayed at 0.0% mom. Factory orders declined -2.1% mom, though both were nevertheless higher year-on-year. As for the day ahead, the aforementioned November employment in the US will no doubt be front and centre, however, prior to that, we’ve October industrial production prints in Germany and France, along with Q3 labour costs in the former, and the final Q3 GDP revisions for the Euro Area (no change from +0.2% qoq second reading expected). We’ll also get the monthly inflation reporting for November in the UK. Also due out in the US is October wholesale inventories and trade sales, the preliminary December University of Michigan survey and October consumer credit. November foreign reserves data in China is also expected out at some point. Away from that the OPEC/OPEC+ meeting moves into the final day while the ECB’s Coeure and Fed’s Brainard are scheduled to speak. Today is also the day that Germany’s ruling CDU party elects a new chair to succeed Merkel. Our FX strategists noted yesterday that according to polls, the result should be a close call between general secretary Annegret Kramp-Karranbauer (AKK) and Friedrich Merz. Broadly speaking, AKK stands for a continuation of the Merkel-era strategy of positioning the CDU at the centre of the political spectrum, whereas Merz stands for a sharpening of the party's traditional profile as a centre-right party. Last night our German economics team put out a piece explaining the event and suggesting that Merz would be good for the DAX and AKK good for the Euro.
US Equity Futures Slide After Euro PMIs Stumble; China, Crude Plunge
Returning from Thanksgiving holiday, US traders who braved record cold temperatures on their office commute are in a sour mood, with S&P futures sharply lower, following the latest sharp drop in Chinese stocks, where as noted earlier the Shanghai composite lost the 2,600 level, tumbling 2.5% to one month lows after the WSJ reported Trump asked allies to boycott China's telecom giant Huawei. The news dragged Asian shares lower, while Europe was mixed after the latest disappointing PMI which saw German Manufacturing and Services miss expectations, dragging the Eurozone Manufacturing PMI to 51.5, missing expectations of a 52.0 print, a 30 month low and the weakest since print since May 2016, while the composite index tumbled to the lowest level in 4 years in November. Contracts on the Dow, S&P and Nasdaq all pointed lower, after Chinese equities led regional declines in Asia, with the technology sector weak on concern the U.S. is ratcheting up a campaign against Huawei Technologies. The result was a sharp drop in the Shanghai Composite, which slumped to levels last seen in late October, wiping out the recent rally. In European trading, the preliminary PMI data dented hopes of an economic rebound into year end, sparking a rally in bunds and gilts, while 10Y TSY yields dropped to session lows of 3.04% after Thursday’s Thanksgiving holiday. Euribor contracts pushed higher after officials flagged downside risks and data added to nerves ahead of the ECB’s December meeting. Meanwhile in Italy, BTPs printed fresh highs for the week on signs of a budget compromise. European equities were mixed, printing small gains after a steady open, largely ignoring trade war concerns, which weighed on Chinese stocks. Italy's FTSE MIB outperformed peers on renewed deficit discussion optimism and helping local banks rise over 1.5%. Technology and telecommunications stocks pared initial gains as equity gains are tempered by oil oversupply concerns, acting as a drag on energy/basic resources sectors The dollar climbed and the euro reversed earlier gains as data showed German’s growth outlook weakened; the Euro slumped on renewed fears the slowing economy may delay any ECB balance sheet normalization while the pound handed back most of Thursday’s gains. In the latest Brexit news, Tory Brexiteer Iain Duncan Smith stated that the Brexit deal will be killed off by him and his Brexiteer colleagues in Parliament, while he is said to dismiss PM May’s efforts to adopt a tech solution to the Irish border problem and implied it is meaningless, according to ITV’s Peston. Elsewhere, emerging market currencies and shares fell on renewed China trade concerns. Bitcoin declined and is on course to lose more than 20% this week. Meanwhile, in commodities, WTI saw another sharp decline through $53, after energy minister Khalid Al-Falih said Saudi Arabia is producing oil in excess of 10.7 million barrels a day, more than in recent years, giving the strongest indication yet that the kingdom has boosted output to record levels. “We were at 10.7-something in October, and we are above that. We will know exactly when the month is over,” Al-Falih said. That said, he added that “we will not flood the market. We will not send oil that customers don’t need. And we’ve started doing that in December, and I expect we’ll continue doing that into the new year.” The Organization of Petroleum Exporting Countries and allied producers warned earlier this month that oil markets will probably be oversupplied in 2019. Concerns that slower economic growth and a trade war could erode demand for oil are outweighing fears of potential shortages caused by U.S. sanctions on Iranian exports and supply disruptions elsewhere. As a result, WTI has wiped out all modest gains observed in recent days, and was trading back at 1 year lows headed for its 7th weekly drop. Falling energy prices are just one of several indicators that concern investors about the strength of global economic growth. Meanwhile, political turmoil in Europe, lingering uncertainty over a Brexit agreement and a trade war that’s engulfed the world’s biggest economies add to nervousness according to Bloomberg. Slowing growth is one of several prospects in the U.S. that may lead Federal Reserve to more caution in 2019 should they raise rates next month. Elsewhere, base metals decline with LME copper 1% lower. EUR offered after PMIs to trade weakest levels this week, cable declines on broad USD strength. In overnight geopolitical news, North Korea appeared to be expanding operations at its main nuclear site, according to the IAEA, while there were also reports that atomic agency inspectors are said to be demanding North Korea allow nuclear inspectors back into the country amid reactor activity concerns. China is to reportedly resume the purchase of Iranian oil in November after their waiver. Expected data include PMIs. No major companies are scheduled to report earnings. Market Snapshot
S&P500 futures down 0.5% to 2,636.75
STOXX Europe 600 up 0.4% to 353.88
MXAP down 0.05% to 150.61
MXAPJ down 0.2% to 481.05
Nikkei up 0.7% to 21,646.55
Topix up 0.8% to 1,628.96
Hang Seng Index down 0.4% to 25,927.68
Shanghai Composite down 2.5% to 2,579.48
Sensex down 0.6% to 34,981.02
Australia S&P/ASX 200 up 0.4% to 5,716.21
Kospi down 0.6% to 2,057.48
German 10Y yield fell 1.6 bps to 0.354%
Euro down 0.2% to $1.1376
Italian 10Y yield fell 1.6 bps to 3.082%
Spanish 10Y yield fell 1.6 bps to 1.621%
Brent futures down 1.2% to $61.84/bbl
Gold spot down 0.5% to $1,223.00
U.S. Dollar Index down 0.04% to 96.67
Top Overnight News from Bloomberg
Following the weak German PMI figures, the euro-area composite index fell to the lowest in four years in November, denting expectations for an economic pickup after a summer slowdown. Adding to worries, the data also showed that employment and orders growth slowed and companies’ expectations dropped
A Spanish official criticized the inclusion of an article in the Brexit text that his government believes has unacceptably blurred the issue of future talks over Gibraltar
Some countries are frustrated that PM Theresa May is coming to Brussels on Saturday to see European Commission President Jean-Claude Juncker. The last pre-summit meeting of member-state officials is Friday -- and they don’t want anything to change after that
U.S. President Donald Trump and Chinese leader Xi Jinping have indicated they’re both ready for a highly anticipated meeting at the Group-of-20 summit next week. Trump told reporters that China wants to make a deal “very badly” after his administration placed tariffs on on about $200 billion worth of Chinese goods
The Bank of England may need to increase interest rates at a quicker pace than currently envisaged by markets, according to policy maker Michael Saunders. Spare capacity in the economy has been used up, and, assuming Brexit reaches a smooth conclusion, inflationary pressures will probably build somewhat faster than officials predicted in their latest projections, Saunders said Thursday
The Chinese consulate in Karachi was assaulted by militants on Friday in an attack that killed at least seven people in Pakistan’s largest city and financial hub. The incident is the second major attack this year on Chinese officials in Karachi, in a country that is one of the key partners in China’s Belt and Road initiative
With Brexit in sight, Paris should become the next center for the clearing of interest-rate derivatives, said Bank of France Governor Francois Villeroy de Galhau
Shoppers across the U.S. poured into stores for Black Friday at the traditional kickoff of the holiday gift-giving season
A way out of Sweden’s political crisis is closing for the speaker of parliament. After his third pick to form a government threw in the towel on Thursday, speaker Andreas Norlen will need to get creative to break the gridlock caused by Sweden’s inconclusive election more than two months ago. He will hold a press conference at 10 a.m. in Stockholm on Friday
It may take until February or even later for some of Iran’s biggest oil buyers to resume purchases after winning waivers from the U.S. as they seek to resolve complications over insurance, shipping and payments.
Asian stocks traded mostly lower with sentiment in the region subdued by trade concerns and holiday-thinned conditions in the US, while Japan and India also observed public holidays. ASX 200 (+0.4%) was positive with the index supported by strength in its top-weighted financials sector amid gains in Australia’s largest banks after Macquarie pulled-off a rarity at the banking royal commission in which it emerged unscathed and with its reputation enhanced. Elsewhere, Shanghai Comp. (-2.5%) and Hang Seng (-0.4%) were negative amid ongoing trade uncertainty as China responded to the recent trade report by the US, in which it dismissed the accusations of unfair trade practices as groundless and totally unacceptable. In addition, the US called for its allies to stop using Huawei equipment and weak earnings results from Meituan Dianping in which the online service provider’s losses ballooned, further added to the glum. China responded to the recent US report in which it labelled the accusation by the US of China continuing with unfair trade practices as groundless and totally unacceptable, while it added that it hopes US drops rhetoric and behaviour that are damaging to relations. Top Asian News - China’s Capital Controls Keep a Bad Year From Getting Worse - The World’s Best and Worst Markets Are Both in China This Year - China Railway Unit Said to Be Planning 30 Billion Yuan IPO - Apple to Offer Japan Carriers Subsidy to Up iPhone XR Sales: WSJ After opening with little in the way of firm direction amid holiday thinned markets (US, Japan and India), European equities have posted modest gains with the EuroStoxx 50 higher by 0.2%. Leading the charge in Europe is the FTSE MIB (+0.6%) with Italian assets underpinned by optimism that the populist government could reign in some of their budgetary demands with reports suggesting that the EU Affairs Minister Savona could step down from his position (later denied) due to dissent over Italy’s intentions to violate EU budget laws. This also comes amidst a backdrop of increasing pressure from President Mattarella who wants the technocratic PM Conte to get a deal done with the EC, whilst other Italian press report highlight the need for Italy to increase the sincerity of Italy’s concessions to Europe. In terms of sector specifics, upside in Italian banking names has helped spur gains in European financials with the telecoms sector outperforming. To the downside, energy names lag, in-fitting with price action in the complex with crude seemingly unable to stem recent losses. Individual movers include Renault (+4.2%), who have been granted some reprieve from recent losses following a broker upgrade at Jefferies and as Nissan continue to reorganise their corporate leadership. Elsewhere, GEA Group (-14.3%) are lower after cutting guidance whilst Altice (-9.8%) continue to face selling pressure following yesterday’s disappointing market update Top European News
EU, U.K. See Free-Trade Area, Deep Regulatory Cooperation:Draft
German Growth Slows More Than Expected to Four- Year Low
Denmark Wants Danske Whistle-Blower to Explain His Testimony
Ericsson Rises as Goldman Sees ‘Strong Competitive Position’
In currencies, the Dollar has benefited from the aforementioned relative weakness elsewhere, and the index is holding nearer the upper end of 96.394-751 parameters as a result, and on course to end the holiday-shortened week with a net gain, albeit modest having traded up to 96.898 and down to 96.037 at the other extreme. the Euro was not the most discounted major currency on offer, but cut price in wake of considerably weaker than forecast preliminary PMIs from France, Germany and the Eurozone overall. The single currency is now under 1.1400 vs the Usd and has broken the 10DMA to the downside at 1.1356, with fibs now being eyed ahead of 1.1300, while pivoting 0.8850 against the Gbp even though Sterling is also suffering in sympathy and jittery on Brexit issues following initial euphoria due to the UK-EU Political Declaration. CAD/NZD/AUD - Also going relatively cheap and underperforming against their US peer, with the Loonie back below 1.3200 amidst an even steeper slide in crude prices ahead of Canadian CPI and retail sales data. Meanwhile, the Aud has retreated through 0.7250 again and hardly helped by overnight developments as ANZ revised its RBA outlook to unchanged until August 2020, and the ASIC launched a probe of CBA for the alleged mis-selling of insurance products. Similarly, the Kiwi has lost grip of 0.6800 amidst speculation that the RBNZ could loosen mortgage restrictions as part of its FSR due next week. GBP - As noted above, the Pound has lost a bit more positivity after Thursday’s rally on the draft PD reached by Brexit negotiators given a mixed reaction to the details in UK political circles and ongoing doubt about approval by EU leaders. Cable is back below 1.2850 vs circa 1.2900 at best yesterday, albeit ‘comfortably’ above the recent 1.2785 low with decent bids noted at 1.2800. EM - Some consolidation at the end of a solid week for the likes of the Zar and Try that have both made potentially significant breaks of key levels at 14.0000 and 5.3000 vs the Usd respectively due to a combination of bullish technical and fundamental factors, ie the SARB ¼ point hike yesterday. In commodities, WTI (-4.3%) and Brent (-2.6%) are on track for their seventh weekly loss with WTI prices briefly breaching the USD 52.00/bbl level to the downside while Brent lingers just above USD 61/bbl. Some traders are citing the recent decline to technical factors, while Saudi Arabia signalled that its output may have reached a record high of above 10.7mln BPD, and the kingdom’s Energy Minister Al-Falih noted that demand for oil will be lower in January 2019 compared to December 2018. This comes amidst the backdrop of this week’s EIA data which showed that US production remained at a record high of 11.7mln barrels, the most since at least 1983; according to government data. Therefore, the complex is suffering from a double whammy with supply glut concerns and weaker demand concerns weighing on traders’ minds. Oil fell into bear market territory this month after the US granted temporary waivers to eight countries in regard to Iranian oil, in turn pouring cold water on some supply concerns, while sources emerged this morning noting that China are to resume the purchase of Iranian oil in November after their waiver. Some analysts highlighted that due to complications over insurance, shipping and payments, it may take until February or later until some of Iran’s largest buyers such as South Korean and Japan resume purchases. Elsewhere, gold (-0.4%) prices saw some downside after the yellow metal felt pressure from the firmer USD and copper weakened amid underperformance in China alongside a decline in Chinese commodity prices. Furthermore, China’s Dalian Exchange are to relax their risk management restrictions on some futures in an attempt to attract more investors to boost liquidity given the recent slump in iron ore prices. US Event Calendar
9:45am: Markit US Manufacturing PMI, est. 55.7, prior 55.7
9:45am: Markit US Services PMI, est. 55, prior 54.8
The Federal Open Market Committee is expected to lift the federal funds rate by a quarter point to 2.25% when the central bank finishes its two-day meeting today. The central bank is looking to guide the U.S. economy in for a soft landing, with an eye on the gap between the inflation rate and the fed funds rate. The so-called "neutral" federal funds rate (tossed around as R* by some economists) is either quite low or somewhat elevated by historical standards, depending upon which Fed governor you ask. Updated dot plot rate forecasts will be released after the meeting to give interest rate watchers plenty to chew on. Heading into the meeting, the 2-year Treasury is showing a 2.83% yield and the 10-year is at 3.08%. Economy In Asia, most markets registered gains today ahead of the FOMC meeting. Japan's Nikkei increased 0.4% and closed over 24K for the first time since January. Hong Kong's Hang Seng Index rose 1.2% on the day and the Shanghai Composite Index gained 0.9%. Australia's ASX 200 Index poked out a gain of 0.1%, while South Korean markets took a breather for a holiday. Meanwhile, the European Stoxx 600 Index is flat on the day and U.S. stock futures are pointing higher in early action, led by a 0.3% uptick in the Nasdaq 100. Canada appears to be calling the bluff of the Trump Administration, saying it will not make the concessions required to reach a deal with the U.S. for a trilateral NAFTA pact. The U.S. has warned that it will move ahead with a trade deal involving only Mexico if the Canadian government didn't bend on certain issues such as access to the nation's dairy market. The Trump team wants Canada to conclude the deal by Sunday. "The relationship between Canada and the United States is far deeper than between the Canadian government and the U.S. administration," Prime Minister Justin Trudeau has said about the trade squabbles. Crude oil prices are on watch after the U.S. said it would ensure crude markets are well supplied before sanctions are slapped back on Iran. The U.S. is due to apply sanctions on Iran oil exports on November 4. Traders have oil data to digest today when the EIA posts its weekly report on crude oil inventories for the previous week. With just a few trading days left in the quarter, Brent prices are poised to record five straight quarterly increases to mark the longest stretch of gains since early in 2007. WTI crude oil futures +0.06% to $72.32/bbl at last check. Brent crude +0.29% to $82.11/bbl. The Census Bureau is due to release data on new home sales for August. Economists expect a mark of 630K to top the 627K new home sales for July. The housing market has been in a cooling trend amid higher mortgage rates. Today's report could be key for Floor & Decor (NYSE:FND), Lumber Liquidators (NYSE:LL) and Tile Shop (NASDAQ:TTS) - which all fell sharply yesterday in reaction to some soft reads on U.S. house prices. Stocks All eyes in the Canadian cannabis market will be on Ontario on expectations that a new legalization law will be unveiled today. Ontario is the only province that hasn't created guidelines for how cannabis will be sold in brick-and-mortar retail shops, despite the province accounting for more than 40% of all cannabis usage in the nation last year. An announcement isn't anticipated until after the market closes today, which could lead to more speculative trading on Aurora Cannabis (OTCQX:ACBFF), Canopy Growth (NYSE:CGC), Cronos Group (NASDAQ:CRON) and Tilray (NASDAQ:TLRY). Merger strategies are part of the strategic planning going on at Deutsche Bank (NYSE:DB), according to German media reports. Sources said the bank simulated a merger with UBS Group (NYSE:UBS) and Commerzbank (OTCPK:CRZBF, OTCPK:CRZBY) to see what the shakeout would look like. UBS is said to have been the clear winner in the test. Shares of Deutsche Bank are down 27% over the last 52 weeks. There could be some spillover from Nike's (NYSE:NKE) FQ2 earnings today for a variety of stocks. While Nike topped quarterly consensus estimates, analysts think Nike's miss on the gross margin line and lower-than-anticipated sales growth in China could impact the broad athletic apparel sector. For the full year, Nike said it expects full-year revenue growth to be up in the high single digits and margins to improve, but investors may have expected just a bit more. Shares of Nike are down 2.8% in premarket action. Keep an eye on Under Armour (UA, UAA), Adidas (OTCQX:ADDYY), Columbia Sportswear (NASDAQ:COLM), Hibbett Sports (NASDAQ:HIBB) Foot Locker (NYSE:FL), Dick's Sporting Goods (NYSE:DKS) and Finish Line (NASDAQ:FINL) to name a few. In the wake of Les Moonves' departure under a cloud of accusations, CBS has tapped Richard Parsons to serve as interim chairman. Parsons, the former CEO of Time Warner, has also been considered to be on the shortlist of external execs who might take over Moonves' CEO post at CBS. Adding to heavy board turnover, longtime members Bruce Gordon and William Cohen are exiting. IPO heat check: SurveyMonkey (NASDAQ:SVMK) priced its initial public offering above range at $12 per share after citing strong demand from investors. The online survey specialist will raise $162M through the issuance of shares. Companies that have seen impressive IPO debuts recently include Farfetch (NYSE:FTCH), Y-mAbs Therapeutics (NASDAQ:YMAB), Elanco (NYSE:ELAN) and Eventbrite (NYSE:EB). Then there is the most talked about IPO of the bunch, Chinese EV player NIO (NYSE:NIO), which closed yesterday about 21% above where the IPO was priced ten days ago. Delta Air Lines had to ground all flights in the U.S. due to a technology issue last night. The company's IT teams were able to restore the systems and the airline is working to help customers affected by the groundstop. It's not a surprise that Delta (NYSE:DAL) was a trending topic on Twitter for quite a while last night. M&A chatter: Nielsen Holdings is up 2.3% in premarket trading on a report of interest from Blackstone (NYSE:BX) and the Carlyle Group (NASDAQ:CG). The company has just recently opened up to the idea of selling itself in its entirety, not just the "Buy" segment part of the business. The latest development follows a push by activist investor Elliott Management for Nielsen (NYSE:NLSN) on strategic considerations. Electrify America says it will include a subscription plan for Lucid electric vehicle owners as part of its network of 500 charging stations in the U.S. By comparison, Tesla (NASDAQ:TSLA) has around 1,344 fast-charging stations globally with 11,041 Superchargers. The coast-to-coast Electrify America network is expected to be built or under construction by next summer, well ahead of the planned 2020 launches of the Lucid Air and Audi (OTCPK:AUDVF) e-tron SUV. Volkswagen (OTCPK:VWAGY) created Electrify America as a subsidiary in connection to the settlement with the U.S. government in the diesel emissions case. It might an ultra-bad day for Ultra Petroleum (NASDAQ:UPL) after shares fell 25% in after-hours trading following the company's disclosure that it was unable to reach an agreement with lenders on terms of a senior secured first lien term loan. Without any further talks planned, Ultra Petroleum said it moved forward the semi-annual redetermination of its borrowing base under its reserve-based credit facility. A number of companies host meetings with analysts today in the form of road shows, group lunches, and conferences. Keep an eye out for news from Cars.com (NYSE:CARS), Blucora (NASDAQ:BCOR), Boyd Gaming (NYSE:BYD), Conn's (NASDAQ:CONN), Jack In The Box (NASDAQ:JACK), Cooper-Standard (NYSE:CPS), NovoCure (NASDAQ:NVCR) and Liberty Global (NASDAQ:LBTYA) as analysts pick away at business updates and earnings projections. Tuesday's Key Earnings Nike (NKE) -2.8% PM despite Q1 earnings beat. KB Home (NYSE:KBH) +8.1% PM on Q3 earnings beat. Cintas (NASDAQ:CTAS) -2.8% AH despite Q1 earnings beat. AAR Corporation (NYSE:AIR) +3.2% AH on Q1 earnings beat. Today's Markets In Asia, Japan +0.39%. Hong Kong +1.73%. China +0.92%. India -0.03%. In Europe, at midday, London +0.04%. Paris +0.23%. Frankfurt -0.12%. Futures at 6:20, Dow +0.17%. S&P +0.19%. Nasdaq +0.34%. Crude -0.26% to $72.09. Gold -0.18% to $1,202.90. Bitcoin +0.30% to $6,453. Ten-year Treasury Yield -1.3bps to 3.089% Today's Economic Calendar 7:00 MBA Mortgage Applications 10:00 New Home Sales 10:00 State Street Investor Confidence Index 10:30 EIA Petroleum Inventories 2:00 PM FOMC Announcement 2:00 PM FOMC Forecast 2:00 PM Chairman Press Conference
World’s first bitcoin mining IPO falls short The world's first fundraising for an initial public offering (IPO) of a company that "mines" bitcoins has raised 5.9 million Australian dollars ($4.2 million) — far off its target of 20 million Australian dollars. The Bitcoin Group, based in Melbourne, Australia, announced on Tuesday that it had raised 5,927,168.40 Australian dollars in a bookbuild for its listing on the Australian Stock Exchange (ASX). Although the amount raised was less than a third of the target, Bitcoin Group CEO Sam Lee said it was a "solid result." "It is sufficient for the company to execute its current strategy of expanding our footprint through acquiring new mining equipment," he told CNBC on Tuesday.
Reporte Semanal #1 Septiembre 2015 I Análisis de Mercado de Bitex.la
La ultima semana pudimos observar como el precio del Bitcoin siguió recomponiéndose de manera constante hasta alcanzar un tope en los 246 USD. en el día de ayer, para finalmente ajustar hacia los 240 USD en la jornada de hoy. Podemos esperar que la moneda se mantenga en alza durante la semana siguiente y podemos esperar un salto grande hacia la linea de los 260 USD. si es que el precio logra romper con la resistencia de los 250 USD. https://cdn-images-1.medium.com/max/1137/1*M6Yb9i_JZEMWNd-UMtSa-w.png El Dinero en efectivo y las donaciones en especie son los dos tipos principales de alivio cuando se trata de ayudar a aquellos que han sufrido los desastres naturales, pero el bitcoin se está convirtiendo en una opción cada vez más popular. A raíz del tsunami de 2004, más de $ 14 mil millones de dolares fueron prometidos por la comunidad internacional para el socorro y la recuperación de los 14 países afectados por el desastre natural — uno de los más mortíferos registrados en la historia. Paul Currion, un consultor independiente para las organizaciones humanitarias, dijo a CoinDesk que este “enorme outpour de apoyo público” significa a una gran cantidad de organizaciones tener más fondos de los que pueden procesar y distribuir fácilmente. Las donaciones en efectivo pueden ser favorecidas sobre las donaciones en especie, con estas últimas que han sido criticadas en el pasado por lo que es más difícil para que coincida con las necesidades de los destinatarios, y al hacerlo, debilitarlos y amedrentarlos. Según Currion, que actualmente está trabajando con la Red de inicio para explorar el potencial de la tecnología blockchain, una de las mayores caídas de la ayuda en el pasado ha sido debido a el uso de una “respuesta plan maestro” para cada desastre. Él dijo: “Eso obviamente hecho por razones de facilidad — que no tiene que volver a inventar la rueda cada vez que hay un nuevo desastre … por otro lado, lo que eso significa es nuestras opciones son limitadas y que, a su vez, ha limitado las opciones de las personas que han sido afectadas por el desastre “. La oficina de USAID para la Asistencia de Desastres en el Extranjero, Alimentos para la Paz y el Laboratorio de Desarrollo Global se hicieron eco de las afirmaciones de Currion y ese dinero puede ser más beneficioso que los regalos en especie, y señaló que, en las circunstancias apropiadas, las intervenciones basadas en efectivo pueden estimular las economías locales. Actualmente, el efectivo de ayuda se distribuye de forma directa, se transfirió a una cuenta bancaria o en un sistema de dinero móvil, como en Kenia M-Pesa, o mediante el uso de vales, que pueden ser reembolsados en los comercios locales. La Compañía Multinacional de seguros y gestión de activos AXA tiene en la mira al bitcoin para ayudar a simplificar el mercado de remesas. Minh Q Tran( Socio general de la división de Fondo de Riesgo) dijo que AXA Strategic Ventures ,fondo con una recaudación de $ 223m,y su acelerador, AXA factory, están tratando la moneda digital como una “tesis de inversión”. Él dijo: “Creemos que muchos casos de uso relacionados con Bitcoin todavía no se han explorado. En particular, estamos muy interesados en cómo bitcoin, y más en general las cryptocurrencies, podrían ser utilizadas en el mercado de remesas.” Aunque no hay Bitcoin o blockchain startups que hayan recibido fondos de AXA hasta ahora, Tran dijo que la empresa está en conversaciones con varias empresas rebittance ‘que buscan interrumpir el sector de $ 582bn. Más allá de las remesas Aparte del uso de bitcoin en el mercado de remesas, AXA está explorando cómo la tecnología blockchain podría ser utilizada en campos como el inmobiliario, la gestión de la riqueza, la propiedad intelectual y — crucialmente — Seguro. Esta noticia coincide con el anuncio de hoy de Kamet, del banco incubadora de 111m £ ‘InsurTech’. Aunque la banca sigue siendo una industria de aversión al riesgo, muchas empresas de renombre están explorando el potencial de la tecnología a través de sus brazos blockchain VC. Bankinter de España se convirtió en el primer banco en financiar una empresa bitcoin, Coinffeine, en noviembre pasado tras una inversión no revelada de su Fundación para la Innovación. Empresas incluyendo BBVA desde entonces han seguido su ejemplo. Otros están explorando tecnologías personalizados a través de la I + D en la empresa. UBS tiene una residencia de un año en Londres a Nivel incubadora FinTech 39 para trabajar en prueba de conceptos que podrían beneficiar a sus grupos de interés. Mientras tanto, Ken Moore, director de los Laboratorios de Innovación de Citi, reveló que el banco estaba probando su propia criptomoneda, Citicoin. El Servicio de Alguaciles de los Estados Unidos (USMS) ha puesto de manifiesto que es probable que la subasta de los bitcoins restantes confiscados al mastermind de la ruta de la seda Ross Ulbricht ocurra en algún momento de 2015. En total, los USMS incautaron más de 144.000 BTC (entonces por un valor de $ 122 millones) de Ulbricht a finales de 2013, junto con 29.655 BTC en carteras en el mercado negro en línea en el momento de su cierre. El evento será la ultima subasta que implica bitcoins de la investigación de la Ruta de la Seda, con 44.336 BTC ($ 10 millones al cierre de esta edición) que se ofrece a los posibles inversores. Un portavoz de los USMS dijo a CoinDesk: “Todavía no tenemos fechas para anunciar, pero sí esperamos que [la realización del evento] sea antes de que finalice el año.” Hasta la fecha, los USMS ha celebrado tres subastas abiertas a los miembros calificados de la opinión pública estadounidense, en un intento de subastar los activos. El evento más reciente, celebrado en marzo, vio 14 postores compitiendo para comprar 50.000 BTC (entonces por un valor de $ 13,4 millones). Bitcoin Group esta por hacer su tercer intento de IPO este mes de noviembre, después de dos órdenes de detenerlo por parte de la Comisión de Valores e Inversiones de Australia (ASIC). La firma de Melbourne primero anunció que buscaría una oferta pública inicial (OPI) en la Australian Securities Exchange (ASX) en octubre pasado, los retrasos sin embargo, se ha enfrentado a raíz de una reprimenda por parte del regulador en febrero y dos órdenes de stop en su prospecto de los inversores en julio. Según el Sydney Morning Herald, la firma presentó un prospecto actualizado el viernes pasado después de que el ASIC levantó su segunda orden de suspensión. Su fecha de inclusión se establece ahora para el 11 de noviembre. El CEO del Grupo Bitcoin, Sam Lee dijo a la publicación que, como su salida a bolsa sentó un precedente, se exigió revisiones para que los inversionistas puedan ser “plenamente informados”, y agregó: “El papel del ASIC para proteger a los inversores australianos significa que necesitan para entender nuestro modelo de negocio único. Apreciamos la paciencia del ASIC que han llevado a entender lo que hacemos, y agradecemos su cooperación en ayudar a asegurar nuestro prospecto que refleja con precisión la oportunidad actual y futuro del Bitcoin Group “. Aunque otras empresas Bitcoin, incluyendo digitalBTC y Bitcoin Shop han tenido acciones negociadas públicamente, Bitcoin Group se mantiene como la primera empresa de la moneda digital en hacer una salida a bolsa, ya que ha evitado pasar por las llamadas “listas de puerta trasera ‘. Con sede en Melbourne, Bitcoin Group actualmente ofrece el arbitraje de la criptomoneda, pero dijo CoinDesk que la idea sería cambiar a la minería de la moneda si su salida a bolsa es un éxito. Se planea emitir 100 millones de nuevas acciones a 20 ¢ cada uno. Alrededor del 90% de los fondos de la empresa se destinarán a la compra de energía de la CPU. Compra Bitcoin en Pesos en nuestra sucursal. Ya puedes comprar Bitcoin al mejor precio de mercado utilizando las nuevas sucursales de Bitex.la en Buenos Aires y Santiago de Chile . Acércate con tu código personal BITEX y tu DNI, Cédula o Pasaporte y en menos de una hora tienes el saldo acreditado en tu cuenta para comprar bitcoin. Encontra nuestras sucursales! Nos pueden encontrar en: https://bitex.la http://facebook.com/bitex.la http://twitter.com/bitexla https://plus.google.com/+bitexla https://instagram.com/bitex.la https://bitexla.tumblr.com
The Bitcoin Mining Group, which had submitted documentation for an IPO on the Australian Stock Exchange – ASX – has been forced to withdraw the IPO. The withdrawal is due to the fact that the Australian Securities and Investments Commission – ASIC – is not satisfied with BCG’s ability to forecast the future price of bitcoin. ASIC concluded that there was “no reasonable basis” to ... Cryptocurrency Bitcoin is up 80 per cent in the past month — and most ASX-listed stocks with even a whiff of exposure are along for the ride. ... (ASX:DCC) is Australia’s only listed cryptocurrency exchange, and is still hoping to do its Bitcoin ATM deal with Stargroup — if that company’s subsidiaries survive receivership. Yojee (ASX:YOJ) does blockchain logistics in Asia and Australia ... Proposed ASX code: BCG. Proposed listing date: Application Withdrawn. Company contact details : www.blockchainglobal.com Ph: 1300 883 848 Fax: NA Principal Activities: Bitcoin Mining and Blockchain Consultancy: GICS industry group: Not yet allocated: Issue Price: 20 cents per ordinary share: Issue Type: Equity: Security code: BCG: Capital to be Raised: $10,000,000: Expected offer close date ... Bitcoin Group Limited, a Melbourne-based Bitcoin miner, was supposed to have its public listing on the Australian Securities Exchange (ASX) today – September 2, 2015, but the date was changed to “To be announced” (TBA). ASX welcomes ABY. Adore Beauty Group Limited. Listing today at 12pm. Options trading game. Test your trading skills, sign up for our latest round of the options trading game. Whether you are a beginner or experienced trader, this is an opportunity to compete with virtual cash in a community of other real-world traders and see how you rank each week. Video: New 5 Year Treasury Bond Future ...
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