Asia FX: yuan boosted by China stimulus cheer, Aussie rises before RBA
-- Most Asian currencies advanced on Tuesday with the Chinese yuan supported by Beijing announcing more stimulus measures, while the Australian dollar rose in...
-- Most Asian currencies advanced on Tuesday with the Chinese yuan supported by Beijing announcing more stimulus measures, while the Australian dollar rose in...
-- Japanese manufacturing activity shrank more than expected in September as major automakers continued to grapple with production disruptions, while services activity...
According to Odaily, JPMorgan Chase CEO Jamie Dimon expressed in an interview with The Times of India that he believes interest rates may remain elevated for an extended period. Dimon cited the complex geopolitical landscape and extreme global fiscal spending as factors contributing to this outlook. He estimated the likelihood of a soft landing to be less than 70%-80%. Dimon also mentioned that inflation could rise over time.
The U.S. stock market appears to have “earnings momentum” over the next year, with an S 500 price target of 6,000 in 2024 not much of a stretch from its current level, according to DataTrek Research.
According to Cointelegraph, over 40 United States Republicans have urged the US Securities and Exchange Commission (SEC) to revoke its Staff Accounting Bulletin No. 121 (SAB 121) rule. This call comes after a repeal bill garnered bipartisan support but was ultimately vetoed.SAB 121, which alters custody rules for cryptocurrencies, has been criticized for weakening consumer protections and stifling financial innovation. In a letter dated September 23, House Financial Services Committee Chair Patrick McHenry, Senator Cynthia Lummis, and 40 other politicians expressed their concerns to SEC Chair Gary Gensler. They argued that the rule, which mandates SEC-reporting entities to record cryptocurrency holdings as liabilities on their balance sheets, was issued without consulting any prudent regulators and deviates from established accounting standards.The politicians claimed that SAB 121 fails to reflect custodians' legal and economic obligations and puts consumers at risk of loss. They also criticized the SEC for issuing the rule under the guise of staff guidance, thereby evading the notice and comment rulemaking process required by the Administrative Procedure Act. They asserted that rescinding SAB 121 is the only appropriate action and well within the SEC’s authority.The letter was sent before the House Financial Services Committee’s hearing with the SEC on September 24. The politicians also criticized the SEC’s Office of Chief Accountant for allegedly working with certain institutions to avoid the balance sheet reporting requirements, potentially leading to inconsistency across the board. Notably, the Bank of New York, the largest custodian bank in the US, reportedly received an exemption from SAB 121, as mentioned in a September 17 hearing in the Wyoming legislature.Supporters of the letter primarily include Republican members from the House Financial Services and Senate Committee on Banking, Housing, and Urban Affairs. House Representatives French Hill, Tom Emmer, and Senators Bill Hagerty and Tim Scott were among the signatories. President Joe Biden vetoed the SAB 121 repeal bill in June after receiving bipartisan support in both the House and Senate. The House subsequently failed to overturn the veto on July 10, falling 60 votes short of the two-thirds majority needed for it to move to the Senate.
According to CoinDesk, Telegram has made significant changes to its privacy terms, now allowing the app to share user information such as IP addresses and phone numbers with judicial authorities in cases of potential criminal conduct. This update was announced by CEO Pavel Durov in a post on the app on Monday.The changes follow Durov's arrest in France last month, where authorities accused Telegram of enabling illegal activities, including drug trafficking, distribution of child sexual abuse material (CSAM), and fraud. In response to these allegations, Durov promised to make changes and emphasized the difficulty of balancing privacy and security. Earlier this month, Telegram took steps to block users from uploading new media to combat bots and scammers.Previously, Telegram's privacy policy stated that user information would only be shared if the user was suspected of terrorism. The new terms mark a significant shift from this stance. Telegram, known for its encrypted messaging services, has faced pressure from various authorities, including an attempted ban by Russian authorities in 2018, which led Durov to relocate to Europe.Durov, who denies the charges against him, has been ordered to remain in France until the investigation concludes. He is currently out on bail.
The S&P Global US Services Purchasing Managers' Index (PMI), a key indicator of economic health in the service sector, has seen a slight increase, according to the latest data...
The latest data on the S&P Global U.S. Manufacturing Purchasing Managers' Index (PMI) reveals a continued contraction in the sector. The PMI, a key indicator of economic health,...
Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, were thriving on Monday morning, buoyed by the U.S. Federal Reserve’s recent interest rate cut. Bitcoin was trading near $63,000, up 1.2% in the past 24 hours and nearly 8% over the week. Ether, meanwhile, was hovering around $2,600, with a 2.5% gain in the last 24 hours and an impressive 15% rise over the week, according to CoinMarketCap.
As mortgage rates continue to fall, Meredith Whitney Advisory Group CEO Meredith Whitney joins Market Domination Overtime to break down the overall state of the housing market (XLRE). "I don't think rates are low enough to really get the market moving. I think rates need to come down by another 100 basis points to really spark interest. And then there's a two-step process which prices have to come down, by our estimates, at least 15%, to make housing, even the carrying cost of a mortgage tolerable," Whitney tells Yahoo Finance. She notes that the carrying cost of a mortgage has doubled to 40% over the last four years, which is why many buyers have continued to sit on the sidelines. While easing rates will make it more affordable for buyers to enter the market, she believes the larger issue remains in housing prices, which can only be solved by adding more inventory. Once that part of the equation is addressed, the market will finally see some relief. Whitney also highlights the "silver tsunami" effect, where the aging population begins to downsize their homes. She explains that more than 60% of homes are owned by people over the age of 50. "So there's a big issue, in terms of all the housing stock is owned by old people, and so it's harder for young people to get in. But, it's gotten increasingly expensive for these older people to stay in their homes because property taxes have gone up dramatically, as has homeowners insurance," she says, pointing to the "real strain" in the system. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Melanie Riehl