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
According to Cointelegraph, blockchain solutions provider Digital Asset and the Depository Trust & Clearing Corporation (DTCC) have successfully completed their US Treasury Collateral Network pilot project on the Canton Network. The initiative involved 26 market participants and facilitated 100 transactions using tokenized 'digital twins' of Treasury bonds (USTs) across four use cases. The project aimed to demonstrate transaction flows and scenarios, including cases of default, using the Canton Network Global Synchronization and DTCC LedgerScan features.In the first use case, a digital twin of real-world assets (USTs) was created for an investor and registered with the central security depository. This digital twin could be used for trading, lending, or collateral purposes. The second use case involved encumbering the tokenized UST assets in response to a margin call, with the collateral transferred in an atomic transaction visible in real-time. The third scenario saw the investor calling for the return of their margin, which was settled instantly, a process that typically takes a day or longer. In the final case, the investor defaulted, and the counterparties informed the custodian to seize the encumbered USTs. The margin app operator computed the quantities to transfer, ensuring the transfer of ownership was fully traceable and auditable on the Canton Network.The pilot project utilized sovereign blockchains on the Canton Network, launched in June 2023 by Digital Asset and several large financial institutions. The network ensured instantaneous transactions while allowing each party to maintain control over their data and privacy. DTCC tracked and reconciled changes to tokenized and underlying holdings across the market. The concept of digital twins was adopted by the Commodity Futures Trading Commission’s Global Markets Advisory Council for Digital Asset Markets Subcommittee earlier in 2024. The project report highlighted that fulfilling claims on an asset is governed by the Uniform Commercial Code (UCC) and can vary depending on blockchain technology. In this pilot, securing such claims was integrated into the app code, workflow, and legal contract.
The stock market was calm to start the week, but a wave of speeches from Federal Reserve officials and some key economic data loom. The Nasdaq Composite rose 0.3%. Market participants will want to see signs of resilience.
Cryptocurrencies have seen significant inflows following the Federal Reserve’s decision to lower interest rates, creating a more favorable environment for riskier assets. While the broader crypto market is thriving as a result, the AI-driven token sector has experienced an especially sharp surge, with many projects gaining momentum in response to the Fed’s move. This shift has piqued investor interest, making it an opportune time to explore which cryptocurrencies are worth watching in this evolv
Vice President Kamala Harris on Sunday said she would boost investments in artificial intelligence and cryptocurrency.
A soft landing for the European economy could be slipping away, increasing pressure on policymakers to step up the pace of interest-rate cuts. Business surveys out Monday indicated that activity in the eurozone's two largest economies was much weaker than expected in September. Here is how markets reacted: + **An October rate cut is now on the table.** Derivatives markets show investors see the European Central bank's key rate at 3.31% next month, meaning they are pricing in almost a full quarter-point reduction from the current rate of 3.5%.
According to Odaily, Goldman Sachs has forecasted a gradual weakening of the U.S. dollar following a significant interest rate cut by the Federal Reserve. The investment bank has revised its predictions for several major currencies, including the euro, the British pound, and the Japanese yen, in light of the reduced attractiveness of U.S. yields. Goldman Sachs strategists, including Kamakshya Trivedi, noted in a report that while they still believe the dollar's overvaluation will not be quickly or easily eroded, the threshold for such a change has been lowered somewhat.Based on the latest dollar forecast, Goldman Sachs, which has been bullish on the British pound since the beginning of the year, now expects the pound to reach 1.40 against the dollar within 12 months, up from the previous estimate of 1.32. This marks the first time since 2021 that the outlook has reached this level, placing it among the highest forecasts on Wall Street.