BoJ's announcement will weaken the yen – Julius Baer
– Following the decision by the Japanese monetary authority to maintain interest rates at 0.10%, having previously abandoned the ultra-loose policy with...
– Following the decision by the Japanese monetary authority to maintain interest rates at 0.10%, having previously abandoned the ultra-loose policy with...
Gold prices jumped in 2024 buoyed by the potential for the US monetary policy easing, a likely decline in the US dollar, increased geopolitical tensions and continuous purchasing by central banks.
The technology sector is the clear leader of the 2024 market rally so far and will continue its solid run.
U.S. stock futures were mixed early Friday after the S&P 500 and Nasdaq posted their fourth consecutive record closes on Thursday. Contracts tied to the S&P 500 fell 0.5% and Nasdaq 100 futures were down 0.3%. Stocks were helped Thursday by more signs of a weakening economy and slowing inflation, which should help give the Federal Reserve room to lower interest rates later this year.
- The U.S. dollar slipped marginally Friday, while the euro also fell, heading for a sharp weekly loss amid political turmoil in the region. At 04:20 ET (08:20 GMT),...
According to Golden Finance: Evolve Bank and Trust has entered into a cease-and-desist agreement with the Federal Reserve, prompted by findings of unsafe and unsound operations within the bank's fintech collaborations and inadequate anti-money laundering (AML) controls. The order follows scrutiny arising from the failure of intermediary Synapse Financial Technologies, which led to account freezes for numerous FinTech users. Details of the Cease-and-Desist Order The Federal Reserve's cease-and-desist order against Evolve Bank addresses several critical issues: - Unsound Operations: The Federal Reserve highlighted unsafe and unsound operations in Evolve’s fintech collaborations. - AML Deficiencies: The bank was found to lack adequate anti-money laundering controls, a significant compliance lapse given its role in the financial ecosystem. - Synapse Financial Technologies Failure: The failure of Synapse Financial Technologies, an intermediary, resulted in the freezing of many fintech user accounts, exacerbated by disagreements over account balances between Synapse, Evolve, and other fintech entities. Impact on the Cryptocurrency Ecosystem Evolve Bank plays a crucial role in the cryptocurrency landscape, providing financial services to platforms such as BlockFi and FTX. The cease-and-desist order could have broader implications for these services, potentially affecting their operational stability and customer confidence. Compliance and Due Diligence Requirements As part of the cease-and-desist order, Evolve Bank is required to: - Submit a Detailed Compliance Plan: Evolve must present a comprehensive compliance plan that addresses the operational deficiencies identified by the Federal Reserve. - Update Due Diligence Procedures: The bank needs to upgrade its due diligence procedures to ensure robust customer information verification and compliance with regulatory requirements. Broader Implications - Enhanced Regulatory Scrutiny: This move by the Federal Reserve signals heightened scrutiny on banks involved in fintech and cryptocurrency sectors, emphasizing the need for stringent AML controls and sound operational practices. - Increased Compliance Costs: Evolve Bank will likely incur significant costs to implement the mandated compliance enhancements, which could impact its financial performance and operational efficiency. - Operational Disruptions: The requirement to improve due diligence procedures and customer information handling may cause temporary operational disruptions as Evolve Bank works to comply with the Federal Reserve’s directives. The cease-and-desist order against Evolve Bank underscores the critical importance of sound operational practices and robust anti-money laundering controls, particularly for institutions involved in the fintech and cryptocurrency realms. As Evolve Bank works to address these regulatory requirements, the broader industry will likely observe increased regulatory scrutiny, necessitating proactive compliance measures to mitigate similar risks.
Inflows were led by IVV's $2.39 bln while SPY's $2.76 bln led outflows.
Oil driller Noble Corp (NE) is set to acquire Diamond Offshore Drilling (DO) in a stock-plus-cash deal valued at $1.6 billion. Noble Corp. CEO and President Robert Eifler sits down with the Market Domination team to talk more about the acquisition and Noble's drilling operations amid recent forecasts on crude oil (CL=F, BZ=F) demand. "We drill for some of the largest companies in the world, and they have a lot of needs. And in order to meet those needs globally, we need to have enough assets so that we can spread our investments, around technology and innovation across a bigger base," Eifler says on the company's push to increase its scale. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Luke Carberry Mogan. Catch more of Yahoo Finance's coverage surrounding oil prices and the broader energy sector: The big reason why there will be more energy sector deals Energy transition is caught in a 'trilemma,' expert explains IEA warns of 8M barrel per day oil surplus by 2030 Oil may reach $86 per barrel this summer: Goldman Sachs Oil prices rebound despite 'shaky' demand outlook
Inflation in the United States cooled down in May for the second consecutive month. We have highlighted ETFs from five sectors that will benefit from easing inflation.
According to Odaily, the Australian Treasury Department is planning to include stablecoin regulations in its draft crypto bill. A representative from the Australian Securities and Investments Commission (ASIC) has stated that they have held meetings with regulatory bodies such as the SEC to discuss the legal stance on crypto technology. The Treasury Department had previously announced plans to release a legislative draft by the end of 2024, covering licensing and custody rules for crypto asset providers. Based on the latest developments, this draft may include a framework for regulating stablecoins. The inclusion of stablecoin regulations in the draft bill signifies the Australian government's recognition of the growing influence of cryptocurrencies and their commitment to ensuring a regulated and secure environment for its use.