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Wall Street Breakfast: Unpredictable Jobs Day
U.S. stock indexes futures rose as much as 1% overnight as investors look ahead to two jobs reports for clarity on the economic situation. Alongside weekly unemployment claims data, the non-farm payrolls report will come a day early and will likely play a big part ahead of the Congressional debate on the next round of coronavirus stimulus. Forecasts for the jobs report are wide-ranging, but most economists predict 3M jobs were created in June, up from the 2.5M added in May (though that report was expected to show a steep loss of 8M jobs). The figures will also be backward looking, reflecting data through mid-June and not the latter part of the month when the resurgence of COVID-19 led to several shutdowns and delayed some economic reopenings. FOMC minutes The Fed's monetary policy-setting arm doesn't see the recovery in consumer spending being "particularly rapid beyond this year" and noted a need for "highly accommodative monetary policy for some time," according to the minutes of the June 9-10 meeting. As for the potential use of yield-curve control — yield caps or targets ("YCT"), nearly all participants had "many questions regarding the costs and benefits of such an approach." Many of the officials, though, didn't see a need for YCT as long as the FOMC's forward guidance, on its own, remains credible. Checks? Benefits? Bonuses? Details of the next coronavirus stimulus package are becoming a bit clearer as the House passed a bill extending the Paycheck Protection Program through August 8, sending it to President Trump's desk for his signature. Over $130B in PPP funds are still available, which could help small businesses pay overheads and keep employees on payroll. Trump also said he supports another round of direct payments to Americans – larger than what Democrats have already proposed - but is against enhanced unemployment benefits that give "a disincentive to work." July 4th statistics 76% of Americans plan to celebrate Independence Day this year, down from 86% in 2019, as concerns run high over gathering in large groups or attending public events due to the coronavirus pandemic. Those who do have plans for the holiday are forecast to spend over $76 on average for food items - in line with historical trends - for a total of $6.52B. More than half of consumers are planning a cookout or BBQ and 28% of those celebrating expect to purchase additional patriotic items. Next steps for Hong Kong About 370 protesters were arrested in Hong Kong on Wednesday, including ten that were apprehended for breaching the new security law imposed by China. "We will not duck our historic responsibilities," said the U.K. in response, offering around 3M Hong Kong residents - who are eligible for BN(O) passports - a path to citizenship (Britain transferred the territory back to China in 1997). The U.S. is also looking into helping those who want to leave Hong Kong via a bipartisan bill known as the "Hong Kong Safe Harbor Act" that would grant Hong Kongers priority refugee status. Go deeper: U.S. House passes bill to sanction Chinese bank. Big Tech on Capitol Hill The hearing is planned for later this month and will mark the first time the chief executives of Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) and Google (GOOG, GOOGL) testified together in front of Congress. It's one of the final steps the House Judiciary Committee needs to complete an antitrust probe initiated in June 2019 and will likely produce new legislative proposals to reform and regulate the digital market. The Justice Department, Federal Trade Commission and state attorneys general have also opened inquiries into the companies over markets like online advertising, online retail and smartphone apps. Most valuable automaker Tesla (NASDAQ:TSLA) soared 3.7% to $1,120/share on Wednesday to trade at a higher market cap than Japanese carmaker Toyota (NYSE:TM). That makes the company the most valuable automaker in the world and caps off a 10-year run that went into Ludicrous mode over the last six months. Next on the dance card is Tesla's Q2 deliveries report to be followed in a few weeks by the company's earnings report. The party doesn't stop... Shares are up another 4.4% in premarket trade to $1,170. Latest pandemic bankruptcy The franchisee operator was already in trouble before the coronavirus crisis, though restaurant shutdowns pushed it over the edge. NPC International, which runs more than 1,225 Pizza Hut (NYSE:YUM) and over 385 Wendy's (NASDAQ:WEN) stores nationwide, has filed for bankruptcy, but said it will continue to operate while it navigates the Chapter 11 process. The company employs nearly 40,000 people in 27 U.S. states, according to its website. What else is happening... Optimism builds over Pfizer, (NYSE:PFE), BioNTech's (NASDAQ:BNTX) coronavirus vaccine. COVID-19 surge prompts McDonald's (NYSE:MCD) to halt reopening plans. Coty (NYSE:COTY) sued over trade secrets in Kardashian-Jenner deals. Novartis (NYSE:NVS) finalizes $678M settlement to resolve kickback claims. American (NASDAQ:AAL) warns it's overstaffed by 8,000 flight attendants. Nio (NYSE:NIO) posts Q2 delivery growth of 190% to 10,331 vehicles. Wednesday's Key Earnings Constellation Brands (NYSE:STZ) +6.3% AH as spirit sales offset a miss in beer. General Mills (NYSE:GIS) -2% declining to give specific guidance. Macy's (NYSE:M) -4.4% with sales dropping 45% in Q1. Today's Markets In Asia, Japan +0.1%. Hong Kong +2.9%. China +2.1%. India +1.2%. In Europe, at midday, London +0.8%. Paris +1.5%. Frankfurt +1.7%. Futures at 6:20, Dow +0.9%. S&P +0.6%. Nasdaq +0.4%. Crude +0.5% to $40.03. Gold +0.3% to $1784.40. Bitcoin +0.6% to $9213. Ten-year Treasury Yield flat at 0.68%
Alright guys, Ive been working on this for a while and a post on here by a guy describing his portfolio here was the final kick in the ass for me to put this together. I started writing this to summarize what Im doing for my friends who are beginners, and also for me to make some sense of it for myself Hopefully parts of it are useful to you, and also ideally you guys can point out errors or have a suggestion or two. I'm posting this here as opposed to investing or canadianinvestor (blech) because they're just gonna tell me to buy an index fund. This first section is a preamble describing the Canadian tax situation and why Im doing things the way that I am. Feel free to skip it if you dont care about that. Also, there might be mistake regarding what the laws are here so dont take my word for it and verify it for yourself please. So here in Canada we have two types of registered accounts (theres actually more but whatver). There is the TFSA "Tax Free Savings Account", and RRSP "Registered Retirement Savings Account" For the sake of simplicity, from the time you turn 18 you are allowed to deposit 5k (it changes year to year based on inflation etc)in each of them. That "room" accumulates retroactively, so if you haventdone anything and are starting today and you are 30 you have around 60k you can put in each of them. The prevailing wisdom is that you should max out the TFSA first and you'll see why in a minute. TFSA is post tax deposits, with no capital gains or other taxes applied to selling your securities, dividends or anything else. You can withdraw your gains at any time, and the amount that you withdraw is added to the "room" you have for the next year. So lets say I maxed out my TFSA contributions and I take out 20k today, on January of next year I can put back in 20k plus the 5 or whatever they allow for that year. You can see how powerful this is. Theres a few limitations on what is eligable to be held in the TFSA such as bitcoin/bitcoin ETFs, overseas stocks that arent listed on NYSE, TSX, london and a few others. You can Buy to Open and Sell to Close call and put options as well as write Covered Calls. The RRSP is pre-tax deposits and is a tax deferred scheme. You deposit to lower your income tax burden (and hopefully drop below a bracket) but once you retire you will be taxed on anything you pull out. Withdrawing early has huge penalties and isnt recommended. You are however allowed to borrow against it for a down payment as a first time home buyer. The strategy with these is that a youngperson entering the workforce is likely to be in a fairly low tax bracket and (hopefully) earns more money as they get older and more skilled so the RRSP has more value the greater your pre-taxincome is. You can also do this Self Directed. Its not relevant to this strategy but I included it for the sake of context. Non registered accounts ( or any other situation, such as selling commercial real estate etc) is subject to a capital gains tax. In so far as I understand it, you add all your gains and losses up at the end of the year. If its a positive number, you cut that number IN HALF and add it to your regular pre-tax income. So if I made 60k from the dayjob and 20k on my margin account that adds up to 70k that I get taxed on. if its a loss, you carry that forward into the next year. Theres no distinction between long term and short term. Also physical PMs are treated differently and I'll fill that part in later once I have the details down. The reason why all that babble is important is that my broker Questrade, which isnt as good as IB (the only real other option up here as far as Im aware) has one amazing feature that no other broker has: "Margin Power" If you have a TFSA and a Margin account with them, you can link them together and have your securities in the TFSA collateralise your Margin account. Essentially, when it comes to the Maintenance Excess of the Margin Account QT doesnt care if its in the TFSA *or* the Margin! You can see how powerful this is. ------------------------------------------------------------------------------------------------------------------------------------------------ So as you can tell by the title, a lot of this is heavily inspired by Chris Cole's paper "The Allegory of the Hawk and the Serpent". You can read it here: https://www.artemiscm.com/welcome#research Between it, his interviews and my mediocre options skills at the time my mind was blown. Unfortunately I didnt know how to do the Long Volatility part until after the crash in March but I've since then had nothing but time to scour the internet and learn as much as I could. The way I interpret this isnt necessarily "what you should have right now", but what abstracted model they were able to backtest that gave them the best performance over the 90 years. Also, a lot of my portfolio I already had before I started trying to build this. As such my allocations dont match the proportions he gave. Not saying my allocations are better, just showing where they are at this time. I'm going to describe how I do Long Volatility at the end rather than the beginning since the way *I* do it wont make sense until you see the rest of the portflio. Physical PMs 22% I'm not sure wether he intended this to be straight up physical gold or include miners and royalty streaming companies so I will just keep this as physical. I consider Silver to be a non-expiring call option on gold, so that can live here too. I am actually *very* overweight silver and my strategy is to convert a large portion of it to gold (mostly my bars) to gold as the ratio tightens up. If youre into crypto, you can arguably say that has a place in this section. If an ETF makes sense for part of your portfolio, I suggest the Sprott ones such as PHYS. Sprott is an honest business and they actually have the metal they say they have. If you have enough, you can redeem your shares from the Royal Canadian Mint. The only downside is that they dont have an options chain, so you cant sell covered calls etc. Simple enough I suppose. One thing to bear in mind, there is a double edged sword with this class of assets. They're out of the system, theyre nobody's business but your own and theres no counter party. That unfortunately means that you cant lever against it for margin or sell covered calls etc. You can still buy puts though (more on that later) Commodity Trend (CTA) 10% https://youtu.be/tac8sWPZW0w Patrick Ceresna gave a good presentation on what this strategy is. Until I watched this video I just thought it meant "buy commodities". A real CTA does this with futures also so aside from the way he showed, there are two other ETFs that are worth looking at. COM - This is an explicit trend following ETF that follows a LONG/FLAT strategy instead of LONG/SHORT on a pile of commodity futures. So if they get a "sell" signal for oil or soybeans they sell what they have and go to cash. COMT- Holds an assortment of different month futures in different commodities, as well as a *lot* of various related shares in producers. Its almost a one stop shop commodities portfolio. Pays a respectable dividend in December If you want to break the "rules" of CTA, and include equities theres a few others that are also worth looking at KOL- This is a coal ETF. The problems with it are that a lot of the holdings dont have much to do with coal. One of them is a tractor company. A lot of the companies are Chinese so theres a bit of a red flag. Obviously Thermal Coal, the kind used for heating and powerplants isnt in vogue and wont be moving forward...but coking coal is used for steel manufacturing and that ain't going anywhere. The dividend is huge, pays out in December. A very very small position might be worth the risk. Uranium- I'm in URA because thats the only way for me to get exposure to Kazatoprom (#1 producer), which is 20% of the holdings. The other 20% is Cameco (#2 producer)and then its random stuff. Other than that I have shares in Denison which seems like its a good business with some interesting projects underway. I'm still studying the uranium space so I dont really have much to say about it of any value. RSX- Russia large caps. If you dont want to pick between the myriad of undervalued, high dividend paying commodity companies that Russia has then just grab this. It only pays in December but it has a liquid options chain so you can do Covered Calls in the meantime if you want. NTR- Nutrien, canadian company that was formed when two others merged. They are now the worlds largest potash producer. Pretty good dividend. They have some financial difficulties and the stocks been in a downtrend forever. I feel its a good candidate to watch or sell some puts on. I'm trying to come up with a way to play agriculture since this new phase we're going to be entering is likely to cause huge food shortages. EURN and NAT- I got in fairly early on the Tanker hype before it was even hype as a way to short oil but I got greedy and lost a lot of my gains. I pared down my position and I'm staying for the dividend. If you get an oil sell signal, this might be a way to play that still. Fixed Income/Bonds 10% Now, I am not a bond expert but unless youre doing some wacky spreads with futures or whatever... I dont see much reason to buy government debt any more. If you are, youre basically betting that they take rates negative. Raoul Pal of Real Vision is pretty firm in his conviction that this will happen. I know better than to argue with him but I dont see risk/reward as being of much value. HOWEVER, I found two interesting ETFs that seem to bring something to this portfolio IVOL- This is run by Nancy Davis, and is comprised of TIPS bonds which are nominally inflation protected (doubt its real inflation but whatever) overlayed with some OTC options that are designed to pay off big if the Fed loses control of the long end of the yield curve, which is what might happen during a real inflation situation. Pays out a decent yield monthly TAIL- This is a simpler portfolio of 10yr treasuries with ladder of puts on the SPX. Pays quarterly. Equities 58% (shared with options/volatility below) This is where it gets interesting, obviously most of this is in mining shares but before I get to those I found some interesting stuff that I'm intending to build up as I pare down my miners when the time comes to start doing that. VIRT- I cant remember where I saw this, but people were talking about this as a volatility play. Its not perfect, but look at the chart compared to SPY. Its a HFT/market making operation, the wackier things get the more pennies they can scalp. A 4% dividend isnt shabby either. FUND- This is an interesting closed end fund run by Whitney George, one of the principals at Sprott. He took it with him when he joined the company. Ive read his reports and interviews and I really like his approach to value and investing. He's kind of like if Warren Buffett was a gold bug. Theres 120 holdings in there, mostly small caps and very diverse...chicken factories, ball bearings all kinds of boring ass shit that nobody knows exists. Whats crucial is that most of it "needs to exist". Between him, his family and other people at Sprott they control 40% or so of the shares, so they definitely have skin in the game. Generous dividend. ZIG- This is a "deep value" strategy fund, run by Tobias Carlisle. He has a fairly simple valuation formula called the Acquirer's Multiple that when he backtested it, is supposed to perform very well. He did an interview with Chris Cole on real Vision where he discusses how Value and Deep Value havent done well recently, but over the last 100 years have proven to be very viable strategies. If we feel that theres a new cycle brewing, then this strategy may work again moving forward. I want to pause and point out something here, Chris Cole, Nassim Taleb and the guys at Mutiny Fund spend a lot of effort explaining that building a portfolio is a lot like putting together a good basketall team. They need to work together, and pick up each others slack A lot of the ETFs I'm listing here are in many ways portfolios in and of themselves and are *actively managed*. I specifically chose them because they follow a methodology that I respect but I can't do myself because I dont have the skill, temperament or access to. The next one is a hidden gem and ties into this. I'm not sure how much more upside there is in this one but man was I surprised. SII- Sprott Inc. I *never* see people listing this stock in their PMs portfolios. A newsletter I'm subscribed to described this stock as the safest way to play junior miners. Their industry presence, intellectual capital and connections means that they get *the best* private placement deals in the best opportunities. I cant compete with a staff like theirs and I'm not going to try. I bought this at 2.50, and I liked the dividend. Since then they did a reverse split to get on the NYSE and like the day after the stock soared. When it comes to mining ETFS I like GOAU and SILJ the best. None of their major holdings are dead weight companies that are only there because of market cap. I dont want Barrick in my portfolio etc. SGDJ is a neat version of GDXJ. Aside from that my individual miners/royalty companies are (no particular order) MMX SAND PAAS PGM AUM AG MUX RIO- Rio2 on the tsx, not rio tinto KTN KL Options/Volatility: varies So this is where we get to the part about options, Volatility and how I do it. I started out in the options space with The Wheel strategy and the Tastytrade approach of selling premium. The spreads and puts I sell, are on shares listed above, in fact some of those I dont hold anymore. Theres tons of stuff on this in thetagang and options so I wont go into a whole bunch (and you shouldnt be learning the mechanics from me anyway) but theres one thing I want to go over before it gets wild. If I sell a Cash Secured Put, from a risk management perspective its identical to just buying 100 shares of the underlying security. You are equally "Short Vol" as well, it just that with options its a little more explicit with the Greeks and everything. But if I use my margin that I was talking about earlier, then I can still collect the premium and the interest doesnt kick in unless Im actually assigned the shares. But if I sell too many puts on KL or AG, and something happens where the miners get cut down (and lets be real, they all move together) my margin goes down and then I get assigned and kaboom...my account gets blown up So what I need to do, is balance out the huge Short Vol situation in my portfolio, be net Long Vol and directly hedge my positions. Since the overwhelming majority of my equities are all tied to bullion this is actually a very easy thing to do. Backspreads https://youtu.be/pvX5_rkm5x0 https://youtu.be/-jTvWOGVsK8 https://youtu.be/muYjjm934iY So I set this up so the vast majority of my margin is tied up in these 1-2 or even 1-3 ratio put spreads that *I actually put on for a small credit*, and roll them every once in a while. I run them on SLV, and GDX. I keep enough room on my margin so I can withstand a 10% drawdown before it sets off the long end of the spreads and then I can ride it out until it turns around and we keep the PM bull market going. Theres another cool spread I've been using, which is a modified Jade Lizard; if already hold shares, I'll sell a put, sell a covered call, and use some of the premium to buy a longer dated call. Ive been running this on AG mostly. I have a few more spreads I can show you but Im tired now so it'll have to wait for later. As I said multiple times, I do intend to trim these miners later but now isnt the time for that IMO. I'm also monitoring this almost full time since I have an injury and have nothing better to do until I heal :p
More Wall Street Breakfast Podcasts » "Despite several issues of importance - national riots, Chinese relations, an ongoing pandemic - the stock market is primarily focused on a single thing: the restart of U.S. and global economic activities," said Jim Paulsen, chief investment strategist at the Leuthold Group. The sentiment led S&P 500 futures to tack on another 0.6% gain overnight as Dr. Anthony Fauci expressed renewed "optimism" about a coronavirus vaccine. On the economic calendar, the ADP Employment Report today will give a fresh read on the extent of the COVID-19 pandemic, while oil climbed 2% on anticipated output cuts at the upcoming OPEC+ meeting. Come on and Zoom! A surge in video conferencing usage saw revenue growth at Zoom (NASDAQ:ZM) jump 169% to $328.2M as the company reported top and bottom line beats for Q1. Zoom also doubled its revenue guidance for the year, pushing up shares as much as 4.5% in AH trading on Tuesday. In keeping with its previous practices, the firm didn't disclose active user numbers, though analysts at Bernstein estimate Zoom's mobile app had 173M monthly active users as of May 27, up from 14M on March 4. Zuckerberg stands firm after walkout Facing internal unrest over the company's gentle approach to moderating posts from President Trump, Facebook (NASDAQ:FB) CEO Mark Zuckerberg told employees he stood behind his decision, one he called "tough" but "pretty thorough." Policies will be reviewed to see if they need to change for the future. Facebook employees particularly took issue with a post by Trump that threatened violence, including the words "when the looting starts, the shooting starts." Similar posts on Twitter (NYSE:TWTR) were flagged for violating policy. Apple is tracking looted iPhones Thieves who made off with iPhones from Apple (NASDAQ:AAPL) retail locations in New York, Los Angeles, Minneapolis, Washington and Philadelphia quickly learned that they were loaded with special security software. On-screen messages displayed: "This device has been disabled and is being tracked. Local authorities will be alerted." The social unrest sweeping across the nation comes just as Apple is in the process of opening more than 100 stores following an extended closure due to the coronavirus pandemic. Digital taxes The Trump administration is opening a "Section 301" investigation into taxes on digital commerce - proposed by a range of trading partners - that could affect revenues booked by tech giants like Facebook (FB), Google (GOOG, GOOGL) and Amazon (NASDAQ:AMZN). The move could ultimately lead to punitive tariffs and heighten the chances of another global trade dispute. France already agreed to postpone its new digital tax until at least the end of 2020 after the U.S. threatened to impose tariffs of up to 100% on imports like French wine, cheese, handbags and porcelain. Will negative rates be needed? Many have doubted that the U.S. could go negative like Japan and parts of Europe, but St. Louis Fed economist Yi Wen says that's what it would take to achieve a V-shaped economic recovery. "I found that a combination of aggressive fiscal and monetary policies is necessary. Aggressive policy means that the U.S. will need to consider negative interest rates and aggressive government spending, such as spending on infrastructure." Wen cited historical examples like President Roosevelt's aggressive fiscal stimulus package during the 1930s and huge surge in government spending once World War II began. Britain news roundup The Shanghai-London Connect program, years in the making, has so far produced only one listing - Huatai Securities (OTCPK:HUATF) - which raised $1.5B last June. China's market regulator has now approved a fresh listing for China Pacific Insurance (OTCPK:CHPXY), signaling a revival of the program. While the ties could bring the nations closer, other news overnight may go in the other direction. Boris Johnson pledged to let into the country nearly 3M Hong Kong citizens - who are British overseas passport holders - due to China's new national security law, and place them on a possible path to U.K. citizenship. Drug shortages One of the most widely prescribed antidepressant medications in the U.S. has fallen into short supply, according to a new list from the FDA. Pfizer (NYSE:PFE) said some versions of its name-brand Zoloft, such as 100 milligram tablets in 100-count bottles, were scarce because of higher demand during COVID-19, while generics faced shortages of certain ingredients. Zoloft prescriptions climbed 12% Y/Y to 4.9M in March, the most ever in the U.S., according to data compiled by Bloomberg, but receded to 4.5M in April. M&A activity French luxury goods group LVMH’s (OTCPK:LVMHF) $16.2B takeover of Tiffany & Co (NYSE:TIF) is looking less certain, according to Women's Wear Daily. It's the latest big merger said to be on the rocks amid a deteriorating situation in the U.S. market brought on by a COVID-19 pandemic and severe social unrest. Further challenges include spending pattern shifts, the collapse of international tourism and trade tensions between Washington and Beijing. 'Biggest Sale in the Sky' After postponing its annual Prime Day event due to COVID-19, Amazon (AMZN) is reportedly setting up a "summer sale" for June to boost sellers hurt by the outbreak and swimming in inventory. The company told brands it would launch a fashion sale June 22, to run anywhere from 7-10 days, and that participation in the event was "invitation only." It's building landing pages with a working title "Biggest Sale in the Sky," and has asked brands to meet an end-of-Wednesday deadline to submit deals with a discount of at least 30%. What else is happening... Sports betting to the rescue in California? Twitter (TWTR) names Pichette as new independent chairman. Google (GOOG, GOOGL) faces $5B lawsuit over 'private' internet use. FAA boss to testify at Senate hearing on 737 MAX (NYSE:BA). Lyft (NASDAQ:LYFT) trims loss forecast after May rides jumped 26%. Tuesday's Key Earnings Ambarella (NASDAQ:AMBA) -3.7% AH on light revenue guidance. CrowdStrike (NASDAQ:CRWD) +6.2% AH following a beat-and-raise. DICK'S Sporting Goods (NYSE:DKS) +3.7% as e-commerce sales rose 110%. Zoom Video (ZM) +1.4% AH posting Q1 beat, aggressive outlook. Today's Markets In Asia, Japan +1.3%. Hong Kong +1.4%. China +0.1%. India +0.6%. In Europe, at midday, London +1.5%. Paris +2%. Frankfurt +2.2%. Futures at 6:20, Dow +0.8%. S&P +0.6%. Nasdaq +0.5%. Crude +1.7% to $37.43. Gold -0.6% to $1724.40. Bitcoin -5.6% to $9527. Ten-year Treasury Yield +3 bps to 0.71% Today's Economic Calendar Auto Sales 7:00 MBA Mortgage Applications 8:15 ADP Jobs Report 9:45 PMI Services Index 10:00 ISM Non-Manufacturing Index 10:00 Factory Orders
https://preview.redd.it/gl5x4j3hg1351.jpg?width=2400&format=pjpg&auto=webp&s=9eca4a55c76edf1e394b6fe1270daa1032417221 Will blockchain technology be the most significant disruption of the last three centuries in the stock market industry? Well, Norbert Biedrzycki -Head of Services CEE at Microsoft says so, and so does blockchain council. Blockchain technology has been able to significantly change the dynamics of money, supply chain management, finance, record keeping, and more. Along with supporting crypto-currencies such as bitcoin and ethereum, it can revolutionize both the storage and transmission of financial data around the globe and stock trading marketplaces. While Tokyo Stock Exchange and Nasdaq have unveiled the use of blockchain in its core trading infrastructure, India's Securities Exchange Board, among others, is researching its feasibility in fundraising, post-trade settlement, and asset management. Learning of the blog
What is blockchain technology?
How is it useful to the stock market?
Advantages that it brings
What Is Blockchain Technology? Blockchain is a database innovation that provides a shared public register where all parties can track and encrypt transactions. This register consists of nodes, and each node is a computer that follows the protocol. Blocks are public, but its contents can be protected by cryptography. A new block is added every time a token transaction is confirmed. There are private blockchains in which access is by permission only, and in-house nodes verify the transactions. On the other hand, public blockchains, as you must have guessed, are open access. Another type is permissioned public blockchains that retain the volunteer verification but has restricted access. If you want to know more about blockchain, you can check out this blockchain course! How Is It Useful To The Stock Market? The stock market is a mammoth creature with very high inertia. Blockchain technology can prove fruitful in clearing and settlement alongside securing automation of the post-trade process. It can speed by the settlement of trades and subtly go about stock exchanges with the help of automation and decentralization. According to a Blockchain in Capital market's report, "IT and operations expenditure in capital markets is currently close to $100-150 billion per year among banks". Blockchain can reduce extra commission costs by eliminating the third party regulator as the blockchain network does the needful. Thus, it can answer trust, interoperability, and transparency issues. Advantages that it brings The advantages that blockchain technology brings along are:
Decentralization: As the system is distributive, money is not present at one node.
Transparency: As technology is in public eyes, it brings in trust.
Cost Reduction: Since there are no intermediaries, the cost gets reduced.
Security: Blockchain can act as an automatic surveillance system, and the valuation of securities deposited can be done daily.
Less time: The transactions are quick, as there is no duplication of the process.
High Liquidity: Blockchain reduces ineffectiveness with the help of automation, ultimately bringing in more investment.
Early accessors The New- York-based firm Nasdaq which operates at the junction of finance and technology, was one of the first to adopt bitcoin technology, thus advocating the demand of blockchain professionals. It now enables investors to harness blockchain's power by securely navigating financial markets at an international level. To register all transactions in real-time, Nasdaq Stockholm and the Swedish bank SEB started testing blockchain. The London Stock Exchange Group, in collaboration with IBM, is testing a blockchain platform to fully digitize trades in the shares of medium and small-sized enterprises. Apart from this, the NYSE and Deutsche Borse would be evaluating the feasibility and advantages of the technology soon. Future Scope Due to less testing, there are some scalability issues with blockchain, so to disrupt the operations of the stock market, it can take up to ten years, but it does have the potential to transform companies and the society. It is a great investment opportunity because of its ability to tackle data fragmentation, insider trading, data loss, reconciliation, and ticket matching problems. Thus. Blockchain technology can bring about the widespread upset in automated market surveillance and post-trade event processing.
U.S. stock futures rise, following gains in most equities markets around the world, amid optimism that the coronavirus curve is flattening. Dow futures advance 1.3%, Nasdaq gains 1.5% and S&P futures rise 1.2%. The 10-year Treasury yield remains flat at 0.75%. In overseas markets, the Stoxx Europe 600 rises 0.9% and the DAX gains 1.1%. In Asia, markets also ended the session in the green - the Hang Seng rose 0.6%, China’s CSI 300 rose 1.9% and the Nikkei 225 increased 3.1%. In the U.S., Q1 earnings season kicks off with JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) and Johnson & Johnson (NYSE:JNJ). With most of the coronavirus-related restrictions not taking effect until mid-March, investors will be focusing on any forward-looking commentary. China’s trade isn’t out of the woods yet Though the world’s second-largest economy recorded a trade surplus of $18.5B in March, vs. a deficit of $7.1B in the first two months of the year, China will now be facing lower demand from the countries it exports to. "Uncertainties are on the rise and China’s foreign trade is encountering bigger difficulties," said Li Kuiwen, a customs spokesperson. Still, investors cheered the economic news. China’s CSI 300 Index closed up 1.9% and Japan’s Nikkei Index gained 3.1%. Hong Kong’s Hang Seng rose 0.5%. Airline relief deal nears the finish line Airline industry officials expect all major airlines to accept the terms for grants, with some announcements expected as early as today. The government has set identical terms for industry players and says it won't negotiate individually with airline managements. Those terms include a requirement that 30% of the funds allotted to each airline be repaid and the issuance of warrants with prices already locked in. The Treasury Department is not demanding compensation from small carriers receiving $100M or less in payroll support. If the $25B in grants is allotted as expected, the government could end up owning about 3.0% of American Airlines (NASDAQ:AAL), 2.3% of United Airlines (NASDAQ:UAL), 1.3% of JetBlue (NASDAQ:JBLU), 1% of Delta Air Lines (NYSE:DAL) and 0.6% of Southwest Airlines (NYSE:LUV). Tesla pursues rent reductions amid pandemic Facing the need for cost savings amid the global pandemic, Tesla (NASDAQ:TSLA) is approaching landlords in search of reduced rent, the WSJ reports. "As a result of the increasing restrictions on our ability to conduct business, we would like to inform you that we will be reducing our monthly rent obligations effective immediately," reads one email the company sent. The news follows last week's announcement that Tesla would slash pay and furlough employees who couldn't work from home. Go deeper: Look at Tesla’s balance sheet. India extends 1.3B-person lockdown until May 3 As widely expected, India is extending the world's biggest pandemic lockdown at least until May 3. The country's restrictions were set to end today, even as its confirmed case count crossed 10,000 and deaths hit 339 (low numbers compared to harder-hit countries, which experts caution may be due to low testing levels). Despite the extension of the restrictions, India has expressed an interest in at least partially restarting its manufacturing industry now rather than later. The case for India investments weakens The country’s economy was already weakening when the coronavirus hit, giving investors fewer reasons to buy Indian stocks and bonds, said BlackRock’s head of Asian credit, Neeraj Seth. "India entered the whole situation of COVID on a weaker footing," and the lockdown has put more pressure on the banking system, he told CNBC. BlackRock is cautious on Indian credit at the lower end of the spectrum, but fixed income investments could benefit as India’s central bank is expected to cut interest rates, he said. Go deeper: Check ETF performance by country. Exxon taps bond market for second time in a month The oil giant raised $9.5B in debt on Monday, less than a month after issuing $8.5B, as it seeks to bolster its finances while the market is still receptive to issuers of new debt. In the latest offering, Exxon (NYSE:XOM) sold five different bonds with durations ranging from five to 31 years. The issue highlighted investor demand for the debt, as the offering was upsized from the $9B issue originally planned and Exxon was able to borrow at a lower price than the March deal. Go deeper: Look into Exxon’s financials. What else is happening... Fed launches commercial paper funding facility today. DOJ puts the heat on British American Tobacco (NYSE:BTI). Disney (NYSE:DIS) enters new $5B credit agreement. Roku (NASDAQ:ROKU) early Q1 numbers show growth turn. Navistar (NYSE:NAV) conserves cash. Today's Markets In Asia, Japan +3.1%. Hong Kong +0.56%. China +1.6%. India closed. In Europe, at midday, London -0.37%. Paris -0.03%. Frankfurt +1.1%. Futures at 6:00, Dow +1.3%. S&P +1.2%. Nasdaq +1.5%. Crude -1.6% to $22.06. Gold +0.1% to $1,763.40. Bitcoin +2.5% to $6,858. Ten-year Treasury Yield flat at +0.75% Today's Economic Calendar 8:30 Import/Export Prices 8:55 Redbook Chain Store Sales 11:05 Fed's Bullard: “COVID-19 Briefing” 12:30 PM Fed's Evans Speech
Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading
AX Trading LLC (AX), a technology-enabled registered broker-dealer and Alternative Trading System (ATS) operator, today announced a strategic partnership withQuant Networka pioneering technology company providing financial and regulatory technology as well as interoperability in financial services, payments and capital markets infrastructure.Through this partnership, Quant Network’s technology, Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of interoperable regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets.George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”It is expected that the first interoperable digital asset offering may commence as soon as January 2020, and that the AX Trading ATS may be ready to enable and list interoperable digital assets and securities in 2020.
An institutional investor is an organization that invests on behalf of the organization's members. They consist of hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds, or any other type of money management firm. Institutional investors account for about three-quarters of the volume on the New York Stock Exchange (which alone handles more than $20 Trillion a year in volume). In the US, Institutional investors own about 80 % of the total market value of the equity (stock) market, which globally is worth more than $73 trillion. Wall Street refers to the institutional investors I mentioned above whereas Main Street refers collectively to members of the general public who are not accredited investors and the overall economy as a whole. Whilst the Equity Market is huge, Institutional investors also invest in other securities which are prime to be tokenised such as Real Estate Market (Globally worth $217 trillion), the Debt Market (Globally worth $215 trillion) and the Derivatives Market (Low end estimates at $544 trillion and high-end estimates at $1.2 quadrillion). All of which makes the current market cap for cryptocurrencies look like a drop in the ocean.
Who are AX Trading?
AX Trading is a SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA (Financial Industry Regulatory Authority)and SIPC ( Securities Investor Protection Corporation) regulated authorities. The SEC has some of the most stringent regulations in the world for listing securities and there are fewer than 50 SEC-registered Alternative Trading System Operators in the United States, of which only a handful are currently implementing Digital Assets. Others are awaiting regulatory approval with Coinbase, Circle etc are all looking at getting into this huge market. https://www.coindesk.com/stonewalled-by-finra-up-to-40-crypto-securities-wait-in-limbo-for-launch AX Trading have investors and sponsored brokers including the likes of Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion). AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc). AX Trading have also partnered with Euronext, the largest Stock Exchange in Europe with a market cap of $4.65 trillion as of 2018, in the creation of Euronext Block which utilises AX Trading.
What is an Alternative Trading System?
An Alternative Trading System (ATS) is an SEC-regulated trading venue which serves as an alternative to trading at a public exchange. ATS account for much of the liquidity found in publicly traded issues worldwide. They are known as multilateral trading facilities in Europe, electronic communication networks (ECNs), cross networks, and call networks AX is the world’s first “Electronic Trading Network” (ETN) where institutional traders can proactively connect and trade with other counterparties in a secure environment. Unlike traditional stock exchanges/ECNs that show orders to everyone and traditional dark pools/crossing systems that show orders — presumably — to no one, AX allows institutional traders to pick and choose WHOM they want to notify and also WHAT information they want to share with them. Institutional investors may use an ATS to find counterparties for transactions instead of trading large blocks of shares on national stock exchanges. These actions may be designed to conceal trading from public view since ATS transactions do not appear on national exchange order books. The benefit of using an ATS to execute such orders is that it reduces the domino effect that large trades might have on the price of an equity.
How does AX Trading Work?
The AX Trading process begins when one trader sends an “initiated” order to AX. The order can be routed to the AX ATS via one of our broker sponsors such as Credit Suisse. The initiated order triggers a “Call Auction” on AX, a period of time when the order will rest in AX to be matched against other orders from auction responders. The Initiator of an AX auction decides who they want to invite to participate in the auction, whether they be all 800+ institutional members or targeted to specific ones, as well as how much info they want to disclose about the order. Based on these instructions, the AX ATS then notifies the members inviting them to participate in the trade. The invited members can then participate in the trade by either placing buy orders of their own or placing sell orders. At the end of the AX auction period, all orders are brought together, and a match is performed. In the traditional, continuous market with displayed bids and offers, traders are often chasing liquidity. In other words, the price may move away from them the more they buy or sell to what is commonly called “market impact.” On AX, the advantage of their call auction model is it brings liquidity — in the form of participant orders to the buyer rather than them chasing liquidity.
What is a Security Token?
Security Tokens are different than Utility Tokens or Cryptocurrencies. A security token is a digital representation of a traditional security. It may represent shares in a company, interest in a fund, real estate, art collectables, or essentially any asset a party can own. Anthony Pompliano wrote an article explaining tokenised securities in more detail which you can see here
Security Tokens are digital assets subject to federal security regulations. In layman terms, they are the intersection of digital assets (tokens) with traditional financial products — a new technology improving old things.If cryptocurrencies like Bitcoin are considered “programmable money” then you can consider Security Tokens a version of “programmable ownership.” This means that any asset with ownership can and will be tokenized (public & private equities, debt, real estate, etc).
The Tokenisation of assets is thereforeinevitable, because it is a better way torecord,exchangeandmonitorasset ownership for all parties involved. The amounts at stake representmany hundreds of trillions of US dollars
What are the benefits of a security token?
Lower Fees — having Smart Contracts and compliance programmed into the token itself removes the need for middlemen, reducing costs. Post Trade businesses such as clearing houses would also no longer be required further reducing costs.
24/7 markets — Currently the major US stock markets trade between 9:30am and 3pm during weekdays only. Trading can be done 24/7 and globally whilst remaining compliant.
Fractional Ownership — This greatly increases liquidity for previously illiquid assets. Real estate, Artwork, even assets such as Oil Refineries are already in talks about being tokenised through Overledger. If you have an asset such as an oil refinery worth billions of dollars, then naturally this limits the market should you ever want to sell it. However with fractional ownership you could own a tiny percentage of it and receive profits from the oil refinery based upon the percentage you own, which exponentially increases the number ofpotential buyers, increasing liquidity.
Rapid Settlement — Currently it takes 3 working days to settle a securities trade, this can be reduced to minutes by having the asset and fiat represented on a blockchain and handled through smart contracts.
Automated compliance — Security tokens are programmable, and rules and regulations are hard-coded into the architecture of the token to ensure they always remain compliant. This means that they can be traded globally and still ensure they respect the relevant countries regulations that the participants are located in.
The benefits that a blockchain provide such as transparency, security, immutability, high availability. Regulators can also run a node and verify compliance in real time.
Security Token Issuance Platforms
Security token issuance platforms allow issuers to issue Security tokens that represent the security such as Shares in their company etc in return for capital. This is known as a Primary Market. Importantly it’s not just the issuance that they look after, it’s the whole life cycle of a digital security to ensure they remain continuously in compliance as they are traded etc. They also provide reporting to the issuer so they can see who owns the tokens and what dividends to pay out. Securitize are one of the leading security tokens issuing platforms. They have created the DS Protocol, a blockchain agnostic protocol for security tokens which manages the whole lifecycle of a digital security, ensuring it remains continuously in compliance. They have issued a number of security tokens on the Ethereum network as well as recently working with IBM to tokenise the Corporate Debt Market (worth $82 Trillion). On the back of this they joined Hyperledger, an open source project which includes Enterprise blockchains such as Hyperledger Fabric which IBM is heavily involved with. https://tokenpost.com/Quant-Network-Securitize-and-others-join-Hyperledger-blockchain-project-1544 They recently also became the first SEC-registered transfer agent, which means Securitize can now act as the official keeper of records about changes of ownership in securities. There are many companies in this sector which are utilising various blockchains, Other examples include:
Harber — R Token protocol for Ethereum
Polymath — ST20 protocol for Ethereum
Blockstate — a security token issuance platform recently announced plans to migrate a number of ERC-20 tokens from the public Ethereum blockchain to the permissioned blockchain R3 Corda
Whilst the issuance platforms above generally also include their own exchange where the token can be traded on, secondary markets such as those offered through traditional stock exchanges and Alternative Trading Systems provide significantly more liquidity. Traditional Stock Exchanges have been very active in blockchain with some going through proof of concepts, to those like SIX SDX Digital Exchange which is due to launch later this year. They are using various blockchains and cover the full process from Issuance, Trading and Post Trade / Settlement services. I have briefly outlined which blockchain they are using / testing with along with source to read more about it below:
Switzerland’s Stock Exchange — SIX Digital Exchange issue, trading, settlement, custody — Corda — Source
Largest Stock Exchange in Germany — Deutsche Borse Franfurt Stock Exchange — Corda — Source and Source
South Korea’s Stock Exchange — Korea Exchange — Hyperledger Fabric — Source and Source
Japan’s Stock Exchange — Tokyo Stock Exchange — Hyperledger Fabric — Source which the consortium has now grown to 44 companies. Tokyo Stock Exchange are also testing JP Morgan’s Quorum for voting on the blockchain — Source
London Stock Exchange Group — Hyperledger Fabric — Source . They are also invested in Nivaura which utilises Ethereum — Source
Largest Stock Exchange in Europe — Euronext — Permissioned Ethereum via Liquidshare — Source as well as recently investing in Tokeny a blockchain based project based on public version of Ethereum — Source
Situated at the end of the post-trading process, CSDs are systemically important intermediaries. They thereby form a critical part of the securities market’s post-trade infrastructure, as they are where changes of securities ownership are ultimately registered. CSDs play a special role both as a depository, involving the legal safekeeping and maintenance of securities in a ‘central depository’ on behalf of custodians (both in materialised or dematerialised form); as well as for the issuer, involving the issuance of further securities by issuers, and their onboarding onto CSDs’ platforms. CSDs are also keeping a number of other important functions, including: dividend, interest, and principal processing; corporate actions including proxy voting; payment to transfer agents, and issuers involved in these processes; securities lending and borrowing; and, provide pledging of share and securities. Blockchain technology will enable real-time settlement finality in the securities world. This could mean the end of a number of players in the post-trade area, such as central counterparty clearing houses (CCPs), custodians and others. Central Security Despositories (CSD) will still play an important role according to reports: “CSDs could have an important role to play in a blockchain-based settlement system. As ‘custodians of the code, CSDs could exercise oversight of, and take responsibility for, the operation of the relevant blockchain protocol and any associated smart contracts.” Euroclear Report Another group of 30 central securities depositories (CSDs) in Europe and Asia are researching possible ways to “join hands” in developing a new infrastructure to custody digital assets. The CSDs will attempt to figure out how to apply their experience in guarding stock certificates to security solutions for crypto assets. “A new world of tokenized assets and blockchain is coming. It will probably disrupt our role as CSDs. The whole group decided we will be focusing on tokenized assets, not just blockchain but on real digital assets.” You can read more about how blockchain will affect CSD’s here Examples of CSD’s in blockchain
SIX Digital Exchange and Deutsche Borse are utilising Corda as explained in the trading venues section
DTCC the largest in the US process 1.7 Quadrillion US Dollars of securities every year and are planning on moving their Trade Information Warehouse to Axoni’s AXCore Blockchain (Based on permissioned version of Ethereum) later this year — Source
Canada CDS are using the Quartz blockchain from Indian IT Services Company Tata Consultancy Services — Source
Euroclear in collaboration with the European Investment Bank (EIB), Banco Santander, and EY are developing a blockchain solution — Source
French CSD’s too soon go live on Setl Blockchain — Source and Source
Russia’s National Settlement Depository is launching a blockchain project using D3ledger (based off Hyperledger) — Source
The Importance Of Interoperability
The evolution of DLT and the wide adoption across industries and across different market segments is resulting in many different ledgers networks, but the ultimate promise of DLT can only be realized when all ledger networks can seamlessly interoperate. — from the recent DTCC whitepaper with Accenture Some challenges and constraints related to the market infrastructure ecosystem remain open and will need to be addressed in the future to sustain the development of DLT platforms for trading and the post-trade process.At this stage, the questions of interoperability and standardization across these DLT (probably permissioned) platforms remain open and we may see a list of platforms offering no scope for interconnection. This will prevent them from fulfilling the key “distribution” criterion of DLT.Another related challenge that may determine whether or not the technology is adopted is the ability to provide Delivery versus Payment (DvP) settlement, in particular in central bank money. Nevertheless, it is worth mentioning that settlement can also be facilitated in commercial bank money. —https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/technology/lu-token-assets-securities-tomorrow.pdf
It’s clear from the above that interoperability will be crucial in order to unlock the true potential of Distributed Ledger Technology. Issuance platforms will seek to interoperate with as many secondary exchanges as possible to provide maximum liquidity for issuers. Issuance platforms and secondary exchanges are each using a wide range of different blockchains that all need to interoperate as part of the trade process. CSD’s will also need to have interoperability between other CSD’s as well as to the secondary exchanges (again each using different blockchains).
Enter Quant Network’s Overledger
Quant Network’s blockchain operating system, Overledger, provides interoperability between any current and future distributed ledger technology as well as easily connecting Off Chain / Legacy networks as well as plans to connect directly to the Internet. Within 10 months it has proven it can provide interoperability with the full range of DLT technologies from all the leading Enterprise Permissioned blockchains such as Hyperledger, R3’s Corda, JP Morgan’s Quorum, permissioned variants of Ethereum and Ripple (XRPL) as well as the leading Public Permissionless blockchains / DAGs such as Bitcoin, Stellar, Ethereum, IOTA and EOS as well as the most recent blockchain to get added Binance Chain. All without imposing restrictions on connected chains, being Internet scalable and able to easily integrate into existing networks / infrastructure. https://preview.redd.it/8p6hi942t0m31.png?width=1920&format=png&auto=webp&s=b0536ea9981306feb8bd95788c66e9a5727a4d58 Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets https://www.quant.network/blog/redefining-wall-st-with-decentralised-capital-market-infrastructure-the-possibilities-of-quant-networks-overledger-technology-in-regulated-capital-markets Overledger enables Universal Interoperability where digital assets can move across blockchains so that they can interact with smart contracts on different blockchains. It does this by locking the asset on one blockchain and then representing it on another blockchain either by creating a representing token or representing it via metadata. This will enable all of these different parties such as Issuance platforms, Exchanges, CSD’s, traders etc to move the digital asset from their respective blockchain onto AX Trading’s platform for secure, immediate and immutable trading to take place. Potentially it would even allow Digital Assets / Securities to settled on a public permissionless blockchain such as the recently connected Binance Chain in a completely safe, secure and compliant way. https://preview.redd.it/a3o9qxq5t0m31.png?width=443&format=png&auto=webp&s=78d7a7e7d47213bbb354336ba9d5ad92c1c2254a Regulators would be able to run a node and view transactions in real time ensuring that compliance is being kept. Potentially they could also benefit from using Quant Networks Multichain Search capability http://search.quant.network/ to be able to fully track assets as they move across blockchains.
George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”
AX Trading have also partnered with Securrency (who have previously tokenised over $260 million in real estate assets). Securrency provide a protocol that enables security tokens to remain in compliance regardless of what blockchain the token is on. Due to the layered approach that Overledger has adopted from the learnings of TCP/IP, this protocol can be easily integrated on top of Overledger to enable security tokens to move across blockchains as well as ensuring they remain in compliance with regulations programmed into the token. https://youtu.be/vSQ2fu9iZGs
Delivery vs Payment (DvP)
A DvP transaction involves the settlement of two linked obligations, namely the delivery of securities and the payment of cash. DvP avoids counterparties being exposed to principal risk, i.e. the risk that the seller of securities could deliver but would not receive payment or that the buyer of securities could make payment but would not receive delivery.Following this requirement, a DvP securities settlement mechanism has to ensure that the delivery of securities and the payment of cash are linked in a way where one leg (obligation) of the securities trade is conditioned to the final settlement of the other leg (obligation) of the trade. Thereby final settlement is defined as “the irrevocable and unconditional transfer of an asset or financial instrument, or the discharge of an obligation by the FMI or its participants in accordance with the terms of the underlying contract”. —STELLA — a joint research project of the European Central Bank and the Bank of Japan
We have seen how Overledger can provide interoperability for the securities to move across Issuers platforms, integrate with Stock exchanges, Central Security Depositories and AX Trading. Now we need to be able to ensure that payment is guaranteed and in a way that offers immediate settlement which is irrevocable. To do this we need to represent FIAT on the blockchain so that it can interact with smart contracts and settle transactions on the blockchain.
J.P.Morgan is the largest bank in the United States and ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.535 trillion. J.P. Morgan was the first U.S. bank to create and successfully test a digital coin representing a fiat currency. The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional clients. With J.P.Morgan’s $2.6 trillion balance sheet, expertise in blockchain and global payments network, J.P. Morgan can seamlessly and securely transfer and settle money for clients around the world. J.P. Morgan are supervised by banking regulators in the United States and in the international jurisdictions in which it operates.
How does JPM Coin work?
A Buyer purchases JPM coins in advance which get represented on the Permissioned Quorum blockchain ($1 =1 JPM Coin). Quant Network’s Overledger could then provide interoperability to lock those tokens on Quorum and represent those onto another blockchain / AX Trading’s Network. By being able to represent securities and FIAT on the same blockchain (even though the underlying assets are on different blockchains) this provides instant finality / settlements to occur. Once the seller receives the JPM coin in exchange for the securities they have sold they will be able to redeem them for USD. It also doesn’t necessarily mean that they have to have a JP Morgan account to redeem them, you could imagine in the future that the Bank instead redeems the JPM Coin and credits the users account. Similarly the buyer of the security token redeems the represented token and unlocks the security token on the original blockchain. You can read more about JP Morgan’s Coin here as well as its use cases
J.P Morgan is betting that its first-mover status and large market share in corporate payments — it banks 80 percent of the companies in the Fortune 500 — will give its technology a good chance of getting adopted, even if other banks create their own coins.“Pretty much every big corporation is our client, and most of the major banks in the world are, too,” Farooq said. “Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”
Overledger enables different securities tokens / digital coins representing FIAT currencies to be brought together from the various permissioned / permissionless blockchains onto one platform where trading / settlement can take place. Overledger is the only technology that can do this today across the leading permissioned and permissionless blockchains as well as existing networks, all in a secure, scalable and easy to integrate way. https://preview.redd.it/ngt7q7hdt0m31.png?width=738&format=png&auto=webp&s=60166bdc0fcdf72a502e3472a09de5ddb5e1eb69 Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future. https://preview.redd.it/ibecorcft0m31.png?width=1286&format=png&auto=webp&s=94540cf49654e36a8155f424c2a4bdb5fd549558 This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months, examples include the NYSE Bakkt launching Bitcoin futures later this month, Swiss Stock Exchange ($1.6 Trillion market Cap) is due to launch their digital exchange running on Corda (SDX) by the end of the year. The DTCC are due to launch their Trade Information Warehouse which processes $10 Trillion of cleared and bilateral derivatives by the end of the year. JP Morgan who transfer $6 Trillion every day are due to launch their JPM coin at the end of year and AX Trading is due to offer their first digital asset by January 2020. Quant Network’ Overledger enables the bridging of traditional finance infrastructure with the new decentralised finance infrastructure DeFi of the future, helping to redefine Wall Street and Capital Markets. https://medium.com/@CryptoSeq/wall-street-2-0-17252ffd8919
I'm trying to put together a list of what's coming out this year. Have this very simple list so far. Anyone care to add anything or suggest some better dates?
Latest News (most recent first) - Instant channels enable safe Lightning payments with unconfirmed funding Beta - Feb 10, 2019 - Voyager, New trading app from Uber & E-Trade execs announce launch date - Feb 9, 2019 - bumi/blockstream_satellite ruby gem for the Blockstream Satellite API - Feb 8, 2019 - New Zap Desktop 0.3.4 is out. New features, massive performance - Feb 8, 2019 - New release: @lightning desktop app v0.4.0-alpha - Feb 8, 2019 - valerio-vaccaro/Liquid-dashboard - Feb 7, 2019 - Japanese SBI Holdings will allow trading of coins - March 2019 - lnd v0.5.2-beta released - Feb 6, 2019 - Koala studios launches online LN gaming platform - Feb 6, 2019 - Independent Reserve has become the first #crypto exchange in Australia to be insured, with coverage underwritten by Lloyd's of London. - Feb 6, 2019 - Coinbase announces BTC support for their mobile (keep your own keys) wallet - Feb 6, 2019 - Blockstream published a new open source Proof of Reserves tool. - Feb 5, 2019 - RTL release v0.1.14-alpha - Feb 5, 2019 - dr-orlovsky/typhon-spec spec for new trestles side chain published - Feb 5, 2019 - Payment requests coming soon to BTCPay. - Feb 5th, 2019 - Kraken Acquires Futures Startup In Deal Worth At Least $100 Million - Feb 5th, 2019 - Next Blockchain cruise scheduled for June 9-13 - Feb 4, 2019 - Work on a GoTenna plugin to Electrum wallet in progress - Feb 4, 2019 - Bitcoin Candy Dispensers being open sourced - Feb 4, 2019 - New release of JoinMarket v0.5.3 - Feb 4, 2019 - Prime Trust won’t charge its clients to custody digital assets any longer. - Feb 4, 2019 - nodogsplash/nodogsplash wifi access using LN - Feb 3, 2019 - @tippin_me Receive tips using Lightning Network adds message feature - Feb 3, 2019 - Bitcoin-for-Taxes Bill in NH Unanimously Approved by House Subcommittee - Feb 3, 2019 - Full support for native segwit merged into bitcoinj - Feb 3, 2019 - Bitfury is partnering with financial services firm Final Frontier! - Feb 2, 2019 - Now you can open #LightningNetwork channels in @LightningJoule - Feb 2, 2019 - Integrating Blockstream’s Liquid payments on SideShift AI - Feb 1, 2019 - Wyoming legislature passes bill to recognize cryptocurrency as money - Feb 1, 2019 - Casa is open sourcing the code for the Casa Node - Feb 1, 2019 - Casa Browser Extension released - v0.5.2-beta-rc6 of lnd, full release getting very close now - Feb 1, 2019 - Tallycoin adds subscriptions and paywall features in bid to rival Patreon - Jan 31, 2019 - Static channel backup PR merged into LN - Jan 31, 2019 - The NYDFS grants another Bitlicense to ATM operator - Jan 31, 2019 - @pwuille currently proposing the “MiniScript” language to describe BTC output locking conditions for practical composition - Jan 31, 2019 - Fidelity is in the “final testing” phase for its new digital asset business - Jan 31, 2019 - Hardware wallet PR #109 just got merged so that @Trezor no longer requires user interaction for PIN - Jan 31, 2019 - CBOE, VanEck & SolidX filed a new & improved bitcoin ETF proposal. - Jan 31, 2019 - Casa Node code is now open sourced - Jan 31, 2019 - Next Bitoin halving in roughly 497 days - Jan 31, 2019 - BTCPay released 126.96.36.199 - Jan 31, 2019 - @binance now lets users purchase cryptos using Visa and Mastercard credit. - Jan 31, 2019 - Bitfury to Launch Bitcoin Operations in Paraguay - Jan 31, 2019 - Coinbase introduces very generous affiliate program - Jan 30, 2019 - DOJO Trusted Node bitcoin full node. Coming Early 2019 - Jan 30, 2019 - FastBitcoins.com Enables Cash-for-Bitcoin Exchange Via the Lightning Network - Jan 30, 2019 - TD Ameritrade says clients want cryptocurrency investment options - company plans major announcement in 'first half of 2019' - Jan 30, 2019 - Storage component of Fidelity's @DigitalAssets live, with some assets under management, @nikhileshde - Jan 29, 2019 - lightning mainnet has reached 600 BTC capacity - Jan 29, 2019 - Drivechain shows picture of Grin side chain and suggests might be ready in 2 month - Jan 29, 2019 - Lightning labs iOS neutrino wallet in testing stage now - Jan 29, 2019 - Aliant offering cryptocurrency processing free-of-charge - Jan 29, 2019 - Chainstone’s Regulator product to manage assets on the way - Jan 29, 2019 - Fidelity Investments’ new crypto custody service may officially launch in March. - Jan 29, 2019 - Gemini's becomes FIRST crypto EXCHANGE and CUSTODIAN to complete a SOC 2 Review by Deloitte - Jan 29, 2019 - Iran has lifted the ban on Bitcoin and cryptocurrency - Jan 29, 2019 - Confidential Transactions being added into Litecoin announcement - Jan 28, 2019 - http://FastBitcoins.com Enables Cash-for-Bitcoin Exchange Via the Lightning Network - Jan 28, 2019 - Germany’s largest online food delivery platform now accepts btc - Jan 27, 2019 - Launching a Bitcoin Developers School in Switzerland - Jan 27, 2019 - RTL release v0.1.13-alpha Lightning Build repository released - Jan 27, 2019 - The first pay-per-page fantasy novel available to Lightning Network. - Jan 27, 2019 - Numerous tools become available to write messages transmitted with Blockstream Satellite - Jan 26, 2019; - BTCPay 188.8.131.52 released - Jan 26,2019 - WordPress + WooCommerce + BTCPay Plugin is now live - Jan 25, 2019 - Juan Guaido has been promoting #Bitcoin since 2014 is new interim president of Venezuela - Jan 25, 2019 - Morgan Creek funds @RealBlocks - Jan 25, 2019 - Coinbase integrates TurboTax - Jan 25, 2019 - Robinhood received Bitlicense - Jan 25, 2019 - Anchor Labs launches custody - Jan 25, 2019 - NYSE Arca files w/ @BitwiseInvest for BTC ETF approval - Jan 25, 2019 - South Korea, Seoul, Busan & Jeju Island currently working to create pro crypto economic zones. - Jan 25, 2019 - valerio-vaccaro/Liquid-dashboard - Jan 25, 2019 - Bermuda to launch crypto friendly bank - Jan 25, 2019 - Mobile Bitcoin Wallet BRD Raises $15 Million, Plans for Expansion in Asia - Jan 25, 2019 - BullBitcoin rolling out alpha access of platform - Jan 25, 2019 - Electrum Wallet Release 3.3.3 - Jan 25, 2019 - Bitrefill, purchase Bitcoin and have it delivered directly over LN - Jan 25, 2019 - South Korean crypto exchange Bithumb looking to go public in USA - Jan 24, 2019 - Bitcoin Exchanges Don’t Need Money Transmitter Licenses in Pennsylvania - Jan 24, 2019 - US; New Hampshire Bill Aims to Legalize Bitcoin for State Payments in 2020 - Jan 24, 2019 - Robinhood, LibertyX Receive Licenses from New York Regulators - Jan 24, 2019 - Bakkt Bitcoin futures contract details released - Jan 24, 2019 - Blockstream CryptoFeed V3 now includes 30+ venues and 200M+ updates per day - Jan 24, 2019 - Binance Jersey – The Latest Binance European Exchange - Jan 2019
Bitfury Rolls Out Lightning Peach, Its Own Suite of Lightning Tools - Jan 24, 2019
Good news. v3.6.2 just hit the play store for Android. - Jan 24, 2019
Bitrefill - LN now accounts for more payments than alts - Jan 24, 2019
proofd.app allows you to store a checksum of a doc on the blockchain - Jan 24, 2019
487 days until bitcoin halving - Jan 23, 2019
New #GalaxyS10 coming with ‘Samsung Blockchain KeyStore’- Jan 24, 2019
Proof-of-Reserves tool for Bitcoin github.com/stevenroose/reserves - Jan 24, 2019
Lightning Network Pac-Man Arcade introduced - Jan 23, 2019
Daily analysis of cryptocurrencies 20191016(Market index 40 — Fear state)
https://preview.redd.it/58bwse6lwvs31.jpg?width=1200&format=pjpg&auto=webp&s=e6f8fed2319f4afbc85fad586908bdbc950baf19 NBA-China Scandal Crashes Nike Sneaker-Backed Crypto Token Price As Reuters reports on Oct. 16, an anonymous trader’s Weibo post from earlier this month had shone a spotlight on an apparent 10% crash in the price of crypto tokens backed by Nike’s Air Jordan sneakers on 55.com, a United States-based exchange. “It’s clear sneaker speculators were pulling money out of the market,” the trader told Reuters. He interpreted the market response in the context of Chinese netizens’ anger over a now-notorious tweet from Houston Rockets general manager Daryl Morey, in which he declared solidarity with anti-government, anti-Beijing protesters in Hong Kong. Foxconn Founder: Libra Can ‘Converge’ With China’s Digital Currency In Taiwan Terry Gou, Taiwan’s richest man and the founder of manufacturing giant Foxconn, wants the island to roll out the red carpet for Facebook’s Libra cryptocurrency project. In a recent, little-noticed speech, the billionaire and one-time presidential candidate said Taiwan could boost its status as an international financial hub by embracing Libra, rather than approaching the project with skepticism as other governments have done. Gou also suggested the island could connect Libra, if and when it launches, with the digital currency being developed by the People’s Bank of China. Ex-CFTC Chairman Proposes Digital Dollar, A Government-Sanctioned Blockchain Protocol Former Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo, who had parted ways with the regulator this summer, published an article, named “We Sent a Man to the Moon. We Can Send the Dollar to Cyberspace,” stating that Washington should edge out rivals with a regulated platform for trading greenbacks via blockchain. “We propose a digital dollar — a government-sanctioned blockchain protocol, created and maintained by an independent nongovernmental group but administered by banks and other trusted payment organizations,” his words read. SEC Restarts Clock On Proposed ‘Bitcoin and T-Bills’ ETF According to a public filing published on Oct 15, investment management firm Wilshire Phoenix and NYSE Arca filed an amendment to their ETF proposal earlier this month to address issuance and redemption for the securities and the listing trading of the fund’s shares. Coinbase Custody will act as the custodian for the bitcoin held by the trust, according to the filing. The notice of Oct 15 says Coinbase will provide attestations confirming the amount of Bitcoin it holds within five business days of the trust’s monthly rebalancing, adding a detail not present in the original filing.
Encrypted project calendar（October 16, 2019）
BTC/Bitcoin:The 2019 Blockchain Life Summit will be held in Moscow, Russia from October 16th to 17th.MIOTA/IOTA:IOTA (MIOTA) IOTA will host a community event on the theme of “Technology Problem Solving and Testing IoT Devices” at the University of Southern California in Los Angeles on October 16.ETH/Ethereum:Ethereum launches Istanbul (Istanbul) main network upgrade, this main network upgrade involves 6 code upgrades.QTUM/Qtum:Qtum (QTUM) Qtum main network hard fork is scheduled for October 16.(CRYPTO): and 1 other 16 October 2019 Supply Chains Unblocked Supply Chains Unblocked in London from 9:30 AM — 6 PM.Binance Coin (BNB):16 October 2019 Singapore Meetup “Bring your friends to come along with, & it will be FUN! With snacks and drinks.”IoTeX (IOTX):16 October 2019 Mainet Beta “The next evolution of IoTeX blockchain, secure IoT hardware, and decentralized identity is coming October 16 — mark your calendars.”Selfkey (KEY):16 October 2019 Corporate Wallet Release “Soon, wallet users will be able to manage corporate profiles and identity attributes.”Cardano (ADA):16 October 2019 Washington D.C. Meetup “Nathan Kaiser, Chairperson of the Cardano Foundation, will join the community in Washington DC on Oct 16, and talk about the recent
Encrypted project calendar（October 17, 2019）
Holo (HOT):17 October 2019 Redgrid AMA “Join us for the AMA with RedGrid on October 17th. Submit your questions before the AMA on our Holochain Dev Forum.”IOST (IOST):17 October 2019 Breeding Competition Ends “Join IOST 2nd Breeding Competition by@FishChainGamenow! The competition only lasts till 17 Oct”Aragon (ANT):17 October 2019 Seoul Meetup “You are invited to join@licuendefor a meetup and presentation on ‘Aragon and DAOs: What’s next after ICOs and DeFi?’”Skycoin (SKY):17 October 2019 NYC Skywire Meetup NYC Skywire Mainnet Meetup in NYC from 6–8 PM.Horizen (ZEN):17 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.AE/Aeternity:Aeternity (AE), held by members of the DCARPE Alliance, will be held in New York on October 17.PYC/Privacy Chian:The Privacy Chian (PYC) BiKi platform will open the PYC recharge and withdrawal at 15:00 on October 17th and open the PYC/USDT trading pair transaction on October 18th at 5:00.FBT/Fanbi:Fanbi (FBT) BKEX Global will launch FBT on October 17, 2019, Singapore at 15:00, open trading pair: FBT/USDT.MFCC/Marsfarmer:Marsfarmer (MFCC) CoinW will start MFCC recharge on October 15th from 16:00 to October 17th at 16:00, and officially open MFCC/CNYT transaction in potential area on October 17th at 16:00.GT/Gatechain Token:The Gatechain Token (GT) GateChain test network will be released on October 17.
Encrypted project calendar（October 18, 2019）
BTC/Bitcoin:The SEC will give a pass on the VanEck/SolidX ETF on October 18th and make a final decisionHB/HeartBout:HeartBout (HB) will officially release the Android version of the HeartBout app on October 18.OKB (OKB):18 October 2019 Rotterdam Meetup “Meet us in Rotterdam on 18 Oct as we partner up with Crypto010 Meetup to bring you a talk on ‘Decentralized Finance’.”HeartBout (HB):18 October 2019 Android Version “18th of October 2019 will be officially released Android version of HeartBout app.”BTU Protocol (BTU):and 2 others 18 October 2019 Paris Blockchain Summit The event will gather major international key players of the Blockchain ecosystem including well-known influencers, investors, government.YDS/YDS Blockchain:YDS Blockchain (YDS) ZG.COM will open YDS’s currency and coin transfer business at 14:00 on October 18th, and open the YDS/USDT transaction pair at 19:00 on October 19th.BTU/BTU Protocol:The BTU Protocol (BTU) Paris Block Summit will be held on October 18.EWS/EWS Token:EWS Token (EWS) EXX will open the EWS recharge business at 10:18 on October 15th, Hong Kong time. It is expected to open the EWS/ETH trading market at 10:18 on October 18, Hong Kong time.SIN/SIN Token:The SIN Token (SIN) BiKi platform will open SIN’s recharge and withdrawal at 18:00 on October 18th, and open the SIN/USDT trading pair transaction on October 21st at 5:00.
Encrypted project calendar（October 19, 2019）
PI/PCHAIN Network:The PCHAIN (PI) backbone (Phase 5, 82 nodes, 164, 023, 802 $ PI, 7 candidates) will begin on October 19.LINK/ChainLink:Diffusion 2019 will be held in Berlin, Germany from October 19th to 20thDeepBrain Chain (DBC):19 October 2019 (or earlier) Deploy Main Chain “Deploy Main Chain,” during the third week of October.General Event (CRYPTO):and 1 other 19 October 2019Free State Blockchain “This “unconference” style event brings together some of the top financial tech innovators, researchers, company leaders, and other…”PCHAIN (PI):19 October 2019 Main Chain Voting “Main chain: Epoch 5, 82 nodes, 164,023,802 $PI, 7 Candidates, voting will start on Oct. 19th.”Nash Exchange (NEX):19 October 2019 Nash Anniversary Nash will present their work from the third quarter of 2019. Team members will be present and to answer your questions in person.
Encrypted project calendar（October 20, 2019）
GameCredits (GAME):20 October 2019 (or earlier) Mining Reward Drop GameCredits mining reward will be cut in half at block 2519999 (~October 20). This will be the 4th halvening of the GAME mining reward!Aeternity (AE):20 October 2019 Starfleet 3 App Deadline #Starfleet3 is happening in Malta and you have by October 20th to apply!FN/IPFS&Filenet:IPFS&Filenet (FN) will be launched on the UP project Filenet (FN). The UP subscription time is from 14:00 on October 20, 2019 to 18:00 on October 20, 2019.
Encrypted project calendar（October 21, 2019）
KNC/Kyber Network:The official online hackathon of the Kyber Network (KNC) project will end on October 21st, with more than $42,000 in prize money.Horizen (ZEN):21 October 2019 Sidechains Alpha Release Horizen releasing the alpha version of industry first decentralized and unfederated sidechains.Horizen (ZEN):21 October 2019 Updated Whitepaper Horizen releasing an updated whitepaper.Kuverit (KUV) :IDAX will list #Kuverit (KUV) and open trading for KUV/BTC trading pair. is going to be listed on 21 Oct, at 10:00 am (UTC+8).
Encrypted project calendar（October 22, 2019）
ZRX/0x:The 0x protocol (ZRX) Pantera blockchain summit will be held on October 22.Locus Chain (LOCUS):22 October 2019 Public Test Begins Public test runs for three days from October 22nd to October 24th.
Encrypted project calendar（October 23, 2019）
MIOTA/IOTA:IOTA (MIOTA) IOTA will host a community event on October 23rd at the University of Southern California in Los Angeles with the theme “Connecting the I3 Market and Experiencing Purchase and Sales Data.”BTC/Bitcoin:The WBS World Blockchain Summit (Middle East) will be held in Dubai from October 23rd to 24th.Cardano (ADA) and 1 other:23 October 2019 WBS Dubai “One of a kind gathering of 500+ curated & pre-qualified investors, CEOs, CIOs, CTOs, Heads of Blockchain, Chief Digital OfficersCloakCoin (CLOAK):23 October 2019 (or earlier) CloakCoin Competition “CloakCoin competition : solve the CloakCoin ENIGMA transaction, 3rd round.”Loom Network (LOOM):23 October 2019 Singapore Meetup “Unstack the Stack Series: Loom Network” from 6:30–8:30 PM (SST).
Encrypted project calendar（October 24, 2019）
BCN/Bytecoin:Bytecoin (BCN) released the hidden amount of the Bytecoin block network on October 24.Horizen (ZEN):24 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
Encrypted project calendar（October 25, 2019）
ADA/Cardano:Cardano (ADA) The Ada community will host a community gathering in the Dominican Republic for the first time on October 25.
Encrypted project calendar（October 26, 2019）
KAT/Kambria:Kambria (KAT) Kambria will host the 2019 Southern California Artificial Intelligence and Data Science Conference in Los Angeles on October 26th with IDEAS.BTC/Bitcoin:CoinAgenda Global Summit will be held in Las Vegas from October 26th to 28th
Encrypted project calendar（October 28, 2019）
LTC/Litecoin:Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USABTC/Bitcoin:Mt.Gox changes the debt compensation plan submission deadline to October 28ZEC/Zcash:Zcash (ZEC) will activate the Blossom Agreement on October 28th
Encrypted project calendar（October 29, 2019）
BTC/Bitcoin:The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st.
Encrypted project calendar（October 30, 2019）
MIOTA/IOTA:IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.”
Encrypted project calendar（November 1, 2019）
INS/Insolar:The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019.
Encrypted project calendar（November 6, 2019）
STEEM/Steem:The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th.
Encrypted project calendar（November 8, 2019）
BTC/Bitcoin:The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.
Encrypted project calendar（November 9, 2019）
CENNZ/Centrality:Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.
https://preview.redd.it/39wxh8xnwvs31.png?width=504&format=png&auto=webp&s=a4eb808860157a8fdf89a36ec74765b2af7bd628 Yesterday, we discussed the chances of a possible rebound in bitcoin if it breaks the $8,400 resistance against the US Dollar. However, BTC price struggled to climb above the $8,400 resistance area. As a result, there was a fresh decline below the $8,300 level. Moreover, there was a break below the key $8,200 support area and the 100 hourly simple moving average. Finally, the price traded below the $8,100 level and formed a new weekly low near $8,062. It is currently consolidating losses above the $8,100 level. Besides, it traded above the 23.6% Fib retracement level of the recent decline from the $8,386 high to $8,062 low. An immediate resistance is near the $8,200 level (the recent key support). The next resistance is near the $8,220 level and the 50% Fib retracement level of the recent decline from the $8,386 high to $8,062 low. However, the main resistance for bitcoin is near the $8,300 level and the 100 hourly SMA. Furthermore, there is a key declining channel forming with resistance near $8,350 on the hourly chart of the BTC/USD pair. Therefore, a successful break above the channel resistance and a follow through above $8,400 is must for a decent recovery in the near term. On the downside, there are not many supports up to $8,000. If the bears gain strength, they may perhaps succeed in clearing the $8,000 support area. The next major support is near the $7,800 level, below which the price is likely to head towards the $7,500 zone. Review previous articles:https://email@example.com Telegram： https://t.me/Lay126 Twitter：https://twitter.com/mianhuai8 Facebook：https://www.facebook.com/profile.php?id=100022246432745 Reddi：https://www.reddit.com/useliuidaxmn LinkedIn：https://www.linkedin.com/in/liu-wei-294a12176/
Shares of Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and Alphabet (GOOG, GOOGL) were hit after the close on Tuesday, all falling over 1%, as the DOJ followed Attorney General William Barr's interest in launching a broad antitrust investigation into Big Tech. Much of the rally on U.S. indices has been fueled by the FAANG stocks and a prolonged legal affair - as well as Netflix (NASDAQ:NFLX) growth worries - could erode some of that sentiment. Nasdaq futures are off by 0.7% on the news, ahead of today's quarterly report from Facebook, and Q2 results from Amazon and Alphabet on Thursday. Brexit team Boris Johnson will formally take office this afternoon, unveiling the names of his Cabinet and the team he has tasked with delivering Brexit. Investors are particularly interested to see who will be handed the top jobs such as chancellor of the exchequer, foreign secretary and Brexit minister. Johnson has pledged to negotiate a new Brexit agreemnt with the EU before Oct. 31, but if the bloc refuses, he has promised to leave without a deal on Halloween. Go Deeper: Tim Worstall sees life in the U.K. economy. IMF trims growth projection The International Monetary Fund cut its global growth outlook yesterday to 3.2% in 2019 and 3.5% in 2020, both down 0.1 percentage points from its April projections. "Dynamism in the global economy is being weighed down by prolonged policy uncertainty as trade tensions remain heightened despite the recent U.S.-China trade truce, technology tensions have erupted threatening global technology supply chains, and the prospects of a no-deal Brexit have increased," the IMF said in a statement. Go Deeper: Review economic performance by country over the past year. Restructuring costs bite Deutsche Bank (NYSE:DB) is off 3.5% premarket after reporting a €3.15B loss in the second quarter, due to a large restructuring charge that wiped out what would have been a modest profit. "This decline is mainly due to our decision to exit substantially all of our equities sales and trading business," the bank said in a statement. Deutsche's shares have fallen more than 30% in the last 12 months, hit by a host of scandals relating to historical anti-money laundering failures. Go Deeper: Check out Deutsche Bank stats and ratings vs. its peers. Car cuts A big wave of layoffs is coming to Nissan Motor (OTCPK:NSANY) as the automaker plans 10,000 job cuts globally as part of efforts to turn around its business, Kyodo News reports. The number, which represents around 10% of its global workforce, is much larger than an earlier 4,800 estimate. The announcement will be revealed along with Nissan's Q2 results tomorrow and comes as the automaker struggles to restructure its management team following the arrest of former Chairman Carlos Ghosn. More auto news Due to legal risks for diesel-related issues and the cost of replacing Takata (OTCPK:TKTDQ) airbags, Germany's Daimler (OTCPK:DDAIF) said it would intensify cost cuts after reporting a €1.56B loss before interest and taxes in the second quarter. French peer PSA Group (OTCPK:PEUGF) still managed to turn a profit in that period despite a weaker outlook for car sales. Recurring operating income at the maker of Peugeot and Citroen cars rose 10.6% to €3.34B, lifting its operating margin to a new record of 8.7% in January-June. Go Deeper: Look at the holdings in the Global Auto Index ETF (NASDAQ:CARZ) F-35 parts sourcing Lockheed Martin (NYSE:LMT) is working to establish alternate supply sources for F-35 parts in the U.S. after the Pentagon decided last week to remove Turkey from the fighter jet program. "We have a timeline that we're working towards... it's out through March of 2020 that we think it will all be resolved," CEO Marillyn Hewson said on a conference call. Turkey previously said it planned to buy a total of 100 aircraft over the years, but following President Trump's sanctions, Ankara will not be able to buy the jets. KKR devours Arnott's Just weeks after offloading its Kelsen snacks line to Nutella maker Ferrero, Campbell Soup (NYSE:CPB) is selling its Australian snacks unit Arnott's to KKR (NYSE:KKR), in a deal local media reported was worth $2.2B. Food M&A in Australia is getting hot. Last Friday, Anheuser-Busch InBev (NYSE:BUD) agreed to divest its Australian operations - with best-selling labels like VB and Carlton Draught - to Japan's Asahi (OTCPK:ASBRF) for $11B. CPB +1.3% premarket. Sunday and drone delivery United Parcel Service (NYSE:UPS) will start delivering packages on Sundays starting in January, following FedEx's (NYSE:FDX) announced move to seven-day delivery as the two work to meet the demands of online shopping. UPS also announced a new drone delivery subsidiary called UPS Flight Forward and said it has applied for FAA certifications needed to expand the business. Those would allow drone flights beyond an operator's visual line of sight, at night and without limit to the number of drones or operators in command. Go Deeper: See the LATEST ANALYSIS on the stock and join the discussion. What else is happening... 'Generate a 50% return from the corn market,' writes contributor Atlas Research. Apple (AAPL) seeking Mac Pro parts tariff exclusion. LinkedIn moving to Microsoft's (NASDAQ:MSFT) Azure three years after $27B acquisition. Tilray (NASDAQ:TLRY) acquires boozy candy company to develop CBD edibles. Sooner-than-expected? WeWork (VWORK) aims for IPO in September. Coca-Cola (NYSE:KO), PepsiCo (NASDAQ:PEP) break ties with plastic lobbying group. Starbucks Delivers (NASDAQ:SBUX) to go nationwide in 2020. Tuesday's Key Earnings Biogen (NASDAQ:BIIB) +4.9% topping forecasts. Coca-Cola (KO) +6.1% boosted by new products. Chipotle (NYSE:CMG) +3.2% AH with comp sales increasing 10%. JetBlue (NASDAQ:JBLU) +1.7% surpassing Q2 estimates. Hasbro (NASDAQ:HAS) +10% as Disney initiatives paid off. Harley-Davidson (NYSE:HOG) +6.4% topping EPS expectations. Kimberly-Clark (NYSE:KMB) +0.6% raising 2019 guidance. Lockheed Martin (LMT) +0.1% amid strong sales. Snap (NYSE:SNAP) +9.1% AH smashing estimates. Texas Instruments (NASDAQ:TXN) +7.2% AH beating expectations. Travelers (NYSE:TRV) -1.5% on elevated weather losses. United Technologies (NYSE:UTX) +1.5% raising outlook. Visa (NYSE:V) -0.5% AH toning down 2019 EPS guidance. Today's Markets In Asia, Japan +0.4%. Hong Kong +0.2%. China +0.8%. India -0.4%. In Europe, at midday, London -0.8%. Paris -0.5%. Frankfurt +0.2%. Futures at 6:20, Dow -0.3%. S&P -0.4%. Nasdaq -0.7%. Crude +0.4% to $56.97. Gold +0.4% to $1426.80. Bitcoin -2.1% to $9758. Ten-year Treasury Yield -2 bps to 2.05% Today's Economic Calendar 7:00 MBA Mortgage Applications 9:45 PMI Composite Flash 10:00 New Home Sales 10:30 EIA Petroleum Inventories 11:30 Results of $20B, 2-Year FRN Auction 1:00 PM Results of $41B, 5-Year Note Auction
Hong Kong is entering "a very difficult economic environment" as trade declines and growth slows, according to the city's financial secretary. "Industries like retail, catering and transportation have taken a hit because of the recent violent unrest, with significant revenue drops," Paul Chan wrote on his official blog. Following violent weekend demonstrations, flights were canceled at the Hong Kong International Airport for the remainder of Monday as thousands of protesters disrupted operations, triggering a 0.4% slide in the Hang Seng index. Chinese influence Meanwhile, shares of Cathay Pacific (OTCPK:CPCAY) shares tumbled nearly 5% in Hong Kong after the carrier sacked staff who joined anti-government protests in the Asian financial hub. Two airport employees were fired and a pilot was suspended as Beijing stepped up its efforts to pull local business into line over the escalating demonstrations. The rallies, which were started to protest a bill that would have allowed people to be extradited to mainland China, have snowballed into a democracy movement, with some even demanding full autonomy from Beijing. Go deeper: Holdings of iShares MSCI Hong Kong ETF (NYSEARCA:EWH). China bounces back, U.S. slips The Shanghai Composite climbed 1.5% overnight, advancing by the most in over a month, following a wild trading week in which U.S.-China trade tensions shook asset prices across the board. The PBOC today set the yuan at a stronger rate than expected - 7.0211 to the dollar - easing concerns of a quick devaluation after the U.S. last week dubbed China a currency manipulator. The positive turn didn't extend to Europe or American markets, where stock index futures fell 0.5% after President Trump suggested that trade negotiations could break off. No trust South Korea has moved to downgrade Japan from its list of most trusted trading partners while also seeking talks to end a months-long spat that has hurt economic ties between the two countries. It plans to split its fast-track category into two and initially put Japan as the only country in the second one, a move that comes less than two weeks after Tokyo removed South Korea from its list of "white nations" considered safe enough to export strategic materials. The dispute has undermined the economic outlook of Seoul, which is already struggling to cope with the U.S.-China trade war. Go deeper: South Korea investing analysis at the Global Investing Center. Last-minute negotiations The boards of CBS (NYSE:CBS) and Viacom (NASDAQ:VIA) were negotiating late into Sunday night, trying to hash out a price for their long-awaited all-stock merger, Bloomberg reports. The companies aim to announce a merger by today, although the timing could slip into Tuesday, capping years of failed merger attempts and board infighting. Shari Redstone, whose family investment vehicle National Amusements controls both companies, would become chairman of the combined entity, while Viacom CEO Bob Bakish would lead the firm as CEO. Go deeper: The Possible CBS-Viacom Merger by Allen Cooke. 'The Hunt' canceled Universal Pictures (NASDAQ:CMCSA) has canceled the release of The Hunt after the mass shootings in Ohio and Texas last weekend that killed 31 people and wounded dozens of others. The film, which was due to hit theaters on Sept. 27, is about a group of globalist elites who pay large amounts of money to hunt people for sport. The move follows a decision by Walmart (NYSE:WMT) on Friday to remove video game signage and displays from its stores that depict violent gaming. BlackRock Illustrated Trying to diversify away from ETFs and index funds, BlackRock (NYSE:BLK) has scooped up a 30% stake in Authentic Brands Group, parent company of Sports Illustrated, for $875M. Created in 2010, Authentic Brands Group also owns Aeropostale, Juicy Couture, Herve Leger, Nine West, Spyder and Frye. The deal values Authentic at more than $4B including debt and will see BlackRock supplant private-equity firm Leonard Green & Partners as its largest shareholder. Go deeper: BlackRock: An Industry Leader Trading At A Discount by Kody's Dividends. India's largest FDI to date Saudi Aramco (ARMCO) is buying a 20% stake - worth approximately $15B including debt - in India's Reliance Industries' oil and chemicals business. The move could help it diversify outside Saudi Arabia as it gears up for its first earnings call today ahead of a planned initial public offering. Blaming lower oil prices, Saudi Aramco meanwhile said net earnings for the first half of 2019 were $46.9B, down just over 11% from $53B in the year-earlier period. Major upset in Argentina Investors in Argentina are bracing for a market and peso selloff after Sunday's primary, which saw voters soundly reject President Mauricio Macri's austere economic policies. A coalition backing opposition candidate Alberto Fernandez - whose running mate is former president Cristina Fernandez de Kirchner - led by a wider-than-expected 15 percentage points with 47.3% of votes, with 88% of ballots counted. A candidate needs at least 45% of the vote or 40% and a difference of 10 percentage points over the second-place runner in order to win the presidency outright. Voters will return for a run-off on Nov. 24 if there is no clear winner. No chance of Italexit "The idea of leaving Europe, leaving the euro has never been in the pipeline," the leader of Italy's League, Matteo Salvini, told reporters at a rally near Matera. On Friday, his party filed a no-confidence motion to bring down the government it forms with the anti-establishment 5-Star Movement, a move that he hopes will lead to a snap election and install him as the nation's new leader. The shock decision threw the eurozone's third-largest economy into deeper uncertainty just as it was due to start 2020 budget preparations, causing a selloff in Italian bonds and shares. Go deeper: Breakdown on the euro vs. its peers. What else is happening... Russia warns Google (GOOG, GOOGL) on advertising after election protests. First woman to run British banking giant. Tyson's (NYSE:TSN) Kansas plant closed indefinitely following fire. Big splash? Natty Light hard seltzer from AB Inbev (NYSE:BUD). Iraq, Exxon (NYSE:XOM) still in talks over mega oil infrastructure project. Osram (OTC:OSAGY) shares surge 12% after AMS (OTCPK:AMSSY) triggers bidding war. Safety claims in focus as Tesla (NASDAQ:TSLA) catches fire in Moscow. Today's Markets In Asia, Japan closed. Hong Kong -0.4%. China +1.5%. India closed. In Europe, at midday, London -0.3%. Paris -0.3%. Frankfurt -0.1%. Futures at 6:20, Dow -0.5%. S&P -0.5%. Nasdaq -0.5%. Crude -1.4% to $53.76. Gold +0.3% to $1513.70. Bitcoin +1.2% to $11371. Ten-year Treasury Yield -4 bps to 1.69% Today's Economic Calendar 2:00 PM Treasury Budget
Investors today will monitor a flurry of economic figures, including the latest weekly jobless claims and a second reading of GDP for Q1, expected to show 3.0% annualized growth compared to 3.2% in the first estimate. Futures are heading higher ahead of the data, following last night's slump that came amid a protracted trade dispute and intensifying yield curve. Contracts tied to the DJIA are now indicating a 75 point advance, while 10-year Treasury notes eased overnight, but at 2.27%, they are still within touching distance of their September 2017 lows. Ending rare earth reliance "The Pentagon is working to reduce U.S. reliance on Chinese rare earth minerals after recent trade war threats," according to spokesman Lt. Col. Mike Andrews. The Defense Department is now seeking new federal funds to bolster domestic production, with China accounting for 80% of U.S. rare earth imports between 2004 and 2017. It's not so much about the deposits, but more about their processing. Efforts to build U.S. plants are still in the early stages and lack unified support from Congress and the White House. New Iranian risks Escalating the battle over the fate of the Iran nuclear accord, the Trump administration has warned European allies that its vehicle to sustain trade with Tehran, and anyone associated with it, could be barred from the U.S. financial system if it goes into effect. Germany, France and the U.K. created Instex in January to allow companies to trade with Iran without the use of U.S. dollars or American banks - thus allowing them to get around wide-ranging U.S. sanctions. Trouble in Venezuela It's the first release of economic data from Venezuela's central bank in nearly four years. Inflation spiraled out of control to 130,060% in 2018 and hit 862.6% in 2017, while the economy shrank 22.5% during the third quarter of 2018 from the same period a year earlier. Oil export earnings last year also dropped 5.6% Y/Y to $29.8B. The government of President Maduro halted the publication of economic indicators in 2015 as the OPEC nation's socialist system began to unravel in response to the global decline in oil prices. Energy news ExxonMobil (NYSE:XOM) shareholders rejected a proposal that would have split the roles of the CEO and chairman, and defeated measures that urged the board to create a special committee on climate change. Separately, Delek Group's (OTCPK:DLKGF) Ithaca Energy unit agreed to buy North Sea oil and gas fields from Chevron (NYSE:CVX) for about $2B. Arab leaders are also gathering today in Saudi Arabia for an emergency summit as Riyadh delivers a strong message to Iran that regional powers will defend their interests following this month's attacks on Gulf oil assets. First earnings since IPO Uber Technologies (NYSE:UBER) will report its first quarterly earnings since its market debut a few weeks ago. Investors will be looking out for more details on the company's numbers, any indication on future profitability and its strategies after smaller rival Lyft (NASDAQ:LYFT) forecast that its losses would peak this year in its first corporate results as a public company. Ahead of the announcement, Uber inked a partnership with vehicle subscription service Fair to lower the cost of car ownership for its drivers. More Tesla PT cuts Tesla (NASDAQ:TSLA) is down another 1% premarket to $188/share after Barclays cut its price target on the stock to $150 (from $192) following the latest comments from Elon Musk. "While our demand is strong, we have a lot of vehicle deliveries to catch up to in order to have a successful quarter," he wrote in a company-wide email reported by multiple media outlets. Barclays analyst Brian Johnson appears skeptical, saying, "Model 3 demand is stagnating in the U.S., the company still doesn't have a path to significant auto profitability and solar storage installations have declined sequentially over the past two quarters." Down to Georgia More in the film industry are wading into the fetal-heartbeat bill debate, with Bob Iger saying it would be "very difficult" for Disney (NYSE:DIS) to keep filming in Georgia if it enacts its new abortion law (Black Panther and Avengers: Endgame were filmed in the state). "I think many people who work for us will not want to work there, and we will have to heed their wishes in that regard," he told Reuters. Along with Netflix (NASDAQ:NFLX) "rethinking" its investments in Georgia, at least two projects - Amazon (NASDAQ:AMZN) series The Power and Lionsgate (NYSE:LGF.A) feature Barb and Star Go to Vista Del Mar - have said they will relocate their productions. What else is happening... Contributor Renegade Investment Research says Tesla (TSLA) made a 'catastrophic miscalculation.' Google (GOOG, GOOGL) bans apps that facilitate marijuana sales. High-tech push... McDonald's (NYSE:MCD) opens new Times Square flagship store. Ahead of its planned IPO, WeWork (VWORK) arranges $2.75B credit line. Twilio (NYSE:TWLO) takes advantage of stock surge to raise more capital. Major dedication as Disneyland (DIS) opens 'Star Wars' park. Boeing (NYSE:BA) CEO personally apologizes to 737 Max victims' families. Wednesday's Key Earnings Keysight Technologies (NYSE:KEYS) +8.1% AH posting record revenues. Palo Alto Networks (NYSE:PANW) -5.6% AH announcing plans to buy Twistlock. PVH (NYSE:PVH) -10.5% AH warning on Q2 softness. Veeva Systems (NYSE:VEEV) +7.4% AH amid strong profit growth. Today's Markets In Asia, Japan -0.3%. Hong Kong -0.4%. China -0.3%. India +0.7%. In Europe, at midday, London +0.5%. Paris +0.4%. Frankfurt +0.4%. Futures at 6:20, Dow +0.3%. S&P +0.4%. Nasdaq +0.4%. Crude +0.2% to $58.92. Gold flat at $1280.70. Bitcoin +0.6% to $8730. Ten-year Treasury Yield +3 bps to 2.27% Today's Economic Calendar 8:30 GDP Q1 8:30 International trade in goods 8:30 Retail Inventories (Advance) 8:30 Wholesale Inventories (Advance) 8:30 Initial Jobless Claims 8:30 Corporate profits 10:00 Pending Home Sales 10:30 EIA Natural Gas Inventory 11:00 EIA Petroleum Inventories 12:00 PM Fed’s Clarida: “Sustaining Maximum Employment and Price Stability” 4:30 PM Money Supply 4:30 PM Fed Balance Sheet
It's a rough start to the week for chipmakers as key semiconductor manufacturers cut off supplies to Huawei after the Trump administration added the Chinese company to a trade blacklist last week. Premarket movement: Qualcomm (NASDAQ:QCOM) -3.1%, Intel (NASDAQ:INTC) -1.8%; Xilinx (NASDAQ:XLNX) -2.7%, STMicroelectronics (NYSE:STM) -7.4%, Micron (NASDAQ:MU) -3.7%. Google started the trade suspensions over the weekend, leaving Huawei with access only to the open-source version of Android. Nokia (NYSE:NOK), which usually benefits from the Chinese firm's woes, is up 4.1% premarket, while Ericsson (NASDAQ:ERIC) shares are 1.6% higher. Trade worries continue into new week A move by the White House on Friday to remove steel import tariffs on Canada and Mexico added to optimism overnight, but U.S. stock index futures have now turned around, pointing to opening losses of 100 points for the DJIA. President Trump appears unwilling to offer a similar olive branch to Beijing, saying that any agreement had to be weighted in America's favor and couldn't be a "50-50" proposition, as the Huawei blacklist added to trade concerns. Risk-off sentiment was also seen due to the current tensions in the Gulf region, with a weekend tweet in which Trump threatened "the official end of Iran." Powell speaks at Atlanta Fed conference High on the agenda this evening is a keynote speech from Fed Chair Jerome Powell at the Atlanta Fed's annual Financial Markets Conference, entitled "Mapping the Financial Frontier: What does the next decade hold?" Investors are also likely to monitor a flurry of other speakers today including Philly Fed President Patrick Harker and Vice Chair Richard Clarida. Ahead of the events, the yield on the benchmark 10-year Treasury note was up 1 bps at around 2.4015, while the yield on the 30-year Treasury bond was also higher at around 2.8307. OPEC+ seen keeping output cut plans Crude futures climbed as high as 1.7% to $63.96/bbl overnight after Saudi Energy Minister Khalid al-Falih indicated there was consensus among OPEC and allied oil producers to drive down crude inventories "gently," although markets remain "fragile." "This second half, our preference is to maintain production management to keep inventories on their way declining gradually, softly but certainly declining towards normal levels," he told a news conference following a ministerial OPEC+ panel in Jeddah. Concerns about Iranian supply also gave prices a boost. Australia markets applaud Morrison victory Australia's benchmark S&P/ASX 200 rose to an 11-year high as Prime Minister Scott Morrison and the Liberal-led conservative government claimed a surprise victory at national elections. The index climbed 1.7% to 6,476, boosted by bank, coal miner, property and healthcare stocks. Those were among the sectors most affected by the campaign of the opposition Labor Party, which had pledged to take strong action on climate change and property tax loopholes. A 'bold' offer for Brexit deal support Theresa May has pledged to set out a "new and improved" Brexit deal next month as she attempts to put together a cross-party coalition of MPs to finally pass her Withdrawal Agreement Bill. The "bold offer" is expected to include new proposals to uphold EU standards of workers' rights and environmental protection to win over some Labour MPs despite the collapse of cross-party talks last week. May is also holding renewed talks with Northern Ireland’s Democratic Unionist party to see whether she can overcome their opposition. Is USMCA closer to ratification? Canada will move "full steam ahead" to ratify USMCA, Foreign Minister Chrystia Freeland said on Saturday, a day after the U.S. agreed to lift tariffs on Canadian steel and aluminum. While several U.S. Democrats applauded removal of the tariffs, some said the new North American trade pact was not yet ready for their support. "House Democrats continue to have a number of substantial concerns related to labor, environment, enforcement, and access to affordable medicines provisions. Those issues still need to be remedied," said U.S. House Ways and Means Committee Chairman Richard Neal. Latest 737 MAX blow for Boeing Boeing (NYSE:BA) has acknowledged it had to correct flaws in its 737 MAX flight simulator software used to train pilots after recently discovering that they couldn't accurately replicate the difficult conditions created by a malfunctioning MCAS anti-stall system, which played a role in both the Ethiopian and Lion Air disasters. The company did not indicate when it first became aware of the problem, and whether it informed regulators, but its statement marked the first time Boeing admitted there was a software design flaw linked to the 737 MAX. BA -1% premarket. More Turkish F-35 drama The U.S. will "sooner or later" have to face reality and understand that Turkey's purchase of Russian S-400 systems is a done deal, President Tayyip Erdogan said, adding that Ankara would jointly produce the next generation S-500 system with Moscow. American officials have called Turkey's planned purchase "deeply problematic," saying it would risk its F-35 partnership because it would compromise the jets, made by Lockheed Martin (NYSE:LMT). "They (the U.S.) are passing the ball around in the midfield now, showing some reluctance," Erdogan declared. "But sooner or later, we will receive the F-35s. (The U.S.) not delivering them is not an option." Next steps for T-Mobile-Sprint deal Following talks with the FCC, T-Mobile (NASDAQ:TMUS) and Sprint (NYSE:S) are planning to announce commitments to the U.S. government within days that include asset sales and rural-service guarantees to help secure regulatory approval for their $26.5B merger, Bloomberg reports. Among them: The sale of one of their prepaid brands, a three-year buildout of their 5G network and a reiterated pledge not to raise prices while the network is being constructed. The deal has stoked concerns of reduced competition in the wireless industry because the number of major players would fall from four to three. What else is happening... Contributor Dale Roberts takes on the "dividend doubters or dividend deniers." Major oil deal between Iraq and Exxon Mobil (NYSE:XOM) slows after staff evacuation. Furious weekend rally takes Bitcoin (BTC-USD) back above $8K. Markets in India soar on projected Modi win. Deutsche Bank (NYSE:DB) slips despite denial of NYT report on Trump transactions. New investment from Capital Re sees Juul (JUUL) valuation top $38B? Dish Network (NASDAQ:DISH) to acquire EchoStar's (NASDAQ:SATS) BSS Business for $800M. "What Determines The Investment News Agenda?" asks contributor Jeff Miller. Today's Markets In Asia, Japan +0.2%. Hong Kong -0.6%. China -0.4%. India +3.8%. In Europe, at midday, London -0.8%. Paris -1.3%. Frankfurt -1.3%. Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -1%. Crude +0.3% to $63.10. Gold -0.1% to $1275. Bitcoin -1.1% to $8017. Ten-year Treasury Yield +1 bps to 2.4% Today's Economic Calendar 8:30 Chicago Fed National Activity Index 8:50 Fed's Bostic Speech 9:30 Fed's Harker: Economic Outlook 1:00 PM Fed's Williams Speech 1:00 PM Fed's Clarida Speech 7:00 PM Jerome Powell Speech
Investor sentiment is shifting to Europe as elections across the EU and the potential rise of populist parties give traders another thing to worry about in a region already shaken up by central bank policies, potential U.S. tariffs and Brexit. The results are particularly important in Italy, where the performance of the coalition parties could heavily influence budget talks with the bloc and spook Italian bonds and equities. Gains for their ideological peers across the continent might also hurt the pound and the euro - which is languishing near a two-year low against the dollar - by increasing the chances of a hard Brexit and making it more difficult for proponents of closer European ties. DJIA futures fall more than 250 points EU elections, Brexit drama and the usual U.S.-China tensions are rattling U.S. stock index futures, with Dow and the S&P 500 down 1% and Nasdaq off by 1.5%. A flurry of U.S economic reports are also on tap, including the latest weekly jobless claims data, a flash reading of manufacturing and services PMI figures for May, as well as new home sales for April. In corporate news, Medtronic (NYSE:MDT), Best Buy (NYSE:BBY), Hewlett Packard (NYSE:HPQ) and Intuit (NASDAQ:INTU) are all set to report their earnings for the first quarter. Markets assess Modi re-election Official data from India's Election Commission is showing Prime Minister Narendra Modi's Bharatiya Janata Party set to win more than 340 seats available in the lower house of parliament, well over the 272 needed for a majority. It's a historic back-to-back victory in India's general election, allowing Modi to push ahead with reforms to combat unemployment and rural distress that have persisted during his five years in power. The broad Nifty index rose 1.4% to historic highs on the news, but gave back gains towards the end of the session, closing down 0.7%. May prepares resignation Theresa May's job is hanging by a thread after Andrea Leadsom, a high-profile pro-Brexit Cabinet minister, quit on Wednesday. Pound investors are bailing out of the currency - down another 0.4% overnight to $1.2612 - amid increasing uncertainty about who will be running the country and who will handle further negotiations with the EU. The Times reported that May would name a date for her departure tomorrow, but would remain as prime minister while her successor is elected in a two-stage process. Contentious shareholder meeting Deutsche Bank (NYSE:DB) executives are expecting a tense meeting with shareholders today, as the bank’s tumbling share price and growing backlog of scandals place the board firmly in the firing line. A UBS downgrade on Monday sent shares to record lows, heaping pressure on the embattled German lender to trim its investment banking division following the collapse of merger talks with Commerzbank (OTCPK:CRZBY). Negative publicity in recent years also includes settlements with the DOJ, management reshuffles, weak earnings and constant restructuring. Cyber attack downgrade Moody’s has slashed its rating outlook on Equifax (NYSE:EFX) from stable to negative, marking the first time cybersecurity issues have been cited as the reason for a downgrade. The company took a $690M first-quarter charge for its massive 2017 breach of consumer data, representing an estimate for settling ongoing class action cases, as well as potential federal and state regulatory fines. The decision is significant because investors increasingly look to ratings firms and insurance companies to adequately predict the longer-term fallout of some of the biggest breaches, a difficult task given the relative lack of historical data. EFX -1.5% premarket. Amazon emotional wearable coming soon? Amazon (NASDAQ:AMZN) is developing a voice-activated wearable device that can recognize human emotions, according to Bloomberg. The wrist-worn gadget is described as a health and wellness product in internal documents, although it's unclear how far along the project is, or if it will ever become a commercial device. It's a collaboration between Lab126, the hardware development group behind Amazon’s Fire Phone and Echo smart speaker, and the Alexa voice software team. Ending political ad sale commissions Once seen as a growth area, political ads are now viewed within Facebook (NASDAQ:FB) as more of a headache. Senior leaders at the company have debated whether it should cease running political ads entirely, but CEO Mark Zuckerberg made the final call to stay in the business, though changes will be made to how it operates. The tech giant has now stopped paying commissions to employees who sell political ads - making its ad-buying portal largely self-serve - ahead of election campaigns for 2020. Long grounding for 737 MAX Aviation regulators from 30 countries are meeting today in Dallas to discuss progress in fixing the software of Boeing's (NYSE:BA) 737 MAX. However, the closed-door meeting, originally described by FAA officials as a way for the agency to secure an international stamp of approval, is now shaping up largely as an information sharing exercise. Ahead of the gathering, acting FAA chief Daniel Elwell said he couldn't predict when the MAX fleet would be back in the air, stressing that the return to flight would be driven by analysis rather than the calendar. "If you said October, I wouldn’t even say that" was a realistic deadline at this point, he declared, because "we haven’t finished determining exactly what the training requirements will be." What else is happening... Recent trade war escalation showed how sensitive Chinese companies are to adverse events, writes contributor Independent Trader. FOMC minutes show patient stance 'for some time,' dig into 'transitory' inflation effects. Citi next to slash Tesla (NASDAQ:TSLA) price target; UBS lowers PT on Apple (NASDAQ:AAPL). As concerns grow, Amazon (AMZN) shareholders reject facial recognition ban. Tariff inversions? Tyson Foods (NYSE:TSN) eyes Kazakh plant. U.S. judge approves PG&E (NYSE:PCG) $105M wildfire assistance fund. Infrastructure stocks stumble after Trump torpedoes meeting with Democrats. Wednesday's Key Earnings Lowe's (NYSE:LOW) -11.9% on slimming gross margins. Target (NYSE:TGT) +7.8% as digital sales skyrocketed 42%. Today's Markets In Asia, Japan -0.6%. Hong Kong -1.6%. China -1.4%. India -0.8%. In Europe, at midday, London -1.5%. Paris -1.7%. Frankfurt -1.8%. Futures at 6:20, Dow -1%. S&P -1.1%. Nasdaq -1.5%. Crude -1.6% to $60.41. Gold +0.2% to $1276.50. Bitcoin -3.3% to $7628. Ten-year Treasury Yield -5 bps to 2.35% Today's Economic Calendar 8:30 Initial Jobless Claims 9:45 PMI Composite Flash 10:00 New Home Sales 10:30 EIA Natural Gas Inventory 11:00 Kansas City Fed Mfg Survey 1:00 PM Fed's Bostic Speech 1:00 PM Fed's Barkin Speech 1:00 PM Fed's Maly Speech 1:00 PM Fed's Kaplan Speech
U.S. stock futures are marginally lower as investors await official domestic GDP data and another batch of corporate earnings to wrap up the week. Economists surveyed by The Wall Street Journal estimate GDP rose at a 2.5% annual rate for the quarter, which would mark the economy’s strongest January-March performance in four years. In Europe, the Stoxx Europe 600 was 0.1% lower in morning trade, with most sectors and major bourses in the red. In Asia, China’s Shanghai Composite fell 1.2% and Japan’s Nikkei closed 0.2% lower. Deutsche Bank profit surges but full-year revenue target cut Deutsche Bank (NYSE:DB) reported stronger-than-expected Q1 net profit of €201M ($223M), up 67% from a year ago. But revenues fell 9% for the quarter to €6.35B, the ninth straight quarter of revenue contraction, and the bank says it expects full-year revenue to come in flat after previously targeting a slight increase. Income from buying and selling securities fell 19%, marking the investment banking division's weakest Q1 since the financial crisis. The results follow Deutsche Bank's failed merger talks with Commerzbank (OTCPK:CRZBF, OTCPK:CRZBY), leaving Europe’s once-dominant financial institution to find other ways to boost profitability and revenue. Japan eyes possible GDP contraction as Q1 factory output declines Japan's industrial output fell in Q1 at the fastest pace in nearly five years, suggesting the economy may post a mild contraction in the quarter. Industrial output for January-March slipped 2.6%, the biggest decline since Q2 2014, according to data from the Ministry of Economy, Trade and Industry. The sharp decline shows the extent of the damage caused by the U.S.-China trade war, but economists are optimistic that Japan's economy can rebound quickly, since global growth remains on relatively firm footing. Chip stocks on watch after Intel slashes full-year guidance Intel (NASDAQ:INTC) plunged after-hours after cutting its financial guidance for the full year and reporting its first decline in sales of data center chips in seven years. The company said it now expects 2019 earnings of $4.35 per share on revenues of $69B, below its previous forecast for $4.60 earnings per share on $71.5B in revenues. “We're taking a more cautious view of the year, although we expect market conditions to improve,” CEO Bob Swan said, also taking note of the "challenging NAND pricing environment." On watch: Micron (NASDAQ:MU), Nvidia (NASDAQ:NVDA), Texas Instruments (NASDAQ:TXN), Advanced Micro Devices (NASDAQ:AMD). Amazon profit doubles; core Prime getting one-day shipping Amazon (NASDAQ:AMZN) reported Q1 results that beat earnings per share estimates by a hefty $2.44 and met revenue estimates with 17% Y/Y growth. But sluggish retail sales overseas and a flat performance from Whole Foods weighed down revenue growth for a fourth straight quarter. Amazon’s operating margin climbed to 7.4% in the quarter as expenses rose 12.6%, the lowest percentage gain in at least a decade. Expenses likely will move higher, in part because Amazon said it will invest $800M to make one-day free shipping the new standard for core Prime members. Musk, SEC again ask judge for more time to resolve contempt dispute Elon Musk and the SEC are seeking more time to work out their dispute over whether the Tesla (NASDAQ:TSLA) CEO violated a court order restricting his Twitter use. In a filing late Thursday, Musk and an SEC counsel asked a U.S. District Judge to extend their deadline for presenting the court with an "agreement in principle" until April 30. The judge had already granted a one-week extension to continue negotiations after she ordered the two sides to resolve the SEC's request to have Musk held in contempt of court. Facebook broke privacy laws by exposing user data, Canada says Canada's privacy commissioner said he will take Facebook (NASDAQ:FB) to court after finding the company’s lax practices allowed personal information to be used for political purposes. The report said it uncovered major shortcomings in Facebook’s procedures and that the company had rebuffed the commissioners' findings and recommendations. The Canadian probe comes as Ireland’s privacy regulator said it is investigating Facebook over a recent revelation that it had left hundreds of millions of user passwords exposed. Uber plans $44-$50 per share for IPO; PayPal to invest $500M Uber (UBER) reportedly is aiming for an IPO valuation of as much as $90B, seeking to price its shares in the $44-$50 per share range and hoping to raise $8B-$10B. Uber is expected to make the price range public in a filing Friday morning, which The Wall Street Journal reports will also include news of a roughly $500M investment in Uber by PayPal (NASDAQ:PYPL). PayPal already partners with Uber on processing its fares. Renault to propose merging with Nissan, reports say Renault (OTCPK:RNLSY) reportedly will propose to automaking partner Nissan (OTCPK:NSANY) that the companies merge under a new holding company where shareholders of each company would receive a roughly 50% stake. Renault is said to be moving quickly in proposing the holding company structure due to its concerns about Nissan's deteriorating business results. Renault's new Chairman, Jean-Dominique Senard, reportedly believes the move would allow the companies to move past disputes over the shareholding imbalance - Nissan owns a 15% stake in Renault, but Renault holds 43.4% of Nissan - and allow them to focus on Nissan's business recovery. Edison sued by Los Angeles County over wildfire damage Los Angeles County is suing Southern California Edison and parent company Edison International (NYSE:EIX) to recover $100M in costs and damages from a wildfire that may have been sparked by one of the utility's wires. It's the latest lawsuit against SoCal Edison since a fire last November that burned more than 150 square miles, destroyed 1,643 buildings and killed three people. The official cause of the fire remains under investigation, but Edison has said an electrical outage before the fire may have been caused by a guy wire and a jumper wire making contact. Goldman's 10 commodity trade ideas for the second half Goldman Sachs (NYSE:GS) has introduced 10 commodity trades for a second half it thinks will be based on shorter-focus considerations. Among metals trades Goldman is pushing: Long gold and short silver, long copper and short zinc, long palladium and short platinum, long 62% vs. 58% iron ore premium. In agriculture, Goldman is urging to go long the S&P GSCI Agriculture and Livestock Index. And in energy, it recommends being long cal20 WTI-Dubai; shorting Q3 2019 TTF (European gas) spread to Nymex (U.S. gas) prices; and being long the Q2 2020/Q2 2021 heating oil crack box spread vs. Brent. What else is happening... 3M (NYSE:MMM) knocks nearly 200 points off Dow following a dismal Q1. Citron’s Andrew Left takes no position on Tesla (TSLA). Berkshire’s (BRK.A, BRK.B) best use of cash may be buybacks. New York AG to probe Facebook’s (FB) contact collection. Thursday's Key Earnings Amazon (AMZN) +1% as profit doubles. Intel (INTC) -7.9% AH on 2019 guidance cut. Ford (NYSE:F) +7.7% PM after North America results shine. Starbucks (NASDAQ:SBUX) -0.5% PM on earnings beat. National Oilwell Varco (NYSE:NOV) -1.7% AH on Q1 earnings miss. Illumina (NASDAQ:ILMN) -4.4% AH despite Q1 beat, guidance raise. T-Mobile US (NASDAQ:TMUS) +1% AH on healthy Q1 subscriber additions, record financials. Cypress Semiconductor (NASDAQ:CY) +1.9% AH on beats, in-line guide. Juniper Networks (NYSE:JNPR) +0.5% after Q1 beat where sales, profits decline. Mattel (NASDAQ:MAT) +6.1% PM on slimmer loss. Seattle Genetics (NASDAQ:SGEN) -4.4% AH despite Q1 beat. GrubHub (NYSE:GRUB) +13.2% PM on Q1, diner metric beats. Proofpoint (NASDAQ:PFPT) -6.4% AH on downside FY profit outlook. Today's Markets In Asia, Japan -0.22%. Hong Kong +0.19%. China -1.20%. India +0.97%. In Europe, at midday, London -0.26%. Paris flat. Frankfurt +0.09%. Futures at 6:20, Dow -0.13%. S&P -0.09%. Nasdaq +0.11%. Crude -1.86% to $64. Gold +0.25% to $1,282.90. Bitcoin -1.5% to $5380. Ten-year Treasury Yield -1.2bps to 2.522%. Today's Economic Calendar 8:30 GDP Q1 10:00 Consumer Sentiment 1:00 PM Baker-Hughes Rig Count
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