Bitcoin bounces back to $50,000 – more to come?

Bitcoin

Bitcoin gain Bitcoin hit $50,000 on Sunday, reaching a more than 3-month high, as the cryptocurrency continues to rebound. Bitcoin hit an all time high of over $64,000 in April 2021 – then but sold off in June and July, dipping below $30,000. But since mid July, bitcoin has been regaining lost ground. Other cryptocurrencies were also higher. Ether was trading up at around $3,302 Monday Market news roundup – morning business headlines U.S. stock futures rise and risky assets climb as attention turns to Jackson Hole Fed gathering –…

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One minute the virus isn’t a problem, when it is – then it is a problem, when it isn’t! What the hell? (As far as the stock market is concerned)

Fearful

Stocks tumble on delta variant fears Stock markets took a hit Monday 19th July 2021, as the headlines read, ‘Dow tumbles 900 points on concern of a Covid rebound‘. Is Covid entirely to blame for this fall? No, not entirely. Fickle highs? So, why now, after all – the virus hasn’t bothered stocks since the massive fall in March 2020 – as stock momentum and economic recovery went into overdrive and pushed the Dow, S&P 500 and Nasdaq to new record highs. U.S. stocks fell aggressively Monday on concern a…

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Dow drops nearly 300 points as inflation and Covid-19 fears grow

Stock Markets

Dow down Inflation fears and the growing threat of the Covid-19 delta variant overshadowed strong retail sales data and better than expected earnings reports as the Dow fell after touching 35000 on the day. U.S. indices finish the week in the red The Dow lost nearly 300 points to close down at: 34688 S&P 500 closed down at: 4327 Nasdaq closed down at: 14427 Inflation fears The market had an eye on inflation even though the S&P 500 and Dow did touch record highs during the week. The consumer price index (CPI)…

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Asia stocks lower as global recovery slows and Covid cases climb

Pandemic and the economy

Asia stocks lower Shares were mostly lower in Asia on Friday after U.S. stocks struggled amid uncertainty over rising Covid-19 cases and new risks appearing. Nikkei index closed down at: 28000 a drop of around 276 points On Thursday, U.S. stock indexes closed mostly down from recent highs. Asia stocks followed suit amid a rise in pandemic cases slowing global economic growth. Some 111 countries now have the delta variant as the prominent strain. U.S. indices The S&P 500 closed down at: 4360 The index may now show its first…

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Major U.S. stocks fell Thursday on concerns of global economic recovery

Stock market red

Major U.S. stock indexes fell Thursday on concerns of a slowing global economic comeback from the pandemic. The losses came as countries grappled with a fresh virus cases due to Covid variants. Japan declared a state of emergency in Tokyo and said the games will be spectator free. Indices drop The Dow Jones Industrial Average dropped 260 points. The S&P 500 closed down at 4321 and the Nasdaq closed down at: 14559 – coming off recent record highs. The Dow in intra-day trading was down by as much as 535 points. Some…

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OECD says Covid-19 has destroyed 22 million jobs and new Covid variants a top risk to economic recovery

Pandemic and the economy

Main points from OECD statement 22 million jobs have been lost in advanced economies due to the pandemic Job retention schemes have saved around 21 million jobs Wealthy countries face the threat of rising long-term unemployment Low skilled workers will most feel the sustained affect of unemployment as these sectors are disproportionately affected by the pandemic Employment recovery forecast for third quarter 2023 Younger generation severely impacted New outbreaks of Covid-19 remain one of the top risks to a global economic recovery Like other officials, he called for developed nations…

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Will the UK’s Covid vaccine program and delta surge mean the UK will become a pandemic exit test case for the world?

Coronavirus vaccine

The U.K. has one of the highest Covid vaccination rates in the world. Yet it’s seeing a surge in coronavirus cases largely attributed to the new Delta variant that first originated in India. It is widely expected among that where the U.K. treads, others could follow. The U.K. is rushing to vaccinate as many people as possible before the full economic opening begins. Experts Experts around the world say that close attention is being paid to the latest U.K. covid data as it could become the standard for other countries…

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Fed stress tests U.S. banks & Wall Street mini-rally

Federal Reserve

Stress test The Federal Reserve warned that in a worst case scenario, some banks reserve capital would fall close to minimum capital requirements, with lenders subjected to loan losses of up to $700 billion. The central bank directed 33 of the largest U.S. banks to suspend share buybacks and cap dividend payments. Bank shares including , J P Morgan Chase, Goldman Sachs and Wells Fargo all fell in extended trade after hours, all three having rallied during the normal trading session ahead of the results. So, all the banks have,…

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IMF forecasts global recession from increased Covid-19 threat

International Monetary Fund

The IMF forecast cast more doubt on the speed of global economic recovery as Covid-19 cases surge in the U.S. and in the America’s. Doubts over U.S. re-opening resurface and investors start to fret again as stocks lose momentum. Outlook downgraded The International Monetary Fund downgraded its outlook for the world economy, projecting a significantly deeper recession and slower recovery than it anticipated just two months ago. The Fund downgraded its GDP forecast for 2021. The IMF cautioned that the forecasts are ‘surrounded with unprecedented uncertainty‘. The U.S. is expected…

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Gold gains ground as stocks stagnate

Gold

Gold is a clear winner from the pandemic Gold was initially sold off in February and during the early part of March. But since then gold has made substantial progress from the March lows, mostly due to central bank stimulus activity. Gold was around $1775.00 as of Wednesday 24th June. Stocks fall flat After a strong bounce on Tuesday 23rd, European markets opened lower Wednesday 24th June, with the FTSE 100 slipping back under 6,300. The DAX was also weaker and broke down through support at 12,400. The Dow is…

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