Author: FX
imaginima/E+ via Getty Images Russian Urals crude oil prices exceeded the G-7 oil price cap this week for the first time, with oil prices across the board rising as Saudi production cuts begin to take hold while demand moves higher. Prices for Urals crude hit $62.22/bbl for oil ports in the Baltic Sea, and $63.22/bbl for supplies sent from the Black Sea, according to Argus – higher than the $60 cap for Russian crude imposed in December. The tighter markets could ease the economic strain on Russia that Western countries had sought through the oil price cap, and perhaps prompt…
Asset managers generally fared strongly in the first half of this year in terms of growth in assets under management, thanks in part to a strong rally across equity markets. The combined AUM of the nine U.S.-listed asset managers tracked by Seeking Alpha stood at $5.85T at June 30, 2023, up $400B, or 6.83%, from the $5.45T mark at Dec. 31, 2022. The gain was accompanied by the S&P 500 (SP500) jumping 16.4% and the tech-heavy Nasdaq (COMP.IND) surging 32.7%, as seen in this chart. Just one firm – Cohen & Steers (NYSE:CNS) – saw AUM growth stagnate for the…
Lending protocol Geist Finance is shutting down permanently due to losses from the Multichain exploit, according to a July 14 social media post from the app’s development team. Geist contracts were paused on July 6, then resumed in “withdraw and repay only” mode on July 9. The latest post confirms the team does not plan to reopen lending and borrowing on Geist. Geist is a lending protocol running on the Fantom network. It had over $29 million worth of crypto assets locked in its contracts before the Multichain hack. Before the hack, Geist allowed users to borrow, lend or use…
jpgfactory/iStock via Getty Images Two crypto-exposed stocks and three lending companies topped this week’s best-performing financial stocks. On Thursday, a judge’s ruling on the trading of crypto assets lifted the crypto sector overall. For the week, the Financial Select Sector SPDR ETF (NYSEARCA:XLF) rose just under 2%, underperforming the S&P 500’s 2.4% growth. With banks starting to report Q2 earnings on Friday, the Nasdaq KBW Bank Index (BKX) also gained just under 2%. Cryptocurrency exchange Coinbase Global (NASDAQ:COIN), bounding 34%, led financial stocks with a market cap of at least $2B for the week ended July 14. On Thursday, a…
© Reuters. As Coinbase (NASDAQ:) stock reaches a 52-week high, ARK Invest — the investment management firm led by (BTC) bull Cathie Wood — has recently sold more of its shares in the crypto exchange. Following ARK Invest’s significant acquisition of Coinbase shares during the bear market, the investment firm has sold off a portion of its Coinbase holdings for the second time this week. Meanwhile, Wood’s firm is actively investing in Meta Platforms and Robinhood (NASDAQ:) Markets shares.Screenshot of ARK Invest trading notification. Source: ARK Trading desk.Continue Reading on Coin Telegraph Source link
EUR/USD OUTLOOK:EUR/USD soars nearly 2.5% this week, rising to its best levels since February 2022A dovish repricing of interest rate expectations following softer-than-expected U.S. inflation data may be responsible for recent moves in the FX spaceMarket dynamics and positive may favor the euro in the coming week Recommended by Diego Colman Get Your Free EUR Forecast Most Read: Gold Finds Spark in Weak US Inflation Data, EUR/USD Blasts Off to New 2023 PeakEUR/USD soared this past week, rising nearly 2.5% to its best levels since February 2022 and notching its best weekly performance in approximately eight months.The euro’s strong rally…
© Reuters. FILE PHOTO: A sign is seen at an entrance to a Dow Chemical Co plant in Plaquemine, Louisiana December 12, 2015. REUTERS/Jonathan Bachman/File Photo (Reuters) – A fire broke out at Dow’s Plaquemine chemical facility in Louisiana, the U.S. chemical maker said in a statement late on Friday. Everyone at the facility was accounted for and the fire was being managed by the company’s Emergency Operations Center, Dow Louisiana said in a statement posted on Facebook (NASDAQ:), adding that they were in contact with officials. Explosions at the facility in Iberville Parish shook homes in the nearby state…
Sergei Dubrovskii/E+ via Getty Images SLB (NYSE:SLB) said Friday it is halting all shipments of products and technology into Russia “in response to the continued expansion of international sanctions.” The world’s largest oilfield equipment provider – formerly Schlumberger – said the Russia ban now applies to all its worldwide operations, not just those in the U.K., U.S., the European Union and Canada. SLB (SLB) recently had 9,600 employees working for top Russian oil and gas companies such as Gazprom and Rosneft; the work contributed 5% of the company’s annual revenue of ~$28B. The company has been criticized for continuing to…
Rich Polk Update 8:30pm: Adds Microsoft comment.A U.S. appeals court denied the Federal Trade Commission’s request to temporarily halt Microsoft’s (NASDAQ:MSFT) planned $69 billion acquisition of Activision (NASDAQ:ATVI). Activision rose 3.5% in after hours trading. The 9th Circuit Court of Appeals denied the request from the antitrust regulator, according to a court filing from a three-judge panel in San Francisco on Friday. The FTC needed the appeals court to grant a stay before a midnight deadline on Friday, when Microsoft is legally allowed to complete its purchase of Activision (ATVI) as the temporary restraining order is set to expire. The…
MEXICALI, Mexico (Reuters) -Construction worker Brian Larreta’s job is tough any day of the year, but scorching temperatures this month in northern Mexico have made it a dangerous feat. In Mexicali, a city of over a million people on Mexico’s northern border across from California, temperatures soared to 50 Celsius (122 Fahrenheit) this week, forcing many residents to stay inside and keeping volunteers and authorities busy trying to help those who can’t. “Sometimes, when you’ve been in the heat for a while you get dizzy,” Larreta, 25, said on a break from shoveling cement in a parking lot under the…