Bitcoin traded above $3,000 for the first time on Sunday, continuing this year's massive surge and helped by increased demand from Asia-based investors. After trading in a range for the last week, bitcoin climbed to an all-time high Sunday of $3,012.05, according to CoinDesk. The new record comes at a time when alternative digital assets are seeing robust inflows, with ethereum's ether token setting a new all-time high of more than $300 today as well.
The financial markets have become, to use David Stockman`s phrase, one huge gambling casino. The size of the derivative market, which is now an impressive $639 trillion, dwarfs the trivial Forex daily turnover of only $5 trillion. What is disturbing is that volatility has recently hovered at 10 or even below except for a slight blip a few weeks ago.
David Stockman's prophecy over Wall Street seems to announce an Annus Horribilis : "This is one of the most dangerous market environments we've ever been in. It's the calm before a gigantic, horrendous storm that I don't think is too far down the road," he recently said on "Futures Now."
Wall street is experiencing a bullish cycle that is more than seven months old. How long will it last? Doubts regarding the sustainability of this trend continue to rise; they are more than justified if we consider that this season of the year is the less favourable from a statistical point of view. One month ago, the S&P 500 had given an early warning signal through a pullback of more than 1% within a single session. It didn’t happen since months but the market had more or less ignored such signal since the uptrend had quickly resumed. It happens often this way: a first pullback occurs, then the stock hunters intervene at the earliest opportunity to jump into the market at prices just a bit lower than the highs, a typical behaviour reflecting the ripeness of the uptrending cycle and, by consequence, its vulnerability.
UK Prime Minister Theresa May had called Thursday's snap elections to strengthen her hand in Brussels, but the loss of her Conservative majority has plunged the Brexit process into disarray just over a week before talks are scheduled to begin. The Tories won fewer than 320 seats, short of the 326 needed for a majority in Britain's 650-member House of Commons. Labour, the main opposition party, gained more than 30 seats to top 260.
House Republicans voted Thursday to deliver on their promise to repeal Dodd-Frank — the massive set of Wall Street regulations President Barack Obama signed into law after the 2008 financial crisis. House Resolution 10, or the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act of 2017, passed by a vote of 233-186 in the lower chamber; eleven representatives did not vote.
The number of Americans filing for unemployment aid dropped less than expected in the week ended June 2. The Labour Department reported on Thursday that initial jobless claims fell 10K to 245K last week, following the preceding week's upwardly revised figure of 255K. Meanwhile, market analysts anticipated a bigger decrease to 241K during the reported week. Nevertheless, claims remained below the 300K level for the 118th consecutive week, the longest streak since 1973. The four-week moving average of claims, considered a better measure of the existing labour market trends, rose 2.25K to 242K during the reported week.
A new tax agreement between Ticino and Italy will not obliged italian cross-border workers, known as frontalieri, to systematically provide a copy of their police record in order to secure a work or residence permit. The requirement was imposed by the Italian-speaking canton in 2015; now, they will be expected to show any criminal record on a voluntary basis, while the canton will reserve the right to ask for it, as Ticino's government said in a statement.
Cryptocurrency speculators and investment gurus are having a great time predicting Bitcoin’s future as the popular digital currency’s price continues to break records on a regular basis. A well-informed prediction, a random guess or just wishful thinking, everyone is coming up with a new Bitcoin price forecast. The latest one puts the cryptocurrency’s price at $1 million in the future. Now, with a booming bitcoin economy and several years of growth behind them, physical bitcoin kiosks or “ATMs” may be emerging as the answer. There are already over a thousand around the world, and the new ATM challenger Bitlish announced last week that it wants to open as many as 5,000 more in Europe alone.
Swiss agriculture company Syngenta, which is in deal to be bought by China National Chemical Corp., known as ChemChina, announced Friday that it has entered into an agreement to sell global Sugar Beet seeds business to DLF Seeds. Financial terms of the transaction are not disclosed. The transaction is subject to customary approval requirements and expected to close by the end of the third quarter of 2017. DLF Seeds is a seed company dealing in forage and turf seeds, and other crops.
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