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Hong Kong / China – something for the weekend?

After a week of protests escalating on both sides of the dispute, Hong Kong braces itself for the weekend Protests have escalated over the last month, the weekend is a time when momentum has built Hong Kong growth estimates are downgraded The consequences for the wider global economy are harder to gauge Markets will likely reopen on Monday…

Major Chinese Bitcoin Ponzi scheme comes to light – $3 billion being sold

Tales of Ponzi schemes that are perpetrated upon Chinese citizens often escape mainstream news channels, but news travels fast when $3 billion is at stake. Yes, that figure is correct, based on a confession to Chinese Police by one of the insiders of, perhaps, the largest Initial Coin Offering (ICO) fraud on record. The “insider” that was recently…

Walmart (NYSE:WMT) – shares up 5% after earnings and revenue beats hiked FY profit guidance

Retail corp posts $1.27 Non-GAAP EPS and $130.4bn revenue versus $1.22 and $128.6bn consensus Comparable sales grow (+2.8%) for 20th straight quarter, e-commerce business strong Hikes FY2020 adjusted EPS guidance Shares advance 5.7% on Friday, biggest gain since August 2018 Walmart Inc (NYSE:WMT) gave the retail sector a welcome shot in the arm on Thursday after posting better-than-expected…

Oil – news and data reports drive prices lower

Price volatility picks up as oil trades mid-channel Demand and supply factors apply bearish pressure Downward trend forming (weekly timeframe) The extra volatility opens the door to trading oil-based equity pairs The price of oil continues to fall as a combination of factors impact both supply and demand. For much of 2019, it has been trading in a…

Bitcoin sentiment indicator posting lowest ratings since Crypto Winter

Technical Analysis (TA) is the best tool that we have today to gauge investor sentiment and make predictions in our financial markets, based on prior price behavior. There is a herd mentality amongst us, which reveals itself time and again through recognizable patterns that often repeat. TA, however, only speaks to probabilities of next steps in a market…

Property reports – bad news on the doorstep

UK property reports show a struggling market A leading indicator for the rest of the economy Analysis of firms with exposure to the sector shows weakness is contagious Reports continue to show London property prices are falling – the spread between asking price and initial bid is widening, the turnover of sales is falling and properties are taking…

Another privacy violation confronts Facebook – Will Libra suffer, as well?

Just as the furor over Facebook’s past privacy transgressions have been dying down, another one comes over the transom. This new accusation, which has been confirmed by our friendly folks at Facebook (FB), is that the social media giant has been routinely for some undisclosed time period been transcribing audio conversations of its customers using its messenger service.…

Macy’s (NYSE:M) Q2 earnings miss – guidance cut sends retail sector into tailspin

Department store operator delivers $0.28 Non-GAAP EPS and $5.54B revenue versus $0.45 and $5.55 consensus Lowers full-year profit forecast, guides for $2.85–$3.05 EPS Shares retreat 17%. Other retail and apparel giants pushed into red in trading on Wednesday The retail sector took a battering on Wednesday after Macy’s Inc. (NYSE:M) revealed that its second-quarter was ‘below expectations’ and…

Eurozone – Germany leading the way to recession

Eurozone releases a range of ugly data reports Manufacturing performance is particularly weak Consumer spending and services sectors keep the eurozone out of recession, just German government faces calls to implement plan B – fiscal stimulus Q2 data for the eurozone reports an across the board slow-down. Industry’s continued slide threatens to take the financial markets with it…

Coinbase loses banking relationship with Barclays – Withdrawals on hold

Coinbase, a premier crypto exchange that boasts being the largest one in America, has lost its U.K. banking relationship with Barclays, one of the very few major banks in the world that had been receptive to crypto related companies. Divorces like this one tend to have short fuse, but Coinbase has arranged new replacement banks, but access to…

US/China tariffs – Trump blinks first

Trump announces ‘delay’ to some of the tariffs due to come into place on 1st September Markets had wondered quite how much pain the US could tolerate – the answer is not much China’s reaction to Trump’s weakness will be crucial Markets rally on the news, but analyst warnings remain in place President Trump has shown signs of…

Saudi Aramco nears $2tn IPO after posting ‘unmatched’ profits in H1 2019

Saudi Arabia oil giant posts $46.9bn net income on Monday Aramco finance chief says company is “ready” for IPO, but valuation and venue still causing disagreements internally Aramco’s profits far outstrip listed corporate giants such as Apple, Alphabet and Amazon Saudi Aramco said it “delivered strong and unmatched financial performance” during H1 2019 as it enticed investors with…

People’s Bank of China – to launch its own digital currency

People’s Bank of China is ‘close’ to launching its own digital currency Support from a central bank would fast-track the progress of any cryptocurrency Little is known about the exact structure Heralded by PBOC as a substitute for cash More swerve balls from People’s Bank of China (PBOC) as the world appears fixated on its daily yuan-USD pegging…

SEC chooses to delay decisions yet again on Bitcoin ETF applications

The SEC is starting to sound like one of those old LP records with a scratch in it, which keeps repeating the same chorus over and over again, ad nauseum. Latest estimates are that on more than 25 occasions, the SEC has either refused to make a decision or has chosen instead to delay its decision-making process out…

United Nations opens official investigation of North Korea for crypto hacks

The international wheels of justice may grind slowly, but after several reports on the topic, including one from the organization itself, the United Nations is beginning an official investigation of North Korea and its allegedly state sponsored illicit hacking activities. At issue is roughly $2 billion in illegal gains that have found their way back to the Democratic…