North American News
Market Momentum Continues: S&P and Nasdaq Notch Another Round of Gains
The broader S&P and Nasdaq indices extended their winning streaks. The S&P is not up 8 straight days and the Nasdaq is up 9 straight days.
The Dow ended its 7-day win streak with a modest decline today.
The final numbers are showing:
- Dow industrial average fell -39.82 points or -0.12% at 34112.81
- S&P index rose 4.44 points or 0.10% at 4382.81
- NASDAQ index rose 10.55 points or 0.08% at 13650.40
It was a bit of a tease today, with hopes that Feds Powell and Williams would spill the economic tea, but they decided to keep their thoughts to themselves. Powell’s got another chance tomorrow at 2 PM ET during a panel discussion on “Monetary Challenges in a Global Economy.” Maybe he’ll spill the beans then. Lagarde from ECB is also in the lineup at 12:30 PM ET, so it’s like a double feature of central banking wisdom.
Oh, and don’t forget the jobless claims data hitting the scene at 8:30 AM. It’s like the opening act before Powell takes the stage. And speaking of stages, the treasury is wrapping up its coupon auctions this week with a grand finale—a 30-year bond auction. Because who doesn’t love a good treasury auction drama?
After the close earnings include:
Walt Disney Co (DIS) Q4 2023:
- Adjusted EPS: $0.82 (Beat expectations of $0.70)
- Revenue: $21.24 billion (Slightly missed expectations of $21.35 billion)
Instacart (CART) Q3:
- Share loss: $20.86 (Beat expected loss of $12.97)
- Revenue: $764 million (Beat expectations of $736.9 million)
- Gross Transaction Value (GTV) increased by 6% year-over-year (Y/Y)
Arm Holdings (ARM) Q2 2024:
- Adjusted EPS: $0.36 (Beat expectations of $0.26)
- Revenue: $806 million (Beat expectations of $744.3 million)
- Q2 chips reported shipped: 7.1 billion (Decreased by 6% year-over-year)
Lyft Inc (LYFT) Q3 2023:
- EPS: $0.24 (Beat expectations of $0.13)
- Revenue: $1.158 billion (Slightly missed expectations of $1.14 billion)
Take-Two Interactive Software Inc (TTWO) Q3 2023:
- EPS: (Expectations not provided)
- Revenue: $1.3 billion (Missed expectations of $1.43 billion)
The US treasury auctions off $40 billion of 10 year notes at a high yield of 4.519%
- The WI level at the time of the auction was at 4.511%
The U.S. Treasury auctioned off $40 billion of 10-year notes.The key components showed:
- High Yield: 4.519%. 6-Auction Average 3.999%, Previous 4.61%
- Tail: 0.8 basis points. 6-Auction Average 0.9 basis points, Previous 1.8 basis points
- Bid-to-Cover: 2.45X. 6-Auction Average 2.49 times, Previous 2.5 times
- Dealers: 15.1%. 6-Auction Average 14.2%, Previous 18.7%
- Directs: 15.17%. 6-Auction Average 19.7%, Previous 20.9%
- Indirects: 69.73%. 6-Auction Average 66.1%, Previous 60.3%
Atlanta Fed GDPNow estimate remains unchanged at 2.1% for Q4
- The Atlanta for GDP now estimate for the Q4 of 2023
The Atlanta Fed is out with its most recent modeled growth forecast for Q4. In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2023 is 2.1 percent on November 8, unchanged from November 7 after rounding.After this morning’s wholesale trade report from the US Census Bureau, the nowcast of fourth-quarter real gross private domestic investment growth decreased from -1.0 percent to -1.1 percent.
US Sept wholesale sales +2.2% vs +0.8% expected
- US September 2023 wholesale sales data
- Prior was +1.8%
- Inventories +0.2% vs 0.0% expected
- Stock to sales ratio 1.33 months vs 1.36 prior
United States MBA 30-Year Mortgage Rate $USD Actual: 7.61% Previous: 7.86%
- United States MBA 30-Year Mortgage Rate $USD Actual: 7.61% Previous: 7.86%
US 30-year mortgage rate plunges by most in nearly 16 months
- United States MBA 30-Year Mortgage Rate $USD Actual: 7.61% Previous: 7.86%
- Mortgage Refinance Index $USD Actual: 347.3 Previous: 341.7
- Mortgage Market Index $USD Actual: 165.9 Previous: 161.8
- Mortgage Applications (WoW) $USD Actual: 2.5% Previous: -2.1%
Bank of America’s Monihan: Financial conditions are tightening
- He and other financial CEO’s are concerned for various reasons.
Bank of America (BAC) CEO Moynihan’s comments:
- Predicts a soft landing for the US economy.
- Notes a slowdown in consumer spending.
- Highlights that financial conditions are tightening.
- Commercial customers are not borrowing as much.
- Does not see massive consumer delinquencies
- Higher capital also will increase cost of doing business
Over the weekend JPMorgan Chase CEO Dimon commented, saying:
- Expressed concerns about the unsettling and unpredictable geopolitical situations in the Middle East and Ukraine.
- Despite a strong U.S. economy with fiscal and monetary support, he considers these geopolitical matters among the most serious since 1938.
- He emphasized that the current geopolitical landscape is reshaping the world and its economy, impacting crucial aspects such as freedom, democracy, food, energy, and immigration.
Dimon has previously warned about the economic threat posed by heightened geopolitical tensions, predicting potential interest rate increases as high as 7%, a challenge not seen since World War II.
- He highlighted that the invasion of Ukraine is taken seriously by the United States and could affect global relationships until a resolution is reached.
Meanwhile, Blackrock CEO Larry Fink said:
- Geopolitical turbulence, including Israel-Hamas and Russia-Ukraine conflicts, is significantly influencing our lives.
- There is a rising sense of fear and decreasing hope globally.
- This fear could potentially lead to a weaker economy.
- Increased fear tends to result in reduced consumer spending and investment.
- Emphasized the importance of hope in addressing current global challenges.
HSBC are forecasting a 15% gain for global equities in 2024
HSBC says the move will be underpinned if a soft landing is achieved and central banks ease policy:
- “We expect global equity markets to climb higher and forecast 15% upside by end-2024,”
- “But, against a backdrop of slowing economic growth and declining interest rates, we think market breadth will increasingly narrow, with a large proportion of the market treading water, while US supremacy will likely continue.”
HSBC base their view on their research showing where the Fed has pulled off a soft landing, the S&P 500 has rallied 22% on average between the pause in hikes, and six months after the bank’s begun cutting.
Cleveland Fed president Mester to retire June 30, 2024
- Fed rules limit her term to that date
Cleveland Fed president Loretta Mester will retire on June 30, 2024 due to fed rules. The Cleveland Fed has announced the start of a search process.
Goldman Sachs on US election year seasonals – weaker than normal equity returns expected
A note from Goldman Sachs’ portfolio strategy research team on what the seasonals show for the year ahead of a US Presdiential election:
since 1932 the 12 months heading into an election has seen the S&P 500 averaging a 7% return vs. 95 in noon-election years.
Summary comments:
- “Profit growth is typically strong in election years while valuations move sideways”
- “Info Tech has usually been the worst performing sector in the year ahead of the election.Defensive sectors tend to perform best, led by Utilities and Consumer Staples.”
Fed’s Cook: ‘We must remain vigilant to potential shocks’
- Federal Reserve Governor Lisa Cook on Wednesday called out a number of international risks, including persistent inflationary pressures abroad and a further economic slowdown in China, that she said could threaten global financial stability.
Federal Reserve Governor Lisa Cook on Wednesday called out a number of international risks, including persistent inflationary pressures abroad and a further economic slowdown in China, that she said could threaten global financial stability.
- “We must remain vigilant to potential shocks that could exacerbate vulnerabilities in the global financial system,”
- “More broadly, escalation of geopolitical tensions could lead to lower economic activity and increased fragmentation of global trade flows and financial intermediation, raising financing and production costs and contributing to more sustained supply chain challenges and inflationary pressures,”
Hedge fund inflows into US equities the largest since June
A couple of interesting items from a Bank of America note on Tuesday regarding equity flows last week.
In brief:
- Hedge fund (largest inflow since June) and institutional clients were net buyers
- retail clients were net sellers for the first time since September
- buying largely in ETFs, single stocks saw outflows among Bank of America client
- consumer discretionary the most bought sector
BOC minutes: Members were divided on whether rates would need to be hiked again
- BOC minutes highlights
- Some members of governing council felt it more likely than not that overnight rate would need to rise further
- Other members felt 5% would likely be enough to bring inflation to target
- There was a strong consensus that with increasing evidence of falling inflation, BOC should be patient
- Agreed to revisit need for rate hike at future decisions, after seeing more data
- The lack of downward momentum in underlying inflation caused considerable concern, could mean more time needed or that policy not restrictive enough
- Agreed overall inflationary risks had increased
- Persistence in core, elevated expectations, wage growth and atypical corporate pricing behaviour indicate high inflation is becoming entrenched
Canada Sept building permits -6.5% vs -1.6% expected
- Canadian Sept 2023 building permits
- Prior was +3.4% (revised to +4.3%)
- Sept permit value $11.2B
- Residential permits +4.3% m/m
- Non-residential -21.0%
- Permits up 3.4% in Q3
Commodities
Silver cracks below the 20/50-DMA, hovers around $22.50s
- Silver prices show little movement, trading at $22.59 amid a halt in the decline of US Treasury yields and a negligible uptick in the Dollar.
- Technical analysis suggests a neutral to bearish outlook for silver, with a potential drop if it closes below the October 26 low of $22.44.
- Silver’s immediate support and resistance levels hover around the $22.00 and $23.00 marks, respectively.
Silver price is almost flat during Wednesday’s North American session, as US Treasury bond yields halted its decline, while the Greenback prints minuscule gains of 0.01%, as shown by the US Dollar Index. At the time of writing, the white metal is trading at $22.59, after seesawing in a $22.31/$22.84 range, unable to reach the $23.00 mark.
From a technical perspective, Silver is neutral to downward bias and would extend its losses once it achieves a daily close below the latest cycle low seen on October 26, a swing low of $22.44. In that outcome, the grey metal would shift downwards. Therefore, key support levels could be challenged, with the $22.00 figure, the first line of defense for Silver Bulls, followed by $21.50, followed by the $21.00 mark.
WTI crude oil futures falls below $75 per barrel
- Lowest level since July 20
The price of WTI crude futures has now breached the $75 level. The low price just reached $74.96. That is the lowest level since July 20.
The closing level at the end of the year was at $80.42.
Oil – private survey of inventory shows large headline crude build
This is from the privately surveyed oil stock data:
- Crude +11.9 million
- Gasoline -400,000
- Distillates +1.0 MILLION
- SPR – no change
Oil prices sputter near 3-month lows as demand concerns mount
- Oil prices struggled on Wednesday after sliding to their lowest levels in over three months in the previous session, weighed down by concerns over waning demand in the world’s top oil consumers, the United States and China.
Oil prices struggled on Wednesday after sliding to their lowest levels in over three months in the previous session, weighed down by concerns over waning demand in the world’s top oil consumers, the United States and China.
“The market is clearly less concerned about the potential for Middle Eastern supply disruptions and is instead focused on an easing in the balance,” said Warren Patterson and Ewa Manthey, analysts from ING bank, in a note to clients, referring to an easing in tight oil supply conditions.
U.S. crude oil stocks rose by almost 12 million barrels last week, market sources said late on Tuesday, citing American Petroleum Institute figures.
US could start reimposing oil-focused sanctions on Venezuela
You get a day of sharply slumping oil prices and this this hits the wires ….
- The US could start reimposing oil-focused sanctions on Venezuela if the country does not move toward commitments for free elections and release more political prisoners by 30 November, a US official said today.
EU News
Major European indices close mostly higher
- UK’s FTSE 100 modestly lower on the day
The major European indices are closing higher. The UK FTSE 100 is the exception with a modest decline on the day.
- German DAX, +0.51%
- France CAC, +0.69%
- UK’s FTSE 100 -0.11%
- Spain’s Ibex +0.52%
- Italy’s FTSE MIB +0.16%
Eurozone Retail Sales (MoM) (Sep) $EUR Actual: -0.3% Expected: -0.2% Previous: -0.7%
- Euro zone retail sales fall in Sept, exposing weak consumer demand
Euro zone retail sales fell roughly in line with expectations in September, data showed on Wednesday, highlighting weak consumer demand and the prospect of recession.
German CPI (YoY) (Oct) $EUR Actual: 3.8% Expected: 3.8% Previous: 4.5%
- German inflation eases to 3.0% in October
German inflation eased in October to 3.0%, the federal statistics office said on Wednesday, confirming preliminary data. German consumer prices, harmonised to compare with other European Union countries, had risen 4.3% year-on-year in September.
- CPI (MoM) (Oct) $EUR Actual: 0.0% Expected: 0.0% Previous: 0.3%
- CPI (YoY) (Oct) $EUR Actual: 3.8% Expected: 3.8% Previous: 4.5%
- HICP (MoM) (Oct) $EUR Actual: -0.2% Expected: -0.2% Previous: 0.2%
- HICP (YoY) (Oct) $EUR Actual: 3.0% Expected: 3.0% Previous: 4.3%
French Trade Balance (Sep) $EUR Actual: -8.9B Expected: -8.1B Previous: -8.3B
- France French Trade Balance (Sep) $EUR Actual: -8.9B Expected: -8.1B Previous: -8.3B
- Trade Balance (Sep) $EUR Actual: -8.9B Expected: -8.1B Previous: -8.3B
- Imports (Sep) $EUR Actual: 58.0B Previous: 58.9B
- Exports (Sep) $EUR Actual: 49.1B Previous: 50.5B
- (French Reserve Assets Total (Oct) $EUR Actual: 224,598.0M Previous: 214,351.0M)
Italian Retail Sales (YoY) (Sep) $EUR Actual: 1.3% Previous: 2.4%
- Italian Retail Sales (YoY) (Sep) $EUR Actual: 1.3% Previous: 2.4%
Euro zone consumers raise inflation expectations in headache for ECB
- Euro zone consumers have raised their expectations for inflation over the next 12 months to 4%, a European Central Bank survey showed on Wednesday, in a potential headache for the ECB in its effort to rein in prices.
The ECB’s Consumer Expectation Survey, carried out in September and released on Wednesday, showed the median respondent thought inflation would be 4.0% in the next 12 months, up from 3.5% in August and climbing to the highest level since the spring.
The ECB also raised its inflation forecast for 2024 in September, mainly as a result of higher energy prices, as it raised interest rates to record highs.
It now expects prices to rise by 5.6% this year, 3.2% in 2024 and 2.1% in 2025.
BoE’s Bailey: Openness beats fragmentation
- In this speech Andrew Bailey describes the benefits of openness and the risks posed by fragmentation for the world economy and financial stability. He talks about the role global standards play in supporting financial openness and outlines the value of co-operation and co-ordination in pursuit of the common goal of financial stability.
- WE MUST BE ALERT TO THE PRESSURE FOR FRAGMENTATION, BOTH IN THE GLOBAL ECONOMY AND FINANCIAL SYSTEM
- COSTS THAT GO WITH SUCH FRAGMENTATION ARE REAL AND UNDESIRABLE
- UK AND IRELAND AGREE ON THE PRESSING NEED FOR ACTION TO IMPLEMENT THE FINANCIAL STABILITY BOARD’S RECOMMENDATIONS FOR ENHANCING THE RESILIENCE OF MONEY MARKET FUNDS
- UK AND IRELAND ARE BOTH COMMITTED TO THE REVIEW AND, I BELIEVE, UPGRADE OF THE STANDARDS FOR MANAGING RISKS IN OPEN-ENDED FUNDS
- UK AS INTERNATIONAL FINANCIAL CENTRE IS A GLOBAL PUBLIC GOOD, WRONG TO VIEW IT THROUGH LENS OF OVERDEPENDENCE
ECB’s Makhlouf says new risks emerging as others fade
- A large part of monetary tightening has yet to be passed through to the financial system and economy, and while some risks are fading, new vulnerabilities are emerging, European Central Bank policymaker Gabriel Makhlouf said on Wednesday.
- “Early signals of the impact of inflation and monetary tightening on borrower resilience are becoming visible among Tracker mortgages, personal loans and certain corporate lending segments,”
- “Having said that there is huge uncertainty as to what lies ahead.A large part of monetary tightening has yet to be passed through to the financial system and to the economy; and while some risks are fading, new risks are emerging.”
ECB’s Kazāks: Won’t Keep Interest Rates Elevated a Minute Longer Than Necessary
- The European Central Bank Governing Council member Mārtiņš Kazāks on Wednesday suggested that interest rates would be reduced as soon as it became appropriate to do so.
‘We cannot exclude the possibility that further rate increases might be necessary’, he continued. ‘But we simply don’t know … so we will do the best we can … we will not hold the rates at very high levels a minute longer than necessary.’
ECB policymakers keen to cool euphoria over inflation drop
- The European Central Bank needs to see further progress in dampening inflationary pressures, and companies along with governments need to chip in to prevent more policy tightening, ECB policymakers said on Wednesday.
ECB policymakers keen to cool euphoria over inflation drop
- “You do see some progress (in underlying inflation), but not yet enough,” ECB chief economist Philip Lane said in Riga
- “The ‘last mile’ before we reach our inflation target may well be the hardest,” Nagel said in London.
- “It is far, far too early in my view to start talking about whether we need to start reducing or cutting rates… And also it is too early to declare that we have reached the top of the ladder” of interest rate hikes, Makhlouf said in Dublin.
ECB’s Nagel dismisses rate-cut talk, calls inflation ‘greedy beast’
- ECB’s Nagel dismisses rate-cut talk, calls inflation ‘greedy beast’
It is far too early to talk about cutting the European Central Bank’s interest rates as inflation is a “very greedy beast” that is hard to beat, ECB policymaker Joachim Nagel said on Wednesday.
- “This discussion (on when interest rates can be cut) is not helpful… it is much, much too early,” he told an event in London. “Inflation is a greedy beast, a very greedy beast,”
- “When we have to deal with a beast that is so stubborn, we have to be even more stubborn.”
Other News
Baidu ordered artificial intelligence chips from Huawei this year, alternative to Nvidia
Via Reuters comes the news that Chinese firm Baidu, one of China’s leading artificial intelligence firms ordered AI chips from Huawei this year.Reuters cited “two people familiar with the matter” and added that it’s a sign that U.S. pressure is prompting Chinese acceptance of Huawei products as an alternative to Nvidia’s.
The U.S. government have been tightening restrictions on exports of chips and chip tools to China, including those of U.S. chip giant Nvidia. More here.
PBOC: China faces challenges from slowing economic drivers incl property, infra and export
- Pboc: china faces challenges from slowing economic drives including property, infrastructure and export
China’s economy is still in the stage of medium-speed growth of about 5%, and there may be the potential for it continue to grow at this rate for another five to 10 years, a Chinese central bank official said on Wednesday.
- CHINA FACES CHALLENGES FROM SLOWING ECONOMIC DRIVES INCLUDING PROPERTY, INFRASTRUCTURE AND EXPORT
- CHINA IS STILL IN THE STAGE OF MEDIUM-SPEED GROWTH OF ABOUT 5%
- THERE MAY STILL BE 5-10 YEARS OF MEDIUM-SPEED GROWTH POTENTIAL
- CHINA’S CURRENT MACRO POLICY FOCUSES ON PLAYING THE ROLE OF SHORT-TERM STABILITY AND BALANCE
- ECONOMIC GROWTH NEEDS TO BE DRIVEN BY STRUCTURAL POTENTIAL
- CHINA NEEDS TO CONTINUE TO MAINTAIN A RELATIVELY LOOSE MONETARY AND FISCAL POLICY
China authorities ask Ping An to take controlling stake in Country Garden
- Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation’s biggest private property developer, four people familiar with the plan said.
Reuters Exclusive-China authorities ask Ping An to take controlling stake in Country Garden, sources say.
Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation’s biggest private property developer, four people familiar with the plan said.
China’s State Council, which is headed by Premier Li Qiang, has instructed the local government of Guangdong province, where both companies are based, to help arrange a rescue of Country Garden by Ping An, said two of the sources who have direct knowledge of the matter.
A state-engineered rescue of Country Garden by Ping An would be one of the most significant interventions to date by authorities to support the cash-squeezed and highly indebted property sector, which accounts for one-quarter of China’s economic activity and has sparked fears of a broader financial crisis.
PBOC Gov says will keep monetary policy prudent, support stable growth for real economy
People’s Bank of China Governor Pan Gongsheng quoted in state-backed financial media Securities Times
- Shifting economic growth model is more important than pursuing high growth rate
- China’s economy continues to improve, 5% growth target expected to be successfully achieved
- China’s economic growth momentum improves recently, production and consumption recover steadily, employment and consumer prices stable
- Monetary policy will pay more attention to cross-cyclical and counter-cyclical adjustments in next stage
- Will always keep prudent monetary policy, support stable growth of real economy
- Will provide a good monetary and financial environment to stabilize price, promote economic growth and expand employment
National Australia Bank forecast a February 2024 RBA cash rate rise (& December is live)
- Reserve Bank of Australia interest rate forecast from NAB
National Australia Bank had been forecasting yesterday’s RBA cash rate hike months in advance, well ahead of nearly all other analysts.
In brief from the NAB on what they expect from the RBA ahead:
- We now expect another 25bp hike most likely in February after the Q4 CPI, and we also think rates cuts are unlikely to begin until November 2024 (previously August 2024)
A bit more details, summary key points:
- The RBA delivered on expectations for a rate rise at its November meeting – taking the cash rate to 4.35%. Reflecting recent data, the staff’s inflation outlook has been revised up and we now see one further rise as likely to balance the risks, pencilling in a 4.6% rate peak in February, though December is live.
- As expected, the re-acceleration in underlying inflation in Q3 as well as ongoing resilience in consumer spending and the labour market has forced a material upwards revision to the RBA’s forecasts – not just in the near term but through the profile. Unemployment now peaks lower and inflation returns to the top of the target range only at the end of 2025. The full staff forecasts will be released Friday.
- Recent communication from Governor Bullock has made clear the Board was already at the limit of its tolerance for inflation remaining above target. Given the revisions to the outlook, we expect the Board to form the view that a single 25bp adjustment to rates is not enough to mitigate the risks on inflation – seeing a further rise, most likely in February after the Q4 CPI.
- Looking further ahead, given the resilience of the economy and labour market thus far we now see rate cuts as unlikely to begin until November (previously August) with gradual cuts through 2025 and early 2026 to 3.1%, around the long-run neutral level.
RBNZ’s survey of inflation expectations: 1yrs at 3.6%, 2yrs at 2.76%
Reserve Bank of New Zealand survey shows inflation expectations falling to a two-year low.
Inching lower and another sign the RBNZ has reached the end of its rate hike cycle.
Moody’s affirms Japan’s A1 rating, and maintains a stable outlook
Ratings agency Moody’s has affirmed Japan’s A1 ratings and maintained a stable outlook.
- Moody’s says their action reflects the expectation that Japan’s capacity to carry its very large debt burden remains intact
BOJ Ueda says YCC policy side effect risk is of greater market, including FX, volatility
Bank of Japan Governor Ueda, headlines via Reuters:
- When BOJ talks about side-effects of YCC, it includes risk of triggering volatility in markets including for FX
- Desirable for FX to move stably reflecting fundamentals
- If YCC heightens FX volatility, that is seen as among side-effects of our policy, when asked BOJ views sharp yen falls as side-effect of YCC
- Recent high inflation driven by rising import prices and domestic factors, but latter still somewhat weak
- Hope to see overall inflation slow as cost-push factors dissipate but in medium- to long-run, want to see inflation gradually accelerate
- Well aware underlying price rises hurting households, companies but don’t expect this to last very long
- When looking at trend inflation there is still some distance toward 2%, which is why we are continuing with massive monetary easing
- We are continuing to buy huge amounts of govt bonds via market operations so 10-year JGB yield does not too much above 1%
- says its important to raise labour productivity to push real wages up
- There is no statistical evidence that interest rate levels have direct correlation with wage moves
- Longer run, it’s important to heighten labour productivity to push upinflation-adjusted real wages
- As for monetary policy, it can help raise wages via tighter labour market conditions by keeping real interest rates low and stimulating economy
- Won’t necessarily wait for for positive real wages to exit YCC, neg rates
- If we think there isstrong chance real wages will turn positive in the future, that maybe sufficient in making decision on whether to continue with YCC, negative rate
- We need to confirm whether pass-through of import prices dissipate, and whether wage-inflation cycle kicks off as we expect, when asked on what conditions need to be met to end YCC, negative rates
BoJ Gov Ueda says Bank stands ready to buy ETFs could be underpinning recent stock prices
Bank of Japan Governor Ueda says the fact the central bank stands ready to step in to buy ETFs in times of market turbulence could be underpinning recent stock prices.
Japan (Reuters monthly) Tankan, Both manufacturing and services improve in November
Highlights of the Reuters Tankan report:
- Manufacturers’ business confidence improved in November to +6 (from October +4) for the first time since August
- Service-sector mood rose for a second month in November, to +27 (from October +24)
Cryptocurrency News
Polygon partners with Near Protocol to bring increased scalability and decentralization to Ethereum
- Polygon announced a collaboration with Near Protocol, which could help to bridge the gap between Wasm chains and the Ethereum ecosystem.
- NEAR Foundation will be joining Polygon Labs as a core contributor to Polygon CDK (Chain Development Kit).
- Even though Near Protocol’s NEARCON conference began on Tuesday, the sell-the-news effect is visible for NEAR price.
Since the advent of Ethereum, the EVM (Ethereum Virtual Machine) has been the standard for Protocols to run on Ethereum; however, Wasm chains are now being onboarded as a means of upgrading from EVMs. To make the same happen, Polygon and Near Protocol are joining hands to bridge that gap.
Polygon and Near Protocol announce partnership
Polygon and Near Protocol announced on Wednesday that the two companies were jointly developing a zkWasm prover. The zero-knowledge (zk) prover for the Wasm blockchains will bridge the gap between Wasm-based chains and the Ethereum ecosystem.
Ripple hits new milestone in payments, likely catalyst for XRP price
- Ripple announces expanded liquidity options to meet customers’ payment needs round the clock.
- Ripple offers customers access to over 70 payout markets through its international payments network.
- XRP price rally is likely to be catalysed by developments in XRPLedger and Ripple Payments.
Ripple, a cross border payment remittance firm, made several announcements in its annual conference Swell.
The firm hit a key milestone with respect to payments for its customers. The developments are likely to be catalyzed by a boost in XRPLedger and Ripple’s utility.
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