Round up of today’s market news

North American News

Tech Titans Propel Markets to Double-Week Win with Stellar Surge in Stock Prices

The NASDAQ index takes the lead, boasting a robust 2.05% surge, and an overarching positive trend is evident as all three major indices comfortably surpass their 100-day moving averages. Standout performers for the week include Roblox, Broadcom, and Uber, showcasing substantial gains. Within the Dow 30, heavyweights Apple and Microsoft shine with noteworthy increases. The market narrative unfolds with a clear dominance of tech stocks, reflecting sustained investor optimism.

The major stock indices are closing near session highs with the NASDAQ index leading the way. All 3 major indices are closing above their 100-day moving averages (bullish). All 3 indices are closing higher for the week.

A snapshot of closing levels shows:

• Dow industrial average +391.16 points or 1.15% at 34283.09. Its 100-day moving average is at 34266.16
• S&P index up 67.87 points or 1.56% at 4415.23. Its 100-day moving average is at 4402.54
• NASDAQ index up 276.65 points or 2.05% at 13798.10.It’s 100-day moving averages at 13618.08.

For the week, each of the major indices close higher for the 2nd consecutive week:

• Dow Industrial Average rose 0.65%
• S&P index rose 1.31%
• NASDAQ index rose 2.37%

Big gainers this week included:

• Roblox, 10.06%
• Broadcom, 8.48%
• Lam Research +8.10%
• Uber, 8.02%
• Nvidia, +7.4%
• Snowflake, +7.01%
• Intuit, +6.09%
• Adobe, +5.95%

Looking at the Dow 30 for the week:

• Apple rose 5.52%
• Microsoft rose 4.78%
• Disney rose 3.75%
• Salesforce rose 2.98%
• JP Morgan rose 2.41%

Loser in the Dow 30 were:

• Walgreens, -6.11%
• Chevron, -3.15%
• J&J -2.70%
• Merck, -1.89%
• HomeDepot -1.38%

US November prelim UMich consumer sentiment 60.4 vs 63.7 expected

• Preliminary UMich consumer sentiment data for November 2023

• Prior was 63.8
• Current conditions 65.7 vs 69.5 expected (70.6 prior)
• Expectations 56.9 vs 59.5 expected (66.0 prior)
• 1-year inflation 4.4% vs 4.2% prior
• 5-10 year 3.2% vs 3.0% prior

The 3.2% longer-term number is also just shy of the 2022 high of 2.3% and has accelerated rapidly from 2.7%.

Cash funds continuing to attract inflows, set for record year – BofA

• Investors are pouring into cash funds as they offer higher yields on short-dated debt, putting them on track for a record-breaking year of inflows, according to Bank of America and EPFR. In the week to November 8, cash funds attracted $77.7 billion of inflows, with projections of around $1.4 trillion for 2023.

Global investors continued to pour money into cash funds in the week to Wednesday, as higher yields on short-dated debt put cash funds course for record inflows this year, according to Bank of America and data provider EPFR.

BofA’s weekly ‘Flow Show’ report showed cash funds attracted $77.7 billion of inflows in the week to Nov. 8, putting them on track to see around $1.4 trillion of inflows in 2023.

Citadel head Griffin on a new era of deglobalization, predicts decades of higher inflation

• Griffin warns of decades of much higher interest rates as a result

Ken Griffin, head of hedge-fund manager Citadel, said higher baseline inflation may go on for decades, citing structural changes that are pushing the world toward de-globalization.

• there are multiple trends “that are pushing us toward de-globalization”
• Griffin referred to an end to the “peace dividend”
• “We are likely to see higher real rates and we’re likely to see higher nominal rates.”
• higher inflation will increase the cost of funding the US deficit (higher interest rates are something the government hadn’t planned on)
• US is “spending on the government level like a drunken sailor”, current fiscal situation is unsustainable

Hidden excess: New study reveals surprising amount of US savings – soft landing ahead

• A recent report by the Federal Reserve San Francisco branch suggests that excess US savings could be much larger than previously thought, lasting until 2024. Approximately $430 billion in excess savings remains in the economy, supporting a soft landing for the US economy.

The Federal Reserve San Francisco branch have published a piece in which they conclude that excess US savings may be much larger than previously estimated and is likely to last into the middle of 2024.

• latest update implies that around $430 billion of excess savings remains in the aggregate economy.

This is supportive of a soft landing for the US economy ahead.

Fed’s Daly: Policy is in a very good place

• Speaking on CNBC
• Policy is in a very good place
• Risk of over tighten and under tightening are balanced
• News on inflation has been fairly good
• It is far too early to declare a victory
• Not ready to say what that next move will be.
• Policy is significantly restrictive
• Not sure policy restrictive enough at current settings
• Need to watch data to drive next rate decision
• “Data dependent” is about how you putting all the reports together
• I don’t want to discount that is in a good place for policy
• I don’t know if we are sufficiently restrictive
• Unsure if inflation will come down where we need it to
• Outlook for economy is positive.
• Should not be surprised about the volatility in the bond market amid uncertain outlook
• Financial conditions are tighter than they were, they are remaining tight which is helping to bring balance back to the economy
• If financial conditions ease more Fed would need to take note
• If inflation doesn’t ebb further we would likely have to tighten again
• Sufficiently restrictive policy is something that clearly lowers inflation
• Has open mind about where neutral rates now stand
• It’s hard to know why yields are rising.
• Resist temptation to think one thing is driving the economy
• Anecdotal data important for forward-looking policy decisions
• Aspiration to achieve a soft landing while controlling inflation
• For me that aspiration looks like a little bit of low potential growth
• Does not see economy falling into a deep downturn

Fed’s Bostic: There’s still more work to be done on inflation

• Bostic is in Alabama talking about economic mobility

• We will continue to forecast spending to slow, it will take some time
• Estimates that they got into restrictive territory about a year ago

JPMorgan is not fully on board with Powell’s message “more to be done on inflation”

• JPMorgan assesses mixed signals on inflation, growth and labor markets from Federal Reserve Chair Powell. JPM believes that the Fed rate hike cycle is over despite Powell’s cautious stance on Thursday. Powell conveyed he sees an unsatisfactory level of restrictive policy. The market responded with a US dollar jump and re-evaluated its view on the Fed’s dovish path.

JPMorgan were perhaps a little unking to Federal Reserve Chair Powell after this comments on Thursday, saying the remarks were those of a two-handed economist. Paraphrasing:

• there is progress on inflation BUT there is still a “long way to go,”
• while labor markets are tight BUT they are moving towards “better balance”
• economic growth is strong BUT expected to moderate

From a note to clients:

• “The forward-looking implication is that the so-far immaculate disinflation may get a little more painful in the future”
• “We still believe the Fed is done hiking for this cycle, but today’s speech should serve as notice that their rhetoric must stay hawkish until they’ve seen further improvement in inflation.”

US CEA’s Bernstein sees steady, stable economic growth, wary of higher rates headwinds

Jared Bernstein is the chair of the Council of Economic Advisers to United States President Joe Biden.

• Says we’re looking at a pretty clear transition to steady and stable growth
• Says on headwinds, being in a higher rate environment is something we have to be mindful of
• Keeping an eye onthe new conflict in the Middle East, and its effects on oil
• Not seeing conflictin Middle East as an exogenous shock so far
• Does not think a government shutdown would put the economy into recession
• Hard to know though without knowing the length of disruption
• We don’t want or need any own goals

Info comes via Reuters.

Biden and Xi to meet next week, engage in ‘in-depth discussions’

• Biden and Xi will meet during Xi’s trip to San Francisco Nov 14-17

Beijing has released a statement saying that during next week’s trip to San Francisco, Biden and Xi will engage in in-depth discussions on strategic, global and directional issues concerning US-China relations along with major global issues.

The APEC summit is in San Francisco from Nov 14-17 and Xi will attend. An intriguing twist today was that Nvidia unveiled a reformulated AI chip that will get around US sanctions.Shares are up 1% pre-market and Nasdaq futures are up 0.4%.

Brazil CPI (YOY) for October

• Brazil CPI (YoY) (Oct) $BRL Actual: 4.82% Expected: 4.87% Previous: 5.19%

Brazil Inflation Data (Oct)

Consumer prices as measured by the benchmark IPCA index, rose 0.24 percent in October, below market forecasts, government statistics agency IBGE said on Friday.

Prices rose 4.82 percent in the 12 months through October, down from an increase of 5.19 percent in the previous month.

(MoM)

Actual: 0.24% Expected: 0.29% Previous: 0.26%

(YoY)

Actual: 4.82% Expected: 4.87% Previous: 5.19%

Commodities

Silver dives as investors digest Powell’s words, US data

• The Silver’s spot price is down by more than 1%, around $22.30.
• Jerome Powell from the Fed was seen as hawkish on Thursday, fuelling US bond yields.
• Markets are pricing in rates at restrictive levels for a more extended period.
• UoM Consumer Sentiment data from the US came in lower than expected.

At the end of the week, the white metal plunged toward $22.30 and will close a 3% weekly loss, mainly driven by the US Dollar and yields recovering through the week, which pushed the metal’s price downwards. After the Greenback weakened following the Fed held rates steady last week, which markets interpreted as the bank reaching the end of its cycle and the release of a weak jobs report from October, the USD recovered in the last sessions. This was due to Fed hawks stepping in and Chair Powell claiming that the bank’s job wasn’t done, which fueled a rise in the US bond yields.

Crude oil prices settle at $77.17

• Rising US crude oil futures settle at $77.17, driven by concerns over global growth and overshadowing geopolitical risks in the Middle East.

Iraq’s commitment to the OPEC+ agreement, Brazil’s rising oil production, and Ukraine’s potential retaliatory attacks on Russian energy infrastructure add to the market dynamics. Increased production in the US and slower growth in China remain challenges. However, the need for the US to increase its strategic petroleum reserves could provide support to oil prices.

US crude futures settle at $77.17. That’s up $1.43 or 1.89% on the day. For the trading week, oil prices are trading up around 2.07%. The high for the day reached $77.69. The low price reached $75.36. 

Saudi Arabia’s oil minister blames speculative activity, OPEC exports for falling prices

• Saudi Arabia’s Energy Minister accuses speculation, increased OPEC exports for oil’s fall.

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has come out saying that global oil demand is not weak, “It’s all a ploy.”

On falling prices he blames speculative activity and higher oil exports from OPEC member countries in recent months.

Oil set for third weekly decline as Middle East conflict concerns ebb

• Oil prices are expected to decline for the third consecutive week as worries over supply disruptions from the Israel-Hamas conflict ease. Demand concerns take center stage as the threat of Middle East supply disruptions diminishes. The conflict remains contained within Gaza, despite initial fears of escalation. Israel has agreed to pause military operations in parts of north Gaza for four hours a day, although a complete ceasefire has not been established.

Oil set for third weekly decline as Middle East conflict concerns ebb.

Oil prices were up slightly on Friday but are set to fall for a third week as concerns of supply disruptions from the Israel-Hamas conflict have ebbed, allowing demand worries to reassert themselves.

“The threat of disruptions to supplies from the Middle East continues to fall,” ANZ Research said in a note on Friday.

“The conflict remains well contained within Gaza,despite concerns it would escalate as neighbouring Arab nations show their displeasure.”

The White House said on Thursday that Israel had agreed topause military operations in parts of north Gaza for four hours a day, thoughthere was no sign of a complete let-up.

EU, US, and UAE lead global coalition to phase out coal and triple renewable energy

• Over 60 countries have pledged to shift away from coal, triple renewable energy by 2030.

The European Union, United States and United Arab Emirates have hammered out an agreement to shift away from coal, triple renewable energy this decade. More than 60 countries have said they will join the pledge:, including:

• major emerging economies like Nigeria, South Africa and Vietnam
• developed countries like Australia, Japan and Canada
• and others

Reuters have the report citing a draft they’ve seen:

• the goal is doubling the world’s annual rate ofimproving energy efficiency to 4% per year until 2030
• the greater use of renewables must beaccompanied by “the phase down of unabated coal power,” including ending the financing of new coal-fired power plants

EU News

European equity close: Weak trading on Friday erases the weekly gain

• Closing changes for the main European bourses

Daily changes:

• Stoxx 600 -1.0%
• German DAX -0.8%
• UK FTSE 100 -1.3%
• French CAC -1.0%
• Italy MIB -0.4%
• Spain IBEX -0.4%

Weekly changes:

• Stoxx 600 -0.2%
• German DAX +0.3%
• UK FTSE 100 -0.8%
• French CAC flat
• Italy MIB -0.5%
• Spain IBEX +0.8%

UK Industrial Production (YoY) September

• United Kingdom Industrial Production (YoY) (Sep) $GBP Actual: 1.5% Expected: 1.1% Previous: 1.5%

• Industrial Production (MoM) (Sep) $GBP Actual: 0.0% Expected: 0.1% Previous: -0.5%
• Industrial Production (YoY) (Sep) $GBP Actual: 1.5% Expected: 1.1% Previous: 1.5%
• Manufacturing Production (MoM) (Sep) $GBP Actual: 0.1% Expected: 0.3% Previous: -0.7%
• Business Investment (QoQ) (Q3) $GBP Actual: -4.2% Expected: -3.5% Previous: 4.1%
• Business Investment (YoY) (Q3) $GBP Actual: 2.8% Previous: 9.2%
• Construction Output (YoY) (Sep) $GBP Actual: 2.8% Expected: 2.7% Previous: 1.8%

United Kingdom GDP (YoY) Q3

• United Kingdom GDP (YoY) (Q3) $GBP Actual: 0.6% Expected: 0.5% Previous: 0.6%

UK economy fails to grow in third quarter: ONS

British economic output failed to grow in the July-to-September period, figures from the Office for National Statistics showed on Friday.

• GDP (QoQ) (Q3) $GBP Actual: 0.0% Expected: -0.1% Previous: 0.2%
• GDP (YoY) (Q3) $GBP Actual: 0.6% Expected: 0.5% Previous: 0.6%
• GDP (YoY) (Sep) $GBP Actual: 1.3% Expected: 1.0% Previous: 0.5%

Lagarde says rates cuts not coming for at least “the next couple of quarters”

• Lagarde says no cuts coming

Markets and ECB President Christine Lagarde are at odds.

Right now, the rates market is pricing in s 68% chance of an ECB rate cut in April and a certainty of one in June and two in September.Meanwhile, Lagarde spoke with the FT today and said that inflation could fall to 2% if rates are held at the current 4% level for long enough.“It is not something that means in the next couple of quarters we will be seeing a change. ‘Long enough’ has to be long enough,” she said.

Italian economy likely to slow in next few months

• Italian economy is expected to face a slowdown based on declining consumer confidence and business morale, as per national statistics bureau ISTAT. Third quarter GDP remained stagnant, indicating potential economic challenges ahead.

The Italian economy is likely to slow further in the next few months after stagnating in the third quarter, national statistics bureau ISTAT said on Friday.

In its monthly economic bulletin ISTAT noted that consumer confidence fell for a fourth month running in October, while business morale also dropped in all sectors barring construction.

The data “suggests the Italian economy could slow down in coming months,” ISTAT said.

Italian gross domestic product was flat in the third quarter compared with the previous three months, a preliminary ISTAT estimate showed last week, following a 0.4% contraction between April and June.

SNB’s Schlegel says a temporary increase in inflation via rent is possible

• SNB’s Schlegel says a temporary increase in inflation via rent is possible

ECB’s Vujcic is upbeat about a eurozone soft landing, still has a data dependent rate view

• Boris Vujčić, Governor of the Croatian National Bank and European Central Bank Governing Council member, expressed optimism about achieving a soft landing in the eurozone without recession or significant unemployment. However, the ongoing war between Israel and Hamas poses a risk of higher energy prices. Vujčić emphasizes the importance of data in determining future rate changes, staying prepared for both rate increases and cuts in 2024.

Boris Vujčić Governor of the Croatian National Bank and thus an European Central Bank Governing Council member. He spoke in an interview, sounding upbeat on achieving a eurozone soft landing.

• “If our current projections materialize, then we will have a soft landing with a low sacrifice ratio, meaning without a recession and without a significant increase in unemployment”
• “We cannot be certain that it will stay that way until we reach our goal, but in my view the soft landing is still a central scenario”
• “However, we have to stand ready either for a possibility of rate increases or rate cuts, depending on incoming data in 2024”

Other News

Nvidia set to launch reformulated AI chips to the Chinese market

• Nvidia reportedly planning to release 3 new AI chips specifically for the Chinese market

Media reports citing chip industry newsletter Semi-Analysis are of Nvidia planning to release three new artificial intelligence chips aimed at the Chinese market:

• the Nvidia chips are called the HGX H20, L20 PCIe and L2 PCIe
• Nvidia could announce them on as early as November 16
• chips include most of Nvidia’s newest features for AI work, but have had some of their computing power measures cut back to comply with new U.S. rules restricting dealings with China
• Nvidia declined to comment when asked about the report

China commerce minister discusses trade ties, EV and other issues with EU’s Breton

• China’s Minister of Commerce, Wang Wentao, and the EU’s industry chief, Thierry Breton, held extensive discussions on trade ties, electric vehicles, 5G, and supply chain. Wang expressed concerns about the EU’s anti-subsidy investigations into China’s electric vehicles. Read more for the latest updates on this crucial trade partnership.

China’s Commerce Minister Wang Wentao had “in-depth” discussions with the EU’s industry chief Thierry Breton on China-EU trade relations, electric vehicles, 5G, supply chain and other topics on Friday.

Wang also raised China’s concerns about the EU’s anti-subsidy investigations over China’s electric vehicles, according to a statement from the Chinese Ministry of Commerce.

China’s robust vehicle sales surge, NEV market shines

• China’s vehicle sales continue thrive, New Energy Vehicles (NEV) sales rocketing by 33.5%

Vehicle sales in China continue to perform strongly.

October vehicle sales were up 13.8% y/y (from September’s +9.5%)

• YTD (January – October) vehicle sales were up 9.1% y/y (from January – September +4.6%)

New Energy Vehicles (NEV) sales knocked it out of the park with a 33.5% y/y rsie in October

• YTD +37.8% y/y

Country Garden aims to have offshore debt restructuring plan by year end

• China’s Country Garden plans to finalize a restructuring plan for its offshore debt by the end of 2021. The property developer aims to inform key bondholders of cash flow projections, laying the groundwork for negotiations with offshore bondholders in early 2022.

China’s embattled Country Garden is aiming to pull together a tentative plan to restructure its offshore debt by the end of this year, two sources with direct knowledge of the matter said.

The nation’s biggest private property developer, which missed a coupon payment in October triggering default terms, then aims to start formal negotiations with offshore bondholders by February or March next year.

They added the firm expects to inform key bondholders of its cash flow projections by the year’s end, as part of the basis for the tentative restructuring plan.

China’s Central Bank Governor is closely watching debt risks in various sectors

• Pan Gongsheng on debt risks in certain provinces and the real estate sector

Pan Gongsheng, Governor of the People’s Bank of China comments reported by state media:

• Closely watching financial risks in various sectors
• Some provinces are facing certain degree of debt risks, central government is paying close attention to the matter
• Rsiks in the real estate sector are manageable

China’s banks in urgent need of short-term funds are paying high overnight rates

• Cash crunch fears in China with short-term funds as high as a 50% overnight rate.

Banks in China have accelerated their borrowing of short-term funds, with some, reports Bloomberg, having to pay a 50% overnight rate last week.

The Bloomberg report is gated, but in brief:

• fears of a cash crunch still loom
• authorities sought to calm traders after a recent liquidity squeeze
• onshore lenders doubled their issuance of negotiable certificates of deposit (these are a form of debt with maturities from one to 12 months) this week to more than 1 trillion yuan ($137 billion), the largest weekly issuance of such debt on record

Hong Kong Q3 GDP expands 4.1% y/y, growth forecast revised lower

• Hong Kong’s economy expands by 4.1% year-on-year in the third quarter, with inbound tourism and private consumption expected to drive growth. Q3’s seasonally adjusted quarterly growth is 0.1%, rebounding from a 1.3% decline in the previous quarter.

Hong Kong’s economy expanded 4.1% in the third quarter from a year earlier, the government said on Friday, adding that inbound tourism and private consumption would underpin growth for the rest of the year.

On a seasonally adjusted quarterly basis, the economy grew 0.1% in the July-September period. That compared with a 1.3% slide in the April-June quarter.

RBA raises the alarm: Inflation risk is higher for longer

• Reserve Bank of Australia worried on increasing inflation risk, prompting Nov rate hike.

Reserve Bank of Australia Statement on Monetary Policy (SoMP).

• Board’s priority is to return inflation to target
• Considered whether to pause in Nov, decided a hike would provide more assurance on inflation
• In hiking, judged risk of inflation staying higher for longer had increased
• Whether further tightening needed will depend on data, balance of risks
• Inflation more persistent than expected, economy a bit stronger than expected
• Potential for further upside surprises to inflation, from both domestic and external factors
• Some measures of inflation expectations edging up, important to stop this
• Board mindful that many households facing painful squeeze on budgets
• RBA raises forecasts for inflation and GDP growth, trims unemployment and wage forecasts
• Sees trimmed mean inflation at 4.5% end 2023, 3.25% end 2024, 3.0% end 2025
• Sees CPI at 4.5% end 2023, 3.5% end 2024, 3.0% end 2025
• Sees wage growth at 4.0% end 2023, 3.7% end 2024, 3.5% end 2025
• Sees unemployment at3.75% end 2023, 4.25% end 2024, 4.25% end 2025
• Sees GDP growth at1.5% end 2023, 2.0% end 2024, 2.25% end 2025
• Forecasts assume cash rate peaks around 4.5% before declining to 3.5% by end 2025
• Revises up population forecasts, assumes peak was 2.5% in q3 followed by decline to 1.5% avg

New Zealand Manufacturing PMI drops to 42.5 in October 2023

• The New Zealand Manufacturing PMI, also known as the BNZ BusinessNZ Performance of Manufacturing Index, records a decrease from 45.3 in September to 42.5 in October 2023.

BNZ – BusinessNZ Performance of Manufacturing Index (PSI), AKA the New Zealand Manufacturing PMI.

For October 2023, comes in at 42.5, down from September’s 45.3.

BNZ Senior Economist, Doug Steel:

• “today’s PMI is not a good look for GDP and employment growth.Our GDP forecasts already include a decline in the manufacturing sector in the second half of 2023.There’s a chance that decline is bigger than we think, if the PMI does not bounce in the final months of the year”.

New Zealand still negotiating to form a government – caretaker government will remain for now

• NZ Prime Minister & incoming PM are working to extend caretaker government arrangements.

New Zealand PM Hipkins and Christopher Luxon have agreed the Governor General will be advised to extend current caretaker government arrangements until the new government is formed

New Zealand is inching closer towards forming a government after the election back on October 14. Incoming prime minister Luxon is engaged in talks with two minor parties (ACT and New Zealand First) to build a government.

Japanese Government 886bn JPY fiscal injection – second extra budget planned

• The Japanese government plans to boost its fiscal loan and investment program by 886bn JPY

The Japanese government will boost its fiscal loan and investment program with an additional 886bln JPY. One of the aims is to improve the supply chain. Extra funding will come via a second extra budget.

Reuters conveys the info, referring to a draft that it has sighted.

Cryptocurrency News

Ripple CEO bashes SEC Chair Gensler, says “could’ve avoided scams by not wasting time suing Ripple”

• XRP price fell back down to trade at $0.651, adding to the four-day decline of 9%.
• Ripple CEO Brad Garlinghouse has consistently criticized the SEC for their unreasonable pursuit of Ripple.
• Garlinghouse also revealed that the lack of clarity from the government about its stance on crypto has left banks skeptical about adopting XRP.

XRP price is set to surprise the investors but not in a good way as the recent gains are under threat.However, unbothered by the market conditions, the CEO of Ripple, Brad Garlinghouse, has been on a spree of criticism targeted at the Chair of the Securities and Exchange Commission (SEC), Gary Gensler, as well as the government of the United States.

Daily Digest Market Movers: Ripple CEO bashes SEC Chair

• Ripple Chief Executive Officer (CEO) Brad Garlinghouse, in a series of comments, arraigned the regulatory body of the United States as well as its Chair Gary Gensler for their recent decisions.First speaking at a panel at DC Fintech Week, Garlinghouse stated,

“If The SEC & Gary Gensler Wasn’t Wasting Time Suing Ripple & Meeting With Sam Bankman-Fried Maybe We Could’ve Avoided Some Of The Fraud That Occurred In The Crypto Space.

• This was followed by the Ripple CEO having a dig at the SEC following reports it had opened talks with Grayscale over their bid for converting the Grayscale Bitcoin Trust (GBTC) into a spot BTC ETF.Garlinghouse criticized the fact that this took so long to happen and called Gary Gensler’s SEC a “political liability”, stating that this is evident when the same situation is compared with other countries that “engage proactively and constructively” with the crypto industry.
   
• In another interview, Garlinghouse also held the government of the United States accountable for the lack of clarity of their stance on crypto in general. He noted that this uncertainty has resulted in the banks remaining skeptical when it comes to adopting XRP despite their recent partial win against the SEC. 
   
• Garlinghouse added:

“They’re like, ‘Look, even though you won the case, the United States government is still hostile towards crypto. The OCC is hostile towards crypto.’ And until that changes, the banks in the United States are not going to engage meaningfully.

Justin Sun confirms Poloniex hack, assures users of 100% reimbursement

• Tron founder Justin Sun’s Poloniex exchange has been confirmed to be hacked for $125 million.
• Sun announced that the hacker would receive a 5% white hat bounty if they returned the stolen funds within the next seven days, post which authorities would be involved.
• The stolen assets were majorly distributed among ETH, BTC and TRX along with some small cap altcoins such as FLOKI, AAVE, etc.

Justin Sun-owned cryptocurrency exchange Poloniex has been hacked for about $125 million. Sun took to X, formerly Twitter, to confirm the same even offering a white hat bounty and seven days of time before taking the matter to authorities. While no major price impact has been noted, the stolen assets included some major tokens such as ETH, BTC, XRP and many more.

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