US Futures Fall With Oil as Recession Fear Spreads: Markets Wrap

The S&P 500 is now poised for its worst first half since Richard Nixon’s presidency. With just seven trading days left until the end of June, the index is down 21% since the beginning of the year, a scale unmatched by any start to a year going back to 1970, according to data compiled by … Read more

Jack Ma’s Ant to Apply for Key License as Soon as This Month

The People’s Bank of China intends to accept Ant’s application to become a financial holding company once it’s submitted and will then start a review process, which could take months, said the people, asking not to be identified discussing a private matter. Officials will examine Ant’s capital strength and business plans, as well as the … Read more

Bitcoin Holds Above $ 20,000 After Week of Forced Crypto Selling

Marcus Sotiriou, an analyst at GlobalBlock, pointed to the Glassnode data to say that “a macro bottom, or temporary bottom, could be close,” according to a note on Monday. Altcoins have not suffered the same “cascade in liquidations” as Bitcoin and Ether, which are the tokens primarily used as collateral for leveraged positions, he said.

Stocks Push Higher than Traders Press Fed’s Promise: Markets Wrap

(Bloomberg) – US stocks rose Friday after struggling to find direction earlier as traders parse comments from Federal Reserve officials reiterating that the central bank needs to do more to curb the hottest inflation in 40 years. The S&P 500 and the tech-heavy Nasdaq 100 drifted higher after Thursday’s plunge took US stocks to the … Read more

Stocks Get Boost as Powell Says Big Hikes Are Rare: Markets Wrap

“75 basis points is a solid showing that will, all else being equal, serve to improve Fed credibility and leave monetary policy slightly less behind the inflationary curve,” Benjamin Jeffery and Ian Lyngen, strategists at BMO Capital Markets, wrote in a note. “The response in risk assets will ultimately define the extent to which the … Read more

Wealth Shock Delays Gold Bull Market as Goldman Revises Targets

(Bloomberg) – Gold has been hit by a large “wealth shock” on the back of a weaker yuan following the economic impact of the lockdowns in China, the world’s largest consumer, according to Goldman Sachs Group Inc., which revised its price targets. Still, the worst may be over, it added.