LONDON — For Deutsche Bank, bitcoin has lost its flair. Bitcoin suffered a huge plunge this week that saw the digital currency fall to three-month lows. It dived 30% to nearly $30,000 at one point on Wednesday, before paring losses later that day. On Thursday, bitcoin bounced back above $40,000 as the crypto market attempted to recover. Bitcoin was last trading 1% lower […] Read more
There is probably less than meets the eye from the startling inflation pop in April, as goods impacted by a variety of temporary influences pushed core price increases at the quickest pace since the Reagan presidency. Headline inflation rose by 4.2% from a year ago, while core prices excluding the volatile food and energy sectors got […] Read more
Bitcoin and other digital currencies plunged on Friday as a proposed capital gains tax hike from U.S. President Joe Biden led to a wave of selling. Bitcoin was down 7.3% at $49,730, according to Coin Metrics data. It’s the first time bitcoin has traded below $50,000 since early March. Ether fell to $2,320, down 8%. XRP, the fifth-biggest cryptocurrency, […] Read more
Global stock markets suffered a shocking start to October. The FTSE 100 index of Britain’s biggest shares fell by 3.2% in one day – its worst session since January 2016 – while America’s Dow Jones Industrial index retreated by 1.9%. The immediate causes were poor manufacturing figures and a World Trade Organisation ruling that allows […] Read more
A decline in new Covid infections, along with improving economic data and stimulus hopes, could boost stocks that flourish in a resurging economy in the week ahead. In the past week, expectations for a strong economic rebound helped boost interest rates. While the broader stock market was choppy, sectors that do well in a rebound – […] Read more
Fitch Ratings raised its forecast this week for China’s economic growth next year, based on increased domestic demand and expectations for coronavirus vaccine deployment. Fitch now expects China’s gross domestic product to expand 8% in 2021, up from the 7.7% rate forecast in September. “This would be well above our estimate of China’s long-term growth […] Read more
There’s further economic pain ahead for European countries as France and Germany announce new nationwide lockdowns and other governments consider doing the same. The latest measures to address the second wave of Covid-19 infections in Europe could lead to higher unemployment, the permanent closure of many businesses and even more national debt. “Scarring will occur […] Read more
The forthcoming U.S. election matters not only for the American people and the country’s economy; the outcome of the vote in November will also have a significant impact across the Atlantic. Europe’s financial markets and economic prospects will be affected by whoever enters (or remains) in the White House after the vote, according to economists […] Read more
The South African rand will see a significant appreciation against the U.S. dollar by the end of the year, as much of the macroeconomic risk facing the country is already priced in, according to Absa CIB Head of Currency Strategy Mike Keenan. The currency plummeted in late March as the coronavirus began to spread throughout the world, sending riskier markets […] Read more
British financial technology firm Revolut said its losses more than tripled in 2019, despite a surge in revenues and customer numbers. The London-based start-up, which offers banking and trading services through an app, posted a total loss of £106.5 million ($139.6 million) for the year ending December 31, up from £32.9 million in 2018. That […] Read more
