by Joseph Reagan | Apr 3, 2024 | Banking
Key points
- Inflation in the Eurozone slowed to 2.4% in March, a number lower than expected.
- The dip increases the chances of interest cuts later in the year.
20 nation region, the Eurozone just received an economic boost after recording lower inflation rates (2.4%) than expected. The region has been battling harsh economic policies like hiked interest rates to deal with wild inflation since 2023, but now it’s expected that the central bank will reverse this course in June or July.
Eurozone’s economy performs better than expected
Since 2023, the ECB has been hiking interest rates to fight wild inflation rates that almost pushed the Eurozone into a financial breakdown. The inflation rates spiked in the aftermath of the COVID-19 pandemic, saw most governments overstretch their financial abilities to curb the outbreak, and many economies face shutdowns due to health lockdowns.
Throughout 2023, inflation rates worldwide have fallen due to the designated Central Banks imposing higher and higher interest rates. While this has been causing pain in the markets, it was necessary to avoid the occurrence of embedded inflation.
The Eurozone has not been any different. Its economy has been on a similar trajectory; however, it’s now showing signs of fast recovery, which is expected to ease pain in the markets by cutting interest rates. According to information published on Wednesday, the inflation rate in the region fell to 2.4%.
The region’s core inflation rate also fell from 3.1% to 2.9% in March, excluding energy, food, alcohol, and tobacco. Another economic recovery indicator that the ECB released was unemployment data. It fell to 6.5% in February, lower than 6.6% in January. Now, markets expect the Eurozone’s Central Bank to start lowering interest rates in June, a position reflected in a recent message from key figures in the ECB.
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by Joseph Reagan | Nov 9, 2023 | Finance
Key Points
- US SEC is now approaching the climax of deciding on the ongoing spot Bitcoin approval race by TradFi institutions.
- Today is the start of the first window for the commission to approve all of the 12 filed spot Bitcoin ETFs.
The US SEC has just entered an eight-day window that starts between Nov. 9 and Nov. 17, where it can approve all 12 spot Bitcoin ETF filings. Bloomberg analysts believe there is a 90% chance all 12 ETFs will be approved by Jan 10.
Will we see an approval of a spot Bitcoin ETF anytime soon?
Since Q2 this year, major TradFi institutions in the US have been racing against each other to bring spot Bitcoin and Ethereum ETFs to their customers first. However, to make the ground fair, the US SEC is expected to be approving all BTC and ETH ETFs at ago to avoid giving any institution a market advantage over the other.
The question of whether we will see any spot Bitcoin ETF approved this year has been pondered by multiple analysts and founders in the crypto space. According to an X.com post by Bloomberg ETF analyst James Seyffart, the US SEC just entered an eight-day window where it can approve all the twelve spot Bitcoin ETFs.
Seyffart said that he still believes in a “90% chance by Jan 10 for spot Bitcoin ETF approvals.” however, there is still a chance that in this first window “, a wave of approval orders for all the current applicants *COULD* occur.”
The US SEC had issued delay orders on spot Bitcoin ETFs at the same time to allow all the 12 applicants to review their applications and be ready for launch. The commission further pointed out that Nov. 8 would be the last day to receive comments on the applications.
However, according to Seyffart, it is still not going to happen that in this window, all the applicants will get their ETFs approved. The reason behind it is that the US SEC has set Nov. 17 as a recommencing period for 3 ETFs, including Hashdex Bitcoin ETF, Franklin Bitcoin ETF and Global X Bitcoin Trust. That means these three applications can only be approved as of Nov 23 at the earliest.
This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.
For more resources like this one, keep watching our website and remember to follow our socials to stay ahead of the curve. Thanks for believing in us. Your support is appreciated.
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BNB Chain/BEP 20: 0xe6814Bf3B50691BC1697E4B2717f5d204b67C7f6
by Joseph Reagan | Oct 26, 2023 | Regulation
Key Points
- SkyBridge founder Anthony Scaramucci has criticized the decision by Sam Bankman-Fried’s defense to allow him to take the stand.
- He says that the prosecutors will exploit weaknesses in his story and end up with a longer sentencing.
Anthony Scaramucci, the SkyBridge Capital founder, has voiced his opinions on the ongoing FTX case, saying Sam Bankman-Fried has run out of means to “out-fox” regulators. He added that the ex-CEO of the fallen exchange will be “skinned alive by the regulators.
Sam Bankman-Fried to take the stand in his trial case
In an Oct. 25 interview with CNBC, Anthony Scaramucci voiced his opinions on the ongoing case against FTX founder and EX-CEO Sam Bankman-Fried, saying that the Department of Justice will refer to all the contradictions he made, adding years to his eventual sentence.
He stated that the move by his defense to allow him to take the stand in his criminal trial is a “very bad move” as the prosecutors will have the chance to skin him alive without much resistance.
“He’s going to get skinned alive; there’s no way to escape. He thinks he will out-fox the prosecutors, but they’re very well experienced with this stuff.”
He added that he believes that Sam Bankman-Fried’s failed ambitions and excessive urge to out-trade everyone is the end of him. FTX Ventures had acquired a stake of 30% in SkyBridge, which the company is now trying to buy back from the now-bankrupt exchange.
However, only a little development has happened, as the exchange might be re-launched. Keep watching Fintech Express for more updates on this and other Fintech-related developments.
by Joseph Reagan | Aug 24, 2023 | Regulation
Key Points
- The United Kingdom Treasury has released a consultation paper seeking to understand the effects of a blanket ban on crypto-related cold calls.
- The new fieldwork seeks to understand the impacts such a crypto regulation would have on businesses and the economy at this time.
The U.K. has continued to push its limits regarding crypto regulation after His Majesty’s Treasury released a consultation paper that seeks to gauge what the impacts of a blanket crypto cold calls ban would have on the economy.
U.K. crypto regulatory efforts continue
The United Kingdom government is increasing its oversight on crypto assets as it considers the industry risky to its citizens. Some of its regulators have been issuing tighter restrictions, like the UK FCA and advertising boards, to control what it considers a ‘mayhem’ in the industry.
On May 3, it announced an ambitious fraud strategy that created new jobs in a push to review policies around emerging technologies sectors. The country’s National Crime Agency estimates that fraud costs are approximately $8.7 billion annually, an arrangement the government will not “tolerate.”
Now, the Treasury’s Economic Secretary, Andrew Griffith, has said that an increasing number of cold calls, often used to target vulnerable members of society, leads to fraudulent activities. As a result, the Treasury is now weighing whether to impose a blanket ban on crypto related cold calls.
In the consultation paper, the Treasury highlighted numerous cold calls being responsible for significant loses of monetary value from citizens via crypto assets. Though it has imposed several prohibitions, scammers are finding new ways of bypassing the law an arrangement the U.K. government won’t tolerate anymore.
by Joseph Reagan | Aug 21, 2023 | Finance
Key Points
- China’s Country Garden, a real estate developer, is set to be removed from Hang Seng Index on Sept 4 and be replaced by Sinopharm.
- Country Garden Services will also be removed from the Hang Seng China Enterprises Index and be replaced by Trip.com following reports that the real estate company is struggling financially.
China’s real estate sector continues experiencing challenges as big companies like Country Garden and EverGrande remain distressed. The two companies, once the largest in the country, are now nearing their end as EverGrande files for bankruptcy and Country Garden shows displeasing business prospects.
Chinese real estate sector continues being hammered as Country Garden and EverGrande go down
Country Garden, once China’s leading property developer, has been struggling to keep afloat in the ongoing economic drawbacks, with its shares plunging 70% YTD (year-to-date).
This company is not struggling alone in the real estate sector, as its competitor, EverGrande, has also filed for bankruptcy in the US. The ongoing meltdown in the Chinese real estate sector comes as the economy is stalling, proving not as strong as the world expected it to be following the post-Covid 19 open up.
As a result, productivity is decreasing in the country, which is a bad factor as the US and EU are rising against their global supply chains as their economic ties with them sour. In August, Country Garden failed to meet its bond coupon payments, which prompted issuing of a profit warning and suspending the trading of its 11 mainland China bonds.
It also has under 30 days to make the missed coupon payments on two dollar bonds coupons worth $22.5 million. As a result of this dismal performance and displeasing business prospects, the company has been replaced in Chinese Indexes, with bankruptcy remaining in sight.
Keep watching Fintech Express for more updates on this and other fintech-related developments.
