MARKETS - Page 17

The cryptocurrency market roared to life on Tuesday as investors drove prices higher, hoping that the US Securities and Exchange Commission would soon approve a spot bitcoin ETF. That could open the crypto market to a broader investor base and boost trading volumes. BTC rose above $45,000 for the first time since April 2022, gaining 154% last year in its most robust performance since 2020. It was last up 2.6% at $45,344 but remains far off the record high of

The Federal Reserve Bank of New York said on Friday it accepted $1.018 trillion at its overnight reverse repo facility, as inflows to the central bank liquidity facility surged on the year’s final trading day. The Fed’s RRP facility exists to put a floor underneath short-term interest rates. It is a vital tool in the Fed’s arsenal as it raises rates and shrinks its balance sheet to combat high inflation. Its inflow on Friday was the highest since Nov. 13.

The U.S.On Thursday, chipmaker Nvidia (NVDA.O) launched a modified version of an advanced gaming chip designed to comply with U.S. export controls targeting China. The company says the new chip will offer a “quantum leap in performance, efficiency, and artificial intelligence-driven graphics.” It will be available to Chinese customers starting in January, a Nvidia spokesperson told Reuters. The GeForce RTX 4090 D. Nvidia’s website lists it as having about 11% fewer processing cores than the chip version sold elsewhere. Nvidia’s

The Federal Reserve’s rate-raising campaign is entering its final week, and investors are betting that officials will start cutting borrowing costs soon. That bold wager is helping stocks near records and extending a rally in bonds and oil. Investors have lowered their expectations that the Fed will raise rates again next year and pushed up expectations for cuts, even to five quarter percentage points at least in 2024. The change in market prices is based on the notion that the

China banned the export of technology to make rare earth magnets on Thursday, adding it to a ban already in place on technology that facilitates the extraction and separation of critical materials. The move, in an apparent response to moves by the United States and Japan to wean themselves from reliance on Chinese suppliers, further cement Beijing’s grip on the market for rare earth, a group of 17 metals crucial to manufacturing the magnets that make everything from electric vehicles

In what could prove a significant milestone for cryptocurrency adoption, Argentina’s new government has officially endorsed using Bitcoin for contractual agreements. This announcement was made by the country’s Minister of Foreign Affairs, Diana Mondino, on X (formerly known as Twitter), in which she outlined the government’s willingness to accept and formalize contracts denominated in cryptocurrency. This is a significant step in Argentina’s financial evolution, and it aligns with President Javier Milei’s perspective on leveraging the digital economy to counter monetary

Many factors may have triggered the stock market’s recent selloff. A slew of earnings warnings and a hot inflation reading have revived fears about the dreaded “stagflation” scenario that typically brings higher prices and slowing economic growth. Meanwhile, interest rates are soaring, which can draw investment dollars away from stocks and into bonds — where yields are much more lucrative. The Dow is now down more than 300 points this week, while the Nasdaq has slumped nearly 6%. But for

According to a government notice posted on Tuesday, the United States has added 13 companies in China to a list of entities receiving U.S. exports that officials have been unable to inspect. The companies — which include two firms that supply parts for AstraZeneca’s COVID-19 vaccine, as well as other optical, machinery, and technology businesses — are placed on the “Unverified List” when U.S. export control officers cannot complete on-site visits to determine whether the Chinese companies can be trusted

The Memphis-based package delivery giant also cut its full-year revenue forecast, sending shares tumbling 9.8%. The company’s most extensive Express business saw demand from the U.S. Postal Service drop, pushing more packages to lower-margin ground services rather than higher-cost air options. The company said it would take “quite some time” to improve profitability at that unit as it works through a contract renewal process and higher costs for fuel. FedEx’s earnings report also came as the peak holiday shipping season

Japan Nippon Steel clinched a deal on Monday to buy U.S. Steel for $14.9 billion in cash, prevailing in an auction for the 122-year-old iconic steelmaker over rivals including Cleveland-Cliffs, ArcelorMittal and Nucor. The deal price of $55 per share represents a whopping 142% premium to Aug. 11, the last trading day before Cleveland-Cliffs unveiled a $35-per-share, cash-and-stock bid for U.S. Steel, which had been valued at just $4.3 billion. The acquisition of the world’s fourth-largest steelmaker will help Nippon