MARKETS - Page 34

The top cryptocurrency, bitcoin, could reach $50,000 this year and $120,000 by the end of 2024, according to a new forecast from Standard Chartered. The global bank said the jump in its price could encourage Bitcoin miners to hoard more of the supply. The bank first published a $100,000 end-2024 forecast for Bitcoin in April on the view that the so-called “crypto winter” was over. Geoff Kendrick, one of the bank’s top foreign exchange (FX) analysts, said on Monday there

Levi Strauss, the renowned apparel retailer, experienced a significant share decline as the company reduced its profit forecast for the year. The drop in earnings expectations comes from disappointing wholesale revenues and sluggish sales in the United States, Levi Strauss’s largest market. The development raises concerns about the company’s ability to navigate the challenging retail landscape. Levi Strauss reported a sharp decline in its wholesale revenues, signaling a struggle in its relationships with third-party retailers. This drop-off in wholesale revenue

The world’s largest cryptocurrency is rallying as investors take comfort in the reversal from June 6 that saw BTC tumble below $31,000. The digital asset was up more than 3.28% on Thursday, rising as high as $31,500. Several analysts expect the price to continue rallying in the short term, but breaking through the $32,000 resistance might be challenging. Cryptocurrencies have been recovering over the past few weeks after sputtering in May and June as regulatory pressures and bearish sentiment weighed

Chinese banking shares listed in Hong Kong tumbled on Wednesday after Goldman Sachs downgraded top lenders, including the Agricultural Bank of China (AgBank), in a report that raised questions over the sector’s financial health. The Hang Seng Mainland Banks Index dropped more than 3%, on track for its worst day in eight months. Goldman said in a report on Wednesday that it downgraded Agbank from “Neutral” to “Sell” and cut its ratings on the Industrial and Commercial Bank of China

Oil rose Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against an uncertain global economic outlook. Brent crude futures climbed 32 cents, or 0.42%, to $75.73 a barrel by 0805 GMT, while U.S. West Texas Intermediate crude was at $70.96 a barrel, up 32 cents, or 0.45%. OPEC+ aims to prop up prices that have slumped from more than $100 a barrel since the Russian invasion of Ukraine last year and hit global

Fidelity is again seeking to list and trade shares of its Wise Origin Bitcoin Trust spot bitcoin exchange-traded fund. The Boston-based asset manager, which has about $11 trillion under administration and tens of millions of customers, resubmitted its application on Thursday, citing new fraud safeguards. The move comes amid optimism that the Securities and Exchange Commission’s long-held opposition to such funds may be softening. The latest application cites “significant developments” in the cryptocurrency market, including increased institutional adoption and new

The World Bank has approved $700 million in budgetary and welfare support for Sri Lanka, the most significant funding tranche for the crisis-hit island nation since an International Monetary Fund (IMF) deal in March. About $500 million of the funds will be allocated for budgetary support to help improve financial management and economic reform, while the remaining $200 million will be for welfare support earmarked for those worst hit by the crisis. Despite its considerable resilience in various challenges, the

Fashion retailer H&M’s (HMb.ST) shares hit a 16-month high on Thursday after its second-quarter profit beat estimates as cost-cutting measures started to bear fruit and its summer collection benefited from warmer weather in Europe. H&M, the world’s second-biggest apparel group behind Inditex owner Zara (ITX.MC), said a program to save about SEK2 billion ($208 million) annually had begun to show results as of the end of the second quarter, and other effects were expected in the second half. Its margin

Shein, a fast-fashion shopping platform based in China, is gaining popularity among American consumers and is poised to take a significant share of the U.S. market. According to UBS, this could spell trouble for several U.S. retailers struggling to compete in the crowded retail landscape. Shein has multiplied in recent years thanks to its ability to produce trendy and affordable clothing quickly. The company’s business model relies on a robust supply chain and a data-driven product development approach, allowing it

In a full display of financial strength, the 23 largest banks in the United States have successfully weathered a simulated severe recession scenario, according to the recent stress test conducted by the Federal Reserve. The stress test results underscore the banking sector’s resilience and stability, reassuring investors and the public alike amidst concerns over economic volatility. This article will delve into the significance of the stress test, highlight the key findings, and discuss the implications for the banking industry and