(Bloomberg) Most Asian equities dipped Thursday after U.S. indexes eased from all-time peaks, with the drop in cryptocurrency exchange Coinbase Global Inc. overshadowing strong bank earnings. Oil trimmed earlier gains. Shares fell in Hong Kong and China as the central bank effectively drained cash from the financial system, adding to concerns about tightening liquidity. Tech stocks also struggled. Japan and South Korea edged higher. U.S. futures fluctuated after Coinbase traded down in its Nasdaq debut. Bank stocks gained overnight on revenue windfalls for the likes of Goldman Sachs Group Inc. The dollar inched upward after three straight days of losses, and the benchmark 10-year Treasury yield held around 1.63%. In Asia’s session, investors are also watching for further tremors from the sharp selloff in the bonds of distressed-debt enterprise China Huarong Asset Management Co., which has pushed investment-grade spreads higher. With equities hovering around record levels, traders a
Powell: QE taper likely well before interest rate increase
Reuters | Apr 15, 2021 12:39 AM EDT
Chairman of the Federal Reserve Jerome Powell listens during a Senate Banking Committee hearing on The Quarterly CARES Act Report to Congress (Photo : Susan Walsh/Pool via REUTERS/File Photo)
The Federal Reserve will reduce its monthly bond purchases before it commits to an interest rate increase, Fed Chair Jerome Powell said on Wednesday, clarifying the order of monetary policy changes that are still months if not years in the future.
The Fed is currently buying $120 billion a month in government-issued and government-backed securities, and has pledged to continue doing that until the economy is more fully recovered.
Bitcoin’s price topped 64,000 dollars (£46,000) on Wednesday, up from 29,000 dollars (£21,000) at the start of the year, and Coinbase said recently that first-quarter revenue should total around 1.8 billion (£1.31 billion), exceeding its revenue for all of 2020.
Shares of Coinbase are listed on the Nasdaq under the ticker COIN, and closed at 328.28 dollars (£238), up 31% from the 250 dollar (£181) reference price set by Nasdaq ahead of the first trade.
That puts Coinbase’s market value at 85.78 billion dollars (£62.2 billion), making it one of the biggest publicly traded US companies just 93 companies in the S&P 500 index have a higher market value.
Founded in 2012, Coinbase became popular among cryptocurrency fans by providing them with an easier way to exchange shares of Bitcoin and other digital currencies.
S&P 500 Drops from Record High as Bank Shares Helped Prevent Stock Market Freefall
5 hours ago by Benjamin Godfrey · 3 min read
Photo: Depositphotos
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The general losses in the stock market were cushioned by bank shares after their better-than-expected earnings releases.
The United States stock market on Wednesday recorded a mixed session result as gains in bank shares helped prevent a broader market freefall. The S&P 500 Index (INDEXSP: .INX) dropped 0.41% lower to 4,124.66 after hitting a new high in volatile trading. The Dow Jones Industrial Average (INDEXDJX: .DJI) added 53.62 points atop a 0.16% gain to close the session at 33,730.89. The Nasdaq Composite (INDEXNASDAQ: .IXIC) pared off some of its gains from earlier in the week, dropping 0.99% to 13,857.84.
Apr 15 2021, 8:36 AM
April 15 2021, 3:14 AM
April 15 2021, 8:36 AM
(Bloomberg) Most Asian equities dipped Thursday after U.S. indexes eased from all-time peaks, with the drop in cryptocurrency exchange Coinbase Global Inc. overshadowing strong bank earnings. Oil trimmed earlier gains.
(Bloomberg) Most Asian equities dipped Thursday after U.S. indexes eased from all-time peaks, with the drop in cryptocurrency exchange Coinbase Global Inc. overshadowing strong bank earnings. Oil trimmed earlier gains.
Shares fell in Hong Kong and China as the central bank effectively drained cash from the financial system, adding to concerns about tightening liquidity. Tech stocks also struggled. Japan and South Korea edged higher. U.S. futures fluctuated after Coinbase traded down in its Nasdaq debut. Bank stocks gained overnight on revenue windfalls for the likes of Goldman Sachs Group Inc.