Archives of “December 20, 2020” day

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US coronavirus economic relief package – Schumer says vote could come on Sunday

  
  Analysis

More from the Wall Street Journal reporting on apparent progress on the COVID-19 stimulus package in Congress.

This from earlier for background:
  • WSJ report there is likely to be a US stimulus package vote on Sunday
Senate Minority Leader Schumer told media he thought both houses of Congress, the House and Senate, would be able to vote on the relief bill on Sunday.
  • “It looks like we’ll be able to …
  • If things continue on this path and nothing gets in the way, we’ll be able to vote” 
The Journal added:
  • a final agreement on the full coronavirus relief package was significantly closer, a senior Democratic aide said late Saturday
More from the Wall Street Journal reporting on apparent progress on the COVID-19 stimulus package in Congress.

Singapore bank DBS starts currency and crypto exchange

  
Analysis, BITCOIN

A digital exchange, which is being touted as the first for trading fiat money and cryptocurrencies with backing from a traditional bank in Singapore, was launched on Friday.

The full-service platform uses blockchain, or distributed ledger technology, to allow traders to exchange four currencies — Singapore, U.S. and Hong Kong dollars, and the Japanese yen — for four cryptocurrencies: Bitcoin, Ether, Bitcoin Cash and XRP.

Hosted by Southeast Asia’s largest lender, DBS Group Holdings, the DBS Digital Exchange will also function as a regulated platform for the issuance and trading of digital tokens backed by financial assets, such as shares in unlisted companies, bonds and private equity funds.

DBS has received approval in principle from the Monetary Authority of Singapore to operate organized markets for assets such as shares, bonds and private equity funds. It is also allowed to operate the platform for the exchange, according to the bank.

The Singapore Exchange has taken a 10% stake in the DBS Digital Exchange, and the two will explore opportunities to deepen the liquidity, scale and growth of the city-state’s capital markets for digital assets and currencies. (more…)

Copper and silver prices spike as governments decarbonize

  
  Analysis
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Money is flowing into the markets for such materials as copper, silver and aluminum on growing demand thanks to a shift to renewable energy and electric cars.

The trend was triggered by solid demand in China, which brought the COVID-19 pandemic under control ahead of other countries. Now investors around the world are trying to get ahead of the curve on the so-called green cycle poised to lift the commodity markets over the long term.

Three-month copper futures on the London Metal Exchange, the global benchmark, hit a seven-year high earlier this month. With the price at $7,984.50 per ton as of Friday, copper futures have risen about 80% from a low in March when the coronavirus was wreaking havoc in China.

Ever since the spread of infections settled down there, the Chinese government has been propping up the economy through public works investment and other steps. “In China, there is a shortage of many industrial products, and this is spreading to materials,” said Naohiro Niimura, a partner at Japanese commodities consultancy Market Risk Advisory.

China’s monthly imports of copper ingots and related products are well above year-earlier levels in volume terms. Meanwhile, many mines in South America and elsewhere have been forced to cut output due to COVID-19 infections. (more…)

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