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White House looking to regulate stable coin issuers like banks

That’s going to cause some problems

The White House isn’t going to tolerate stable coins. The latest report is from Dow Jones.
At the end of the day, that shouldn’t be a problem for people in crypto who aren’t using them to launder money.
There are just too many red flags around tether and a stable coin failure could do so much damage to all crypto.

European equity close: Soft start to the new month

Rough week for equity markets:

  • UK FTSE 100 -1.0%
  • German DAX -0.9%
  • French CAC -0.4%
  • Spain IBEX +0.2%
  • Italy MIB -0.7%
On the week:
  • UK FTSE 100 -0.3%
  • German DAX -2.3%
  • French CAC –1.8
  • Spain IBEX -0.9%
  • Italy MIB -1.3%
The good news is that European equities finished off the lows and now US stocks are beginning to run to the upside. Here’s a look at the daily DAX and it shows how we broke the summer lows earlier today before closing back above them.
German DAX

Rating agency Fitch says debt limit brinksmanship could put AAA rating at risk

Stocks react negatively

Rating agency Fitch is out saying that the debt limit brinksmanship could put US AAA rating at risk.

  • Failure of latest efforts to suspend US government debt limit indicates current stand off could be among the most protracted since 2013
  • Nevertheless it believes that US debt limit will be raised or suspended in time to avert a default event
  • If US debt limit were not raised or suspended in time, political brinksmanship and reduce the financing flexibility could increased risk of sovereign default
The headline may be contributing to a pullback in the S&P and NASDAQ indices. The S&P index is currently up only 5.29 points while the NASDAQ index has turned negative and trades down -18.54 points
Note that the base case four Fitch is still not for a default event.

Eurozone September final manufacturing PMI 58.6 vs 58.7 prelim

Latest data released by Markit – 1 October 2021

The preliminary report can be found here. The drop in the past month is the steepest since April last year as supply-side constraints weigh on manufacturing activity, with the pace of expansion slowing down further after peaking in the summer. A quick overview:
Meanwhile, Markit notes that:

“While Eurozone manufacturing expanded at a robust pace in September, growth has weakened markedly as producers report a growing toll from supply chain headwinds.

“Supply issues continue to wreak havoc across large swathes of European manufacturing, with delays and shortages being reported at rates not witnessed in almost a quarter of a century and showing no signs of any imminent improvement.

“Growing supply and transport issues are not only being cited as a major constraint on both production and demand, but also once again drove prices sharply higher in September.

“Factory jobs growth has meanwhile also slowed partly due to lower labour requirements amid the widespread component shortages.

“With costs rising and factories struggling to produce enough goods to meet customer demand, the average price of goods leaving the factory gate rose at an increased rate in September, accelerating to almost match the record price jumps seen earlier in the summer.

“The supply situation should start to improve now that COVID-19 cases are falling and vaccination rates are improving in many countries, notably in several key Asian economies from which many components are sourced, but it will inevitably be a slow process which could see the theme of supply issues and rising prices run well into 2022.”

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Still to come – US House votes on infrastructure (after 10pm local time)

US Lower House Speaker Nancy Pelosi has said she is still working towards reaching an agreement around the circa  $3.5 trillion infrastructure bill.

Pelosi had earlier indicated that there will be a vote Thursday evening, after 9pm Washington time. That’s now 10pm (which is 0300 GMT).
  • “We’re on a path to win the vote” 
  • “I don’t want to even consider any options other than that.”
If the bill does pass it faces a much harder time in the upper house. Its not even close to passing into law.

Bank of Japan quarterly Tankan report

The BOJ’s Tanki Keizai Kansoku Chousa (Tankan) reports on the Short-Term Economic Survey of Enterprises in Japan

Full report can be found from the Bank of Japan website here.
Headlines via Reuters:

 

  •  September big manufacturers index +18(Reuters poll: 13)
  • December big manufacturers index seen at +14(Reuters poll: 15)
  • September big non-manufacturers index +2(Reuters poll: 0)
  • December big non-manufacturers index seen at +3(Reuters poll: 5)
  • September small manufacturers index -3(Reuters poll: -9)
  • December small manufacturers index seen at -4(Reuters poll: -6)
  • September small non-manufacturers index -10(Reuters poll: -11)
  • December small non-manufacturers index seen at -13(Reuters poll: -9)
  • Japan all firms see dollar averaging 107.64 yen for fy2021/22
  • Japan all firms see euro averaging 126.50 yen for fy2021/22
  • Japan big manufacturers see dollar averaging 106.72 yen for fy2021/22
  • September all firms employment index -17
  • September all firms financial condition index +11 vs june +11
  • September big manufacturers’ production capacity index +1 vs june +1
  • Japan big manufacturers see fy2021/22 recurring profits +12.7%
  • Japan big firms see fy2021/22 capex +10.1% (Reuters poll: 9.1%)
  • Japan small firms see fy2021/22 capex +4.7% (Reuters poll: 1.6%)
  • BOJ September tankan corporate price expectations survey: Japan firms expect consumer prices to rise 0.7% a year from now vs +0.6% in prev survey
  • Japan firms expect consumer prices to rise an annual 1% 3 years from now vs +0.9% in prev survey
  • Japan firms expect consumer prices to rise an annual 1.1% 5 years from now vs +1.1% in prev survey
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