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SEC Chairman Gary Gensler reiterates his support for a bitcoin futures ETF

  
Analysis, BITCOIN

Gary Gensler is the head of the US Securities and Exchange Commission.

This piece (link) cites his renewed support for bitcoin futures Wednesday US time.
  • noted a number of open-end mutual funds invested in bitcoin futures traded on the Chicago Mercantile Exchange
  • said laws provides “significant investor protection” for mutual funds and ETFs.
SEC is reviewing more than a dozen ETF filings for bitcoin and bitcoin futures products, among others, but none have been approved yet.
BTC has held its earlier gains:
btc chart 30 September 2021

China official PMIs for September: Manufacturing 49.6 (expected 50.1)

  
Analysis, Economy

China’s National Bureau of Statistics official PMIs

Manufacturing 49.6 … Reuters posting an early release

  • expected 50.1, prior 50.1
  • into contraction for the first tie since February 2020 … wow …. this is not good.

Non-manufacturing 53.2

  • expected 52.7, prior 47.5

Composite 51.7

  • prior 48.9

more to come

—
Still to come:

0145 GMT China Caixin/Markit Manufacturing PMI for September

  • expected 49.5, prior 49.2
ps. I posted earlier it was a holiday in China today … too soon! The holiday is Friday (& through to October 7).

Thursday is the deadline for avoiding a US government shut down. Schumer says it’ll pass.

  
  Analysis
#  #  #  #  #  #

The US Senate will vote Thursday morning (local time) on a stopgap bill to keep the government funded through to December 3.

There are a series of votes beginning at 10.30am Washington time.
The stopgap funding bill will require 60 votes to pass. The numbers in the senate are evenly split, 50/50, between Dems and Reps. Senate Leader Schumer has said he has an agreement to get the bill passed though.
If it does pass the bill goes for voting in the US House where it should pass. If so it heads then to the White House for Biden to sign.
Midnight Thursday is the deadline.

Bank of England gives a one year window to spend old £20 and £50 notes

  
  Analysis

The BoE has said anyone who has the old  £20 and £50 notes has until September 2022 to spend them. After that they’ll not be legal tender.

There are around 9bn GBP in circulation. Being replaced by a new polymer note. This might be a cunning plan from the BoE to boost household spending.
Note to the future …. If you are reading this post after September 2022 you can apparently still deposit old notes into a UK bank account. And the BoE says it’ll continue to exchange withdrawn notes.
The new 50 pound note features absolute legend Alan Turing:
The BoE has said anyone who has the old  £20 and £50 notes has until September 2022 to spend them. After that they'll not be legal tender. 

US Treasury and Yellen comments on G7 global tax agreement – flag an agreement in October

  
  Analysis

Remember all the backslapping and high-fiving when this mob “reached an agreement” on global tax?

And then everyone said it didn’t apply to them though?
Here we are, still negotiating. Headlines below, probably best served with a few grains of salt.
Latest from the US Treasury and Treasury Secretary Yellen

 

  •  Treasury says G7 understanding on taxes will support reaching a final political agreement within the OECD framework in October
  • Yellen reiterated the importance of reshaping global tax rules to ensure that profitable corporations pay their fair share in taxes
  • G7 finance ministers reached common understanding on some important open issues in negotiations on reforming the international tax system

 

NASDAQ index cannot hold gains and closes lower for the fourth consecutive day

  
Analysis, US Market

S&P and Dow industrial average closed higher

The NASDAQ index was up as much as 181.4 points or 0.89% at the session highs, but could not sustain the upside momentum and is closing lower for the fourth consecutive day.  The index is down over 5% for the month and on pace for its worst month since September 2020. The Dow Jones and S&P index did closes higher with the S&P snapping a two day losing streak, but each of the indices are well off their highs and nearer its lows for the day. Both the S&P and Dow industrial average are down over 3.0% on the month.

The final numbers are showing:
  • Dow Jones industrial average, +90.73 points or 0.26% at 34390.71
  • S&P index +6.81 points or 0.16% at 4359.45
  • NASDAQ index down 34.23 points or -0.24% at 14512.45
  • the Russell 2000 fell -4.47 points or -0.20% at 2225.31
Looking at the different sectors of the S&P, the winners included:
  • utilities, +1.29%
  • consumer staples, +0.87%
  • healthcare +0.77%
  • real estate +0.67%
on the losing side:
  • materials -0.3%
  • communication services -0.21%
  • technology -0.1%
  • energy -0.01%
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