Saudi Arabia is in talks to sell 1% of state-backed oil giant Saudi Aramco to a “leading global energy company,” the kingdom’s crown prince told a Saudi-owned news channel this week. “I don’t want to give any promises, but there’s a discussion for the acquisition of a 1% stake by a leading global energy company,” Crown […] Read more
Following the booming profit beats of its Wall Street rivals, Credit Suisse is expected to report a significant loss on Thursday as it navigates the fallout from two high-profile crises. The Swiss lender announced earlier this month that it took a $4.7 billion hit from the meltdown of U.S. family hedge fund Archegos Capital and now expects a […] Read more
Dogecoin started out as a joke. Now it’s a top 10 digital currency worth $40 billion. The cryptocurrency is based on the “Doge” meme, which rose to popularity in late 2013. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text. Created in 2013 by software engineers Billy Markus and Jackson […] Read more
China — The value of the cryptocurrency market topped $2 trillion for the first time on Monday driven by a rally in ether, the second-largest digital coin. In just over two months, the market capitalization of the cryptocurrency market has doubled, according to price tracking website CoinGecko, as retail and institutional investors pile into the space. […] Read more
LONDON — Credit Suisse and Nomura warned Monday of “significant” hits to first-quarter results, after they began exiting positions with a large U.S. hedge fund that defaulted on margin calls last week. While neither Credit Suisse nor Nomura named the fund, it’s been widely reported that Archegos Capital Management is the firm connected to the fire sale. In a […] Read more
Turkey’s lira fell dramatically on Monday morning after President Recep Tayyip Erdogan fired the country’s central bank chief — the third to be fired in two years — sending shockwaves through the investor community. The currency plunged more than 16% in early morning Asian trading, according to analysts, hitting 8.4 against the dollar compared to […] Read more
European banks have seemingly weathered the coronavirus crisis well, but there are still some major challenges ahead that have the potential to rattle the sector. There’s been a noticeable difference between the pandemic and the global financial crisis of 2008: European banks have a much stronger capital position now than they did before. This is in part […] Read more
A decline in new Covid infections, along with improving economic data and stimulus hopes, could boost stocks that flourish in a resurging economy in the week ahead. In the past week, expectations for a strong economic rebound helped boost interest rates. While the broader stock market was choppy, sectors that do well in a rebound – […] Read more
Bitcoin could be headed for a breather in the new year. The red-hot cryptocurrency continued its longest monthly win streak in more than a year on Monday after grazing a new all-time above the $28,000 mark on Sunday. Based on the charts, that run might be put on pause come 2021, Mark Newton, founder and president […] Read more
Fitch Ratings raised its forecast this week for China’s economic growth next year, based on increased domestic demand and expectations for coronavirus vaccine deployment. Fitch now expects China’s gross domestic product to expand 8% in 2021, up from the 7.7% rate forecast in September. “This would be well above our estimate of China’s long-term growth […] Read more
