| August 02, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Cboe Global Markets reported its financial results for the second quarter of 2024, highlighting several key achievements. Despite a 15% decline in diluted EPS to $1.33 due to the impairment of intangible assets in the Digital reporting unit, the adjusted diluted EPS rose by 21% to $2.15, matching the first quarter's record. The company achieved record net revenue of $513.8 million, marking a 10% increase. Cboe has revised its organic total net revenue growth forecast for 2024 to 6-8%, up from the previous 5-7%. The company also reaffirmed its adjusted operating expense guidance for the year at $795 to $805 million. CEO Fredric Tomczyk praised the robust performance, noting an 8% year-to-date net revenue increase and improved EBITDA margins. CFO Jill Griebenow highlighted strong performances across all business categories, particularly in cash and spot markets, derivatives, and data and access solutions. The company returned nearly $300 million to shareholders through share repurchases and dividends and anticipates continued strong performance in the second half of the year.
Here is a clarification on yesterday's story about the Cboe selling its former headquarters and the building in New York that was sold. I made an error in finishing the real estate story. The building in Manhattan, which originally sold for $332 million in 2006, sold for just $8.5 million this week in an unusual online auction, |The New York Times reported. Apologies for not completing the story correctly yesterday.
CME Group reported a record average daily volume (ADV) of 24.8 million contracts in July 2024, a 24% increase from July 2023, with growth across all asset classes. Notable records included interest rate ADV of 11.6 million contracts, equity index ADV of 7.4 million contracts, and options ADV of 5.1 million contracts. The U.S. Treasury futures and options saw a record ADV of 6.6 million contracts. International ADV grew by 28% to 7.6 million contracts. Specific highlights include a 23% increase in interest rate ADV, a 36% rise in equity index ADV, and a 33% increase in metals ADV. The report also noted significant gains in agricultural, energy, and foreign exchange products. Additionally, BrokerTec U.S. Treasury notional volume reached $172 billion on July 31, the third highest day of trading in 2024.
Intercontinental Exchange (ICE) reported strong financial results for the second quarter of 2024, with record net revenues of $2.3 billion, a 23% increase year-over-year. Despite a 23% decline in GAAP diluted EPS to $1.10, adjusted diluted EPS rose by 6% to $1.52. ICE achieved record operating income of $1.1 billion, up 12%, and record adjusted operating income of $1.4 billion, up 21%. The operating margin for the quarter was 46%, with an adjusted operating margin of 59%. ICE Chair and CEO Jeffrey C. Sprecher highlighted the company's continued growth and commitment to leveraging data, technology, and network expertise to deliver innovative solutions. CFO Warren Gardiner noted record revenues and operating income in the first half of 2024 and the company's progress towards synergy targets related to the 2023 acquisition of Black Knight. ICE's business segments included $1.2 billion in exchange net revenues, $565 million in fixed income and data services revenues, and $506 million in mortgage technology revenues.
Believe it or not, registration is open for FIA EXPO 2024 in Chicago, to be held on November 18-20 at the Sheraton Grand Chicago Riverwalk. This year there are FOUR WAYS to participate in EXPO as a registrant: Full Conference, Single Day, Single Day Plus Exhibits and Exhibits Plus. Also, if you are coming from out of town, don't forget to reserve a room at the Sheraton. Register for EXPO HERE.
The New York Times reports that archaeologists have unearthed a 2,400-year-old hoard of Persian coins, known as darics, in Notion, an ancient city-state in modern-day Turkey. The coins, buried in a small jug beneath a third-century B.C. house, offer valuable insights into the political landscape around the time of the Peloponnesian War. Discovered by Christopher Ratte and his team from the University of Michigan, the find includes a record of the Achaemenid gold coinage chronology. The site at Notion, spanning 80 acres in western Anatolia, reflects its historical significance as a frontier zone during times of warfare and insecurity. The discovery also highlights the ancient origins of Western coinage, tracing back to the Lydians and their standardized gold and silver coins.
Laura Fulton has been promoted to the position of chief business development and marketing officer at Katten, she shared on LinkedIn.
We are trying out some new HTML code today to display the video of Mike Dennis. BTW, he was with ABN AMRO when we shot the video and is now with CME Group. We are displaying the two previous videos we published under the Dennis video in the HTML formatting. We had some varied results from different email clients in the displays for this code. Let us know if it looks strange to you. It should be a box on the top with the Dennis video and a split box beneath that with the other two videos.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- US options market hits all-time daily volume record in July from FOW.
- Former futures trading floor to become a substation from the Chicago Sun-Times
- Oil Traders Load Up on Most Options Since April on Mideast Risks from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Former ABN AMRO Executive Mike Dennis Discusses Market Trends and Opportunities in Crypto and Fixed Income at Options Conference
JohnLothianNews.com
In the picturesque setting of Asheville, North Carolina, the Options Conference became a stage for industry insights as Mike Dennis, now a former ABN AMRO executive, shared his perspectives on the evolving landscape of financial markets. In an interview with John Lothian News, part of the JLN Industry Leader video series sponsored by OCC, Dennis, now an executive with the CME Group, offered a candid look at the trends shaping the industry.
Watch the video »
Flextrade VP Rob Brogan Discusses AI, Zero-day Options, and Algo Innovations at Options Conference
Watch Video »
Unlocking Market Potential: Frank Somma Discusses SIX Clearing's Innovative Solutions and T+1 Impact
Watch Video »
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Jubilation Inside The Wall Street Journal After Gershkovich Is Freed; "I cannot even begin to describe the immense happiness and relief that this news brings," the paper's top editor wrote to the staff.
Katie Robertson - The New York Times
Early Thursday, Ella Milman and Mikhail Gershkovich sat to eat at the Mayflower Hotel in downtown Washington before a day of celebration - a day they had been waiting to arrive for 16 months. They were joined by their daughter, Danielle, her husband, and executives from Dow Jones and The Wall Street Journal. Shortly, the family would be dropped off blocks away at the White House, where it expected to receive confirmation that the couple's son, Evan Gershkovich, a foreign correspondent for The Journal, had been released from detainment in Russia as part of a prisoner swap involving seven countries.
/jlne.ws/4d6QZP4
**** Evan is freed. EVAN IS FREED!~JJL
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British tech tycoon: I only got justice because I'm rich
Tom Gerken & Tom Singleton - BBC
The British businessman Mike Lynch, who this June was acquitted in the US of a multi-billion pound fraud, has said he believes he was only able to clear his name because of his huge wealth. Mr Lynch, 59, was facing two decades in jail if had been convicted of the 17 charges he faced, relating to the sale of his tech company, Autonomy, to US firm Hewlett-Packard. He told the PM programme, on BBC Radio 4, that though convinced of his innocence throughout, he was only able to prove it in a US court because he was rich enough to pay the enormous legal fees involved. "You shouldn't need to have funds to protect yourself as a British citizen", he said. "The reason I'm sitting here, let's be honest, is not only because I was innocent... but because I had enough money not to be swept away by a process that's set up to sweep you away."
/jlne.ws/3WLDWwM
***** The truth shall set you free, but sometimes it costs money to get to the truth.~JJL
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Japan Stocks Tumble in Biggest Two-Day Rout Since 2011 Tsunami; Topix and Nikkei gauges have entered technical corrections; BOJ hawkishness, Fed signaling on rate cuts, spur yen rally
Yasutaka Tamura - Bloomberg
One of the year's most reliable stock investments has quickly turned into the world's biggest money-loser after a selloff in Japan that few saw coming. The Topix index sank about 6% Friday, completing a two-day drop of more than 9% in the wake of the Bank of Japan's interest rate hike on Wednesday and Governor Kazuo Ueda's hawkish messaging. The fall, which was the largest since the tsunami that triggered the Fukushima nuclear disaster in 2011, wiped away almost $600 billion in market value, according to data compiled by Bloomberg.
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****** The big wave this time was just a wave of selling.~JJL
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Thursday's Top Three
Our top clicked story Thursday was Thompson Center developers buy LaSalle Street building for data center conversion, from Crain's Chicago Business. Second was Active Developer in Chicago's Loop Buys Former Cboe Global Markets Headquarters, from CoStar. And speaking of data centers, our third top story was Power-Hungry Data Centers Are Gobbling Up Texas Amid AI Boom, from Bloomberg.
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| Lead Stories | Big Tech Fails to Convince Wall Street That AI Is Paying Off; Amazon, Microsoft, Alphabet earnings disappointed investors; Amazon projected profits that fell shy of market expectations
Julia Love - Bloomberg
Amazon.com Inc., Microsoft Corp. and Alphabet Inc. had one job heading into this earnings season: show that the billions of dollars they've each sunk into the infrastructure propelling the artificial intelligence boom is translating into real sales. In the eyes of Wall Street, they disappointed. Shares in Google owner Alphabet have fallen 6.1% since it reported last week. Microsoft has declined in the two days since its own results. Amazon - the latest to drop its earnings on Thursday - slid in premarket trading.
/jlne.ws/3WNejvz
Why the World Is Running Out of Essential Undersea Cables; Investors are thrilled-customers and antitrust regulators, not so much
Will Mathis and Eamon Farhat - Bloomberg
Norway's tallest building looms above a pine forest near a town of 30,000. The height of a 50-floor skyscraper, the gray, nearly windowless factory makes the biggest electric cables in the world. The cables are so long there's only one way to keep them steady to cover them with insulation: dangle them inside this tower, harnessing gravity to keep them straight. Each kilometer weighs more than 50 Ford F-150 trucks and can cost more than EUR1 million ($1.1 million), including installation. A French company, Nexans SA, manufactures the cables here in Halden on the Swedish border, an 80-minute drive from Oslo.
/jlne.ws/3Stb8X5
***Here is an opinion piece on the same topic from the Financial Times.
Feds put Nvidia AI deal under antitrust scrutiny; The investigation adds to the global pressure by regulators to prevent control of artificial intelligence by just a handful of the world's largest technology companies.
Josh Sisco - Politico
A relatively obscure Israeli start-up has gotten caught up in the tug-of-war between U.S. regulators and the world's largest tech companies over whether artificial intelligence is at risk of being controlled by a handful of giants. Justice Department lawyers are investigating the acquisition of the AI start-up Run:ai by semiconductor company Nvidia on antitrust grounds, according to five people with direct knowledge of the matter, who were granted anonymity to discuss a confidential investigation. The companies announced the deal in late April without disclosing a price, though TechCrunch reported $700 million.
/jlne.ws/3WOx5mj
***** Here is the Financial Times version of this story.~JJL
JPMorgan CEO Jamie Dimon opines on next US president without endorsing anyone
Nupur Anand - Reuters
JPMorgan Chase CEO Jamie Dimon has outlined his wish list of leadership skills that the next U.S. president should possess, but stopped short of endorsing a candidate. nIn a Washington Post op-ed published on Friday titled, "Our next president must restore our faith in America," Dimon emphasized the need for the next leader to unite the nation instead of pandering to extremes.
/jlne.ws/3ym7FD8
Top UBS Executive Iqbal Khan to Make Hong Kong His Home Base; Khan will also have residence and office in Singapore; Executive is scheduled to relocate to Asia in next few weeks
Chanyaporn Chanjaroen, Laura Noonan, and Ambereen Choudhury - Bloomberg
UBS Group AG is set to relocate Iqbal Khan to Hong Kong as he takes on a dual role as leader of the bank's Asia operations and co-head of wealth management globally. Khan's home base will be in Hong Kong, people with knowledge of the matter said. The executive will also have a residence and dedicated office in Singapore and he's likely to divide the majority of his time equally between the two cities, reflecting their status as the bank's key wealth management hubs.
/jlne.ws/4c98aya
BNP Paribas in Exclusive Talks for $5.52 Billion Deal for AXA's Investment-Management Arm; Deal would create a European asset-management giant
Adria Calatayud - The Wall Street Journal
BNP Paribas entered into exclusive talks to buy the investment-management arm of insurer AXA and reach a long-term partnership for 5.1 billion euros ($5.52 billion), in a deal that would create a European asset-management giant. The proposed transaction would bulk up BNP Paribas's investment-management operations and mark AXA's exit from asset management. The French bank said Thursday that the newly formed business would oversee assets amounting to EUR1.5 trillion and become a leading European player in the sector. AXA IM has EUR850 billion in assets under management and the acquisition would strengthen BNP Paribas's position in the management of long-term savings assets for insurers and pension funds, the bank said.
/jlne.ws/3WujXRR
How Bill Ackman's $25bn IPO dream unravelled; What started as a characteristically bold scheme came crashing down after a startling series of setbacks
Costas Mourselas and Amelia Pollard and Eric Platt - Financial Times
Bill Ackman descended on downtown Omaha in early May for what UBS billed as a "special fireside chat". It was an opportunity to get Ackman and his partner Ryan Israel in front of the kinds of investors who had stuck with Warren Buffett for decades, investors who might be interested in the pair's soon-to-be listed closed-end fund, Pershing Square USA.
/jlne.ws/3ymbdoW
Helen Toner on the OpenAI coup: 'It was about trust and accountability'; The former board member who (briefly) ousted Sam Altman talks about taking on one of tech's most powerful CEOs
Madhumita Murgia - Financial Times
A few days before Thanksgiving last year, Helen Toner and three of her peers on the board of OpenAI - the world's best-known artificial intelligence company - fired its chief executive Sam Altman in a surprise coup. The reason they gave was Altman's lack of candour in his dealings with the board, but details were minimal. In the days that followed, Toner, a director at Georgetown University's AI think-tank, the Center for Security and Emerging Technology, swirled at the centre of a crisis that threatened to tear the $86bn company apart. She became a symbolic figure of opposition to Altman, a legendary and canny Silicon Valley operator.
/jlne.ws/3yeOpHI
Fireside Friday with... Pictet Asset Management's Luca Paolini; The TRADE sits down with Luca Paolini, chief strategist at Pictet Asset Management, to discuss the key themes that impact strategies recommended to investors, how these strategies are executed by traders, and the impact of the current macro landscape.
Wesley Bray - The Trade
How are you seeing traders execute the strategies that you are recommending?
The next five years will deliver an economic environment that will alter the dynamics of equity, bond and foreign exchange in several ways. Equities will struggle to repeat their stellar performance of the past few years. In absolute terms, stocks in the MSCI World Index will generate a reasonable return of some 7% per year in local currency terms over the next five years.
/jlne.ws/3A93pYa
Tradeweb completes all-cash acquisition of Institutional Cash Distributors; Announced in April, the $785 million transaction will see Tradeweb add corporate treasury professionals as a fourth client channel.
Wesley Bray - The Trade
Tradeweb Markets has completed its acquisition of Institutional Cash Distributors (ICD), an investment technology provider for corporate treasury organisation trading short-term investments. The $785 million, all-cash transaction was originally announced earlier this year in April.
/jlne.ws/3ykBwvJ
Financial Services Litigator Stacie Hartman Joins Morgan Lewis's Chicago Office
Morgan Lewis
Morgan Lewis has added veteran trial lawyer and litigator Stacie Hartman to deepen the firm's investment management and disputes capabilities. Stacie represents clients in regulatory and other government investigations and complex litigation focusing on financial markets and the financial services industry. She will also continue her group leadership by taking on a leadership position in the firm's multidisciplinary derivatives and commodities practice. Stacie joins today from another international law firm, where she served as the financial services group chair.
/jlne.ws/3SA2qGO
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Zelenskyy says Russia is giving up on Kharkiv, months after Moscow tried to blow open the war's northeastern front
Matthew Loh - Insider
Ukrainian President Volodymyr Zelenskyy said on Wednesday that Russia has moved its focus away from Kharkiv and to the eastern front, with fighting intensifying near the city of Pokrovsk. In an interview with French media, Zelenskyy said Russian forces are now "throwing everything they have" at Pokrovsk.
/jlne.ws/4d6CtXt
Ukraine Made $200 Million Payment to Holders of GDP Warrants
Jorgelina do Rosario and Daryna Krasnolutska - Bloomberg
Ukraine has made a payment of about $200 million to holders of its GDP warrants, securities that weren't part of a recent $20 billion eurobond restructuring agreement with private creditors, the finance ministry said.
/jlne.ws/4dtjWEw
Ukraine's Allies Are Worried About the Power of Zelenskiy's Top Aide
Daryna Krasnolutska - Bloomberg
When world leaders gathered in Switzerland in June to discuss the war in Ukraine, the choreography offered a glimpse into the power games playing out behind the scenes in Kyiv as Volodymyr Zelenskiy seeks to maintain support. As the presidents and prime ministers gathered for the family photo in the picturebook Alpine setting, a towering Ukrainian official in green fatigues was positioned in the center of the group, barely an arm's length from his boss.
/jlne.ws/3WOcvCo
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Biden Tells Netanyahu to Accept Truce in 'Very Direct' Call; Leaders spoke Thursday as US frustrations over Gaza war grow; Israel is preparing for retaliation from Iran and Hezbollah
Jenny Leonard and Kateryna Kadabashy - Bloomberg
US President Joe Biden told Israel's Prime Minister Benjamin Netanyahu to agree to a cease-fire with Hamas as the White House's frustrations over the continuation of the war in Gaza grow. The two leaders, whose relationship has been strained by the conflict, spoke Thursday. While Biden pledged to support Israel against renewed threats from Iran and allied militias such as Hezbollah, he said he was "very direct" with Netanyahu, with the regional fallout from the war, now almost 10 months' old, worsening.
/jlne.ws/3WxSe2A
US redeploying forces to protect Israel from Iran retaliation, Biden says; President reaffirms commitment in phone call with Benjamin Netanyahu yet stresses the need for a Gaza ceasefire
Neri Zilber - Financial Times
US President Joe Biden said that the US military was redeploying forces in the Middle East in order to protect Israel from an expected future attack by Iran and its proxy forces, while also urging for a de-escalation of regional tensions and a ceasefire for Gaza. The comments came after a phone call with Israeli Prime Minister Benjamin Netanyahu amid growing concerns that Iran and other allied militant groups were set to retaliate for the killings this week of Hamas political leader Ismail Haniyeh in Tehran and Fuad Shukr, a senior military commander from Lebanon-based Hizbollah.
/jlne.ws/4d5wsu1
What the US should do on Iran-Israel - and what it should not; For all its power, American influence is decidedly limited. But limited is not the same as non-existent
Richard Haass - Financial Times (opinion)
The Middle East has reached a point where it is increasingly difficult - if not impossible - to distinguish between action and reaction. After what was almost certainly an errant Hizbollah attack on a Druze village in the occupied Golan Heights last week, Israel responded with an air strike that killed a senior Hizbollah commander. Then came the assassination in Iran of Ismail Haniyeh, Hamas's political leader and its chief negotiator in the Gaza ceasefire talks. Days before, there had also been a military back and forth between Israel and the Houthis, a third organisation backed by Iran.
/jlne.ws/3YtJRrC
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX commences final of two consultations to decide scope and implementation for CHESS replacement
ASX
ASX today released a public consultation paper which proposes the CHESS replacement settlement and subregister services be implemented in 2029. The paper is the second of two consultations undertaken by ASX this year to gather industry feedback on scope and implementation for the project to replace Australia's cash equities clearing and settlement system (CHESS). Also today, ASX published its summary of feedback received on the industry whitepaper it released in April that sought input on a potential move to shorten the settlement cycle from T+2 to T+1.
/jlne.ws/3LPsyJV
Press release of Corporate Actions Committee - Athens Stock Exchange (ATHEX)
ATHEX Group
The Athens Stock Exchange, following today's session of its Corporate Actions Committee, announces that the following will be implemented: Friday, August 2nd, 2024 - Ex-rights date following the share capital increase realized through capitalization of the share premium reserve of "ORILINA PROPERTIES R.E.I.C." (ISIN: GRS535003008), in terms of 1 new common registered share for every 8,8095270419 old common registered shares. The record date for the aforementioned corporate action is Monday, August 5th, 2024. The commencement of trading of 15.689.655 new shares on the electronic trading system (OASIS) of ATHEX will take place on Wednesday, August 7th, 2024.
/jlne.ws/4dubRzI
SIX Exchanges Figures: July 2024
BME
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain.
/jlne.ws/3A9fHzK
Cboe Global Markets Reports Results for Second Quarter 2024
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the second quarter of 2024. "Cboe reported another strong quarter with record net revenue of $514 million, diluted EPS of $1.33, and adjusted diluted EPS1 of $2.15, up a robust 21% from the second quarter of 2023," said Fredric Tomczyk, Cboe Global Markets Chief Executive Officer. "The second quarter results illustrate the durability of the Cboe business model with year-to-date net revenue increasing by a strong 8% and adjusted diluted EPS1 coming in 17% higher as compared to first half 2023 levels. I am incredibly pleased with the progress we continue to make as we work through our strategic review, the early output of which is evidenced by our solid expense management trends, improved year-over-year EBITDA margins, and additive capital allocation actions with $90 million of share repurchases during the second quarter and a total of $180 million for the first half of the year. Each component of our exchange ecosystem performed well during the second quarter, and we are well positioned for the second half of the year."
/jlne.ws/3ylMpxi
CME Group Reports Record July ADV of 24.8 Million Contracts, with Growth in All Asset Classes and Record Interest Rate ADV of Nearly 12 Million Contracts
CME Group
CME Group, the world's leading derivatives marketplace, today reported its July 2024 market statistics set a new July average daily volume (ADV) record of 24.8 million contracts, up 24% from July 2023. The company's interest rate, equity index, metals, agricultural and options products also reached July ADV records, while its deeply liquid U.S. Treasury complex hit a new July volume record of 6.6 million contracts. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3Sx31Jj
CME Group Lithium Hydroxide and Lithium Carbonate Futures Hit New Open Interest Records
CME Group
CME Group, the world's leading derivatives marketplace, today announced that its Lithium Hydroxide futures and Lithium Carbonate futures contracts reached record open interest on Wednesday, July 31, 2024. Lithium Hydroxide futures open interest rose to 26,802 contracts, exceeding the previous record of 26,627 contracts set on July 30, 2024. Lithium Carbonate futures open interest grew to 1,092 contracts, surpassing the previous record of 1,062 contracts achieved on July 30, 2024.
/jlne.ws/4d3OjSc
Performance Bond Requirements: Agriculture, Energy, FX, Interest Rate and Metal Margins - Effective August 02, 2024
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below.
/jlne.ws/4cc6dkD
Cash market trading volumes in July 2024
Deutsche Boerse
Deutsche Borse's cash markets generated a turnover of EUR 101.80 billion in July (previous year: EUR88.93 billion / previous month: EUR106.75 billion). EUR98.60 billion were attributable to Xetra (previous year: EUR86.17 billion / previous month: EUR103.49 billion), bringing the average daily Xetra trading volume to EUR4.29 billion (previous year: EUR4.10 billion / previous month: EUR5.17 billion). Trading volumes on Borse Frankfurt were EUR3.21 billion (previous year: EUR2.76 billion / previous month: EUR3.25 billion).
/jlne.ws/3WNycm6
Forfeiture of Unclaimed First Interim Dividend for 2018
HKEX
As provided in the Articles of Association of Hong Kong Exchanges and Clearing Limited ("HKEX"), any dividend unclaimed after a period of six years from the date for payment of such dividend shall be forfeited and shall revert to HKEX. Accordingly, HKEX's first interim dividend for 2018 of HK$3.64 per share, payable on 20 September 2018 and remaining unclaimed on 20 September 2024, will be forfeited and will revert to HKEX.
/jlne.ws/3ydUZy9
Practice Session for Severe Weather Trading
HKEX
All Clearing Participants ("CPs") are requested to note that a Practice Session ("PS") will be held on 24 August 2024 (Saturday) to allow CPs to verify their systems and operational flow setups under SWT.
/jlne.ws/3WOyDwD
Caution for Investors
MCX
It has been brought to the notice of the Exchanges that person named "Manish Bharadwaj" associated with entities named "Mcx live research" and "DWG ALGO" operating through mobile number "9810962555", Instagram channel "mcxliveresearch7380", Telegram channel "Mcx live research official" and website named "www.mcxliveresearch.in" is providing securities market tips and assured / guaranteed returns on investment in stock market and misusing the Multi Commodity Exchange of India Ltd. (MCX) brand name.
/jlne.ws/3yqTZ9P
Tradeweb Completes Acquisition of ICD
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced it has completed its acquisition of Institutional Cash Distributors ("ICD"), an investment technology provider for corporate treasury organizations trading short-term investments. The $785 million, all-cash transaction was announced in April 2024.
/jlne.ws/3WvmrPR
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Pakistan Plans to Prevent VPN Workaround to Its Ban on Musk's X; Pakistanis are using virtual private networks to skirt X ban; X use dropped by 70% in Pakistan amid ban, Tribune reported
Kamran Haider - Bloomberg
Pakistan plans to review the virtual private network services available in the country as a step to prevent users skirting its ban on accessing Elon Musk's X social platform. The Pakistan Telecommunication Authority will conduct a screening process and white-list the VPNs it considers compliant, chairman Hafeez Ur Rehman said speaking to a parliament committee, as reported by The Express Tribune. Since the government's ban of X in February - on national security grounds - its usage in the South Asian nation has plummeted 70%, according to Rehman, but many people have turned to VPNs to spoof their location and continue using the service.
/jlne.ws/46MAJk5
US launches antitrust probe into Nvidia over sales practices, The Information reports
Reuters
The U.S. Department of Justice has launched an investigation into Nvidia after complaints from competitors that it may have abused its market dominance in selling chips that power artificial intelligence, The Information reported on Thursday. Shares of the company fell around 3.6% in premarket trading on Friday. DOJ investigators are looking at whether Nvidia pressured cloud providers to buy multiple products, the report said, citing people involved in the discussions.
/jlne.ws/4cai5TW
Two Veteran Chip Builders Have a Plan to Take On Nvidia; Can MatX build the ultimate LLM chip?
Tracy Alloway and Joe Weisenthal - Bloomberg (podcast)
When it comes to chips for artificial intelligence, obviously the name that automatically comes to mind is Nvidia. The company is making a fortune selling semiconductors used for hot AI applications like large language models, and stock investors have rewarded it handsomely for doing so. But of course, Nvidia's GPUs can be used for more than just AI.
/jlne.ws/4d3YOVJ
Big Tech's AI spend is becoming too big to fail: Morning Brief
Julie Hyman - Yahoo Finance
There's a spending frenzy around AI, and this earnings season we've been getting more details on the pace of that outlay. Meta raised its capital expenditures forecast to the range of $37 billion to $40 billion. Microsoft spent $19 billion last quarter, including server farm leases. Amazon spent $30 billion so far this year and says it'll kick it up a notch to close out 2024. Apple may be zagging, but clearly has a fresh AI focus of its own. We've been told that generative AI is the next smartphone, the next internet - a transformational technology. That's why these companies have ramped up spending in a generative AI-building arms race.
/jlne.ws/3yzT0nI
UK's AI bill to focus on ChatGPT-style models; Minister assures tech firms that upcoming legislation will be highly targeted
Anna Gross and George Parker - Financial Times
UK tech secretary Peter Kyle has reassured major technology companies that a long-awaited artificial intelligence bill will be narrowly focused on the most advanced models and will not become a sprawling "Christmas tree bill" to regulate the nascent industry. Kyle told leading tech companies that the AI bill expected later this year would focus exclusively on two things: making existing voluntary agreements between companies and the government legally binding, and turning the UK's new AI Safety Institute into an arm's length government body, according to people briefed on the discussions.
/jlne.ws/4duKLbl
Media groups seek a new profit model with AI; Industry seeks to avoid painful experience with online gatekeepers such as Google and Facebook
Richard Waters - Financial Times (opinion)
When it comes to the rise of generative AI, many in the media industry seem to have learned from their painful experience with online gatekeepers such as Google and Facebook. This time, they are acting earlier to keep control of their content. But given the allure of chatbots like ChatGPT, do they have any better chance of holding on to their audiences and online revenues than they did before? A flurry of recent deals - and lawsuits - shows they are at least acting early. This week, Perplexity, a search engine start-up that uses generative AI to produce enhanced results, announced revenue-sharing deals with an eclectic group of publishers including Automattic (owner of Wordpress.com), Der Spiegel and Time.
/jlne.ws/3A4cXDA
Long After Surviving the Nazis, They Use A.I. to Remind the World; The Museum of Jewish Heritage is using artificial intelligence to create an installation where visitors can interact with people who directly experienced the Holocaust.
Joseph Berger - The New York Times
/jlne.ws/3WNTNec
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| Cybersecurity | | Top stories for cybersecurity | Deepfakes, crypto hoax, phishing and love scams: how Hongkongers paid HK$9.18 bn to fraud
South China Morning Post
Hong Kong, an international financial centre with a wealthy population, has been prone to fraud and scams, with cases and monetary losses skyrocketing to record levels last year. These crimes have not only turned into a growing epidemic but are also evolving, helped by technological innovations and a rapid increase in the scale and volume of organised crime globally.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Online brokerage Futu offers crypto trading in Hong Kong, with Nvidia, Alibaba stock as reward
South China Morning Post
Futu Securities International, Hong Kong's largest online broker, has launched retail cryptocurrency trading in the city, offering shares of Alibaba Group Holding and Nvidia as a reward in an attempt to attract investors. Futu has started allowing Hong Kong residents to trade bitcoin and ether, the world's two largest cryptocurrencies, directly on the brokerage platform using either Hong Kong or US dollars, the company announced on Thursday.
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Coinbase Posts Profit as Second-Quarter Revenue Doubles
Olga Kharif - Bloomberg
Coinbase Global Inc. posted a profit and revenue doubled as this year's cryptocurrency recovery carried into the second quarter. The biggest US crypto exchange's revenue jumped to $1.45 billion, slightly above the forecast of analysts surveyed by Bloomberg. Net income was $36 million, or 14 cents a share, after taking in account an impairment charge to writedown the value of cryptocurrencies held in its investment portfolio. It has a loss in the year-ago period.
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MicroStrategy Cash Flow Raises Some Eyebrows Amid Bitcoin Rally
Olga Kharif and Tom Contiliano - Bloomberg
Analysts are starting to pay closer-than-usual attention to the underlying enterprise software business of Bitcoin-proxy MicroStrategy Inc. How to best invest the cash kicked off from the operations was what originally caused co-founder and Chairman Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Virginia-based company has adopted a two-track strategy of investing in the cryptocurrency rather than traditional assets such as short-term Treasuries, and growing the software operations.
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MicroStrategy Posts Loss After Writedown of Bitcoin Cache; Revenue from software business was less than forecast
Olga Kharif and Muyao Shen - Bloomberg
MicroStrategy Inc. registered a second consecutive quarterly loss after taking an impairment charge against the value of its roughly $14.5 billion in Bitcoin holdings. The Tysons Corner, Virginia-based firm reported second-quarter revenue from its software business of $111.4 million, below analysts' forecasts of $119.3 million. The net loss was $102.6 million or $5.74 a share, compared to a net income of $22.2 million or $1.52, in the year-earlier period. The company uses income from its software business to support Bitcoin purchases.
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| Politics | | An overview of politics as it relates to the financial markets | US progressives push for Nvidia antitrust investigation
Jody Godoy and Max A. Cherney - Reuters
U.S. progressive groups and Democratic Senator Elizabeth Warren pressed the Department of Justice to investigate Nvidia over competition concerns, citing the company's dominance of the market for the chips driving the artificial-intelligence boom. Demand Progress and nine other groups wrote a letter this week urging Department of Justice antitrust chief Jonathan Kanter to probe business practices at Nvidia, whose market value hit $3 trillion this summer on demand for chips able to run the complex models behind generative AI.
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Researchers Identify 'Trump Dump' Effect: Ex-President Is Already Causing Deep Stock Losses In Companies And Industries He Targets
Navdeep Yadav - Benzinga
The stock market is experiencing a significant downturn, which researchers attribute to the actions and statements of former President Donald Trump. The phenomenon dubbed as the "Trump Dump" effect, has been linked to the former president's public criticisms of specific companies and sectors.
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Kamala Harris' Popularity And Hints of a Rate Cut Are Hurting 'Trump Trades'; Recent polling shows Kamala Harris gaining in battlegrounds; Bond rally, stalled dollar suggest easing of Trump-related bet
Tania Chen, Winnie Hsu, and Carter Johnson - Bloomberg
The surging popularity of Kamala Harris in US election polls and soaring odds the Federal Reserve will soon start cutting interest rates is dealing a double-blow to the so-called Trump trades. In the 11 days since President Joe Biden declared he wouldn't seek a second term and Democrats united behind the candidacy of Vice President Harris, strategies seen benefiting from a win by Donald Trump have lost steam. The dollar has stagnated, Treasuries have rallied and Bitcoin has slid.
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EU and Ukraine Dismiss Hungary Oil Scare, Saying Transit is Fine
Jorge Valero, Ewa Krukowska and Volodymyr Verbianyi - Bloomberg
The European Union rebuffed concerns from Hungary and Slovakia over a decision by Ukraine to sanction a major Russian oil company and rejected for now their request for urgent consultations over the security of crude supplies. European Commission Vice President Valdis Dombrovskis notified Hungary and Slovakia on Thursday that a preliminary analysis shows sanctions Ukraine introduced on Russia's Lukoil PJSC in June don't affect transit operations carried out by trading companies via the Druzhba pipeline as long as Lukoil isn't the formal owner of the oil.
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Release of Russian hackers believed to be first U.S. prisoner swap to include international cybercriminals; The hackers were released as part of a deal that secured the release of Wall Street Journal reporter Evan Gershkovich.
Kevin Collier - NBC News
It's rare for Russian criminal hackers to land in U.S. prisons and even rarer for them to get out early. But two of the eight Russians released in Thursday's prisoner swap with the U.S. are seasoned cybercriminals. The decision to release the Russians highlights the steep price the U.S. was willing to pay to free political prisoners held by the Kremlin, like Wall Street Journal reporter Evan Gershkovich. It is believed to be the first time the U.S. has released international hackers in a prisoner exchange, according to cybercrime experts and a review conducted by NBC News.
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Kremlin says an FSB agent and deep-cover Russian 'sleeper' agents among those returned in swap
Dmitry Antonov and Andrew Osborn - Reuters
The Kremlin said on Friday that Vadim Krasikov, a hitman returned by Germany in the biggest East-West prisoner swap since the Cold War, was an employee of Russia's FSB security service and had served in Alpha Group, the FSB's special forces unit. Krasikov was convicted by a German court of killing a former Chechen militant in a Berlin park in 2019 and President Vladimir Putin hugged him after he got off a plane in Moscow on Thursday evening.
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| Regulation & Enforcement | | Stories about regulation and the law. | US Justice Dept. is investigating Nvidia's acquisition of AI startup, Politico reports
Reuters
The U.S. Department of Justice is investigating chip giant Nvidia's (NVDA) buyout of AI startup Run:ai on antitrust grounds, Politico reported on Thursday, citing five people with direct knowledge of the matter. Nvidia shares fell over 3% in premarket trading on Friday, after ending Thursday's session 6.7% lower.
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Canadian securities regulators propose targeted changes to certain rules and policies, including to definition of "venture issuer"
Canadian Securities Administrators
The Canadian Securities Administrators (CSA) today published Notice and Request for Comment on proposed amendments and changes to certain National Instruments and Policies to address several matters, including the creation of a Senior Tier by the Canadian Securities Exchange (CSE). The new Senior Tier of the CSE is intended for non-venture issuers, with requirements that align with those of a non-venture exchange. The proposed amendments and changes revise the definition of "venture issuer" to exclude the CSE's Senior Tier companies and would also allow the CSE's Senior Tier issuers to be treated the same way under securities legislation as issuers listed on other non-venture exchanges.
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Prepared Remarks before the Strike Force on Unfair and Illegal Pricing
Chair Gary Gensler - SEC
As President Joe Biden said at our most recent Competition Council meeting with him, if you are "engaging in illegal practices that are fraudulent or unfair or deceptive or anti-competitive ... we will enforce the law."[1] The SEC's mission is to protect investors, facilitate capital formation, and maintain that which sits in the middle: fair, orderly, and efficient markets. Thus, guarding against deceptive, fraudulent, or anticompetitive practices is at the heart of what we do at the SEC.
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ASIC's first greenwashing case results in landmark $11.3 million penalty for Mercer
ASIC
In a landmark case for ASIC, the Federal Court has ordered Mercer Superannuation (Australia) Limited to pay a $11.3 million penalty after it admitted it made misleading statements about the sustainable nature and characteristics of some of its superannuation investment options. ASIC Deputy Chair Sarah Court said, 'This was ASIC's first greenwashing case brought before the Federal Court; a landmark case both for ASIC and for the financial services industry. It demonstrates the importance of making accurate ESG claims to investors and potential investors.'
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Du Val Group placed into interim receivership by High Court
FMA
The High Court has placed Du Val Capital Partners Limited together with a number of entities within the Du Val Group, into interim receivership, at the request of the Financial Markets Authority - Te Mana Tātai Hokohoko. The interim receivership orders were also made in respect of Kenyon and Charlotte Clarke. Interim Receivers are generally appointed to seek clarity around the financial position of a company or group of companies. John Howard Ross Fisk, Stephen Robert White and Lara Maree Bennett, licensed insolvency practitioners of PwC New Zealand have been appointed interim receivers of the Group. PwC New Zealand is to provide an interim report to the Court within ten working days or such other period as the Court allows.
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Unauthorised mortgage broker charged with fraud
FCA
Peterson Okoh (of Peckham, London SE15) appeared in Westminster magistrates court on 31 July 2024 for allegedly advising on and arranging mortgages, between January 2018 and December 2023, without being authorised. The Financial Conduct Authority (FCA) also alleges a significant number of mortgage applications advised on and arranged by Mr Okoh contained false information and/or were supported by forged documents. Mr Okoh has been charged by the FCA with 3 counts of fraud by false representation and 1 count of carrying on regulated activities without authorisation. Mr Okoh has pleaded not guilty to all counts.
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Dormant Assets Scheme expansion: Investment assets and client money
FCA
We have amended our rules and guidance to enable dormant investment assets and client money to be available to the Dormant Assets Scheme (DAS). Millions in dormant funds have been unlocked for charities and social enterprises, as new rules set out today facilitate the expansion of the Dormant Assets Scheme. This second phase of the expansion will bring dormant investment assets and client money in scope.
/jlne.ws/3WnFjjC
MAS Sets Up Review Group to Strengthen Equities Market Development
MAS
The Monetary Authority of Singapore (MAS) today announced that a Review Group has been set up to recommend measures to strengthen equities market development in Singapore. The Review Group will be chaired by Mr Chee Hong Tat, Minister for Transport, Second Minister for Finance and Board Member of MAS, and comprise key private sector stakeholders and public sector representatives.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | To cover losses elsewhere, TIAA pushes costly in-house products on retirement savers, whistleblower says; TIAA faces losses on a core business - recordkeeping for retirement plans at colleges and other nonprofits.
Gretchen Morgenson - NBC News
In January 2023, some 250 financial consultants working for TIAA, a giant investment advisory firm, were summoned to Texas for a four-day meeting. The event was called "A New Day for Financial Consultants," referring to TIAA representatives who handle retirement plans for thousands of nonprofit institutions like Boston College and Tuskegee University. During 30 hours of sessions, TIAA representatives were trained on how to get clients to "take action" in their accounts and change their investments using an in-house advice tool.
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Blackstone president's advice for success on Wall Street: Fight your finance bro nature
Chloe Berger - Fortune
Summer analyst season is in progress, and there are some written and unwritten rules for those vying for a gig on Wall Street (or in Midtown, in the case of Blackstone). Interns will do as others did before them: wear a cloud of cologne to a sports bar, block the street while heading to a lunch break at Pret, and don the somehow-still-popular uniform of a Patagonia vest. It's tradition, after all.
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In praise of investing the old-fashioned way Share certificates, company reports on paper and annual general meetings have distinct advantages
Simon Edelsten - Financial Times (opinion)
My father-in-law had a newsagent shop in the East End of London in the 1970s. He would sit there on a Sunday morning, pipe in the corner of his mouth, reading share tips in the business pages before neatly folding the paper and putting it back on the pile to be sold. He would buy UK shares if he found the tips convincing. I'm not sure he sold many copies of the FT in that part of London, but whatever he was reading worked. He continued investing beyond retirement. When he passed away in 2016 we found a couple of dozen paper share certificates in his drawers, including a very profitable stake in Arm Holdings.
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Is Trump Really Better Than Harris for Oil and Gas Investors? Less industry growth has translated to greater discipline and more cash
Jinjoo Lee - The Wall Street Journal
Are you voting for the pro-oil candidate or the anti-oil one? Former President Donald Trump is a vocal champion of the energy industry and wants the U.S. to "drill, baby, drill," while Vice President Kamala Harris has previously voiced support for a fracking ban. But figuring out which politician actually is more favorable to the industry is trickier than it seems. In the three-week period between President Biden's poor debate performance that cemented Trump's lead and Biden's departure from the race, crude-oil prices fell 3%, while a basket of large U.S. oil-and-gas companies rose nearly 2%. They usually move in tandem, but the divergence makes sense: As industry veteran Dan Pickering, chief investment officer of Pickering Energy Partners, put it: Trump is friendlier to the industry and riskier to the commodity price, while Harris is riskier for the industry and more bullish for price.
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The Stock That Took Investors on a $90 Billion Ride; QXO's rally violated the Law of One Price. Being able to sell shares fixed that.
Spencer Jakab - The Wall Street Journal
The incredible rise and fall of shares in QXO, a company formed by serial entrepreneur Brad Jacobs, didn't involve dishonesty or even bending the rules. But it was the latest violation of what is called the Law of One Price. In December, Jacobs and some others agreed to invest about $1 billion into a small, listed software company, SilverSun Technologies. They renamed it QXO with plans to turn it into a building-materials distributor. QXO more recently raised another $4.1 billion in two private placements.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Here come the new climate leaders; A mega election year is ushering in a different breed of net zero lawmakers
Pilita Clark - Financial Times
One day during the chaotic 2022 climate COP in the Egyptian resort of Sharm el-Sheikh, I spoke to an Icelandic entrepreneur who managed to put the event's burst sewage pipes, lack of drinking water and eye-watering food prices into perspective. "I called it the crazy COP for the first three days," said Halla Tómasdóttir, who was then chief executive of the B Team group of progressive business leaders. "But then I decided to rename it the adaptation COP," she told me, explaining that the event showed how the world would have to adapt to shortages of water, food and decent infrastructure if global warming went unchecked.
/jlne.ws/4funF6v
The dangerous effects of rising sea temperatures; Scientists are increasingly concerned that the world's oceans are approaching the limits of their capacity to absorb heat
Attracta Mooney, Steven Bernard and Jana Tauschinski - Financial Times
In 30 years of studying the oceans, Matthew England has learnt to understand their irregular yet constant rhythms - the cycles of wind, temperature and atmospheric changes that interact with the masses of water covering most of the Earth's surface. But what he has seen in the past 15 months has shocked him. Global sea surface temperatures have reached and stayed at record levels, fuelling heatwaves and melting sea ice. Temperatures in the north Atlantic waters he has been studying, including around the UK and Ireland, were described last year as "beyond extreme" by the EU's Earth observation service.
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Inside the Petrostate Hosting This Year's Global Climate Negotiations; In Azerbaijan, the causes and effects of climate change are on vivid display and the painful trade-offs needed to fight it are acutely felt.
Max Bearak - The New York Times
In a few short months, diplomats from nearly all the world's countries will descend on Azerbaijan, a small petrostate on the Caspian Sea, nestled between Russia and Iran, to wrangle over how best to avoid the ever-growing dangers of climate change. It's an unlikely place for such talk: It is out of the way, under authoritarian rule and, crucially, hyper-dependent on fossil fuels. Azerbaijan is hosting the annual climate summit, called COP29, only by dint of a quirky United Nations selection process that left it as the last option on the table.
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Harris should take on oil industry if she wins election, climate advocates say; Environmentalists believe presumptive nominee is 'perfect person' to prosecute fossil fuel firms over disinformation
Dharna Noor - The Guardian
If elected president, Kamala Harris should take on the fossil fuel industry for its history of spreading climate disinformation, environmentalists say. Forty US states and municipalities have sued big oil for allegedly spreading climate disinformation. For years, climate advocates and some lawmakers have said the Department of Justice should file a similar case.
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North Carolina Environmental Regulators at War Over Water Rules for 'Forever Chemicals'; In June, the state found PFAS at an elementary school at levels up to 233 times greater than federal limits. But the N.C. Chamber of Commerce wants to delay regulations.
Lisa Sorg - Inside Climate News
The North Carolina Chamber of Commerce has privately leaned on the state's powerful Environmental Management Commission to delay critical PFAS rules, emails obtained under state public records law show, including providing members with the résumé of a scientist who has downplayed the toxicity of the compounds.
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Russia's war pushed Europe to a tipping point on wind and solar
Catherine Boudreau - Business Insider
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Midwestern Farmers Who Say Yes to Solar Power Face Neighbors' Wrath
Drew Hutchinson and Daniel Moore - Bloomberg
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China to Start Setting Hard Targets for Cutting Emissions; The world's biggest emitter has so far used intensity targets; Hard targets to start in five-year plan beginning 2026
Bloomberg News
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Rothschild & Co AM launches fund of funds range focused on ETFs; Vehicles' relatively high management fees are still cheaper than average charged by funds of funds
Dom Lawson, Ignites Europe - Financial Times
Rothschild & Co Asset Management has launched a fund of funds range that invests in exchange traded funds as the firm seeks to lure investors into its lower-cost products. The firm is set to launch three France-domiciled funds next week named the R-co Selection ETF Balanced, R-co Selection ETF Moderate and R-co Selection ETF Dynamic. The funds will respectively charge maximum annual fees of 1.3 per cent, 1.45 per cent and 1.6 per cent, which include the costs of managing the funds themselves and the indirect costs of the funds they invest in, as well as operating costs.
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Elliott says Nvidia is in a 'bubble' and AI is 'overhyped'; Hedge fund tells clients many supposed applications of the technology are 'never going to actually work'
Laurence Fletcher and Costas Mourselas - Financial Times
Hedge fund Elliott Management has told investors that Nvidia is in a "bubble", and the artificial intelligence technology driving the chipmaking giant's share price is "overhyped". The Florida-based firm, which manages about $70bn in assets, said in a recent letter to clients that the megacap technology stocks, particularly Nvidia, were in "bubble land" and it was "sceptical" that Big Tech companies would keep buying the chipmaker's graphics processing units in such high volumes.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | More CEOs Break With Always on Tradition and Prioritize Vacation; CEOs are breaking with tradition to prioritize time off.
Jo Constantz - Bloomberg
Each summer, Daniel Chait does something unconventional: The Chief Executive Officer of a 650-person software company turns off his cell phone for a week. While fellow high-powered executives might balk at vacations that leave staff unattended, each year Chait paddles out into the Boundary Waters Canoe Area Wilderness, a million-acre national forest at the border of Minnesota and Canada. He sets an out-of-office message asking those who email him to find resources without him. Few things truly need the CEO's attention within a 24-hour period, he said.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | US FDA approves Adaptimmune's gene therapy for rare type of cancer
Reuters
The U.S. Food and Drug Administration said on Friday it has approved Adaptimmune's first-of-its-kind gene therapy to treat a rare type of cancer in the soft tissues, which typically affects young men. Branded as Tecelra, it was approved to treat synovial sarcoma in certain patients who have received prior chemotherapy.
/jlne.ws/3yeQL9w
Genetic testing firm 23andMe rejects CEO's take-private offer
Reuters
Genetic testing firm 23andMe will not go ahead with CEO Anne Wojcicki's take-private offer and has asked her to withdraw any plan to oppose any alternative deal, the company said on Friday. In April, Wojcicki notified the company of her intention to make an offer and take the company private.
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Heat deaths of people without air conditioning, often in mobile homes, underscore energy inequity
Anita Snow - Associated Press
Mexican farm worker Avelino Vazquez Navarro didn't have air conditioning in the motor home where he died last month in Washington state as temperatures surged into the triple digits. For the last dozen years, the 61-year-old spent much of the year working near Pasco, Washington, sending money to his wife and daughters in the Pacific coast state of Nayarit, Mexico, and traveling back every Christmas.
/jlne.ws/4d6YWDU
COVID is surging. Here are 8 articles I'm reading to stay informed as a health editor.
Lauren Tuck - Yahoo
COVID-19 is surging right now. Friends, family and co-workers have all been infected this summer. Yet the summer 2024 version of COVID is very different from what we faced earlier in the pandemic: Testing and tracking isn't as prevalent, isolation and quarantine rules are murky, sick etiquette is unclear and masks and other precautions are scarce. As a health editor, it's my job to know the latest on COVID, but, I'll admit, even I'm not following every incremental update on the virus. After all, we are four years into this thing! But I am staying informed. Here's what I'm reading to keep up with everything - consider this your COVID crib notes.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Chinese yields hit record lows as investors defy central bank warnings; People's Bank of China struggles to convince traders that market is overheating
Cheng Leng - Financial Times
China's bond yields have fallen to record lows as investors respond to deflationary forces in the world's second-largest economy and shrug off repeated warnings from the central bank that a bubble is forming in the sovereign bond market. The yield on the 10-year bond, which moves inversely to prices, fell to 2.13 per cent on Thursday while 30-year note yields also dropped to 2.37 per cent.
/jlne.ws/4c98GMD
Japan stocks take largest dive since Black Monday of 1987; Nikkei average tumbles to lowest close since January; Taiex and Kospi also skid
Lisa Kim - Nikkei
Japan's benchmark Nikkei Stock Average on Friday recorded the second-biggest daily drop in its history, as stocks extended losses following a sell-off in New York overnight. The index plunged to 35,909.70, down 2,216.63 points, or 5.81%, marking its lowest close since Jan. 26. Friday's decline was the second largest in the index's history after the Black Monday crash of October 1987, when global markets sank and the index cratered by 3,836.48 points. The broader Tokyo Stock Price Index shed 166.09 points, losing 6.14%.
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