Coinbase to sell crypto futures in the US
Coinbase Global Inc. has been authorized to directly sell cryptocurrency derivatives to retail consumers in the US. According to a company spokesperson, the offering will be launched within a few weeks.
Coinbase has been working to push derivatives for some time. It applied for National Futures Association (NFA) authorization almost two years ago.
In early 2022, it bought the FairX futures exchange, which was already registered with US regulators. Renamed Coinbase Derivatives Exchange, it currently directs traders to buy futures from third parties such as brokers.
But once it receives NFA authorization, Coinbase will be able to provide these same derivatives to users directly, initially through the main Coinbase app.
The company has recently introduced derivatives overseas. In May, it announced the launch of Coinbase International Exchange, which allows institutional users located in eligible jurisdictions outside the US to trade perpetual futures. According to the website, trading volume on the international exchange totaled $2.52 billion over the past 30 days.
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Coinbase Global Inc. has been authorized to directly sell cryptocurrency derivatives to retail consumers in the US. According to a company spokesperson, the offering will be launched within a few weeks.
Coinbase has been working to push derivatives for some time. It applied for National Futures Association (NFA) authorization almost two years ago.
In early 2022, it bought the FairX futures exchange, which was already registered with US regulators. Renamed Coinbase Derivatives Exchange, it currently directs traders to buy futures from third parties such as brokers.
But once it receives NFA authorization, Coinbase will be able to provide these same derivatives to users directly, initially through the main Coinbase app.
The company has recently introduced derivatives overseas. In May, it announced the launch of Coinbase International Exchange, which allows institutional users located in eligible jurisdictions outside the US to trade perpetual futures. According to the website, trading volume on the international exchange totaled $2.52 billion over the past 30 days.
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Bank of Ireland glitch allowed overdrawn withdrawals
🤑 Now, it’s time for truly fascinating stories
Bank of Ireland’s "technical issue" allowed transfers and withdrawals beyond customer limits and made online banking unavailable, the Guardian reported. The bank's ATMs have started dispensing €1,000 to all customers with a zero balance.
🔻Customers found out about the glitch through word of mouth and social media, and queues lined up outside ATMs for the free money.
🔻Some bank offices were even taken into police custody in Dublin, Limerick, and Dundalk.
🔻Bank of Ireland has warned customers that attempted withdrawals during the error will be recorded, and the amount will be deducted from their accounts, even if it results in a negative balance.
🔻Police have reminded Irish citizens of their personal responsibility for banking transactions.
A system error also affected the bank's online application. The bug allowed up to €500 to be transferred to a Revolut Bank account from Bank of Ireland accounts with a zero balance.
The frenzy lasted for a day, and the next day Bank of Ireland fixed all the bugs and temporarily disabled some services to prevent customers from spending other people's money.
🤓 If it were your bank, what would you do?
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Bank of Ireland’s "technical issue" allowed transfers and withdrawals beyond customer limits and made online banking unavailable, the Guardian reported. The bank's ATMs have started dispensing €1,000 to all customers with a zero balance.
🔻Customers found out about the glitch through word of mouth and social media, and queues lined up outside ATMs for the free money.
🔻Some bank offices were even taken into police custody in Dublin, Limerick, and Dundalk.
🔻Bank of Ireland has warned customers that attempted withdrawals during the error will be recorded, and the amount will be deducted from their accounts, even if it results in a negative balance.
🔻Police have reminded Irish citizens of their personal responsibility for banking transactions.
A system error also affected the bank's online application. The bug allowed up to €500 to be transferred to a Revolut Bank account from Bank of Ireland accounts with a zero balance.
The frenzy lasted for a day, and the next day Bank of Ireland fixed all the bugs and temporarily disabled some services to prevent customers from spending other people's money.
🤓 If it were your bank, what would you do?
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🌾 India mulls discounted wheat imports from Russia
India is negotiating with Russia to import wheat at a discount in response to rising world prices, a rare move aimed at boosting supplies and curbing food inflation.
"The government is exploring the possibility of imports through private trade and government-to-government deals. The decision will be made cautiously," one of the sources said when asked about wheat imports from Russia.
India has not imported wheat under diplomatic deals in several years. The last significant amount of wheat was imported in 2017 when private traders supplied 5.3 million metric tons.
Wheat stocks in government warehouses on August 1 were 28.3 million tons, 20% below the 10-year average.
So the government's plan to import Russian wheat is one of the measures being considered to bring down the prices of key commodities. It also includes expanding rural programs to cushion the impact of inflation on the poor.
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India is negotiating with Russia to import wheat at a discount in response to rising world prices, a rare move aimed at boosting supplies and curbing food inflation.
"The government is exploring the possibility of imports through private trade and government-to-government deals. The decision will be made cautiously," one of the sources said when asked about wheat imports from Russia.
India has not imported wheat under diplomatic deals in several years. The last significant amount of wheat was imported in 2017 when private traders supplied 5.3 million metric tons.
Wheat stocks in government warehouses on August 1 were 28.3 million tons, 20% below the 10-year average.
So the government's plan to import Russian wheat is one of the measures being considered to bring down the prices of key commodities. It also includes expanding rural programs to cushion the impact of inflation on the poor.
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🌚 Shiba Inu team’s L2 blockchain crashed right after mainnet launch
The Shiba Inu community launched the Shibarium core network, a Layer 2 solution for scaling Ethereum, on August 16 after months of testing that involved millions of users and the creation of 21 million wallets.
The new blockchain is designed to interoperate with the Ethereum network and should provide a scalable and cost-effective platform for transactions, a Shiba Inu spokesperson said.
But almost immediately after launch, the Shibarium network "crashed," with transactions hanging on hold and about $1.7 million in user funds now temporarily blocked.
Users were advised to refrain from transactions for the moment, and the SHIB rate fell 8%.
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The Shiba Inu community launched the Shibarium core network, a Layer 2 solution for scaling Ethereum, on August 16 after months of testing that involved millions of users and the creation of 21 million wallets.
The new blockchain is designed to interoperate with the Ethereum network and should provide a scalable and cost-effective platform for transactions, a Shiba Inu spokesperson said.
But almost immediately after launch, the Shibarium network "crashed," with transactions hanging on hold and about $1.7 million in user funds now temporarily blocked.
Users were advised to refrain from transactions for the moment, and the SHIB rate fell 8%.
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US stock market overheated - BofA analysts say
Bank of America analysts report that, according to all key metrics, the current value of S&P500 companies is higher than it should be, which is a sign of a major deep correction in companies values.
Earlier, Warren Buffett and Michael Burry also beted on a near-term decline in the US stock market.
Warren Buffett's Berkshire Hathaway previously reported record earnings for the quarter, and showed the company's share of cash on hand totaled $147 billion. Such amount may be needed to start picking up falling assets at lower prices immediately, should they start to fall.
As for Michael Burry - he recently put a $1.5 billion short bet against the US economy, just like he did in 2008.
The Big Short 2?
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Bank of America analysts report that, according to all key metrics, the current value of S&P500 companies is higher than it should be, which is a sign of a major deep correction in companies values.
Earlier, Warren Buffett and Michael Burry also beted on a near-term decline in the US stock market.
Warren Buffett's Berkshire Hathaway previously reported record earnings for the quarter, and showed the company's share of cash on hand totaled $147 billion. Such amount may be needed to start picking up falling assets at lower prices immediately, should they start to fall.
As for Michael Burry - he recently put a $1.5 billion short bet against the US economy, just like he did in 2008.
The Big Short 2?
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Africa's major bank hits record profits amid regional economic recovery
Standard Bank Group Ltd, Africa's largest bank by assets, reported record pretax profit in the first half of 2023.
Profit attributable to ordinary shareholders rose 36% to 21.9 billion rand ($1.1 billion) in the six months ended June, driven by revenue growth in Ghana, Kenya, Mozambique, Nigeria, Uganda and Zimbabwe, the company said on Thursday.
Franchise headline earnings in African regions rose 65%, accounting for 44% of the group's total earnings.
However, the bank faced challenges within its domestic market, South Africa. Inflation and interest rate pressures, along with slow reforms, poor service quality, frequent power outages, and logistical disruptions, continued to impact the bank's performance.
But even so, in Standard Bank's home market headline earnings also rose 17%.
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Standard Bank Group Ltd, Africa's largest bank by assets, reported record pretax profit in the first half of 2023.
Profit attributable to ordinary shareholders rose 36% to 21.9 billion rand ($1.1 billion) in the six months ended June, driven by revenue growth in Ghana, Kenya, Mozambique, Nigeria, Uganda and Zimbabwe, the company said on Thursday.
Franchise headline earnings in African regions rose 65%, accounting for 44% of the group's total earnings.
However, the bank faced challenges within its domestic market, South Africa. Inflation and interest rate pressures, along with slow reforms, poor service quality, frequent power outages, and logistical disruptions, continued to impact the bank's performance.
But even so, in Standard Bank's home market headline earnings also rose 17%.
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Brazil imports Russian fuel like never before
According to energy analytics company Kpler Ltd., imports of Russian oil products will increase in August by 25% compared to July and will amount to about 235,000 barrels per day. This is well ahead of the US, which used to be Brazil's main fuel supplier.
Brazil began sharply ramping up purchases in February when the EU banned imports and, along with other G7 countries, imposed a price cap on Russian fuel.
“Getting discounted barrels is a financial boon” for Brazil, where the government is under constant pressure to reduce the cost of transportation fuel, said Victor Katona, lead analyst at Kpler.
“Brazil is the largest Latin American market, so Russian refiners are focused on supplies to the nation,” Katona said. “Even Brazilian companies admit that their buying of Russian diesel creates a competitive edge, so I’d expect it to continue going forward.”
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According to energy analytics company Kpler Ltd., imports of Russian oil products will increase in August by 25% compared to July and will amount to about 235,000 barrels per day. This is well ahead of the US, which used to be Brazil's main fuel supplier.
Brazil began sharply ramping up purchases in February when the EU banned imports and, along with other G7 countries, imposed a price cap on Russian fuel.
“Getting discounted barrels is a financial boon” for Brazil, where the government is under constant pressure to reduce the cost of transportation fuel, said Victor Katona, lead analyst at Kpler.
“Brazil is the largest Latin American market, so Russian refiners are focused on supplies to the nation,” Katona said. “Even Brazilian companies admit that their buying of Russian diesel creates a competitive edge, so I’d expect it to continue going forward.”
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Russia's new ways to rescue the ruble
After a key rate hike by Russia's central bank only temporarily strengthened the ruble, it became clear to officials that the measures taken were not enough.
So President Vladimir Putin held an extensive meeting on Wednesday to discuss how else to help the declining currency.
And, to all appearances, the meeting turned out to be productive, Vedomosti reported.
Apparently, some major exporters, in particular fertilizer producers, have not previously transferred all their foreign currency earnings to Russia due to complicated transfer procedures amid sanctions.
Instead, they simply took out loans for domestic operations and tax payments, which were very favorable due to the government's active support of the industry.
Therefore, the participants of the meeting agreed that now the companies would find ways and transfer the earnings to Russia, thus supporting the ruble exchange rate.
At the opening of trading on Thursday, it became clear that some companies have already managed to do this, as large currency sale transactions became clearly visible. The effect is expected to grow as more and more companies will be able to find ways to transfer large amounts of funds to the Russian jurisdiction.
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After a key rate hike by Russia's central bank only temporarily strengthened the ruble, it became clear to officials that the measures taken were not enough.
So President Vladimir Putin held an extensive meeting on Wednesday to discuss how else to help the declining currency.
And, to all appearances, the meeting turned out to be productive, Vedomosti reported.
Apparently, some major exporters, in particular fertilizer producers, have not previously transferred all their foreign currency earnings to Russia due to complicated transfer procedures amid sanctions.
Instead, they simply took out loans for domestic operations and tax payments, which were very favorable due to the government's active support of the industry.
Therefore, the participants of the meeting agreed that now the companies would find ways and transfer the earnings to Russia, thus supporting the ruble exchange rate.
At the opening of trading on Thursday, it became clear that some companies have already managed to do this, as large currency sale transactions became clearly visible. The effect is expected to grow as more and more companies will be able to find ways to transfer large amounts of funds to the Russian jurisdiction.
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Japan increased grain imports from Russia by 5680% in July 2023
Yeah, that’s not a typo, 5680%.
The data comes from trade statistics released by Japan's Ministry of Finance.
A few other key points:
▪️Exports of vehicles to Russia grew by 84%, while shipments of spare parts fell by 44.4%.
▪️In addition, exports of medical devices increased by 1123%.
▪️Overall, Japanese exports to Russia in July 2023 rose 25% to $347.85 million compared to the same period a year earlier, while imports fell 69.6% to $367.31 million.
So, sanctions aren't going to keep you fed, apparently
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Yeah, that’s not a typo, 5680%.
The data comes from trade statistics released by Japan's Ministry of Finance.
A few other key points:
▪️Exports of vehicles to Russia grew by 84%, while shipments of spare parts fell by 44.4%.
▪️In addition, exports of medical devices increased by 1123%.
▪️Overall, Japanese exports to Russia in July 2023 rose 25% to $347.85 million compared to the same period a year earlier, while imports fell 69.6% to $367.31 million.
So, sanctions aren't going to keep you fed, apparently
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China Evergrande Group has sought Chapter 15 bankruptcy protection in New York, court documents showed Thursday.
Chapter 15 bankruptcy protects the company's assets in the US while it restructures elsewhere. Evergrande's petition cites restructuring proceedings underway in Hong Kong and the Cayman Islands.
The once most valuable real estate company in the world kicked off China's real estate crisis in 2021 with a total debt of hundreds of billions of dollars.
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Bitcoin and Ethereum prices collapsed by nearly 8% and 10% within 5 minutes.
Bitcoin has dived below the $27,718 support level, meaning the flagship cryptocurrency risks being in free fall if the bulls don't come to the rescue.
The stability of the crypto market is once again under threat after long sideways trading as it faces a challenging week.
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Dutch economy officially enters recession
The Netherlands unexpectedly fell into its first recession since the pandemic due to a decline in consumer spending and exports.
GDP shrank by 0.3% in Q2 of 2023 compared to Q1 of the same year. The economic downturn was also observed in Q1, which means that the country is now officially in recession, according to data released by the Dutch Central Bureau of Statistics.
The Netherlands is currently having to contend with economic pain alongside political turmoil caused by the resignation of longtime Prime Minister Mark Rutte.
Behind the downturn in the first half of 2023 are labor shortages, weak demand from European trading partners, and a sharp rise in interest rates as the European Central Bank seeks to curb inflation.
"Stability and predictability are now needed, so we have to be careful not to disrupt the economy and also to increase taxes," Economic Affairs Minister Micky Adriaansens told the Dutch press agency ANP.
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The Netherlands unexpectedly fell into its first recession since the pandemic due to a decline in consumer spending and exports.
GDP shrank by 0.3% in Q2 of 2023 compared to Q1 of the same year. The economic downturn was also observed in Q1, which means that the country is now officially in recession, according to data released by the Dutch Central Bureau of Statistics.
The Netherlands is currently having to contend with economic pain alongside political turmoil caused by the resignation of longtime Prime Minister Mark Rutte.
Behind the downturn in the first half of 2023 are labor shortages, weak demand from European trading partners, and a sharp rise in interest rates as the European Central Bank seeks to curb inflation.
"Stability and predictability are now needed, so we have to be careful not to disrupt the economy and also to increase taxes," Economic Affairs Minister Micky Adriaansens told the Dutch press agency ANP.
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Global yields reach 15-year highs amid fears of a rate hikes
Global government bond yields continued their ascent - the US 30-year hit its highest level since 2011 and other benchmarks returned to 2008 levels - as resilient economic data refuted the view that central bank rates had peaked.
On Thursday, the five- and 10-year Treasury yields rose several basis points from their 2022 highs.
The 30-year bond yield has surged by seven basis points to reach 4.42%, significantly surpassing its recent trading levels.
The 10-year US bond yield climbed to 4.33%, up nearly eight basis points. The UK equivalent yield jumped to a 15-year high, while its German counterpart approached its highest level since 2011.
The Treasuries had led the global debt sell-off. And as the minutes of the Fed's latest meeting, released Wednesday, showed, officials remain concerned that inflation will not fall, necessitating further policy tightening.
“We do think there is a possibility that you get an additional Fed rate hike later this year to sort of make sure that there’s an insurance policy that inflation remains contained,” said Jerome Schneider, head of short-term portfolio management and financing at Pacific Investment Management Co, which has $1.8 trillion under management.
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Global government bond yields continued their ascent - the US 30-year hit its highest level since 2011 and other benchmarks returned to 2008 levels - as resilient economic data refuted the view that central bank rates had peaked.
On Thursday, the five- and 10-year Treasury yields rose several basis points from their 2022 highs.
The 30-year bond yield has surged by seven basis points to reach 4.42%, significantly surpassing its recent trading levels.
The 10-year US bond yield climbed to 4.33%, up nearly eight basis points. The UK equivalent yield jumped to a 15-year high, while its German counterpart approached its highest level since 2011.
The Treasuries had led the global debt sell-off. And as the minutes of the Fed's latest meeting, released Wednesday, showed, officials remain concerned that inflation will not fall, necessitating further policy tightening.
“We do think there is a possibility that you get an additional Fed rate hike later this year to sort of make sure that there’s an insurance policy that inflation remains contained,” said Jerome Schneider, head of short-term portfolio management and financing at Pacific Investment Management Co, which has $1.8 trillion under management.
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Multipolar Market
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Multipolar Market
China Evergrande Group denies filing for bankruptcy
China Evergrande Group said Friday that its filing for bankruptcy protection in a US court is a routine offshore debt restructuring and does not involve a bankruptcy filing.
The company explained that its US dollar-denominated bonds are governed by New York law, and it has applied to a US court under Chapter 15 of the US Code for approval of the arrangements as part of the offshore debt restructuring.
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China Evergrande Group said Friday that its filing for bankruptcy protection in a US court is a routine offshore debt restructuring and does not involve a bankruptcy filing.
The company explained that its US dollar-denominated bonds are governed by New York law, and it has applied to a US court under Chapter 15 of the US Code for approval of the arrangements as part of the offshore debt restructuring.
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Malaysia struggles to grow due to El Niño
Malaysia's economic growth in the second quarter was the lowest in nearly two years due to falling exports and a slowing global economy, prompting the country's central bank to warn that full-year growth would be below its previous forecast.
The Q2 annual growth came in at 2.9%, central bank data showed. The growth rate was the slowest since 2021.
"The weak external demand is expected to weigh on near-term growth. The economy is facing downside risks stemming from weaker-than-expected global growth and a deeper or longer-than-expected technology downcycle," Governor Abdul Rasheed Ghaffour said at a news conference.
While he does not expect a global recession, the governor believes global economic growth will be below the long-term average.
Malaysia, one of the world's largest exporters of palm oil and liquefied natural gas, also suffer in commodity production due to El Niño and prolonged plant maintenance, Abdul Rashid noted.
El Niño is a natural phenomenon that causes warming of the Pacific Ocean and, as a consequence, has a significant impact on the planet's climate. During this period, waves of intense heat waves, heavy rains, droughts, and other anomalies are recorded.
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Malaysia's economic growth in the second quarter was the lowest in nearly two years due to falling exports and a slowing global economy, prompting the country's central bank to warn that full-year growth would be below its previous forecast.
The Q2 annual growth came in at 2.9%, central bank data showed. The growth rate was the slowest since 2021.
"The weak external demand is expected to weigh on near-term growth. The economy is facing downside risks stemming from weaker-than-expected global growth and a deeper or longer-than-expected technology downcycle," Governor Abdul Rasheed Ghaffour said at a news conference.
While he does not expect a global recession, the governor believes global economic growth will be below the long-term average.
Malaysia, one of the world's largest exporters of palm oil and liquefied natural gas, also suffer in commodity production due to El Niño and prolonged plant maintenance, Abdul Rashid noted.
El Niño is a natural phenomenon that causes warming of the Pacific Ocean and, as a consequence, has a significant impact on the planet's climate. During this period, waves of intense heat waves, heavy rains, droughts, and other anomalies are recorded.
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China's hidden financial dangers emerge in shadow banking crisis
Until a week ago, Zhongzhi Enterprise Group was little noticed in China and barely mentioned elsewhere.
Shadow banking giant Zhongzhi – a private management company with more than $137 billion in assets – has now become the latest symbol of financial instability in the world's second largest economy, where investor, business and consumer confidence is plummeting.
Zhongzhi and its subsidiary trust companies are now under intense scrutiny after halting payments to thousands of clients.
Its trusts alone, despite operating in the shadows, account for about 10% of all loans in China, and as word of Zhongzhi's problems spread, Chinese assets began to plunge, sending the yuan to a 16-year low.
The turmoil presents another challenge for Xi Jinping's government, which already faces a weak economy, a real estate sell-off and rising geopolitical tensions.
China's regulators have already formed a task force to prevent the contagion from spreading.
Analysts warn that the potential asset sales that could follow could further put pressure on broader markets.
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Until a week ago, Zhongzhi Enterprise Group was little noticed in China and barely mentioned elsewhere.
Shadow banking giant Zhongzhi – a private management company with more than $137 billion in assets – has now become the latest symbol of financial instability in the world's second largest economy, where investor, business and consumer confidence is plummeting.
Zhongzhi and its subsidiary trust companies are now under intense scrutiny after halting payments to thousands of clients.
Its trusts alone, despite operating in the shadows, account for about 10% of all loans in China, and as word of Zhongzhi's problems spread, Chinese assets began to plunge, sending the yuan to a 16-year low.
The turmoil presents another challenge for Xi Jinping's government, which already faces a weak economy, a real estate sell-off and rising geopolitical tensions.
China's regulators have already formed a task force to prevent the contagion from spreading.
Analysts warn that the potential asset sales that could follow could further put pressure on broader markets.
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US mortgage rates jump to 7.09%, highest since 2002
The average rate on a 30-year fixed-rate loan was 7.09%, up from 6.96% last week and the highest since April 2002.
Recent increases in credit costs and home prices caused by severe inventory shortages have pushed housing affordability to its lowest level since 1984.
Sales of previously owned homes have declined as lack of offers, rising prices and worries about the economy have deterred many potential buyers.
Monthly payments on a $600,000 mortgage loan with the current average 30-year term would be about $4,028. That's up from $2,601 early last year, before the Fed began raising the benchmark rate.
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The average rate on a 30-year fixed-rate loan was 7.09%, up from 6.96% last week and the highest since April 2002.
Recent increases in credit costs and home prices caused by severe inventory shortages have pushed housing affordability to its lowest level since 1984.
Sales of previously owned homes have declined as lack of offers, rising prices and worries about the economy have deterred many potential buyers.
Monthly payments on a $600,000 mortgage loan with the current average 30-year term would be about $4,028. That's up from $2,601 early last year, before the Fed began raising the benchmark rate.
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🔥 Russia, Türkiye and Qatar are preparing a new grain deal
A new agreement to replace the grain deal is being prepared by Russia, Türkiye and Qatar, BILD reported.
According to them, they have obtained official correspondence between the Foreign Ministries and embassies of Russia and Türkiye from July 21 to August 8.
The correspondence shows, that Russia has warned Türkiye of withdrawal from grain deal in advance and that Russia, Türkiye and Qatar are now working on a new trilateral grain agreement to replace the expired one.
It is proposed to supply Russian grain to poor countries, mainly in Africa. Türkiye will act as the organizer and Qatar will act a sponsor of supplies.
According to the publication, the new deal may be concluded as early as this weekend in Budapest.
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A new agreement to replace the grain deal is being prepared by Russia, Türkiye and Qatar, BILD reported.
According to them, they have obtained official correspondence between the Foreign Ministries and embassies of Russia and Türkiye from July 21 to August 8.
The correspondence shows, that Russia has warned Türkiye of withdrawal from grain deal in advance and that Russia, Türkiye and Qatar are now working on a new trilateral grain agreement to replace the expired one.
It is proposed to supply Russian grain to poor countries, mainly in Africa. Türkiye will act as the organizer and Qatar will act a sponsor of supplies.
According to the publication, the new deal may be concluded as early as this weekend in Budapest.
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