Weekly Market News.

text

Weekly Market News

Crypto News

U.S. Investigators Subpoena Hedge Funds in Binance Money-Laundering Probe

According to a report by Washington Post, federal prosecutors are investigating the relationship between U.S.-based hedge funds and Binance as part of a broader investigation into the crypto exchange’s potential violation of money-laundering rules. The U.S. attorney’s office for the Western District of Washington in Seattle has reportedly sent subpoenas directing investment firms to hand over records of their communications with Binance.

NFT Marketplace SuperRare Cuts Staff by 30%

In a statement posted on Twitter, SuperRare CEO John Crain announced that the NFT marketplace had reduced its staff by 30% in order to keep up with bear market conditions.

He stated,

“During the recent bull run, we grew in tandem with the market. In recent months, it’s become clear that this aggressive growth was unsustainable: We overhired, and I take full ownership of this mistake. To correct course, we’ve made the difficult decision to rightsize our team, ensuring that SuperRare Labs will be able to continue serving our community of artists, collectors and curators while remaining the destination for the best cryptoart in the world,”

Ferrari Cuts Ties with Crypto Sponsor Ahead Of 2023 Formula One Season

The racing division of luxury carmaker Ferrari has reportedly exited its multi-year partnership deals with Velas Blockchain and chip manufacturing giant Snapdragon. The termination of the partnership is estimated to result in a cumulative $55 million loss for the Italian team ahead of the 2023 Formula One season.

The Ferrari-Velas partnership was aimed at increasing fan engagement through NFTs and other shared initiatives. However, according to a source close to both parties, the Ferrari team did not comply with clauses that permit Velas to create NFT images.

FTX Seeks to Recoup Sam Bankman-Fried’s Charitable Donations

FTX’s new management is reportedly seeking to recover millions of dollars in donations made by the crypto exchange and its former CEO Sam Bankman-Fried. However, some of the funds have already been spent, and the gifts came from a wide range of sources and agreements that make it challenging to add them all up.

Stock Market

What to watch

Americas: US CPI, UoM sentiment, Fed comments

The final US CPI figure from 2022 will be released in the current week and watched intently for further signs of inflationary pressures easing. The consensus points to a 0.1% month-on-month (m/m) rise for headline CPI and a quicker 0.3% m/m uptick for core CPI. With the Fed closely watching the inflation trend, this will be an important reading following the jobs report this week. Several Fed appearances are also scheduled with comments scrutinised for insights into the rate hike path in 2023. S&P Global Market Intelligence expects the Fed to raise the policy rate to 4.75- 5.00% by March before reversing course in May 2024. Meanwhile the preliminary January University of Michigan consumer confidence survey will also be released, while insights into US equity investors’ sentiment will be gleaned from Tuesday’s S&P Global Investment Manager Index.

Europe: UK monthly output and trade figures, Eurozone unemployment and industrial production data, German industrial output

In the UK, official November monthly GDP, output and trade figures will be updated on Friday. This comes after November’s S&P Global / CIPS UK Composite PMI revealed that private sector output fell for a fourth straight month with the manufacturing output contraction outpacing that of services. Export orders meanwhile declined for a fifth consecutive month in November and at a faster rate compared to the month prior.

November’s eurozone unemployment and industrial production figures will also be due in the current week.

Pure./Trade is a website operated by Redpine Capital Limited, a Cypriot Investment Firm, which is authorised and regulated by the Cyprus Securities and Exchange Commission, licence number 391/20. Its registered office at Spyrou Kyprianou 65, Crystalserve Business Center, Ground Floor 4003, Limassol, Cyprus.

Risk Warning Trade: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Restricted regions: The Company does not provide investment and ancillary services in the territories of third countries.

Pure Community

Join Into Our Social.

Related News.

Stock market bubbles: history and how to identify them

Stock market bubbles: history and how to identify them

Stock market bubbles are a common phenomenon in the world of finance and investing. They occur when the price of a stock or a group of stocks rises dramatically and then crashes, causing significant financial losses for investors.

Weekly Market News

Weekly Market News

According to local media reports, South Korea’s Ministry of Justice is planning to introduce a crypto-tracking system as part of its efforts to tackle money laundering initiatives and recover illicit funds.

How to create a diversified stocks portfolio

How to create a diversified stocks portfolio

Creating a diversified stock portfolio is a key step in managing your investments and reducing your risk. A diversified portfolio is one that contains a mix of different types of investments, such as stocks, bonds, and real estate.