International Economic
Cryptos look for a direction to sustain the rebound; Bitcoin struggles at $30,000
The cryptocurrency market is swayed by what appears to be a consolidation after last week's brutal swings. A quiet Monday followed a weekend in which Bitcoin (BTC) settled into the price range that many analysts considered fair for the 'crypto', between $28,000 and $32,000, with $30,000 as the waterline it is struggling to maintain.
EU Commission slashes GDP growth forecasts, blames war, says worse possible
Brussels axed its short-term growth forecasts for both the European Union and the single currency area, not least as a result of the energy price shock triggered by the war in Ukraine.
New York Empire State manufacturing index unexpectedly falls
The New York Empire State manufacturing index surprisingly fell to -11. 6 in May, down from 24. 6 in April to miss market expectations for a reading of 17.
Chinese economy slows sharply in April as Covid-19 restrictions bite
China's economy slowed much more sharply than anticipated last month as Covid-19 mobility restrictions hampered growth, piling the pressure on policymakers in Beijing - right up to the top according to some accounts.
US consumer confidence falls further amid high petrol prices, rout in stock market
Americans' confidence in the economy and their finances fell further in the beginning of May, the results of a closely-followed survey revealed.
US import prices flat in April, export prices rise 0.6%
US import prices were flat month-on-month in April, following an upwardly revised 2. 9% increase in March, missing market forecasts for a 0. 6% uptick and marking the first time that import prices failed to rise year-to-date.
UST and Terra's collapse bears resemblance to Lehman Brothers´ and damages confidence in cryptos
The phrase most often heard in cryptocurrency circles these past few days is something like "I'm trying to digest everything that has happened". Social networks have been filled with stories of investors caught in the Terra crisis, who have lost absolutely everything in the collapse of LUNA and the Terra dollar (UST), the two tokens of the blockchain platform. In many cases, they have also been caught up in the Bitcoin crash that resulted from this hecatomb and, despite acknowledging that "it was coming", they have not exited the market in time.
"We got a buy signal for Bitcoin, but there is zero need to rush things"
After the storm. This expression is a perfect fit for Bitcoin and the cryptocurrency market today, as it has embarked on a well-deserved rebound. The queen of digital currencies is trying to consolidate at the important level of $30,000 again, the first of its resistances to overcome to leave aside the marked bearish outlook of the 'crypto' par excellence. The charts are bleak after the May 12th 17-month lows below $26,500, according to CoinMarketCap data, but there is light at the end of the tunnel.
KPMG fined £14.4m by FRC for forging documents in Carillion audit
Consultants KPMG were slapped with a £14. 4m fine by the UK accounting watchdog in response to "serious misconduct" on the part of the auditors of failed outsourcer Carillion.
Two more ECB rate-setters flag support for July rate hike
Two more top policymakers at the European Central Bank said they favoured starting to hike interest rates as soon as July.
US wholesale inflation growth eases in April
Growth in the US producer price index slowed as expected in April, according to figures released on Thursday by the Labor Department.
US jobless claims tick up in week ended 7 May
US first-time jobless claims ticked up by 1,000 in the week ended 7 May to hit 203,000, ahead of both the prior week's upwardly revised print of 202,000 and estimates for a reading of 195,000.
Crypto carnage continues with Bitcoin´s price at 17-month low
It is not something that has not been seen before in the cryptocurrency market, where the most traded asset, Bitcoin, suffered huge corrections of 80%, but the drastic descents in digital assets is frightening this time, as the institutions and professional investors are leaving the market en masse. They were the last to arrive, encouraged by the dirt-cheap money guaranteed by the ultra-loose policy of the US Federal Reserve (Fed), and they are the ones jumping ship, just as they are retreating en masse from risk assets such as the stock market, especially technology stocks.
Crypto apocalypse: All risks surrounding Bitcoin due to LUNA and UST massacre
The story of the fall of the Terra empire, hand in hand with the collapse of its stable coin, the Terra dollar (UST) and its token, LUNA, has many implications beyond the millions of dollars evaporated from both 'cryptos', which add to the more than $600 billion that digital currencies have lost in a matter of a week. Experts point to two derivatives: the damage done to the fundamentals of digital assets and to DeFi (decentralized finance) projects linked to UST. The cryptocurrency market in general ended the May 11th session adding another black day to its tremendous massacre of the last week.
US CPI dips in April, but by less than expected as food costs jump
The cost of living in the US dipped last month, but not by as much as anticipated as food prices continued to run up.
LUNA (Terra) plummets 85% and UST tumbles: Implications for Bitcoin
A 70% or 85% plunge in an asset, in 24 hours, is something that even we veterans of the cryptocurrency market have not seen on too many occasions. For digital currencies there is no shortage of stories of tokens turning to ashes overnight, but when it happens with a 'crypto' from one of the most talked about projects in the last year and which has also launched a stable coin, it is an event that shakes all markets and puts investors on their guard.
China CPI rises more than expected in April
China’s annual inflation rate rose more than expected in April as Covid lockdowns took their toll.
German inflation hits new record high in April
German inflation hit a new record high in April as food and energy prices rose, according to figures released on Wednesday by Destatis.
EC mulls joint borrowing to support Ukraine - report
The European Commission is considering a new debt issuance to provide financial support for Ukraine, it was reported on Tuesday.
Investor morale edges higher in Germany
German investor confidence strengthened slightly in May, against expectations, according to a closely-watched survey published on Tuesday.