Shock Russia-Saudi oil deal sends Brent plunging and stalls
Shock Russia-Saudi oil deal sends Brent plunging and stalls

Uber wins victory in London as TfL drops

Uber has won a major victory in London after Transport for London dropped the most damaging proposals for the popular minicab-hailing app. The service had faced a massive crackdown in the capital, after the transport body consulted on a series of rules for minicab firms such as a minimum fiv...Full story

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Latest Market News from AskTraders

 
 

OIL TO CONTINUE BOUNCING AS TURKEY ATTACKS

Oil is moving higher today, +1.6%, as Turkey starts the attack against Syria. I call that geopolitical escalations and oil should trade higher as this narrative gains focus.

The last Saudi Aramco drone attack has been “washed out” by now, so oil trades “cleaner” here than 10 days ago where the washing out of positions was still in motion post the big spike and the subsequent fall in oil.

Oil is putting in the first positive candle today in a long time, bouncing right on the support levels. This area has acted as big support many times before and I stick with my long oil call here.

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US-CHINA TRADE TALKS GET OFF TO A GOOD START BEFORE THEY’VE EVEN BEGUN – MARKETS RALLY

Markets have rallied on the news that the team travelling from Beijing to Washington are prepared to offer some kind of partial trade deal.

European stock indices are posting positive daily returns on the back of the news reports. Halfway through their session, the FTSE is up +0.53%, the CAC Index is up +0.79%, and the German DAX is up +1.02%. The export-driven DAX Index, in particular, exemplifies the sense of relief in the markets that global trade may be about to receive a boost. The German index was at one point showing an intraday return of 1.39%, marking that move from 11,972 to 12,140 in only 3.5 hours.

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GRAYSCALE DEBUNKS THEORY THAT INSTITUTIONAL INVESTORS ARE RESISTING CRYPTOS

After the Bakkt crypto futures exchange got off to its rather disappointing start, the financial news media has been inundated with articles that claimed that institutional investors really were opposed to all things crypto. The storyline went that the market was too volatile, it lacked liquidity, and no institutional investor in his right mind would ever venture into these unknown, unregulated waters. NOT, or so say the folks at Grayscale Investments, where the word on the street is that institutional investors have been “investing with us all the time”.

The Digital Currency Group founded Grayscale Investments in 2013. By March of 2017, the firm was managing $208 million in investment funds in its Bitcoin Investment Trust, a trust that is limited to “accredited investors”. Within the next year, additional trusts were created for Ethereum, Litecoin, Bitcoin Cash, and Zcash. The firm now has roughly $3 billion in funds held in custodial arrangements with Coinbase for its various passive investment funds. Its parent also owns the popular crypto news outlet, Coindesk.

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