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The recent selloff in cryptocurrencies is largely due to the growing presence of professional traders and speculators in this alternative market, said UK expert Phillip Nunn, who is predicting “massive institutional interest” in the next 12 months.
Nunn, CEO of Wealth Chain Capital, noted that compared against other market manias, it was the crowd who first entered into the crypto universe followed by the ‘Big Boys’, who are now flushing out a lot of these man-on-the-street investors, who had “held and held” since late last year after bitcoin fell towards $6,000 from its all-time high around $20,000.
“When the Big Boys, these experienced traders, entered, the market was more vulnerable,” Nunn said to LiveSquawk News. “That’s just how these things go, the smaller investor can suffer.” (LiveSquawk – Continue Reading)
As the UK continued to enjoy the combination of warmer weather and World Cup celebrations during July, shoppers repeated the rush to Supermarkets as food sales remained robust. However, the very same factors meant foot traffic was down on the high street as consumers took to the internet to benefit from heavy discounting.
The Office of National Statistics (ONS) recorded that total sales rose 0.7pct m/m, beating analysts' median forecast for a 0.2pct rise. Sales rose 3.5pct y/y, rising from June’s 4.1pct and a beat versus expected growth of 3.5pct. Excluding fuel numbers presented a similar picture as sales were up 0.9pct m/m and up 3.7pct y/y, both exceeding forecasts. (LiveSquawk - Continue Reading)
The recent Bank of England (BoE) rate rise decision now appears to raise more questions than answers following today's Consumer Price Inflation report.
Annual inflation in the UK increased to 2.5pct (unrounded 2.47pct), in line with analysts’ expectations and above last month's 2.4pct print. However, it failed to reach the BoE's target, as forecast in the latest set of Inflation Report staff forecasts. Core CPI held steady at 1.9pct, as per the median and unchanged from June. The Office for National Statistics (ONS) favoured measure of inflation, CPIH, also held steady at 2.3pct matching expectations. (Livesquawk Continue Reading)
US stock index futures posted sharp gains ahead of today’s open as the Turkish lira jumped from an all-time low set in the previous session. The S&P Index has a fighting chance to avoid recording its fifth straight decline as global markets shake off Turkish currency jitters.
Home Depot – earned $3.05 per share for the second quarter, beating the consensus estimate of $2.84 a share. Revenue also beat forecasts, as did global and US comparable-store sales, and the company also raised its full-year guidance.
Tesla – CEO Elon Musk said in a tweet that he is working with private-equity firm Silver Lake Partners and Goldman Sachs as he explores taking the automaker private. Sources tell Reuters, however, that Silver Lake is merely aiding and has not been hired officially as an advisor. Separately, the company’s board has formed a special committee to evaluate Musk's desire to go public. (LiveSquawk – Continue Reading)
Headline UK labour market data continues to show a tightening of employment conditions, with the number of people in work moving higher. Most of the employment being driven by UK nationals. However, total wage growth remains an area of disappointment.
The unemployment rate dropped to its lowest rate in over 40-years in June, falling to 4.0pct April-June 2018. This was below the median estimate of 4.2%; although some analysts had pegged a 4.1% print.
The number of people in work hit 32.39M, up 42K over the period. Analyst had forecast an increase of 93K, following last month's gain of 137K. (LiveSquawk - Continue Reading)
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