OCC Seeking to Remove Structural Barriers to Financial Inclusion By Cointelegraph



OCC Seeking to Remove Structural Barriers to Financial Inclusion

The Office of the Comptroller of the Currency, or OCC, launched a project aimed to improve financial inclusion of underserved populations.

Called REACh, which stands for Roundtable for Economic Access and Change, will bring together banking industry leaders and national civil rights, business and technology organizations to identify and reduce barriers and increase access to capital and credit. The group met on July 10 to start looking for projects the group will tackle.

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Europe’s Virus Response Has Put the Euro in a Win-Win Situation By Bloomberg



© Reuters. Europe’s Virus Response Has Put the Euro in a Win-Win Situation

(Bloomberg) — Regardless of what the spread of the coronavirus does to demand for risk, market indicators suggest the euro will rise.

The common currency is inching toward a close above its 200-week average for the first time in a year. A convincing break would be the latest in a string of signals from traders that the momentum behind the euro’s third monthly advance — for the first time in more than two years — is growing.

What’s driving the rally is optimism over the European Union’s handling of the virus, including talks of a joint recovery fund, and governments’ relatively swift implementations of lockdowns. That stands in contrast to the pandemic response from across the Atlantic.

The euro area’s recession as a result of those lockdowns probably won’t be as deep as previously feared, according to some European policy makers. Meanwhile, with the virus spreading across the U.S., which took time to implement lockdowns, Federal Reserve Bank of Atlanta President Raphael Bostic suggested that economic activity in parts of the country is showing signs of leveling off.

This divergence in views from policy makers in the U.S. and EU, together with central banks worldwide backstopping financial markets with unprecedented stimulus, has weighed on Bloomberg’s .

The gauge has fallen three straight months, the longest such run in more than a year. It measures the greenback against a basket of currencies, of which the euro accounts for about a third.

Betting that the euro will gain over the next six months against the dollar now comes at a premium, as shown by so-called risk reversal options. While these signaled bearish sentiment on the common currency in recent months, this week they turned the most positive since March.

The Signs

A close above its 200-weekly moving average would be the euro’s first in a year. Should it surpass a key resistance level at the June 10 high of $1.1422, it will be trading at the highest in four months.

Propelling the euro forward is the strongest bullish sentiment since 2018, with bulls taking over the price action for six straight weeks, the longest streak this year, according to Bloomberg’s Fear/Greed indicator.

Bloomberg’s option probability calculator shows the common currency is 50% more likely to trade above $1.15 in a week’s time than to drop below $1.12.

  • NOTE: Vassilis Karamanis is an FX and rates strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice

©2020 Bloomberg L.P.

 

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Oil Gets Rare, Late Week Boost From IEA Demand Outlook By Investing.com



© Reuters.

By Barani Krishnan

Investing.com – The global energy agency that rarely helps the positive case in oil has given a friendly boost to those long crude, just as the week comes to an end.

Crude prices jumped more than 2% on Friday after the International Energy Agency bumped up its 2020 forecast for global oil demand, lifting a market that took its worst hammering in six weeks in the previous session.

The IEA’s outlook on oil has typically been dour over the past few years, putting it at odds with the Saudi-dominated OPEC — or Organization of the Petroleum Exporting Countries — whose members are determined to keep crude prices supported under any condition.

The Paris-based IEA raised its demand forecast to 92.1 million barrels per day, up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline.

New York-traded , the benchmark for U.S. crude futures, settled up 93 cents, or 2.3%, at $40.55 per barrel.

London-traded , the global benchmark for oil, settled up 89 cents, or 2.1%, at $43.24.

For the week, WTI rose 0.7% while Brent rose 1%.

Aiding the IEA’s outlook on crude was a slight weekly drop in the U.S. and positive news on Covid-19 vaccine development.

The weekly survey of rigs actively-drilling for oil in the United States fell by four to 181, indicating that crude production was still somewhat under control despite recent trends indicating higher output.

On the vaccine front, Gilead Sciences (NASDAQ:) released data on Friday showing its antiviral drug, remdesivir, cut the risk of death for severely sick coronavirus patients by 62% compared with standard care alone, sending its shares up more than 2%.

Biontech also delivered positive news in the race of a vaccine, with CEO Ugur Sahin reportedly claiming the company could have a treatment ready for approval by December, according to The Wall Street Journal

Yet, a surge in new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption. Record high U.S. infection numbers in a day cast also doubts over the pace of economic reopenings from lockdowns, as well as the resumption of school in the fall season.

“After the IEA improved their oil demand forecast for the rest of the year,  WTI crude remains anchored below the $41 level and will likely struggle for any major moves until after Tuesday’s OPEC+ meeting,” said Ed Moya, analyst at New York’s OANDA.

OPEC+ is the wider alliance of oil exporting group led by Saudi Arabia and assisted by key ally Russia.

 

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Mandatory masks, Mickey at a distance as Walt Disney World reopens By Reuters



© Reuters. FILE PHOTO: Disneyland Paris maintenance worker tests positive to coronavirus

By Lisa Richwine

(Reuters) – “Star Wars” Stormtroopers enforced mask-wearing and Mickey Mouse waved from a distance on Saturday as Florida’s Walt Disney World opened to the public for the first time in four months amid a surge of coronavirus cases in the state.

Walt Disney Co (N:) welcomed a limited number of guests to parts of its sprawling Orlando complex, the most-visited theme park resort in the world, with a host of safety measures designed to reassure visitors and reduce the chances of catching the sometimes deadly virus.

Executives felt confident they had developed a responsible plan for reopening in phases during the pandemic, said Josh D’Amaro, chairman of Disney’s parks, experiences and products division.

“This is the new world that we’re operating in, and I don’t see that changing anytime soon,” D’Amaro said in an interview on Saturday after he greeted guests and workers at the park.

Disney’s reopening of parks in Asia helped provide assurance about moving ahead in Florida, he added.

“I feel really good about our environment,” he added. “We’re taking this seriously.”

At the Magic Kingdom and Animal Kingdom, the two parks open on Saturday, guests and employees wore face masks, underwent temperature screenings and were told to social distance everywhere from streets to rides. Plexiglass separated rows in lines, and ground markings indicated where people should stsand.

The resort suspended parades, fireworks and other activities that create crowds, as well as up-close encounters with Mickey Mouse, Cinderella and other characters. Instead, characters appeared on floats or on horseback.

Some pictures on Twitter showed people close together waiting to get in. Disney employees, called cast members, began enforcing distancing requirements after about 30 minutes, one person said.

Florida has emerged as an epicenter of COVID-19 infections. Over the past two weeks, Florida reported 109,000 new coronavirus cases, more than any other U.S. state.

Still, many Disney fans and workers were eager for Disney World to open its gates. The resort employs 77,000 people.

Disney said it had trained a group of employees, including some who play costumed characters such as superheroes from “The Incredibles,” to nudge guests who become lax about the rules. Stormtroopers kept watch for violations in the Disney Springs shopping district outside the theme parks.

“There is a shared responsibility here so guests are going to have to do their part,” D’Amaro said.

Coronavirus shutdowns have devastated Disney’s film, TV and theme park businesses. Having guests back at Walt Disney World is key to the company’s financial recovery. About 75 percent of the parks unit’s operating income comes from Orlando, Imperial Capital analyst David Miller estimates.

Florida’s governor approved Disney World’s reopening plans in late May, before the current surge.

About 750 stage performers represented by the Actors Equity union were absent because of a dispute over coronavirus testing. The union wants Disney to provide regular testing to its members, who cannot wear masks while performing.

Disney has said it is following health experts’ recommendations to focus on other safeguards. If employees seek tests on their own, Disney’s health insurance will cover it, according to a source familiar with the matter.

Seven other unions reached agreement with Disney on conditions for returning to work.

Disney did not say how many people entered Walt Disney World on Saturday, but D’Amaro said he saw “really good demand” for reservations in the short term and into 2021.

Shanghai Disneyland has increased capacity from its original limit of 20%, or about 16,000 people a day, when it re-opened in May. Guest surveys showed “exceptionally strong” satisfaction with the Shanghai experience and the safety measures, D’Amaro said.



India in talks with EU for trade deal, open to pact with UK By Reuters


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© Reuters. 2020 World Economic Forum in Davos

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By Aftab Ahmed

NEW DELHI (Reuters) – India has started trade talks with the European Union (EU) and is open to dialogue with the United Kingdom for a free trade agreement, the trade minister said on Saturday, as Asia’s third largest economy looks for new markets for its products.

Piyush Goyal said that India is open to engage with the UK for a preferential trade agreement with the ultimate goal of a free trade agreement.

He is also in dialogue with the European Union’s trade commissioner for a deal that could start with a preferential trade agreement. He added that the ultimate goal here too would be to have a free trade agreement.

“We’re talking to the EU and I am in dialogue with the EU trade commissioner. I am looking for an early harvest deal. Open to discussions on a variety of subjects. It’s up to the UK and EU whoever picks up the gauntlet first,” Goyal said.

Negotiations for a comprehensive free trade agreement between the EU and India were suspended in 2013 after six years of talks.

India pulled out of the Regional Comprehensive Economic Partnership last year due to fears over China’s access to its markets and is looking for new ways to boost its exports.

The country has also been raising trade barriers to block cheap imports from China and replace them with locally made goods for domestic consumption and exports.

“Apart from pharmaceuticals, we have textiles, handicrafts, leather, furniture, industrial machinery, toys are areas where India can engage with UK & EU at competitive prices,” Goyal said.

India’s economic growth has largely been driven by local consumption and successive governments have struggled to expand exports.

In the last six years Prime Minister Narendra Modi’s government has been trying to push exports through various programmes like “Make in India” but with limited success.

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Mexican foreign minister By Reuters



© Reuters. The Safran company logo is pictured at the company’s logistic area in Colomiers near Toulouse

MEXICO CITY (Reuters) – France’s Safran (PA:), the world’s third-largest aerospace supplier, has began building a new factory in the northern Mexican border state of Chihuahua, Mexican Foreign Minister Marcelo Ebrard said on Saturday.

Ebrard said on Twitter that he was informed on July 1 that Safran “begins construction of a plant in Chihuahua to manufacture the interiors of Boeing (NYSE:) passenger planes, employing more than 800 people!”

Safran, which has two plants in the Mexican industrial city of Queretaro, did not immediately respond to a Reuters request for comment.

Safran in May announced it had laid off 3,000 employees in Mexico amid an unprecedented crisis in the aerospace industry stemming from the coronavirus pandemic.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Top 10 Cryptos Outperforming Bitcoin By Cointelegraph



New ‘Altseason’ Visualized: Top 10 Cryptos Outperforming Bitcoin

Alternative cryptocurrencies, or altcoins, have started to record large gains across the board. Some small-cap coins have seen triple-digit percentage gains in recent weeks. But several larger-cap cryptocurrencies have also been posting serious gains such as VeChain (VET), Stellar (XLM), (ADA) and Chainlink (LINK).

In the past week, VET, XLM, ADA, ALGO, LINK, BSV, ATOM, , CRO and ETC outperformed the rest of the market including , which gained just 1.13% during the period.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Import Collapse Turns Into a Boon for Philippine’s Currency By Bloomberg



© Reuters. Import Collapse Turns Into a Boon for Philippine’s Currency

(Bloomberg) — One consequence of the Philippines’ struggling economy is turning into a boon for its currency.

A collapse in imports has had a positive effect on the nation’s trade deficit, leading to lower demand for overseas currencies and helping to strengthen the peso. The Philippine currency is the best performer in Asia this year, up more than 2% against the dollar.

“With Philippine growth likely to be hamstrung by enforced and voluntary social distancing, imports will remain weak,” said Eugenia Fabon Victorino, head of Asia strategy at SEB AB in Singapore. “This will cap the trade deficit, allowing the peso to strengthen.”

Imports slumped 65% year-on-year in April to their lowest since the global financial crisis. That was a continuation of a trend seen in the first quarter, when a decline in goods imports outpaced a drop in exports, narrowing the country’s goods trade deficit to $10.2 billion from $12.2 billion a year previously.

The narrower gap is helping offset the impact of a decline in remittances from the Philippines’ overseas workers, which is expected to weigh on the currency. Bangko Sentral ng Pilipinas estimates a 5% slide in remittances this year to $28.6 billion.

The Philippines is bracing for its deepest economic slump in more than three decades, with a contraction of 2% to 3.4% on the cards for this year as virus cases continue to rise. President Rodrigo Duterte said he will “have to be very circumspect in reopening the economy” given the recent spike.

This year will be the year that investment drops off, and with it demand for imports and dollars, “which translates to the stronger peso story,” said Nicholas Mapa, senior economist at ING Groep (AS:) NV in Manila.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Iran will develop oil industry despite U.S. sanctions



© Reuters. Iran’s Oil Minister Zanganeh arrives at the OPEC headquarters in Vienna

DUBAI (Reuters) – Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday.

“We will not surrender under any circumstances … We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share,” said Zanganeh.

The minister was speaking before the signing of a $294-million contract between the National Iranian Oil Company and Persia Oil & Gas, an Iranian firm, to develop the Yaran oilfield that is shared with neighbouring Iraq’s Majnoon field.

The agreement aims to produce 39.5 million barrels of oil from the Yaran oilfield in Khuzestan province in southwestern Iran, the Iranian Oil Ministry’s news agency SHANA said.

Hit by reimposed U.S. sanctions since Washington exited Iran’s 2015 nuclear deal in 2018, Iran’s oil exports are estimated at 100,000 to 200,000 barrels per day, down from more than 2.5 million bpd that Iran shipped in April 2018.

The Islamic Republic’s crude production has halved to around 2 million bpd.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Chinese electric vehicle maker Li Auto files for U.S. listing By Reuters


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© Reuters. A man with a face mask walks by television screens outside the Nasdaq Market Site, after further cases of coronavirus were confirmed in New York, at Times Square in New York

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BEIJING (Reuters) – Chinese electric vehicle (EV) maker Li Auto Inc, backed by food delivery giant Meituan Dianping (HK:), has filed for a U.S. initial public offering.

The move, announced on Friday, comes as share prices of EV makers including Tesla Inc (O:) and Nio Inc (N:) have surged in recent months.

Five-year-old Li Auto, formerly known as CHJ Automotive, is building Li ONE extended-range electric sport-utility vehicles in China’s eastern city of Changzhou.

Unlike rival Tesla and Nio’s pure battery electric vehicles, Li ONE allows drivers to charge their cars with electricity or gasoline. Li Auto has 21 showrooms in China, the world’s biggest auto market, and aims to operate 60 by the end of this year.

The Beijing-based company, led by chief executive Li Xiang, sold 9,666 vehicles in the first six months this year. China’s overall electric vehicle market, however, fell for the twelfth straight month in June.

In a filing to U.S. Securities and Exchange Commission, Li Auto said it intends to list its shares on the Nasdaq under the symbol “LI” .

Goldman Sachs (NYSE:), Morgan Stanley (N:) and UBS are the underwriters for the IPO.

Reuters reported in January that Li Auto filed for a U.S. initial public offering, aiming to raise at least $500 million, citing people familiar with the matter.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.