By Geoffrey Smith
Investing.com – Bitcoin is approaching $ 50,000 amid new reports of mainstreaming and continued dollar weakness. Apple and Nissan (OTC 🙂 fail to agree on an EV collaboration; oil waves like an Arctic explosion are causing power outages in Texas, and the stock drifted higher after the Senate’s acquittal of Donald Trump underscores Joe Biden’s busy getting his stimulus bill done. Here’s what you need to know in the financial markets on Monday, February 15th.
1. Bitcoin tests $ 50,000 as dollars slide again
prices approached $ 50,000 over the weekend following two new developments confirming the notion that cryptocurrency ‘is becoming mainstream’.
Canada approved its first exchange-traded fund for Bitcoin and further expanded the availability of retail investors, while Bloomberg reported that Counterpoint Global, a unit of Morgan Stanley (NYSE 🙂 Investment Management is also considering an initial investment in the asset class.
The news comes less than a week after Tesla (NASDAQ 🙂 said it had transferred $ 1.5 billion. Dollars of own reserves for Bitcoin as a risk diversification measure. It’s all part of a tendency to bet on a cheaper dollar because of loose US monetary and fiscal policy. They tested a three-week low on Monday in Europe, while government bond yields rose to 1.21%, the highest in over a year.
2. Australia’s Squeeze on Facebook and Google
A landmark law that would force giants on social media for the news they carry came a step closer to reality over the weekend.
Australian Treasurer Josh Frydenberg told ABC that the country was “very close to some very important commercial deals”, after holding talks with Facebook (NASDAQ 🙂 CEO Mark Zuckerberg and Google (NASDAQ 🙂 (NASDAQ 🙂 (SundDA P 🙂 Sundar Pichai this weekend .
The law is eagerly monitored by media companies and governments around the world. Google had threatened to shut down its search engine in Australia if it was approved. It is unclear whether the weekend’s talks had led to any significant dilution.
Stocks drift higher after Trump acquittal
U.S. stock futures drifted higher overnight Monday, with cash markets expected to remain closed until Tuesday due to the presidential holiday.
The acquittal of former President Donald Trump on Saturday was seen as a reflection of a desire by President Joe Biden to prioritize pushing through his spending plans rather than seeking political revenge on his former opponent. As such, it suggests that the $ 1.9 trillion package is coming through Congress faster and without dilution.
Overseas Chinese markets remained closed for the New Year holiday, while Japan’s reopening rose sharply higher after a stronger-than-fourth-quarter GDP report than expected.
Italian stocks were the best in Europe after the new prime minister elected a number of party politicians, not just technocrats, to his new government with national unity. Analysts said it should help him maintain discipline among the often picky parties who have agreed to back him.
4. Nissan rejects Apple’s terms
Nissan (T 🙂 became the latest automaker to be linked to Apple’s ambitions in the mobility sector.
The Financial Times reported that Apple (NASDAQ 🙂 had approached the Japanese giant a few months ago with a view to collaborating on its secret project for autonomous electric vehicles. However, it reported that the conversations, among other things, had broken down about branding (Apple was supposed to have its name on the product). It said Nissan was reluctant to be considered “Foxconn from the automotive industry”.
Nissan shares fell 2.8% compared to, while shares of carmaker Magna (NYSE :), which is also linked to Apple, rose 3.5%.
5. Oil Rises When Storms Strengthen Texas Blackouts
An explosion of the entire United States sent oil prices to their highest in 13 months. In addition to increasing demand, the weather front has led Texas power network operator ERCOT to impose rolling blackouts in a state that accounts for much of the country’s oil and gas production. The incident is likely to spark new controversy over the rapid build-up of renewable energy sources whose production has not been able to keep up with demand.
At 7 AM ET (1200 GMT) futures rose 2.1% to $ 60.72 per share. Barrel, while crude futures rose 1.5% to $ 63.37 per barrel. Barrel.
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