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On January 15, Matthew Ryan of Ebury said in a report that if the demand for 10-year gilt auctions is sluggish, the pound may fall again and gilt yields may rise. He said that the governments economic plan will only work if there is enough interest in buying gilts. Lack of interest will cause the pound to fall again and yields to rise as the market prepares for possible spending cuts and/or further tax increases in the UK to make up for the public finance gap. The pound is the worst performing G10 currency so far in 2025 as investors lose confidence in the governments control over public finances and its growth plans.The German government website shows that Germany has provided Ukraine with a new aid plan worth 60 million euros.Saudi Energy Minister: Today, oil no longer poses an energy security challenge due to available storage capacity, infrastructure development, mature supply chains and more abundant production.CEO of aircraft leasing company AvLease: We have decided to adopt a more conservative strategy in capital investment; believes that Airbus and Boeing (BA.N) will control the relevant problems in the next four years.On January 15, the reporter learned from industry chain sources that in order to improve the heat dissipation performance of the iPhone, Apple will add heat dissipation devices to the iPhone 17 series, and the new models will be equipped with VC heat sinks for heat dissipation. The heat dissipation performance of Apple iPhones is often complained by users. Industry chain sources analyzed to reporters that at present, due to the increasing computing power and power consumption of mobile phones, the demand for heat dissipation has increased. Apple will begin to add heat dissipation modules to the iPhone and add a single heat dissipation device to improve the heat dissipation function. Another industry chain source told reporters that the VC heat sink is a mature heat dissipation device on the market and has been used in products of other mobile phone manufacturers.

Crypto winter may temper fintech earnings

Jimmy Khan

Aug 04, 2022 14:41

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Wall Street has lowered earnings expectations for once high-flying fintechs Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates.


Crypto exchange Coinbase is expected to report an adjusted loss in the second quarter, while Jack Dorsey-led payments company Block is likely to post a 70% drop in adjusted profit.


Coinbase, which has the biggest exposure to crypto volatility, has lost more than three quarters of its market capitalization this year.


“For Coinbase, this is going to be a very difficult 12 to 18 months,” said Dan Dolev, senior analyst, fintech equity research at Mizuho Securities USA.


Block, which changed its name from Square last year to better reflect its focus on blockchain, has lost over half of its market value amid the stock market rout this year.

The context

The cryptocurrency selloff has dragged down multiple companies in the sector, with some even seeking bankruptcy protection. Bitcoin, the largest cryptocurrency, has nearly halved in value in the first seven months of the year.


“There could be potential for double digit headcount reduction (at Coinbase) at some point because the cost is too high,” Dolev said.


Estimate cuts and competitive pressures are also contributing to the weakness in fintech stocks, according to Credit Suisse analysts.


The cryptocurrency sector may be slowly emerging from a bruising selloff, but they still have to contend with regulatory hurdles in the United States, the biggest market for such assets.


Online trading app Robinhood Markets Inc reported a 44% plunge in second-quarter earnings on Tuesday, a day earlier than expected, and said it would also cut 23% of its workforce.

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