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1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 1.76% to 48,488.59 points, the S&P 500 fell 2.06% to 6,796.86 points, and the Nasdaq Composite fell 2.39% to 22,954.32 points. 3M fell nearly 7%, and IBM fell more than 4%, leading the Dows decline. The Wind U.S. Tech Big Seven Index fell 3.06%, with Nvidia and Tesla falling more than 4%. Most Chinese concept stocks fell, with Jinko Solar falling more than 12% and 21Vianet falling more than 10%. The S&P 500 recorded its biggest drop since October. 2. All three major European stock indexes closed lower. The German DAX fell 1.08% to 24,689.67 points, the French CAC40 fell 0.61% to 8,062.58 points, and the UK FTSE 100 fell 0.67% to 10,126.78 points. 3. Most major Asia-Pacific stock indexes closed lower. The Nikkei 225 index fell 1.11% to 52,991.1 points, marking its fourth consecutive day of decline. Escalating tensions between the US and Europe, rising yields on Japanese long-term government bonds, and concerns about fiscal deterioration weighed on the stock market. The South Korean KOSPI index fell 0.39% to 4,885.75 points, ending a 12-day winning streak, with semiconductor and auto stocks declining. US Treasury yields rose across the board: the 2-year yield rose 1.68 basis points to 3.595%, the 3-year yield rose 3.35 basis points to 3.678%, the 5-year yield rose 5.10 basis points to 3.857%, the 10-year yield rose 7.94 basis points to 4.293%, and the 30-year yield rose 8.85 basis points to 4.920%. 5. International precious metals futures generally closed higher. COMEX gold futures rose 1.98% to $4,769.10 per ounce, and COMEX silver futures rose 0.19% to $94.46 per ounce. 6. The WTI crude oil futures contract closed up 0.15% at $59.52 per barrel; the Brent crude oil futures contract fell 0.06% to $63.9 per barrel. 7. Most London base metals declined. LME copper fell 1.3% to $12,796.5 per tonne, LME zinc fell 1.44% to $3,175 per tonne, LME nickel fell 2.06% to $17,760 per tonne, LME aluminum fell 1.27% to $3,118.5 per tonne, LME tin rose 0.8% to $49,650 per tonne, and LME lead fell 1.58% to $2,028 per tonne.January 21st - Market concerns about a significant increase in Japanese government spending and a resurgence of inflation are causing a break in the traditional correlation between the yen and the dollar and government bond yields, prompting HSBC strategists to change their forecasts for the yens performance in the coming months. HSBC analysts believe there are two catalysts for the current "sudden revaluation" of the yen: first, a substantial rise in Japanese inflation starting in 2022; and second, Sanae Takashis inauguration as president in October. HSBC now predicts the yen will fall to 160 yen to the dollar by mid-year, rather than strengthening to 150 yen as previously expected. Strategists point out that complicating matters is the real possibility that Japanese authorities might intervene in the foreign exchange market to support the yen if it falls below 160. Analysts believe several potential factors could halt the yens recent decline—the most plausible of which (such as a slowdown in the US economy) is beyond the control of Japanese policymakers.Pan American Silver (PAAS.O): Equity silver production is projected to be between 25 million and 27 million ounces in 2026, and equity gold production is projected to be between 700,000 and 750,000 ounces in 2026.Netflix (NFLX.O) CFO: The company is seeing a range of very attractive investment opportunities and plans to "slightly" increase spending this year. This years spending growth will be higher than in 2025.According to US media MS NOW, US Vice President Vance will hold a roundtable meeting with leaders from various sectors in Minneapolis.

Global crypto rules needed to keep markets clean, says UK watchdog

Cory Russell

Jul 15, 2022 14:57

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International crypto companies like Binance must be governed by global laws in order to "keep markets clean," according to a statement made on Thursday by the British Financial Conduct Authority.


The majority of the world's cryptocurrency companies are unregulated, but several nations want proof that they have effective safeguards in place to thwart money laundering.


The biggest cryptocurrency exchange in the world, Binance, was told by the FCA last year that it was "not capable of being adequately monitored" and so could not engage in any regulated activity in Britain.


Regulators in Spain, France, and Italy have this year given Binance permission to operate in those countries' domestic marketplaces.


In answer to a query on whether authorities are being pitted against one another by cryptocurrency startups, FCA Chief Executive Nikhil Rathi said at the Peterson Institute for International Economics in Washington, "I believe some global baseline norms are vital."


The clean markets that we all want depend on having excellent shared regulatory standards and information sharing across borders, according to Rathi. "As we have seen in other domains like anti-money laundering, these are essentially cross-border actions by some very well organized players," he added.


After rejecting applications from a large number of organizations, the regulator has come under fire from the cryptocurrency industry.


We will always be vigilant about consumer protection when it comes to cryptocurrencies, Rathi stated.

Rathi said that, regrettably, the FCA's long-ago warning that holders of crypto currencies may lose all of their money has come true after the recent decline in the price of bitcoin.


global regulatory agency, the Financial Stability Board, said this week that it planned to provide draft proposals for regulating crypto assets to G20 nations in October.


Earlier this month, a French member of the European Parliament asked the French market regulator to reconsider its decision to register Binance.