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Share to Twitter Share to Linkedin Bitcoin BTC and cryptocurrencies have rocketed higher over the last week as the Silicon Valley Bank-led banking crisis sparks worrying hyperinflation fears . Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster The bitcoin price has added almost 50% since early March, helping the ethereum price and other cryptocurrencies rally, due to rising expectations the Federal Reserve will pivot from its hawkish stance in the face of slowing inflation and bank collapses . Now, Tesla billionaire Elon Musk has waded into the debate, sending a warning to U.S. president Joe Biden after the Federal Reserve raised interest rates again. It's at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex — A daily newsletter for traders, investors and the crypto-curious that … [Read more...] about ‘Banks Are Melting’—Elon Musk Sends Warning To Joe Biden And The Fed Amid Wild Bitcoin, Ethereum And Crypto Price Swings

Share to Twitter Share to Linkedin Topline Mortgage rates tumbled last week to their lowest level in over a month, according to data released Wednesday morning by the Mortgage Bankers Association, as waning confidence in the U.S. banking system provides a reprieve to home buyers. Key Facts The average 30-year fixed mortgage rate slipped from 6.71% to 6.48% last week, falling to its lowest level since mid-February and its largest percentage decline since November. Mortgage applications rose 3% last week, according to the survey, as buyers take advantage of rapidly declining home prices. That followed a wild stretch for the banking sector – headlined by the failures of Silicon Valley Bank and Signature Bank, the nation’s second and third-biggest such failures ever – causing investors to pack into safer assets such as government bonds. Yields for 10-year U.S. Treasury notes sank 70 basis points to 3.4% in the two-week period … [Read more...] about Housing Market: Mortgage Rates Sink To 5-Week Low Amid Bank Havoc

Share to Twitter Share to Linkedin XRP prices have taken a tumble lately, losing value after climbing to their highest in over four months. The digital token, which serves as the native asset of the Ripple platform, fell to as little as $0.4094 this afternoon, according to CoinDesk data. At this point, the cryptocurrency was down more than 17% from the recent high of $0.4933 it reached close to 5 p.m. EST last night, additional CoinDesk figures reveal. Before reaching that value, its loftiest since November, the digital currency enjoyed an impressive rally, climbing more than 20% in under 24 hours. When explaining these recent declines, analysts pointed to a handful of variables, including profit taking and regulatory uncertainty, as well as the market’s response to the ongoing lawsuit involving Ripple, some of its key executives, and the U.S. Securities and Exchange Commission. This legal activity has generated significant visibility, as … [Read more...] about XRP Prices Fall Over 15% After Reaching Highest Since November

TAIPEI  -Taiwan’s central bank raised its policy rate on Thursday in a surprise move reflecting concerns about inflation despite recent market turmoil caused by U.S. and European bank failures, which could play into further rate decisions this year. The central bank, in a unanimous decision, raised the benchmark discount rate by 12.5 basis points (bps) to 1.875 percent – the fifth hike since it began the current round of tightening in March last year. Governor Yang Chin-long told a news conference after the meeting that the rate hike was mainly because of inflation concerns and that their monetary policy goal was to maintain the stability of domestic prices. Taiwan’s rate hikes are mild and gradual, and while this move was not what the market expected, the central bank cannot be called hawkish, he added. Asked if this would be the last rate rise this year, Yang said: “The uncertainty is very big, particularly the confidence and contagion effect on the public from the U.S. … [Read more...] about Taiwan central bank unexpectedly raises rates on inflation concerns

Key Takeaways U.S. equities indexes fell on March 22, 2023, as the Fed hiked interest rates even though markets remained concerned about issues in the banking sector. The Dow, Nasdaq, and S&P 500 all posted losses of approximately 1.6% during Wednesday's session. Bank stocks saw significant declines, with First Republic (FRC) turning in the worst performance among S&P 500 stocks on uneasiness about its risk of failure. U.S. equities sank after the Federal Reserve raised interest rates another 25 basis points (bps) in its effort to bring down inflation. The decision came despite expectations by some that policymakers might pause hikes because of concerns about the banking sector in the aftermath of the collapse of Silicon Valley Bank and Signature Bank. Fed Chair Jerome Powell noted that the banking stress will likely cause tighter credit conditions that will impact the economy. The Dow, S&P 500, and Nasdaq all dropped about 1.6%. Bank stocks tumbled, … [Read more...] about Markets Dip as Fed Raises Rates Despite Banking Concerns

A man watches stock quotations on an electronic board outside a brokerage, in Tokyo, Japan, March 20, 2023. REUTERS/Androniki Christodoulou SINGAPORE   – Asian shares spiked on Thursday and the dollar slid after the U.S. Federal Reserve hinted it could pause interest rate rises following turmoil in the banking sector, though it also reiterated its commitment to fighting sticky inflation. In a widely expected move, the Fed raised interest rates by 25 basis points, but it recast its outlook to a more cautious stance as a result of the banking stress. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1 percent to touch a two-week high of 515.62. The index was on track for its best week in more than two months. Focus now shifts to the Bank of England, with investors expecting a quarter-percentage-point increase in its policy rate after a surprise jump in inflation squashed hopes of the central bank pausing its tightening campaign. Asia’s rally looked unlikely to … [Read more...] about Asian shares surge, dollar slips after Fed hints at rate pause

Share to Twitter Share to Linkedin Mercedes-Benz stock (OTCMKTS: MBGAF) has had a relatively strong year so far, with its stock up by almost 10%, outperforming the S&P 500. Mercedes posted a relatively strong set of Q4 2022 results, with revenue rising by about 16% year-over-year to about Euro 41 billion ($44 billion). Overall wholesale deliveries expanded by 7% versus last year as supply chain and semiconductor supply-related issues continued to ease. Net profits from continuing operations also rose 66% to about Euro 3.72 per share ($4.01), driven by higher volumes and an expanding mix of top-end vehicles, which saw unit sales rise 14%. However, despite the relatively strong numbers over the last quarter, we remain neutral on Mercedes stock, with a price estimate of about $78 per share, which is roughly in line with the current market price. Now, although Mercedes stock trades at a relatively reasonable valuation of under 7x projected 2023 earnings, … [Read more...] about Is Mercedes-Benz Stock Good Value At $76 Per Share?

Key Takeaways U.S. stocks posted gains on March 16, with an industry bailout for First Republic Bank (FRC) and positivity around tech stocks sending markets higher. The tech-heavy Nasdaq added nearly 2.5% in Thursday's session, while the S&P 500 and the Dow advanced around 1.8% and 1.2%, respectively. Semiconductor stocks contributed to the gains in the tech sector, with Intel (INTC) leading the Dow higher following an analyst upgrade. U.S. equities jumped on an industry bailout of struggling First Republic Bank ( FRC ) and on enthusiasm for semiconductor and other tech stocks. The Dow and S&P 500 rose more than 1%, and the Nasdaq popped 2.5%. First Republic was the best-performing stock in the S&P 500, bouncing back from big losses earlier in the day after several major banks pledged $30 billion to prop up the ailing financial institution. Shares of Comerica ( CMA ), Regions Financial ( RF ), and other regional banks increased. However, American … [Read more...] about Markets Gain on First Republic Bank Aid, Tech Enthusiasm

Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, Feb 2, 2023. Yui Mok/Pool via REUTERS/File photo LONDON  -The Bank of England is expected to raise interest rates for the 11th time in a row on Thursday after a surprise jump in inflation dashed speculation that it might have been about to take a pause. The BoE is trying to reconcile Britain’s weak economic outlook and recent worries about global banks with stubbornly high price growth, and is due to announce its latest decision on rates at 1200 GMT. Most economists had believed inflation was on course to fall steadily, after hitting a 41-year high above 11 percent in October. But Wednesday’s data showed inflation rose to 10.4 percent in February rather than continuing its descent and immediately turned Thursday’s announcement into an almost one-way bet on a quarter percentage-point increase in Bank Rate. UK inflation … [Read more...] about Inflation shock puts Bank of England on course to raise rates again

MANILA  – The Monetary Board as expected raised the Bangko Sentral ng Pilipinas key policy rate by 0.25 percentage point (or 25 basis points) to 6.25 percent as inflation remained high in February Asked whether this was the last hike in the current monetary policy tightening cycle, MB chair and BSP Governor Felipe Medalla said in a press briefing that the decision in upcoming meetings would depend on data that would come in. “It would really depend on our assessment of the inflation picture in the Philippines,” Medalla said. BSP Deputy Governor Francisco Dakila Jr. said the MB revised downward the forecast for average inflation in 2023 to 6 percent from 6.1 percent, and for 2024 to 2.9 percent from 3.1 percent. This was after the annual inflation slightly slowed to 8.6 percent in February. The move, which was predicted by all but one of 24 economists in a Reuters poll, brought to 425 basis points the total hikes the central bank has delivered since May 2022. The BSP … [Read more...] about Philippine central bank raises key policy rate by 25 bps