Sep 18 2020 0

Here are the most important financial news of the day.

The deal for TikTok

The US Treasury Department, the owners of TikTok - ByteDance, and Oracle have agreed to the terms for Oracle's bid for US social media service operations. Treasury Secretary Steven Mnuchin sent Bytedance a revised term sheet late on Wednesday, and ByteDance and Oracle accepted it. Those requesting anonymity because of the sensitivity of the issue described that the changes would address national security concerns about the transaction. 

forex news Sep 18

Meanwhile, the Trump administration has asked game companies for information about their data security protocols related to Chinese tech giant Tencent. The Foreign Investment Commission in the United States has sent letters to companies, including Epic Games, Riot Games and others, asking for their security protocols for the processing of personal data. Americans, who requested anonymity said. Tencent, the world's largest gaming company, owns Los Angeles-based Riot Games and has a 40% stake in Epic, the popular video game maker Fortnite.

Bullish market

Asian stocks are likely to rise modestly on Friday amid a depreciation of the dollar and after US stocks erase their worst losses. Treasury bonds go higher. Futures markets in Japan, Hong Kong and Australia go up. The S&P 500 has slumped for the second day in a row, though the benchmark found some support after bouncing off the 50-day moving average. Technology stocks were the biggest losers, with Apple, Facebook and Microsoft weighing on the Nasdaq Composite. Data show that the number of Americans applying for unemployment benefits continues to decline. Crude oil climbed above $40 / barrel. In another development, natural gas prices fell the most in nearly two years after larger stock increases than expected sparked fears that excess fuel would increase. UK government bonds escalated after Bank of England policy makers said they were probing negative interest rates.

Fierce competition

From BlackRock to Vanguard, global wealth managers are now exploring how fierce local competition will be in China's $3.4 trillion mutual fund industry. International company-backed funds raised $470 billion from retail investors in the first eight months of the year, less than half of the $967 billion found by their more than 100 Chinese rivals, according to the report. data compiled by Morningstar and Bloomberg. Of the 10 largest funds raised this year, only two are backed by foreign companies. Foreign companies are grappling with the question of how small their global size and reputation are in a market infamous for investors jumping from fund to fund in search of the big thing. next. Domestic rivals took advantage of their home turf, raking in a sizable chunk of the nearly $6 billion in fees generated in just the first half of the year. Local mutual funds are more adept at mining live-stream stock picker superstars on platforms like Alipay, offer fund options, and explain hedge investment concepts with social media influencers who can raise the popularity of fund managers with just one endorsement. That is becoming a nascent distribution network competing with banks.

forex news September 18

Not enough

The Hong Kong government is facing fresh criticism from economists and those who say the third viral stimulus has not gone far enough. While Carrie's latest spending plan will take away 976.6 billion HKD ($126 billion) from the city's financial reserves in July, that cash is still held by economists. arguably large enough to aid extra stimulation. The urgency for more financial assistance was highlighted Thursday with data showing Hong Kong's unemployment rate at 6.1% in August, with the unemployment rate continuing to rise among sectors heavily affected such as consumption and tourism. "The stimulus has been less than expected so far," said Alicia Garcia Herrero, chief Asia-Pacific economist at Natixis. We need more and much smarter stimuli”.

author

Fanara Filippo

Hey, I’m Fanara Filippo. I’m the founder of this site. I'm currently living in Bangkok, Thailand. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.


Related Posts
negative-news-report-for-august-18

NEGATIVE NEWS REPORT FOR AUGUST 18

indices-and-crypto-hit-all-time-high

INDICES AND CRYPTO HIT ALL TIME HIGH

can-we-recovered-financially-from-the-delta-variant

CAN WE RECOVERED FINANCIALLY FROM THE DELTA VARIANT?

a-quiet-day-for-the-market-again

A QUIET DAY FOR THE MARKET AGAIN


0 Comment

Leave a comment