7.02: Boring Company is not so boring after all; greenback is doing its best after the hit and Bitcoin got nice reviews.
Today seems to be much better for the markets as the dollar is seeing recovery and tries to knock down the basket of six major currencies. Musks's Boring Company has made a lot of noise for a good reason and Asia is trying to recover after the fall.
Crypto world keep scaring the investors, especially with the instability it has been demonstrating lately. Yesterday the biggest crypto has fallen to the November price with which the fear was brought to all investors. There is still no explanation why the crypto market has crushed and to why it has crashed together with equity markets.
But after the regulations hearing in the USA, the market seems to be in the green zone once again. A lot of experts were actually waiting for this moment to come especially after the hearing. SEC and CTFC chairman were quite nice and accepting of the cryptos and this has boosted the market.
SEC chairman stated that even though ICO and crypto funds are still too “green” and a lot of them are used for the wrongful purposes, that is not the reason no to develop them and not to look out for their future.
CTFC statement was even better – blockchain – the technology of the future is impossible without Bitcoin and that is why it is bad to oppress it.
Even though the current situation at the markets may seem better than it was yesterday, the Asia is still quite shaky. Even though market spectators are saying that the crisis was averted, it doesn’t seem so.
In the Asian markets Dow mini is down almost 1 percent, S&P 500 Futures slipped by the same amount.
But MSCI Asia Pacific outside Japan seems to be doing fine – it is up by 2 percent. But Hong Kong, Indian and Singapore markets were all primarily in the red. Despite this, bonds have found their buyer today and the markets are standing up.
Elon Musk’s Boring Company has been in the center of the world attention for some time now and tomorrow it peaked. Yesterday they launched the heaviest, most powerful rocket in the world to circulate on the orbit of Mars.
The world was watching as three boosters were lifting Falcon super heavy up in the air. The excitement of the spectators was also lifted after the two of the three boosters were successfully landed onto the Cape Canaveral Air Force Station. The simultaneous landing had an ecstatic effect. The third booster fails to land but that didn’t cloud anyone’s happiness.
If everything goes well, Falcon Heavy will go into the Mars orbit with Tesla Car and SpaceX space suit inside.
Today markets are recovering after the panic that occurred in the markets yesterday and resulted in a selloff.
MSCI Asia Pacific Index extends its yesterdays’ fall and is down by 3.3%. This is the biggest plunge for this stock since summer, 2016.
S&P 500 seems to be doing fine after yesterday’s fall by more than 4 percent and has gained 1.7 percent. The trading price for the Index is 2.695.14 USD which is better for the investors as the price has risen.
Nasdaq is down by 2.13 percent – 7.115.88 USD per stock. The recovery here is also quite obvious.
Better market mood also influenced the greenback that is now scaring other currencies into falling. Yen was under the influence and lost 0.4% - 109.56 yen per dollar.
Euro is at the point of $1.2371.
Pound declined by nearly 0.1% - 1.3949 USD.
Silver is traded at the point of $16.69 per ounce and gold is $1.322.74.
WTI loses again, which can scare off most of the investors – 1% dip and price per barrel has fallen to the $63.43 per barrel.
- by Mark Densel