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PDAXScope: May 17 2024

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May 17, 2024

4 min read


Crypto News:

Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin

Shares of Coinbase dropped nearly 9% to $202.49 during U.S. morning hours on Thursday after a Financial Times report that the Chicago Mercantile Exchange (CME) might soon offer spot bitcoin trading amid strong interest from clients. Chicago-based CME, with a history dating back more than a century, is the largest futures exchange globally and a financial powerhouse. Until recently, Coinbase profited strongly from being the most trusted crypto exchange in the U.S., but that advantage could change if CME comes into play. CME is already the biggest bitcoin futures exchange by open interest in the U.S. The exchange said that it has been holding meetings with traders who wish to trade bitcoin on a regulated marketplace.


Pension Embraces Bitcoin, Hope Grows for Cryptocurrency's Long-Term Prospects

Wisconsin's state pension put $160 million into BlackRock and Grayscale's Bitcoin ETFs, showing even risk-averse investors are able to embrace crypto and possibly presaging a "slowly building wave of demand." Pensions are generally conservative with their investments and slow to embrace new things, but if bitcoin is making inroads there then there might be good reason to suspect the original cryptocurrency can keep expanding its investor base. Over 500 institutional investors held one or more spot bitcoin ETFs as of the end of first quarter, which is well above the average of 200 for a newly launched ETF. Almost all types of institutions were represented, including private equity, insurance companies, brokerage accounts, among others, according to Bloomberg data.


Global News:

US CPI report shows inflation easing in April

Inflation eased slightly in April, providing at least a bit of relief for consumers while still holding above levels that would suggest a cut in interest rates is imminent. The consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department’s Bureau of Labor Statistics reported Wednesday. On a 12-month basis, however, the CPI increased 3.4%, in line with expectations. Markets reacted positively after the CPI release, with futures tied to major stock indexes rallying and Treasury yields tumbling. Futures traders raised the implied probability that the Federal Reserve would start cutting interest rates in September.


Asian Markets upbeat ahead of China data dump

Asian markets go into Friday's session looking to end a strong week on a positive note, and there appears to be no obvious reason why the recent upswing should reverse unless investors opt for a bout of profit taking ahead of the weekend. China's monthly 'data dump', when Beijing simultaneously lands several top-tier economic indicators, could go a long way to setting the market tone across Asia on Friday. A batch of top-tier indicators from China on Friday will shed light on how well - or otherwise - the world's second largest economy is performing, and whether it is on track to meet authorities' 5% GDP growth target for this year. The latest house prices, retail sales, urban investment, industrial production and unemployment figures are broadly expected to show economic activity accelerated last month.


Local News:

BSP hints at policy rate easing by August

The Bangko Sentral ng Pilipinas (BSP) may start cutting interest rates as early as August for a total of 50 basis points (bps) at the most this year, Governor Eli Remolona Jr. said on Thursday, as the recent inflation uptick was not as bad as expected.

Remolona struck a less hawkish tone after the Monetary Board on Thursday decided to keep its policy interest rate unchanged at 6.5 percent, extending its pause for the fifth straight meeting. At an event after the BSP rate setting, Remolona said the BSP may cut its key interest rates twice in the second half of the year by a total of 50 bps. He also said the BSP might even ease ahead of the US Federal Reserve.


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