2023-11-08 05:21

Copyrighted Image by: Investing.com Former President Donald Trump's wealth has increased to $3.1 billion, up from $2.6 billion, according to the Bloomberg Billionaires Index. The surge in his fortune is attributed to a combination of factors including a Bitcoin rally, a booming Florida property market, and a significant increase in revenues from his golf courses. On Wednesday, Trump's cryptocurrency portfolio, which includes ETH, WETH, TRUMP tokens, MATIC tokens, and DUBBZ tokens, saw an increase to $3 million over the past day, as per data from Arkham Intelligence. This growth was spurred by a Bitcoin rally that pushed prices to $35,000 and boosted Trump's cryptocurrency wallet by over $15,000 in a single day. The former President's financial statement from August 14, 2023, disclosed $2.8 million in cryptocurrency holdings which have since grown to $3 million. Options expert Nic Chahine further revealed that Trump holds 579.281K TRUMP tokens. In addition to the boost in his digital assets, Trump's real estate ventures such as Mar-a-Lago and Doral resort have been thriving amid Florida's property boom. These ventures have shown resilience despite legal challenges led by New York Attorney General Letitia James. Moreover, Trump's golf courses have seen a revenue surge of more than 50% since 2019, contributing significantly to his growing fortune. https://www.investing.com/news/cryptocurrency-news/trumps-wealth-climbs-to-31-billion-amid-bitcoin-rally-93CH-3225976

2023-11-08 04:50

Investing.com-- Gold prices moved little in Asian trade on Wednesday, but were nursing steep losses over the past two sessions as hawkish comments from Federal Reserve officials saw traders reconsider expectations for more interest rate hikes. This put an upcoming speech by Fed Chair Jerome Powell squarely in focus, after his comments at a meeting last week were seen as somewhat less hawkish by markets. Gold saw some gains in the past week after the Fed meeting and a softer-than-expected nonfarm payrolls reading pushed up hopes for an end to the central bank’s rate hike cycle. But several Fed officials downplayed expectations for a pause, citing the need for more hikes amid strength in the economy and sticky inflation. This dented the outlook for gold, given that higher rates diminish the opportunity cost of investing in the yellow metal. Spot gold fell 0.1% to $1,967.78 an ounce, while gold futures expiring in December were flat at $1,973.85 an ounce by 23:33 ET (04:33 GMT). Powell speech in focus as Fed officials downplay pause bets Powell is set to speak twice this week, once on Wednesday and once on Thursday. Any more comments on the U.S. economy and monetary policy will be squarely in focus, especially following a softer-than-expected nonfarm payrolls reading for October. But before Powell, several Fed officials, including Governor Michelle Bowman, Minneapolis Fed President Neel Kashkari and Chicago Fed President Austan Goolsbee noted that inflation still remained too high, and that rates could potentially rise further in the coming months. Even if the Fed pauses, it is only expected to begin trimming rates by mid-2024, limiting any major near-term gains in gold. The central bank signaled that U.S. rates will remain higher for longer- likely remaining above 5% until end-2024. This scenario bodes poorly for the yellow metal in the near-term. Gold also saw receding safe haven demand amid easing market concerns over the Israel-Hamas conflict. Copper creeps lower amid China concerns Among industrial metals, copper prices fell slightly on Wednesday, extending recent losses after weak Chinese economic data raised more concerns over the world’s largest copper importer. Copper futures expiring in December fell 0.1% to $3.6822 a pound. After Chinese trade data largely disappointed markets on Tuesday, focus is now on inflation readings from the country, due Thursday, for any signs of a pick-up in spending. Copper investors took some relief from reports that Chinese regulators had met with several major property developers in the country to gauge their financial conditions, potentially heralding more policy support for the sector. https://www.investing.com/news/commodities-news/gold-prices-under-pressure-with-powell-speech-in-focus-3225958

2023-11-08 03:54

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies kept to a tight range on Wednesday, while the dollar maintained a recent rebound after several Federal Reserve officials warned against betting that the central bank was done with its interest rate hikes. This put an upcoming speech by Fed Chair Jerome Powell squarely in focus, with markets seeking more cues on U.S. monetary policy. Sentiment towards Asian markets remained constrained, as traders remained on edge over any more hawkish signals from the Fed. Continued signs of economic weakness in China also kept traders wary of regional markets. The Chinese yuan rose 0.1% on Wednesday, benefiting chiefly from a stronger daily midpoint fix by the People’s Bank of China. The yuan also took some support from reports that the Chinese government met with major property developers to gauge their financial positions, potentially heralding more support for the beleaguered sector. But weak economic data from the country put a cap on any major gains. Data on Tuesday showed that Chinese exports fell more than expected, while the country’s trade balance shrank to a 17-month low in October. Focus is now on Chinese inflation data, due on Thursday. The Japanese yen fell 0.1%, remaining well above the 150 level to the dollar as dovish signals from the Bank of Japan and strength in the dollar offered little support. Weakness in the currency saw traders positioning for any potential intervention by the Japanese government in currency markets, to boost the yen. Japanese ministers had offered a slew of verbal warnings in October over such a move. The Australian dollar rose 0.1%, recovering slightly after somewhat dovish signals from the Reserve Bank of Australia saw the currency tumble nearly 1% on Tuesday. The RBA raised interest rates as expected, but flagged a more data-dependent approach to future hikes, spurring bets that the bank was done raising interest rates. But the central bank also forecast higher Australian inflation over the next two years. Most other Asian currencies kept to a tight range, as their outlook soured in the face of higher-for-longer U.S. interest rates. The Indian rupee was flat but hovered near record lows, while the South Korean won rose 0.1% after the country’s foreign exchange authority said it will open its currency market to global traders and extend trading hours. Dollar steady as Powell speech looms The dollar index and dollar index futures both rose slightly in Asian trade on Wednesday, extending a rebound from six-week lows as several Fed officials flagged the potential for more interest rate hikes. Fed officials including Governor Michelle Bowman and Minneapolis President Neel Kashkari warned that sticky inflation and resilience in the U.S. economy could call for more rate increases from the central bank. Their comments came before two separate speeches by Chair Jerome Powell this week. The Fed had offered a seemingly less hawkish outlook on U.S. interest rates last week, which saw traders pricing in a nearly 100% chance that the central bank will not raise interest rates any further. But these bets appeared to have tapered off this week. https://www.investing.com/news/forex-news/asia-fx-muted-dollar-rebound-holds-with-more-fed-cues-on-tap-3225947

2023-11-08 01:22

Copyrighted Image by: Reuters. Investing.com-- Oil prices hovered around more than three-month lows in Asian trade on Wednesday as signs of a surprise spike in U.S. inventories raised doubts over just how tight supplies would remain. Data from the American Petroleum Institute showed that U.S. crude inventories surged 11.9 million barrels (mb) in the week to November 3, much more than expectations for a draw of 0.3 mb. The reading indicated that U.S. stockpiles were increasing amid slowing fuel demand, especially as the winter season limits travel. The API data heralds a similar reading from official inventory data- the release of which has been postponed to November 13 by the Energy Information Administration. The inventory data added to concerns over tighter oil markets, coming just a day after Bloomberg data showed that Russia’s oil exports hit a near four-month high in the prior month. Recent data also showed production by the Organization of Petroleum Exporting Countries (OPEC) rose in October, even as Saudi Arabia and Russia vowed to maintain ongoing supply cuts till the end of the year. This was accompanied by data showing consistent economic weakness in top crude importer China. While the country’s oil imports remained steady in October, a bigger-than-expected decline in overall exports pointed to sustained weakness in its biggest economic engines. China’s fuel exports also declined, as local refiners appeared to be reaching the end of their export quotas. China has built up its oil inventories steadily this year, which could see a reduction in its crude appetite over the coming months. Inflation data from the country, due on Thursday, is expected to offer more insight into the economy, which has been largely struggling this year. Brent oil futures expiring January sank 0.3% to $81.33 a barrel, while West Texas Intermediate crude futures due in December fell 0.5% to $76.98 a barrel by 20:47 ET (01:47 GMT). Dollar rebound weighs with Powell speech in sight A sustained rebound in the dollar, from six-week lows, also weighed on oil markets this week, as a slew of Federal Reserve officials downplayed expectations that the central bank will not raise interest rates further. Expectations of a Fed pause had grown following less hawkish signals from the Fed and weak nonfarm payrolls data last week. But central bank officials speaking this week warned that resilience in the U.S. economy and sticky inflation could elicit a higher policy rate from the Fed. On that end, focus this week is squarely on a speech by Fed Chair Jerome Powell later in the day, and another talk on Friday. Markets will be waiting to see whether Powell maintains his hawkish rhetoric, given that the Fed chair has warned that U.S. rates will remain higher for longer. https://www.investing.com/news/commodities-news/oil-prices-slide-to-prewar-lows-as-strong-dollar-china-weakness-weigh-3225924

2023-11-08 01:22

Copyrighted Image by: Reuters. Investing.com — Saudi Arabia and other oil producers can talk all they want about the so-called “demand” for oil. But the market isn’t buying it, sending global crude benchmark below $80 a barrel -- the first time since July. Crude prices settled at four-month lows after tumbling hard for a second day in a row. The selloff came as assurances by OPEC+ that all was well on the oil consumption front failed to calm a skittish market reacting partly to weak economic data out of top oil importer China, the loss of any war premium risk from the Israel-Hamas conflict and a stronger dollar — the currency that oil trades on. But more than all that on Wednesday was the absence of weekly US inventory numbers from the Energy Information Administration, or EIA, due to a reworking of its data gathering methodology. That raised questions on how well demand could have fared for the week ended Nov 3, especially after the American Petroleum Institute, or API, suggested in its own data that US crude inventories surged almost 12 million barrels last week, versus trade expectations for a draw of 300,000 barrels. New York-traded West Texas Intermediate, or WTI, crude for December delivery, settled at $75.33 per barrel, down $2.04, or 2.6% on the day, adding to Tuesday’s 4.3% drop. It was WTI's lowest settlement since July 11. The US crude benchmark has fallen nearly 7% since the start of November, adding to October’s torrid 11% loss. UK-origin Brent crude’s most-active January contract settled at $79.54, down $2.07, or 2.5%. Brent’s session low was $79.22, its first below the $80 mark since July 20. For Brent, this month’s drop of about 6% comes on top of October’s 11% plunge. Focus clearly shifting to "weak demand" “Trade data from China on Tuesday further soured the mood and contributed to yesterday's sharp falls,” said Craig Erlam, analyst at online trading platform OANDA. “The focus is clearly shifting from undersupply to weak demand and central banks insisting that rates must remain high could further exacerbate that.” “And frequent reminders that Saudi Arabia and Russia will maintain cuts until the end of the year aren't doing anything to offset this as it was never assumed they would change their minds. Especially now prices are falling.” Data released on Tuesday showed that China's exports shrank more than expected in October, while the country's trade surplus was at its worst level in 17 months. Imports unexpectedly grew during the month, highlighting some improvement in local demand as Beijing rolled out more stimulus measures, but the prolonged weakness in exports could stymie growth in the country and dent oil demand. https://www.investing.com/news/commodities-news/oil-settles-at-july-low-dragging-brent-below-80-as-opec-demand-talk-ignored-3225924

2023-11-08 00:58

Copyrighted Image by: Reuters. Brian Krewson, an Oracle (NYSE:ORCL) employee and party entertainer, is under scrutiny from the Justice Department for his alleged involvement in a $54 million cryptocurrency storage and laundering scheme. Convicted cocaine traffickers Christopher Castelluzzo and Luke Atwell, who are serving 21 and 19 years respectively, are said to be connected to the operation. The pair previously ran a narcotics business that reportedly sold up to $3 million in cocaine monthly. The Justice Department alleges that the cryptocurrency was generated from drug sales on the Blue Sky market, including 30,000 ether now valued at over $54 million. Krewson, known for his Walter White impersonation from the TV show "Breaking Bad", held a senior technical support engineer position at Oracle from 2015 until this year. Evidence suggests that Krewson had discussions with Castelluzzo and Atwell about moving the ether to Malta or the Bahamas. These discussions were revealed through prison calls and further corroborated by their continued Facebook (NASDAQ:META) friendship as of mid-2021. In a police raid in July last year, Krewson provided the password to the crypto wallet, allowing law enforcement to transfer all funds to a DOJ wallet. Castelluzzo, on behalf of himself and Broken Wings Holdings – a company he ran with Krewson and Atwell for trading cryptocurrencies on Bitrix exchange – appealed to a Colorado court last December for the return of these funds. Despite his claim that the funds were not criminal proceeds, his appeal was denied. The DOJ announced the seizure of these funds last week. While Krewson's attorney has yet to comment on the matter, Castelluzzo maintains that the cryptocurrency was acquired legitimately. https://www.investing.com/news/cryptocurrency-news/oracle-employee-implicated-in-54-million-cryptocurrency-laundering-scheme-93CH-3225919