Markets News Stocks 

Asian stocks choppy, sentiment shaken by sliding yuan

“Lastly, a weaker yuan deepens trade war concerns.”” writes Midwest Communications Inc for 95kqds.com. First, a weaker yuan challenges the competitiveness of other Asian economies,” said Shusuke Yamada, currency and equity strategist at Bank of America Merrill Lynch in Tokyo.The dollar index against a basket of six major currencies stood little changed at 95.178 after being knocked down from 95.652, its highest level since July 2017.”The weaker currency also causes fears of capital leaving China and disrupting their capital markets, which could have knock-on effects on Asia.With China showing little…

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News Platforms 

Santander Adopts nCino Platform For Faster SMB Lending

“Santander Bank is adopting nCino technology to accelerate its business lending operations, the FI announced on Wednesday (July 18)” reports pymnts.com. Last year, nCino announced updates to its banking operating system to accelerate small business lending functionality, including underwriting and eSignature capabilities.Additional features will be added onto the nCino platform for Santander customers as the year continues, the bank noted, beginning with online loan application and customer relationship features.In another statement, nCino CEO Pierre Naudé said that Santander’s adoption of the nCino platform represents the bank’s understanding of the importance of…

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Crypto News 

Bank of Israel Deputy Governor: Cryptocurrency Can Assist the Monetary System

“Bit2c is an Israeli cryptocurrency exchange which offers trading with Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ethereum Classic, and Bitcoin Gold and has daily volumes of $118,636, according to coinmarketcap.com” reports financemagnates.com. She said that the government is working on cryptocurrency regulation.Heavy regulation is required for initial coin offerings and token generation events, sustainable regulation is required for cryptocurrency exchanges, while for pure blockchain technology no regulation is necessary. Source: financemagnates.com Share This:

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News Regulators 

President lays into Fed; ‘Not thrilled’ with rate hikes…

“Presidents rarely intercede when it comes to the Fed, which sets the benchmark interest rate that flows through to many types of consumer debt” writes Jeff Cox for cnbc.com. Former Dallas Fed President Richard Fisher told CNBC that Trump is out of line. “One of the hallmarks of our great American economy is preserving the independence of the Federal Reserve.Fed officials, including Chairman Jerome Powell, have raised interest rates twice this year and have pointed to two more before the end of 2018.In a stinging and historically rare criticism, President…

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News 

Wells Fargo reportedly refunding ‘hundreds of thousands’ customers for add-on products like legal services

“Wells Fargo & Co. is refunding hundreds of thousands of customers tens of millions of dollars for account add-on products such as legal services or insurance, Dow Jones reported, citing people familiar with the matter” writes Liz Moyer for cnbc.com. The bank stopped selling add-on products in the middle of last year and is phasing out of existing consumer add-one products.Wells Fargo has spent nearly two years trying to clean up from a scandal that first erupted in 2016 over fake accounts opened in customers’ names by employees trying to…

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Crypto News 

Switzerland seeks to regain cryptocurrency crown

“Despite the challenges, Switzerland is working on new rules to reassure banks and encourage them to accept the accounts of cryptocurrency companies” writes Midwest Communications Inc for 95kqds.com. “They raised concerns about problems with opening bank accounts, which was a worry for them, and asked for help,” Moser told Reuters.Providing the legal framework to launch ICOs and for banks to do business with cryptocurrency companies is not easy.Another large Swiss bank kicked out crypto project Smart Valor at around the same time, said a person familiar with the project.The bank,…

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Markets News Stocks 

The most costly mistakes investors of every size make, according to Bank of America’s $2 trillion wealth-management chief

“But regardless of how the market does going forward, certain bad behavior can be more costly than sitting on cash” writes Akin Oyedele for businessinsider.com. Following the stock market’s strong performance last year, many millennials and baby boomers are throwing more cash into the market in 2018, according to a Bank of America survey of nearly 1,000 households.Investors with a long time horizon can take advantage of one the smartest strategies to invest in stocks: dollar-cost averaging.Emerging-market stocks on aggregate are getting slammed this year, and so they are looking…

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News 

Chinese yuan hits 1-year low

“A month ago, the two rates were nearly identical, but now the offshore yuan buys roughly 0.5% fewer dollars than its counterpart” writes Saumya Vaishampayan for marketwatch.com. On Thursday morning, the People’s Bank of China set the dollar’s daily reference rate at 6.7066 yuan, weakening the yuan by 0.2%.The central bank has guided the yuan to stronger-than-expected daily levels since mid-June, according to Commerzbank analysts, probably aiming to slow the pace of decline.One analyst suggested this could prod the central bank into action.China’s currency hit lows not seen since last…

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News 

Wall Street traders set for best year since aftermath of crisis

“Wall Street trading desks started to see their fortunes fade in 2010 as the huge relief rally that came after the 2007-2009 financial crisis dissipated” writes Midwest Communications Inc for 95kqds.com. As Wall Street banks overhauled trading businesses and waited for markets to pick up, revenue tracked almost consistently downward since 2009.Citigroup Inc was the only major bank to report lower trading revenue, citing challenges in fixed income markets.New regulations on proprietary trading, derivatives and capital crimped big banks’ trading profits in the following years, as did the popularity of…

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News Regulators 

A big regional bank is set to be freed from Fed oversight

“Zions, a Salt Lake City-based regional bank, is set to be freed from oversight by the Federal Reserve, thanks to a decision announced Wednesday by federal regulators” writes Alex Brandon for washingtonexaminer.com. CEO Harris Simmons said that the council’s decision would allow the bank to better serve its customers.With $65 billion in assets and business across western states, Zions is the kind and size of regional bank that also recently won regulatory relief in bipartisan legislation President Trump.The council’s decision, which still has to be finalized, means that the the…

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