News 

Microsoft continues to rake it in as 4th qtr earnings numbers are released

“Microsoft announced its 4th quarter earnings for fiscal year 2018 just a few minutes ago, and as expected, the company continues to ride the growth of Azure, the success of Office 365 and now Microsoft 365, and some bounce back on PC sales numbers to mark another quarter of strong earnings results” writes Kip Kniskern for onmsft.com. The numbers are up across the board, with revenue at $30.1B for the quarter, up 17% over Q4 last year. We’ll have more on the earnings as the numbers are filtered and dissected. Source:…

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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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Crypto News 

Congressman says we should be banned from mining, using cryptocurrency

“Congressman Brad Sherman, D-California, believes the government should prohibit U.S. citizens from mining and using cryptocurrencies” writes Mark Coppock for digitaltrends.com. Also brought up during the hearing was the idea of central banks issuing their own digital currency.Cryptocurrency is just a new form of electronic payment that should be embraced and treated like any other form of payment.But U.S. citizens also use a form of digital currency: Electronic payments. Having central banks issue digital currencies is “one of the worst financial ideas of recent times,” he said. Source: digitaltrends.com Share This:

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The Chinese yuan’s sell-off is accelerating and there’s no sign of Beijing stepping in

“REUTERS/Jon Woo The Chinese yuan is continuing to unravel, falling to a one-year low against the greenback on Thursday” writes Business Insider Australia for businessinsider.com. The Chinese yuan fell to its lowest level versus the dollar in over a year.”Earlier this year, yuan weakness reflected moderating Chinese economic fundamentals versus the majority of its trading partners, a strong USD, and narrowing yield differentials between it and the US,” she said.Earlier in the session, China’s State Administration of Foreign Exchange, or SAFE, said China currency remains stable and strong, adding China’s…

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Firmer U.S. dollar boosts corporate interest in currency hedging

“Foreign currency earnings of U.S. multinational companies are worth less in dollars when the currency is stronger” writes Midwest Communications Inc for 95kqds.com. The company, which does not plan to change its stance on currency hedging, will try to move more of its costs offshore, to help create a natural hedge, a Netflix spokesman said.Interest rate differences between countries drive hedging costs, and as the Fed raises interest rates it can become more attractive to hedge.”This will be another wake-up call,” said Wolfgang Koester, chief executive at currency risk consulting…

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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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Unilever’s profit dips amid Brazilian truck strike and currency fluctuations

“The Anglo-Dutch maker of Ben & Jerry’s ice cream, Dove soap and Hellmann’s mayonnaise said underlying sales rose 1.9 percent, excluding the recently divested spreads business” writes Marco De Swart for cnbc.com. On that basis, analysts on average were expecting growth of 2.3 percent. “What you see behind these results is actually a strengthening again of the volume component which for us is the most important,” Unilever CEO Paul Polman told CNBC’s Willem Marx on Thursday. “When we had a lot of pricing (power), analysts were worried about us not…

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Crypto Markets News 

Hedge fund manager Marc Larsy says bitcoin $40K is possible

“After months in the doldrums, the No. 1 digital currency surged higher Tuesday and has continued its run Wednesday” writes Aaron Hankin for marketwatch.com. When asked for a price prediction, Larsy said bitcoin could reach somewhere between $20,000 and $40,000.The price of a single bitcoin BTCUSD, +1.32%  last changed hands at $7,450.10 on Wednesday, up 1.9% since Tuesday’s price at 5 p.m. on crypto exchange Kraken.However, after Tuesday’s surge, which saw the world’s biggest digital currency climb more than 10%, volume more than doubled Saturday’s number and reached the highest…

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News 

The Rising Dollar Is Weighing on Corporate Earnings

“S&P 500 companies grew their earnings at the fastest pace since 2010 in the first quarter, boosted by one-time gains from the U.S. tax overhaul, global growth and a depreciating U.S. dollar” writes Akane Otani for wsj.com. So far in the earnings season, 89% of companies have reported stronger-than-expected earnings, according to FactSet.Carnival said on its June earnings call that a combination of higher fuel prices and a stronger dollar will likely shave 19 cents off 2018 per-share earnings. Source: wsj.com Share This:

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Crypto News 

BitPay granted virtual currency license by NY regulator

“NEW YORK (Reuters) – The New York Department of Financial Services (DFS) said on Monday it had granted a virtual currency license to bitcoin payments processor BitPay” writes Midwest Communications Inc for 95kqds.com. It is the first virtual currency wholesale payments processor to be approved for a license, the DFS said.Companies who accept bitcoin and bitcoin cash with BitPay can enable transactions from any computer or mobile device, the company said.BitPay said numerous businesses around the world have signed up with the company to accept bitcoin payments, including companies such…

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