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Fed’s banking supervisor backs new interest rate benchmark

“The Federal Reserve’s banking supervisor gave his backing Thursday to a new interest rate benchmark for institutions to use when lending to each other” writes Jeff Cox for cnbc.com. In furtherance of providing a LIBOR alternative, Quarles said the Fed could publish an SOFR average that banks could use.Fed Governor Randal Quarles said banks can use the central bank’s Secured Overnight Financing Rate as an alternative to the London Interbank Offered Rate, or LIBOR, a benchmark that has come under scrutiny due to multiple issues of fraud.SOFR indicates the cost…

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Markets News Stocks 

Asian stocks extend gains amid relief over lack of trade escalation

“Asian shares extended gains on Friday after Wall Street rebounded as technology stocks there touched all-time highs” writes Cheang Ming for cnbc.com. There was also some relief coming from the lack of escalation in trade tensions between the U.S. and China.Japan’s Nikkei 225 jumped 1.26 percent as stocks extended Thursday’s gains, with the yen weaker on the day. Among index heavyweights, Fast Retailing advanced 5.65 percent after posting robust earnings overnight while Fanuc gained 2.01 percent. Source: cnbc.com Share This:

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Asian shares mixed amid trade concerns as markets attempt to shrug off earlier jitters

“Asian stocks traded mostly higher on Thursday, with markets shaking off some of the trade jitters seen overnight after the Trump administration announced a list of Chinese goods that may be subject to new tariffs” writes Cheang Ming for cnbc.com. The Nikkei 225 rose 0.77 percent in Tokyo morning trade, recouping some of its declines from the previous session. Source: cnbc.com Share This:

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Bancor loses $12.5M worth of Ethereum to cyber baddies in overnight raid

“No word as to whether an official wallet played a role in the hack, as Bancor are yet to provide updates of their investigation” writes July Utc for thenextweb.com. Initially described as a “security breach,” Bancor eventually revealed the hackers exploited a compromised wallet, inserting malicious code in certain smart contracts which “allowed the withdrawal of almost 25,000 Ethereum tokens (approximately $12.5 million).Bancor claims that no user wallets have been compromised, but have been consistently offline since retreating into maintenance mode this morning.Some plucky investigators have tracked down the exact…

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No relief as it remains warm and muggy overnight — and hotter on Monday

“Temperatures should hit the mid-90s in most locations, which, combined with dew points in the low 70s, create heat index values around and slightly above 105 degrees” writes Greg Holds A for washingtonpost.com. Heat index values around 110 degrees caused at least three players to be removed and treated for heat sickness during from the Twins-Cubs game yesterday afternoon. Source: washingtonpost.com Share This:

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Firefighters battle ‘aggresive’ moorland blazes as major incident declared 

“Two large-scale moorland fires merged on Saturday due to increasing wind speed and a major incident was declared as crews tackled the blaze” writes Telegraph Reporters for telegraph.co.uk. Lancashire Fire and Rescue Service said the number of crews was reduced overnight and full firefighting operations would begin again at 4.30am.Six fire engines remained on scene overnight as a “rapidly developing, aggressive fire” ravaged moorland. Source: telegraph.co.uk Share This:

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European leaders reach migration deal after marathon overnight meeting

“Several European leaders had told CNBC ahead of the marathon overnight meeting that they were not optimistic about reaching a deal” writes Ludovic Marin for cnbc.com. European leaders have hashed out a deal on migration that has satisfied the Italian government’s hardline approach and potentially staved off the potential collapse of Angela Merkel’s coalition in Germany. Source: cnbc.com Share This:

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Asian shares mixed on the last trading day of the quarter as China markets nurse wounds

“Asian stocks were mixed on the last trading day of the quarter, with Japan and South Korea shrugging off gains seen stateside while China markets crept slightly higher” writes Cheang Ming for cnbc.com. Losses were broad-based, with miners, oil producers and rail stocks among the worst-performing sectors in the morning. Heavyweight Samsung Electronics dropped 0.85 percent although other tech plays climbed slightly, while automakers and energy industry shares declined. Source: cnbc.com Share This:

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Gold edges higher, but lingers near 6-month trough 

“Spot gold was up 0.1 percent at $1,253.20 an ounce, as of 0127 GMT. In the prior session, it touched $1,250.30, its lowest since mid-December” reports cnbc.com. Gold prices inched up on Thursday, but hovered close to an over six-month low hit in the previous session, as the dollar failed to build on overnight gains amid conflicting signals from Washington while the U.S.-China trade row deepened.U.S. gold futures were down 0.1 percent at $1,254.60 an ounce. Source: cnbc.com Share This:

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Asian shares mixed as trade concerns linger; oil prices continue advance

“Major markets in Asia were mixed on Wednesday as the continued advance in oil prices and trade-related headlines took center stage for investors” writes Cheang Ming for cnbc.com. Energy sector stocks, however, rose following the boost in oil prices overnight, but shippers and air transport names declined. Source: cnbc.com Share This:

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