Despite experts naming numerous reasons for the stock market downturn, U.S president Donald Trump has decided it is simply a “glitch.” Trump also predicts that equity markets will recover as the U.S negotiates trade deals, including with China. Yet trade woes and reciprocal tariffs with China show no real sign of dissipating. This is despite
Archives for January 2, 2019
As CCN recently reported, Ripple and Stellar co-founder Jed McCaleb took time out of a recent interview to denigrate Cryptocurrency TRON. Calling it “garbage,” McCaleb has apparently set off a minor firestorm of reactions on Twitter. Said firestorm includes a reaction from TRON’s active founder, Justin Sun: BitTorrent: The OG in P2P, 1B+ users, bringing
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The stock market is currently experiencing a sideways trading session, with all of the major benchmarks trading down slightly. Although the markets have seen unprecedented volatility towards the end of 2018, analysts still have lofty expectations for how some major stocks will perform in 2019.
Their bullish views on the future of the markets is mostly validated by recent comments from Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, who also called the Dow hitting $20,000.
Stock Market Trades Flat, Analyst Says There Could be a Major Rally if US Avoids a Recession
The market has kicked off its first trading session of 2019 with a sideways trading session.
At the time of writing, the Dow Jones is trading down marginally at its current price of $23,296. The S&P 500 is also trading down slightly at its current price of $2,505. The Nasdaq is trading up 0.2% currently at $6,648.
Throughout the last quarter of 2018, the equities market has seen growing volatility resulting from growing trade tensions between the US and China, Brexit concerns, and rising interest rates from the Fed. The volatility, which led the benchmarks to end 2018 down, sparked concerns from investors and analysts alike regarding the possibility of a recession.
Jeremy Siegel spoke about the current market conditions, saying that although the markets are positioning themselves for a recession, if one is avoided the markets will have a great rally. He also noted that the next three months will likely be rough for equities investors.
“My feeling is that the market is virtually positioned for a mild recession, but I just don’t think that it’s going to happen. If we avoid a recession, we’re going to have a really good market… I think we swung too positive last summer and now I think we’ve swung too negative,” he told CNBC in a recent interview.
Clearly, analysts are not too fazed by the recent market volatility as they still hold lofty end-of-year price targets for some major stocks.
Visa Inc., UnitedHealthcare Group Inc., and Microsoft Corp. are analyst’s top three picks in the Dow according to their share of buy ratings.
Visa currently leads the way with 93% of analysts giving it a “buy” rating. It currently has a consensus price target at $163.89, marking an implied 12-month upside potential of 24% from its December 31st closing price of $131.94.
Currently, UnitedHealthcare Group has 92% of analysts giving it a “buy” rating, making it the second highest rated stock by analysts in the Dow. Its current consensus price target is set at $305.83, with an implied 12-month upside potential of 23% from its December 31st closing price of $249.12.
Microsoft is third on analyst’s top picks in the Dow, holding 89% of analyst’s “buy” ratings. Analysts have a consensus price target of $125.82, which implies a 24% 12-month upside potential from its December 31st closing price of $101.57.
Although the recent volatility in the equity markets may spill into 2019, analysts seem to concur that investors will see profitability in 2019.
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The Dow Jones Industrial Average and other major US stock indices closed in the green on Wednesday following another day of the sort of volatile trading that Allianz Chief Economic Advisor Mohamed El-Erian predicted will be the “new reality” for the stock market. The Dow closed 18.78 points higher to end the first trading session
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New York will be forming a task force to analyze the crypto space, which may go as far as proposing updated regulations for the state.
The bitcoin price on Wednesday showed minor upside movements as it maintained the gains made during yesterday’s session. Bitcoin Price Technical Analysis The BTC/USD exchange rate posted as much as 1.5 percent in gains during the first half of the trading session. The pair notably eyed a rally towards $4,000 but corrected ahead of establishing
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Self-declared Bitcoin creator Craig Wright no longer wants to hear from non-followers how much he annoys them or how much they disagree with him. This became apparent after the Australian who resides in England changed the privacy settings of his Twitter account to protected status. Consequently, this not only disabled the retweeting feature but the move
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According to a report in RTT News, Saudi Customs is currently currently experimenting with tracking shipments on the blockchain. The project will link the Saudi customs officials’ existing shipment tracking platform, known as Fasah, to a blockchain-based one, powered by TradeLens.
Aiding the pilot will be the Saudi Arabian customs IT partner, Tabadul. The Riyadh-based firm has helped to integrate the Fasah platform with TradeLens.
Can Blockchain Technology Increase Customs’ Efficiency?
The TradeLens platform is expected to save thousands in overall costs for those customs agencies that choose to use it. The huge Danish logistics firm Maersk and IBM created the blockchain shipment tracker solution with the aim of moving the world’s global supply chain to the blockchain. TradeLens itself was announced last August.
The Saudi pilot involves the integration of Fasah with the TradeLens platform. Fasah is a preexisting platform connecting all those involved in the nation’s cross border trade. This includes both government and private entities.
There is hope that the use of blockchain technology will lead to greater efficiency in several different areas of the shipment tracking process. The TradeLens integration with Fasah will reportedly bring greater traceability and reduced auditability. This is expected to lead to large savings for Saudi Customs. In fact, it is said to be capable of reducing shipping time by a massive 40 percent.
According to the report in RTT News, Saudi Arabia hopes to position itself as a logistics hub through its early use of blockchain in supply chain tracking.
Although the only customs agency in the Middle East working towards integrating blockchain technology with the tracking of shipments, Saudi Customs is just one of more than 90 organisations from around the world experimenting with the TradeLens platform. Evidently, interest in exploring the benefits of the tech is great – particularly given that the platform is not even commercially available yet.
TradeLens currently comprises of over 20 port and terminal operators. These represent over 230 marine gateways or seaports from all corners of the globe. Also making up the platform are customs authorities, freight forwarders, shippers, third-party logistics providers, and shipping lines.
Continued Enthusiasm for Blockchain in Logistics
The TradeLens platform launched last August is thought to bring huge savings in terms of both time and money to those integrating it with existing customs procedures. However, it is not just greater efficiency that has the logistics industry excited about the implications of the cutting-edge technology.
Last year, NewsBTC reported on the British Food Standards Agency’s own pilot to track beef using a distributed ledger. The idea here is to be able to track each cut of meat from pasture to eventual plate. Along with greater efficiency, this would help reduce instances of fraud in which meat is passed off as being of better origin and thus worthy of a higher price at market.
Similarly, NewsBTC also reported on one of the planet’s largest manufacturers of luxury goods and its plans to track precious metals and diamonds using a blockchain. Richemont believes that the technology will help its customers be assured that the company’s products and the materials they are created from are authentic.
Related Reading: Porsche Uses Blockchain Platform to Close $170 Million Loan
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While the US stock market continues to struggle as a result of various institutional and political forces, Jeremy Siegel, professor of Finance at the University of Pennsylvania’s Wharton School of Business, remains optimistic about the state of the market in 2019. Speaking in an interview on CNBC’s Squawk on the Street, Siegel predicted that equity
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Bitcoin bull Mike Novogratz increased his stake in Galaxy Digital Holdings — the crypto merchant bank he founded — to 79.3%, after acquiring an additional 2.7% of its outstanding shares. Novogratz previously held a 76.6% ownership stake. The former hedge fund manager acquired 7,500,768 ordinary shares for C$7.4 million (or US$5.4 million), according to a January 2
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