Global Wealth declined by $11.3 trillion last year, the first annual drop since the Global Financial Crisis
Here are the biggest winners and losers Source: Barchart, Fortune
China asks some Funds to avoid net equity sales as Markets sink
Chinese authorities asked some investment funds this week to avoid being net sellers of equities, as a rout in the nation’s financial markets deepened. Stock exchanges issued the so-called window guidance to several large mutual fund houses, telling them to refrain for a day from selling more onshore shares.
Industrial Sector retesting recent breakout
Industrial Sector (XLI US) is retesting July's breakout level. Keep an if it can hold. Next major support level is 103-104 zone. Source : Bloomberg
Coinbase Lands Regulatory Approval to Offer Crypto Futures Trading in US
Coinbase Financial Markets, Inc. announced this Wednesday that it has secured approvals from both the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). That means that the firm can now operate as a Futures Commission Merchant (FCM), and will therefore be able to offer investments in crypto futures to eligible customers in the United States.
Coinbase is now poised to be the pioneer in offering U.S. clients both traditional spot crypto trading and regulated crypto futures.
Source: Decrypt
Health Care Sector pennant weekly pattern
Health Care Sector (XLV US) is in a consolidation pennant pattern since April 2022 ! Since 5 weeks, it's trying to breakout on the upside. Keep an eye on this level. Source : Bloomberg
Materials sector retesting important level
Materials sector (XLB US) is retesting April 2022 resistance downtrend level. Keep an eye at this level for breakout confirmation. Source : Bloomberg
European gas spikes on market jitters over LNG strike risk
European natural gas futures spiked for the second time in less than a week, with market tensions running high over the possibility of strikes in Australia that could severely tighten the global market.
Source: Bloomberg
China Shadow Banking Giant Alarms Investors With Missed Payments
One of China’s largest private wealth managers is triggering fresh anxiety about the health of the country’s #shadowbanking industry after missing payments on multiple high-yield products. Zhongrong International Trust Co. missed payments on dozens of products and has no immediate plan to make clients whole, indicating troubles at the embattled Chinese shadow bank are deeper than previously known. Wang Qiang, board secretary of the firm partly owned by financial giant Zhongzhi Enterprise Group Co., told investors in a meeting earlier this week that the firm missed payments on a batch of products on Aug. 8, adding to delays on at least 10 others since late July, according to people familiar with the matter. At least 30 products are now overdue and Zhongrong also halted redemptions on some short-term instruments, one of the people said. Source: bloomberg
