Citi stock tumbled, closing at session lows after the bank's CFO John Gerspach confirmed that the trading woes plaguing other banks would impact it as well, previewing Q4 trading as down "in the high teens." The percentage decline in trading revenue from a year earlier is largely driven by the bank’s fixed-income unit, Gerspach said on Wednesday at an investor conference in New York.
Tech stocks bounced today (perhaps on AMT chatter) sparking a chorus of confirmation-bias-based commentary that the bull is back... but we suspect that parrot is still dead...
Authored by Kevin Muir via The Macro Tourist blog,
Last week there were all sorts of articles hitting the newswires about the fact the world’s stock market total capitalization was pushing $100 trillion.
This article and chart from Business Insider sums up the reaction:
For the first time in history, the price of Bitcoin has surpassed $13,000 (rising from $12,000 in less than a day).
For those keeping track, this is how long it has taken the cryptocurrency to cross the key psychological levels:
While you were sleeping, the stock and bonds of a relatively unknown company in the US, but is a household name in much of the rest of the world, Steinhoff International Holdings NV, plunged after its chief executive officer resigned amid accounting irregularities, with the company announcing that it was indefinitely delaying the release of its results, citing a criminal and tax investigation in Germany that dates back to 2015, rocking a company that’s rapidly expanded from its roots in South Africa into a retail empire spanning Australia, Europe and the U.S.