Week of Jan 12 2018 Weekly Recap & The Week Ahead
“If you personalize losses, you can’t trade.” – Bruce Kovner
1. SEC Crypto Crackdown Continues — the SEC continues to crack down on cryptocurrency trading, halting shares of UBI Blockchain Internet (OTCPK:UBIA) through Jan. 22. The regulator cited potentially inaccurate disclosures and unusual market activity. The stock spiked to $87 on Dec. 18 from just $9 on Dec. 11 and has since fallen back to $22.
2. Intel Unveils Self-Driving Car, Security Ipdates at CES — Intel showcased its first self-driving test car at CES, announcing a number of automaker tie-ups and stating Mobileye’s autonomous tech will be used in 2M vehicles. Also, Intel (NASDAQ:INTC) said it will form a new cybersecurity group and expects to issue processor updates by the end of January. Also, Intel (NASDAQ:INTC) capped its keynote address at this year’s CES by letting an 18-rotor air taxi fly across the stage. That marks the first time the Volocopter VC200, which can cover a distance of 27 kilometers and charges in less than 40 minutes, flew in North America.
3. China Diversifying Forex Reserves — China is diversifying its foreign exchange reserves in order to safeguard their value, according to the country’s currency regulator, while dismissing a Bloomberg report stating the government was halting or reducing its U.S. debt purchases. Chinese officials were said to have recommended the move amid a less attractive market for Treasury bonds and rising U.S.-China trade tensions.
4. S.Korea Plans Trading Ban Cryptocurrency via Exchanges — South Korea is planning to ban cryptocurrency trading via exchanges, according to Justice Minister Park Sang-ki, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil. It’s a major development as the country is one of the biggest markets in the crypto space. The news also follows warning from Warren Buffett that speculation in bitcoin, and other cryptocurrencies, “will have a bad ending.”
5. S&P Cuts Brazil Rating Deeper into Junk — citing the government’s failure to pass key fiscal reforms, Standard & Poor’s has downgraded Brazil’s credit rating deeper into junk territory, to BB-, or three notches below investment grade. It’s a disappointed move for the administration of President Michel Temer, which has been touting Brazil’s progress in recovering from its worst recession on record.
The week ahead — Economic data from Econoday.com:
Tags: CES recap