banks Archives - The Industry Spread

Global Growth Worries Send Asian Stocks Lower

January 22, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, AUDUSD, banks, Brexit, Capital Markets, economy, EURUSD, Financial markets, monetary policy, Sino-U.S trade, US-China trade, USDJPY

Asian indices dropped Tuesday as global growth worries are on the headlines again. Japan’s Nikkei225 index shed 0.5%, while Hong Kong’s Hang Seng lost 0.9% and Shanghai Composite index fell 0.7%, Australian stocks have snapped a five-session winning streak with the ASX 200 declining by 32 points or 0.5% to 5859. The Aussie dollar has also fallen to its lowest levels in a fortnight as it eased throughout the local session. Australian 10-year bond yields fell one basis point to 2.30%. Ten-year Treasury yields lost 3 basis points to 2.75%.

European indices started weaker today taking their cue from a downbeat session in Asia as the IMF cut its global growth forecast for 2019 to the lowest level in three years. FTSE100 in London is down 0.55% to 6,934, the DAX in Frankfurt is losing 0.49% to 11,084 and CAC40 gives up 0.29% to 4,855.

On the Lookout: International Monetary Fund (IMF) downgraded its forecasts for global economic growth to 3.5% in 2019 and 3.6% in 2020, down from 3.7% for both years previously as risks surrounding uncertainty in US-China trade relations persist along with a potential “no-deal” Brexit for the UK and EU.

There are monetary-policy decisions for the Bank of Japan on Wednesday, the Bank of Korea and the European Central Bank on Thursday.

The World Economic Forum, the annual gathering of global leaders in politics, business and culture, opens in Davos, Switzerland on Tuesday.

Trading Perspective: Global growth concerns continued to remain a drag on forex markets. EURUSD lost the bullish momentum yesterday as the price broke below the 50-day moving average at 1.1380. Demand can emerge at previous week low at 1.1350, but I expect more solid buying at monthly lows around 1.12670 area. On the upside, major resistance is at 1.1412 yesterday’s high and then at 1.1491 the previous week high. European macro news is disappointing, yesterday it was German PPI, in December fell by 0.4% on the month, and that was worse than the 0.2% decline that analysts were expecting. The November report showed a 0.1% increase in growth. The fall in PPI indicates that demand is weak, and that ties in with the other disappointing economic indicators that Germany has produced recently.

EURUSD Daily

USDJPY is trading in just 30 pips consolidative trading range as traders are indecisive at current levels. In the hourly chart the 100-hour moving average is the immediate support at 109.26 while more support the pair will find at 108 figure. On the flipside, the first resistance is at 109.78 the yesterdays high and then at 110.

AUSUSD is trading lower for the third session in the row hitting two weeks low at 0.7120. Negative macro news from China and the downgrade for global growth from IMF send investors to USD. The pair has trapped in descending channel in the hourly chart, and a break below 0.7115 would imply the end of the corrective bounce from end of year lows below 0.70. Immediate support is at 0.71, while more solid support can be found at previous monthly low at 0.7014. On the flipside, the first resistance is at 0.7161 and then at 0.7183 previous daily high.

AUDUSD H1

SBI Holding’s Crypto Subsidiary Invest $15 Million in Operations of Blockchain Platform Tangem.

January 21, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: banks, Bitcoin, Blockchain, Brokers, Cryptocurrencies, Cryptocurrency exchange, financial services, risk management, SBI Crypto, Tangem, trading volume

SBI Crypto Investments Ltd., a subsidiary of SBI Holdings Inc., has invested $15 million in operations of Tangem, a banknote platform and producer smart card wallet. The investment was done with an objective for a breakthrough in mass adoption of the blockchain technology.

The investment into Tangem will help the company to accelerate its deployment of the new technology in new industries which has a high potential for secure storage and circulation of blockchain assets. The industries which are outlined by Tangem are cryptocurrencies and stable coins, initial coin offerings (ICO), tokenised asset offering (TAO) distribution, ticketing, digital identity, anti-counterfeit and other more industries.

The investment by SBI Crypto is made post eight months after Tangem launched pilot sales of physical Bitcoin (BTC) notes. Such notes are available in denominations of 0.01 and 0.05 BTC, that helps to improve the security of owning and circulating cryptocurrencies.

Andrey Kurennykh, co-founder of Tangem said:

“We take the next big step on our mission to bring blockchain to people’s everyday life. In 2018, our technology was proven by the markets after we launched the mass production of Tangem cards for cryptocurrencies and tokens. With this additional investment in 2019, we will be able to extend our product offering in other industries and provide better support to companies which embrace the idea of the physical distribution of blockchain asset.”

Yoshitaka Kitao, the Representative Director, President and Chief Executive Officer of SBI Holdings Inc commented:

“With this additional investment in 2019, we will be able to extend our product offering in other industries and provide better support to companies which embrace the idea of the physical distribution of blockchain assets. The Tangem hardware wallet, which is highly secure and affordable, is an important tool to promote the mass adoption of digital assets and blockchain. We believe utilizing Tangem will help stimulate the demand for other blockchain services provided by SBI.”

Asian Indices Higher on Renewed Hopes about US-China Trade Relations

January 21, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, banks, Brexit, brokerage, Capital Markets, China-US trade, ECB, economy, EUR-USD, monetary policy, Theresa May, trading platform

China revealed a bunch of economic data. On an annual basis, fourth-quarter GDP was 6.4%, and the consensus was 6.4%. Analysts were expecting retail sales to be 8.2%, and they came in at 8.2%. Industrial output was 5.7%, while traders were anticipating 5.3%. Fixed asset investment was 5.9%, and economists were expecting 6%. China’s economy grew by 6.6% in 2018, its slowest pace since 1990. Brexit will remain in focus this week. Theresa May will outline her plan B later today, and reports suggest that it won’t be too different from the agreement that was overwhelmingly voted against last week, so hopes aren’t high.

The encouraging start to 2019 is continuing for Asian equities with Japan’s Nikkei225 index 0.26% higher, while the Shanghai Composite Index added 0.7%. The Aussie ASX 200 was 0.2 higher, hitting two-month highs and making it five straight days of gains. The index has jumped by more than 4% in January so far.

European equities on Monday started the session in red with Germany DAX 0.35% lower at 11,166, CAC40 is giving up 0.20% at 4,866, and London FTSE is 0.16% lower.

On the Lookout: Next on traders’ radar is UK Prime Minister Theresa May’s revised plan for exiting the European Union, with her original proposal left in tatters after being roundly rejected by MPs last week. Bank of Japan will conclude its two-day monetary policy meeting on Wednesday and is widely anticipated to keep its stimulus program unchanged. European Central Bank also has the first rate-policy meets for the year on Thursday.

The New York Stock Exchange will be closed today as the US celebrates Martin Luther King Jr Day.

Trading Perspective: EURUSD started the week with small gains (+0.16%) after last week decline to 1.1353. Traders are waiting for Mario Draghi’s comments on Thursday to be more dovish, but I don’t expect any significant changes at the ECB meeting. The pair is holding the 50-day moving average today at 1.1380, giving buyers a breath and an upside target to Friday’s high at 1.1412. A failure at the 50-day moving average will drive prices down to 1.1353 Friday’s close, and then to 1.13 round figure. Open interest in EUR futures markets dropped around 2.3K contracts on Friday from Thursday’s final 526,080 contracts, according to preliminary data from CME Group. The volume, as well, decreased by more than 7.5K contracts and prolonged the choppy performance.

EURUSD Daily Chart

USDJPY is trading down 0.13% to 109.64 today but keeps the positive short term positive as the pair is trading above the 200-hour moving average. The 50-hour moving average at 109.33 provides solid support, while further support can be found at 109 level. On the flipside, 110 figure is the first resistance for the pair, and further supply will be met at the 200-day moving average around 111.16.

GBPUSD There are no material economic stats scheduled for release through the day, leaving the Sterling in the hands of Theresa May’s, Brexit Plan B, or lack of and chatter from Parliament. Today the pair is down 0.15% at 1.2852; the outlook turns negative after the pair rejected at 1.30 last week. The first short-term support will be found at the 200 hours moving average in 1.2842 area while a break below can drive prices down to 50day moving average at 1.2757. On the upside, the first resistance will be met at the 100-hour moving average at 1.2886. CME Group’s advanced data for GBP futures markets investors scaled back their open interest positions by around 1K contracts on Friday vs. Thursday’s final 214,787 contracts. In the same line, volume dropped by nearly 12.1K contracts.

GBPUSD Hourly Chart

Trade Optimism Lifts Asian Markets

January 18, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian Markets, banks, Brexit, brokerage, Chinese imports, economy, EUR-USD, foreign exchange, investment, Sino-US trade war, trading platform

Steven Mnuchin, US Treasury Secretary

US Treasury Secretary, Steve Mnuchin, was considering easing trade tariffs on Chinese imports as the two economic superpowers continue trade negotiations. The signs of possible progress in negotiations over the Sino-US trade war boosted equities in Asia with the Shanghai Composite Index advanced 0.8 percent to 2,579.76, and Tokyo’s Nikkei 225 added 1.2 percent to 20,655.08. Australian stocks closing higher for a fourth straight day with the ASX 200 adding 30 points or 0.5% to 5879.6 points. Over the week, the top 200 index rose 1.8% while the broader All Ordinaries also rose 1.8%. U.S. crude oil rose 54 cents to $52.61 per barrel while Brent crude oil, adding 47 cents to $61.65 per barrel in London.

Equities in Europe are on bulls playground with DAX trading 0.94 higher at 110,020 Cac40 adding 0.97% to 4840 and FTSE in London gaining 0.45%.

On the Lookout: US-China trade talks headlines after The Wall Street Journal’s story, that the US administration is considering reduce tariffs on Chinese imports will set the tone today in the markets. The economic calendar includes UK retail sales where analysts expect to drop 0.8% m/m in December, following a 1.4% rebound seen in November. Total retail sales are seen arriving at 3.6% over the year, same as that booked previously. In the US, industrial production and consumer sentiment data will be released later today.

Trading Perspective: Forex markets still appear to be taking a positive view on all of the political turmoil coming out of the UK Brexit story as the sterling continues to edge higher against the US Dollar. Increasing talk around the prospect of an article 50 extension and a second vote appears to be encouraging some short covering in the pair. GBPUSD has continued to advance higher after this week’s dip to 1.2670; the sterling has managed to push through the 1.30 area after it broke above the 100-day moving average. Today GBPUSD is trading 0.25% lower at 1.2951 as the pair hit overbought conditions at the 1.30 area. The momentum has turned positive for the pair, and an attempt for the 200-day moving average at 1.3102 can’t be ruled out. Traders should wait for a convincing break above 1.30 to initiate new long positions. On the flipside 1.2930 is the immediate resistance while more demand will come at the 100-day moving average in the 1.2893 area.

GBP futures markets from CME Group noted open interest dropped by nearly 2K contracts on Thursday from Wednesday’s final 216, 613 contracts. Volume followed suit, shrinking by almost 16.2K contracts and clinching the second drop in a row.

The Aussie dollar has rallied its way back to 71.9 US cents after hitting lows around 71.5 US cents yesterday. The pair is trading around the crucial 100-day moving average facing resistance at 0.7236 weekly high and support at 0.7146 previous daily low.

EURUSD is trading in a narrow range as it tested yesterday with success the 50-day moving average at 1.1365 and rebounded just to get another rejection at 1.14. Investors are cautious at current levels as macro data are coming softly from the old continent. Other than Brexit, France economy is a source of risk after disappointing figures and the” yellow vest” movement. Italy is off the headlines for the week, but the budget and banking crisis in the country is far from over. Greece came up in the headlines again after political turmoil in Athens, and we should not forget that during the Grexit issue, the EURUSD hit multiyear lows at 1.06. As of writing the pair is trading 0.05% higher at 1.1396, with the first supply zone at the 100-hour moving average (1.1429) and immediate support at yesterdays low at 1.1365.

CME Group’s flash data for EUR futures markets showed traders added around 1.1K contracts to their open interest positions on Thursday vs. Wednesday’s final 525,546 contracts. In the same line, volume rose by more than 8.3K contracts following the previous sharp drop.

Asian Stocks Ended Neutral as UK Government Survives No-Confidence Vote

January 17, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, AUD/USD, banks, Brexit, Capital Markets, china, economy, EUR-USD, HSBC, monetary policy, Sino-US trade war, Theresa May, trading platform

Asian stocks have ended the session neutral as concerns emerged by proposed US laws targeting Chinese telcos, including Huawei, could be damaging the Sino-US trade relations, while in Europe U.K. government survived a vote of no confidence in Parliament, Prime Minister May said she had begun holding talks with leaders of opposition parties on how to progress with Brexit efforts.

Japan’s Nikkei 225 is -0.13% down on the day, with the Tokyo Topix index up 0.35%. The Australian stock market edged higher for a third straight day with the ASX 200 gaining 15 points or 0.26% to 5850.1 on a choppy trading day. Hong Kong’s Hang Seng gained 0.4%, while South Korea’s Kospi finished 0.2% higher.

European markets started in green the day after Prime Minister Theresa May’s government yesterday won a no-confidence vote, as widely expected by investors. The DAX in Frankfurt is trading at 10,931 up 0.36% and CAC40 is adding 0.51% to 4779, while shares in FTSE give up 0.35%.

On the Lookout: In Greece Prime Minister Alexis Tsipras has survived one more confidence vote, which was called last Sunday after his coalition ally resigned. The Fed’s Beige Book report (which covers the period from late November to January 7), said economic fundamentals remain strong. Some districts reported growth had slowed. Meantime the partial government shutdown continues. The US weekly jobless claims, Philly Fed manufacturing index and Canadian ADP employment change data, all of which will be released parallelly at 1330 GMT. The G20 meeting begins today in Tokyo with BOJ Governor Haruhiko Kuroda delivering the opening remarks. The meetings go on for today and tomorrow.

Trading Perspective: Trade war fears were set to undermine sentiment in forex markets following reports that the US is investigating Chinese tech giant Huawei for stealing trade secrets from US business partners. GBPUSD is down 0.19% at 1.2855 after yesterday failed to hold above 1.29. Today the pair found support at 1.2850 figure during early European session. The hourly chart offers a positive stance, with strong resistance for GBPUSD at 1.29 where the 100-day moving average crosses and is also yesterdays high. A convincing break above can lead prices to 1.2942 and then 1.2985. On the flipside, the first support is at 1.2815 and on further losses looked for strong support at the 50-day moving average around 1.2765. Open interest in GBP futures markets decreased by almost 5K contracts on Wednesday vs. Tuesday’s final 221,098 contracts, the first drop following three consecutive builds. Volume followed suit and dropped by around 44.5K contracts, prolonging the choppy performance.

HSBC forecasts that a hard Brexit could drive GBP/USD at 1.1000 while if the UK stays in the European Union, GBP/USD will rise to 1.5500.

The Aussie dollar has weakened against a stronger USD while November’s housing finance data was again disappointing, and a potential warning for further softness in housing prices. The AUDUSD could remain under pressure on heightened trade tensions. The pair is trading close to daily high at 0.7164, and only a break above the 100-day moving average can give bulls the upper hand. Bears are targeting the support at 0.71.

EURUSD has found strong support the last 24 hours at the 50-day moving average even short term technical indicators are bearish. At the time of writing, the pair is making one more attempt to 1.24, a level that I am closely watching. If the pair manages to break above the 1.24, bulls will take control. A failure to do so will drive prices down to a yearly low from January 3, 2019, at 1.1306.

UK Parliament rejected the Brexit deal by 432 votes to 202 votes.

January 16, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: banks, Brexit, Capital Markets, economy, financial services, investment, trading platform, UK

While the 230 vote defeat is believed to be the largest in UK political history, the loss was largely expected and therefore had minimal impact on market sentiment today. The British leader’s government now faces a confidence vote. The Nikkei average fell 112.54 points, or 0.55 percent, to end at 20,442.75, the Topix index closed down 4.95 points, or 0.32 percent, at 1,537.77. It rose 12.99 points the previous day. The Hang Seng HSI, was up 0.1%, the Australian ASX 200 made a last minute rally to close at the day’s highs – up 20 points or 0.35% to 5,835.

In Europe the FTSE 100 was down 0.3% while DAX was flat and CAC40 is trading 0.22% higher. A wait-and-see mood is growing, with investors hoping to see the outcome of a vote of no confidence that the May government faces later on Wednesday. Italian Deputy Prime Minister Matteo Salvini slammed the European Central Bank, accusing it of attacking the Italian financial industry.

On the Lookout: Australian Consumer Confidence has posted its largest monthly fall in more than three years, amid falling house prices and global trade tensions. The Westpac/Melbourne Institute consumer sentiment index fell 4.7% in January to 99.6 points, pushing it below 100 points.

In macro news today we wait the US Beige Book, released along with export/import prices and the NAHB housing market index.

Trading Perspective: US dollar’s topside versus the yen is increasingly limited as it is difficult for currency market players to purchase the U.S. currency actively amid uncertainty over the impact of the partial U.S. government shutdown, which has become the longest ever. The USDJPY was almost unchanged around ¥108.60 in Tokyo trading after paring early losses thanks to repurchases. The pair is still in negative mood as cannot cross above 109 level. CME Group’s flash data for JPY futures markets noted open interest dropped by just 339 contracts on Tuesday from Monday’s final 230,051 contracts. Volume, instead, increased by around 46.1K contracts after three consecutive drops.

GBPUSD: After a rollercoaster session yesterday the pair is trading at 1.2860 after hitting the daily high at 1.2895 just shy of the round 1.29 figure, and the daily low at 1.2824 in Asian session. On the upside immediate resistance can be found at 1.2929 the January 14^th high and then the high from November 2018 at 1.3072. On the flipside first support stands at the 50 hour moving average at 1.2850 and then at yesterdays low at 1.2665.

Saxo Capital Markets Appoints Joanne Page as its New Chief Financial Officer

January 16, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: AxiomSL, banks, brokerage, Capital Markets, David Weber, Diya Patel, financial institutions, financial services, risk management, Saxo Capital Markets

Denmark based retail FX broker which was recently acquired by China’s Geely Group has announced the appointment of Joanne Page as new Chief Financial Officer of Saxo Capital Markets UK. The appointment was made in December 2018, and she succeeds Diya Patel, who has left Saxo to pursue new opportunities.

Diya Patel was CFO of Saxo Capital since October 2016, and also has been CFO for Alpari and GKFX. Joanne Page has over two decades of experience in the financial services industry and has worked with some of the top financial institutions like Royal and Sun Alliance, City Index, Marex financial, ETX Capital and Capital index in various positions including Financial controller, COO, CAO, and CEO. She has been CEO at the ETX Capital Gibraltar and has worked to make the broker’s operation at British overseas territory fully functional.

AxiomSL Appoints David Weber as COO and CFO, Promotes Eyal Amsalem in the role of Chief Administrative Officer

AxiomSL, the provider enterprise-wide solutions for regulatory reporting has announced the appointment of David Weber on the role of Chief Operating Officer (COO) and Chief Financial Officer (CFO).

David Weber replaces Eyal Amsalem, who has been the CFO of AxiomSL since 2008 and is now moving to the role of Chief Administrative Officer and will manage the responsibility to manage the global presence of AxiomSL in North America, EMEA, APC, and Latin America.

Weber, an experienced market professional with his career spanning across multiple sectors. He joins AxiomSL from Charles River Development (CRD), investment management and trading solution provider and where he has been the CFO since 2006. With him, he brings over three decades of experience in financial management and operations.

Prior to CRD, he has been at Sybase Inc. and has held various roles including Vice President of Worldwide and International Field Operations Finance; Senior Director of Professional Services; and Director of Operations.

Commenting on the appointment, Alex Tsigutkin, the Founder and CEO of AxiomSL said:

“We’re thrilled to welcome Dave to AxiomSL as the new COO and CFO during this important expansion period.

“Dave’s unique experience and skilled leadership in the financial technology sector is a great addition to our management team. His deep financial, operational and strategic expertise will enable him to immediately make a strong contribution and drive continued momentum as we enter this phase of growth.”

Also commenting, David Weber said:

“I’m honoured and excited to join AxiomSL, an organization with an outstanding reputation as a global leader of regulatory-reporting, risk and data management solutions. The company’s growth over the last few years has been exceptional, and I’m incredibly energized to help lead AxiomSL in its journey to grow, scale and meet the market demand.”

All eyes in London Ahead of Brexit Vote

January 15, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Asian stocks, banks, Brexit, brokerage, Capital Markets, CME group, economy, EUR-USD, financial stability, investors, monetary policy, Theresa May

Asian stocks indices ended the session higher as yesterday’s weaker Chinese trade data lends itself to further stimulus by Chinese authorities to boost the economy amid a global slowdown in economic activity and growth. Japan’s Nikkei 225 index, was 0.8% higher, Australian market has ended the session firmer with the ASX 200 adding 41 points or 0.77% to 5814.6. The Shanghai Composite index was up 0.9%, while in South Korea the Kospi finished 1.3% higher.

European equities started cautiously as traders eyes are turning to the Brexit vote that is likely to see Sterling’s and FTSE stocks volatility skyrocket. London is trading 0.70% higher in the early morning, the DAX is adding 0.65%, and CAC40 is trading up 0.72%. Germany’s 10-year yield fell less than one basis point to 0.23 percent, the lowest in a week. Britain’s 10-year yield gained one basis point to 1.305 percent, the highest in almost three weeks. The spread of Italy’s 10-year bonds over Germany’s decreased less than one basis point to 2.6091 percentage points.

On the Lookout: Investors widely expect that Theresa May will lose the Brexit vote and while initial price actions are likely to depend on the size of Theresa Mays defeat, the focus will mainly be on what will happen next, if the vote defeated by a significant margin, the opposition party may call early elections. Sterling, however, could rise if the vote is defeated by a margin of 50 or below. The UK House of Commons is expected to vote on the Brexit deal between 19:00-21:00 GMT

The France Consumer Price Index (EU norm) (YoY) came in line with expectations (1.9%) in December.

Trading Perspective: GBPUSD. The positive momentum for the pair is intact for the short-term. Majority of market expectations are for Members of Parliament to reject PM Theresa May’s Brexit plan which would have limited impact on the Sterling as it’s almost fully priced-in by traders. Technically the pair will face resistance at yesterday’s high 1.2930 and then at 1.3072 the high from 14^th November 2018. On the flip side, the first support is at 1.2820 the low from yesterday’s session, while next strong support can be met at the 50-day moving average around 1.2770. Data for GBP futures from CME Group investors added just 421 contracts to their open interest positions on Monday vs. Friday’s final 213,020 contracts.

On the other hand, volume dropped by around 26.5K contracts, keeping the choppy activity in place so far. All in all, serious traders should stay away from the pair today as high volatility can destroy any forex portfolio. The cable implied volatility has hit an 18-month high at 26% as options traders expect a 1% move in GBP on either side

USDJPY: The pair today received some serious bid and hit the daily high at 108.74. USDJPY found support for the third day in the row at 108.20, and that gave bulls the upper hand. The longer picture is still negative for the pair and only a break above previous week high at 109.09 will attract solid buying. Strong resistance for the pair stands at 113.83 the previous month high. On the downside, immediate support can be found at the 108.20 double bottom and then at 107.90 previous week low.

Vantage FX Appoints Fiona Cao as its new Head of Global Marketing

January 14, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: banks, Blockchain, brokerage, Capital Markets, Cryptocurrencies, decentralized application, Fiona Cao, FX, Lily Liu, smart contracts, Tezos Foundation, trading platform, Vantage FX

Australian FX broker, Vantage FX has hired Fiona Cao as its new Head of Global Marketing. The news about the appointment was made public by Fiona Cao through a LinkedIn update.

According to the update, Fiona Cao has joined the firm in January 2019. Before this, she was employed with FollowMe Limited, a social community platform for finance and investment as Chief Marketing Officer for almost 1.5 years and was based in Shanghai.

Cao has extensive knowledge and experience of the FX industry and has worked in different capacities with several FX brokers. She had worked with TradeFXL/Markets.com as CN Marketing Director for almost two years from Feb 2015 to Oct. 2016. Prior to this, she had worked with Alpari (UK) Ltd for less than a year as CN Marketing Director.

In her own words, she is an “experienced Chief Marketing Officer with a demonstrated history of working in the internet industry. Skilled in Marketing Management, Crisis Management, Risk Management, Integrated Marketing, andBusiness Development.”

She has also been a co-founder at Follow me Education. She graduated with a BA. in Developmental and Child Psychology, Education from Shanghai Normal University.

Tezos Foundation Strengthens its Senior Management Team with Three New Hires

Tezos Foundation, the platform for decentralized application and smart contracts has expanded its senior management team with three new hires.

The company has appointed Attorney at Law Ulrich Sauter, as General Counsel of the Tezos Foundation, investment executive Eelco Fiole as Chief Financial Officer, and tech entrepreneur Lily Liu as an advisor to the board of the Foundation.

Ulrich Sauter has more than two decades of experience in the financial and legal industries and is currently employed as counsel for Naegeli & Partners Attorneys at Law Ltd.

Eelco Fiole is also an experienced market professional with over two decades of experience, and he is the sole managing partner and co-founder of Alpha Governance Partners.

Lily Liu has been on the advisory board since November of last year and is a PE professional and blockchain expert. She has co-founded Earn.com which was later acquired by Coinbase last year.

Ryan Jesperson, President of the Tezos Foundation commented on the new appointments:

“With the appointment of two senior executives, the Foundation is taking an important step forward by strengthening its internal expertise and capabilities. We look forward to having Ulrich Sauter, Eelco Fiole and Lily Liu working with the Foundation and bringing crucial governance, financial and industry-specific experience.”

Eelco Fiole also commented on his appointment:

“Observing the increasing maturity and institutionalization in the blockchain space, Tezos is excellently positioned to be a leading model for robust governance, supporting cutting-edge technological development and protocol adoption globally.”

Weak Chinese Data Sends Asian Stocks Lower

January 14, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: banks, Brexit, Capital Markets, China-US trade, CME group, economy, EUR-USD, foreign exchange, Greek economy, monetary policy, risk management, Sino-US trade war, Theresa May

China’s trade data was exceptionally weak in Dec, with exports coming at -4.4% Y/Y and imports printing -7.6% Y/Y, compared with market +2.0% and +4.5% respectively. The disappointing numbers send equities lower with Hong Kong’s Hang Seng down 1.4%, in Australia, the ASX 200 closed marginally lower by 1 point or to 5773.4 recovering from session lows. The Shanghai Composite fell 0.6%, while the South Korean Kospi declined 0.7%.

European stocks also started the session with losses: the DAX in Frankfurt is down 0.31% to 10,887 CAC40 gives up 0.51% to 4,781, and the FTSE is down 0.34%. European Union leaders told Theresa May that the Brexit withdrawal agreement was not open for renegotiation. Bank of Italy, Senior Deputy Governor Salvatore Rossi expressed his concerns on the economic slowdown in Italy; he sees a slowdown in world economic growth, particularly an ‘acute’ slowdown in Italy.

On the Lookout: Tomorrow is a significant day for UK and GBP as it is a day the MPs will vote on the PM’s proposed Brexit deal. On Wednesday we have Chinese new home prices, and we’ll see the Fed’s Kashkari give a speech on the 10th anniversary of the Financial Crisis, which seems appropriate as we chatter about when we get the next one. Thursday has US housing starts and the Philly Fed survey, and Friday has UK retail sales and Canadian CPI, as well as US industrial production, the Fed’s Williams, and Michigan consumer confidence.

Amy Yuan Zhuang, analyst at Nordea Markets, notes that China’s exports fell by 4.4% y/y in December, while imports plunged by 7.6% in dollar terms and eliminated any doubt that the Sino-US trade war is having a painful effect on the Chinese economy.

“Looking ahead, the trade number will likely remain weak in the coming months. We still expect GDP growth to be lower this year than in 2018 but see small likelihood for a sharp slowdown.”

Trading Perspective: EURUSD is trading in a narrow trading range in the Asian session and early European trading. The pair momentum is bullish, and a break above the 100-day moving average can send the prices to previous high at 1.1571. On the downside Friday’s low at 1.1458 will be the first support and 1.1396 will attract more buyers. The daily RSI is hovering on a neutral area, while MACD is flattening above the trigger and zero lines. In EUR futures markets from CME Group, investors scaled back their open interest positions by nearly 3K contracts on Friday from Thursday’s final 526,959. In the same line, volume dropped for the second session in a row, by around 17.7K contracts.

Greek political turmoil ensued as Prime Minister Alexis Tsipras has said he would call a confidence vote in his government this week. This was after his junior coalition partner Panos Kammenos announced on Sunday that he was quitting the government due to his objections with Tsipras on the Prespes name deal which will add pressure to an already battered EUR economy.

USDJPY was under selling pressure in Asian markets and touched the support level at 108, as global growth fears and worst than expected China macro news pushing the Japanese yen higher across the board. Karen Jones, analyst at Commerzbank, USD/JPY pair is likely to remain offered, while capped by the 109.09 resistance and is currently consolidating just below 109.00 levels.

“It is back under pressure, and we would allow slippage back towards the 104.10 spike low. The recent move lower was exhaustive, and we suspect that this will hold for now. A negative bias remains intact while capped by 109.09, last week high. Above here will allow for a retest of the 111.38 the 26th October low. Support at 104.63/10 guards the 100.70 Fibonacci support and the 99.00 2016 low.”