Month: November 2024

TKL: Demand for Bitcoin is through the roof: Open interest in Bitcoin Futures on CME has surpassed 40,000 contracts for the first time in history.

Since the beginning of the year, the total number of outstanding contracts for Bitcoin has DOUBLED. To put this into perspective, at the 2021 November peak, open interest was ~58% lower, at ~17,000. This comes as Bitcoin’s market cap has reached a record $1.94 trillion. Investors continue to pile into Bitcoin. submitted by /u/XGramatik [link] [comments]

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Gold rallies on increased haven demand due to geopolitical risks

Bloomberg: Gold rises on increased haven flows as geopolitical hotspots light up. Israel breaks its ceasefire agreement by attacking Hezbollah, and Putin threatens to use nuclear-capable missiles on Ukraine. XAU/USD is technically crawling up a major trendline but remains vulnerable to breakdowns. submitted by /u/Denchock [link] [comments]

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China chip stocks rally on report of less strict US export sanctions

https://preview.redd.it/dji5fs0qqt3e1.png?width=800&format=png&auto=webp&s=363b43b79ec1305c83320741793ae42ffa3ee991 Shares of major Chinese chipmaking firms rose sharply in Shanghai and Hong Kong trade on Friday after Bloomberg reported the U.S. was considering less strict export restrictions on Beijing than feared. Semiconductor Manufacturing International Corp – the country’s biggest chipmaker by volume- rose over 4% in Hong Kong trade, while HG Semiconductor Ltd, Hua Hong Semiconductor Ltd and Shanghai Fudan Microelectronics Group Co Ltd rose between 3% and 4.5%. Sanhe Tongfei Refrigeration Co Ltd and Shanghai Zhangjiang Hi-Tech Park Development Co Ltd rose between 1% and 2% in Shanghai trade. Gains in tech underpinned broader Chinese markets, with the Shanghai Shenzhen CSI 300, Shanghai Composite and Hang Seng rising between 1% and 2%. Bloomberg reported this week that the Biden administration was preparing more restrictions on sales of artificial intelligence technology and semiconductor equipment to China, in order to stem Beijing’s efforts in the fast-growing AI industry. But the proposed measures are expected to be less stringent than those considered earlier, offering some relief to Chinese markets. Specifically, the U.S. will now reportedly add fewer Chinese companies to an export restriction list than previously planned. The U.S. had imposed strict export restrictions on AI technology to China in 2023, which prevents chipmakers such as NVIDIA Corporation from selling its most advanced AI chips to the country. Nvidia and other chipmakers have warned that more export restrictions could potentially dent sales. U.S.-China trade ties are expected to be further strained as Donald Trump takes office in January. Trump has threatened to impose sweeping trade tariffs against the country. submitted by /u/Pllover12 [link] [comments]

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Mexican Peso stabilizes after rallying on easing trade-war fears

Bloomberg: The Mexican Peso has paused after rallying on easing fears about tariffs from the US and a trade war. The Mexican Trade Surplus grew in October and the economy is growing at a higher pace than expected. Technically, USD/MXN unfolds a down leg within its range. submitted by /u/Denchock [link] [comments]

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EUR/USD gives up gains as German Retail Sales decline, Eurozone HICP deflates

Bloomberg: EUR/USD gives up some intraday gains as German Retail Sales decline and Eurozone HICP deflates on month. Investors await the preliminary Eurozone HICP data for November, which will influence the ECB’s likely interest rate cut size prospects. ECB’s Villeroy keeps hopes of an outsize interest rate cut in December on the table. submitted by /u/Denchock [link] [comments]

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