Macro focus on Powell at 9 a.m.
WEDNESDAY MARKET UPDATE
*This is sponsored advertising content.
Good Morning Everyone!
Remember, owning stocks is risky in the short-term. Not owning stocks is risky in the long term.
Nasdaq/Tech rally back to Thursday’s close
ECB conference in Portugal
Heads of the Federal Reserve, ECB, Bank of England, Bank of Int’l Settlements
9 a.m. Powell
Crude 113 +1%
10:30 a.m. DOE will release 2 weeks of inventory data
OPEC+ meeting is tomorrow. Already agreed to raise production by 648,000
Beyond September, question is whether Saudi Arabia and UAE will raise production beyond it’s existing agreement
If they do increase, what happens to OPEC+?
If they do increase, do they wait until 2023 when U.S. Strategic Reserve Release is done?
How much can the Saudi’s and UAE sustainably increase?
President Biden will be traveling to the Middle East next month and we may get more information then.
Under the Radar
CARBON CATALYSTS. With multiple tailwinds including up to CA$20 Million of demand lined up from Radiance Assets Berhad to buy carbon credit NFTs, 3 successful scenario-based tests of the MintCarbon.io platform, and a commitment to be net carbon negative by the end of 2022, DeepMarkit is emerging as a leader to tokenize and bring transparency to the nearly $1 Trillion global carbon credits market*!
*This is sponsored advertising content.
Three Arrows Capital (hedge fund) plunges into liquidation
Teneo Restructuring has been brought in - early stages of liquidation process
July 6 - deadline for SEC decision on Grayscale spot Bitcoin ETF
SEC has been dragging its feet on this
Gracyscales reported over 11,400 letters were sent to SEC in support of approval
If approved, Grayscale’s Bitcoin Trust (GBTC) would be converted into an ETF
Would be the first available spot-based Bitcoin ETF in the US
Bitcoin as an inflation hedge?
To be fair, Bitcoin hasn’t had a clear shot to prove itself as an inflation hedge given the massive amounts of deleveraging we’ve seen in the markets this year
Having said that—no, Bitcoin has not proven to be a good hedge against rising prices in 2022:
MEME OF THE DAY
Qualcomm spiked yesterday on predictions that Apple will use the chipmaker’s modems in its 2023 iPhone—here’s a look at the flow:
Disclaimer: The publisher does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.
Grit Capital Corporation is a publisher of financial information, not an investment advisor. We do not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient.
THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN.
No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.
Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and the publisher undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.
The publisher, its affiliates, and clients of the a publisher or its affiliates may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.