Monetise Trader

The UK’s markets regulator has proposed a ban on financial instruments linked to digital cryptocurrencies, warning that such products could cause huge losses for retail consumers unlikely to understand their risks or value. The Financial Conduct Authority (FCA) said products such as derivatives and exchange-traded notes (ETNs) that reference crypto-assets were “ill-suited” to small investors. It cited their “extreme volatility”, the difficulty in valuing them, consumers’ patchy understanding of what they were buying and the increased risk of financial crime. Investors might “suffer harm from sudden and unexpected losses if they invest in these products”, the FCA said, estimating that a ban would benefit consumers to the tune of between £75m and £234.3m a year. Source: Theguardia n

Monday 2.30am – China GDP (Q2): growth expected to be 6.2% YoY and 1.5% QoQ. Markets to watch: China indices, CNH crosses 1.30pm – US NY Empire State mfg index (July): index to rise to 0.5 from -8.6. Markets to watch: US indices, USD crosses Tuesday 2.30am – RBA meeting minutes: these will provide further clarity on the decision to cut rates. Markets to watch: AUD crosses 9.30am – UK employment data: June claimant count to fall to 22,900 from 23,200, while the unemployment rate holds at 3.8% and average earnings rise 3.2% in May excluding bonuses. Markets to watch: GBP crosses 10am – German ZEW index (July): economic sentiment to rise to -5.9 from -21.1. Markets to watch: EUR crosses 1.30pm – US retail sales (June): sales to rise 0.3% MoM from 0.5%. Markets to watch: US indices, USD crosses Wednesday 9.30am – UK CPI (June): inflation to rise 2% YoY and 0.3% MoM, with core CPI up 1.9% YoY and flat MoM. Markets to watch: GBP cros

BRF S.A. ("BRF" or "Company") (B3: BRFS3; NYSE: BRFS), informs its shareholders and the market in general that the management of both the Company and Marfrig Global Foods S.A. ("Marfrig") mutually agreed, on this date, to end the negotiations of a potential business combination between the two companies. The companies' decision stems from the fact that the parties were unable to reach an agreement on the terms and conditions related to the governance that would govern the combined company, had the transaction occurred. The Company hereby informs that, despite the end of the negotiations, the commercial relationship between the Company and Marfrig will remain unchanged and that there will be no modifications to the practices, conditions and terms set forth in the existing agreements entered into by both parties. The Company's administration reinforces its commitment to implement the Strategic Plan guidelines and to continue evaluating busi

China’s Fosun Tourism Group is in advanced talks with Thomas Cook Group Plc (TCG.L) and its lenders regarding a combined 750 million-pound ($940 million) fund-raising by the world’s oldest travel company. The proposed deal would give Fosun Tourism control of the British firm’s core packaged-tour business and minority interest in its airline business, marking one of the most significant purchases of a British company by a Chinese group in years. Thomas Cook, worth roughly $4 billion after it debuted in June 2007, currently has a market value of about $255 million and has seen its stock more than halve in value so far this year. Source: HONG KONG (Reuters)

Cryptocurrency exchange Bitpoint suspended all services after losing about 3.5 billion yen ($32 million) in a hack that involved Ripple and other cryptocurrencies. The exchange, which is owned by Remixpoint Inc., said about 2.5 billion yen of stolen funds belonged to customers, while Bitpoint owned the rest. Remixpoint shares plunged 19% to their daily lower limit and were untraded in Tokyo as of 1:44 p.m. on a glut of sell orders. The funds were stolen from a hot wallet that contained five cryptocurrencies including Bitcoin and Bitcoin Cash. It said it hasn’t discovered any funds missing from cold wallets. The exchange was among cryptocurrency operators ordered by Japan’s Financial Services Agency to improve internal controls following the 2018 hack of Coincheck. Source: Bloomberg.com/europe

Monday – German trade balance (May): surplus forecast to fall to €15.9 billion. Markets to watch: EUR crosses Tuesday – Australia NAB business confidence (June): index expected to fall to 3 from 7. Markets to watch: AUD crosses Wednesday – Australia Westpac consumer confidence (July): index to rise to 101. Markets to watch: AUD crosses – China CPI (June): YoY inflation to be 1.8% from 2.7%, and MoM 0.2% from 0%. Markets to watch: CNH crosses – UK GDP (May): growth to be 1.4% in May from 1.3%, while the three-month average bounces back, rising 0.4% from -0.4%. Markets to watch: GBP crosses – US EIA crude inventories (w/e 5 July): stockpiles fell by 1.1 million barrels in the preceding week, and the decline is expected to accelerate, with a drop of 2.9 million barrels for the past week. Markets to watch: Brent, WTI – FOMC minutes: the latest meeting was more dovish than expected, so these minutes might help to reveal more about the committee’s vi