Once again, U.S. stocks outperformed European stocks, strong earnings reports boosted optimism on the other side of Atlantic while investors’ appetite on the old continent was still affected by the Turkish Lira crisis.
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President Trump announced on Friday that he had « authorized a doubling of tariffs on steel and aluminum » imports from Turkey, thereby exacerbating investors’ fears about the country’s ability to sustain its debt.
As expected, the Federal Reserve kept interest rates unchanged at the conclusion of its policy meeting confirming the “U.S. economic growth has been rising at a strong rate”
San Francisco-based company Bitwise is joining a growing flock of companies looking to launch the first exchange-traded fund for cryptocurrency. Recent rumors of SEC approval have pushed bitcoin prices above $8,000 this week. Bitwise filed with the SEC for the “HOLD 10 Cryptocurrency Index Fund” and aims to launch a market-cap-weighted index of the 10 largest cryptocurrencies.
Overall, asset prices in local currency did not fluctuate a lot last week and trading volumes were rather limited.
Providers are scrambling to boost distribution capabilities for ETFs.