Dow Futures Rockets but Fed Insider Warns of 2008-Style Collapse
- By CCN Markets: Dow Jones Industrial Average (DJIA) futures ticked up 200 points in early trading Wednesday, pointing to an optimistic open on Wall Street ahead of the Federal Open Market Committee (FOMC) minutes release later today.
- At 5.52 am ET, Dow Jones Industrial Average (DJIA) futures climbed 162 points to 26,093.
- CME futures are pricing in a 99.6 percent chance of a rate cut in September, and analysts predict we’ll see five quarter-point cuts in the base rate over the next year, a move that many hope will stimulate the stock market.
- He thinks the Federal Reserve doesn’t have the capacity to halt a recession at this point.
- The Federal Reserve will issue the minutes from July’s FOMC meeting later today.
- As CCN reported, Donald Trump would certainly like to hear the latter, after calling for a huge 1 percent interest rate cut.
Jorge Masvidal says he's in negotiations for a UFC fight with Nate Diaz which would look like 'two dogs, locked in a cage, going for the jugular'
- Jorge Masvidal has accepted Nate Diaz's challenge, confirming on his recently-created YouTube channel that he's in negotiations to make a welterweight bout happen before the end of the year.
- Masvidal and Diaz are two battled-hardened veterans of the UFC Octagon and created lasting headlines in 2019 because of dominant performances.
- Masvidal secured the fastest knockout in UFC history when his flying knee concussed Ben Askren in July, and Diaz returned to the Octagon after three years away to beat Anthony Pettis in style on August 17.
- In his video, Masvidal, who was playing "Street Fighter" on an arcade machine in what appeared to be his kitchen, said: "Nate was right about one thing: I'm no West Coast gangster.
- I'm a dirty south goon — damn right I ain't no West Coast gangster.
- "We're negotiating now," he said.
The Streets of New York
- If I was to say what I hope to achieve with my street photography, it would be to keep documenting the ever-changing streets of New York City in all its rat-infested, garbage-piled glory.
- I was willing to learn everything and anything, so when I was offered a job as a photographer with a celebrity news agency in New York, I jumped at the opportunity.
- More often than not, I was standing not on the red carpet behind a velvet rope but on the streets of New York, hiding behind a trash can in 20-degree weather, hoping for that decisive moment.
- In time, I found myself drawn to street photography, consumed by the makeup of New York.
Erik Finman: My Cryptocurrency Will Kill Libra - and Replace Bitcoin
- Moreover, Finman boldly declared that his Metal Pay platform could supplant both bitcoin and Libra.
- Finman says the reason why BTC will go extinct like MySpace did is because its adoption has stalled irretrievably.
- This unfortunate image that bitcoiners have as tax evaders will inhibit further adoption, Finman says.
- Finally, Finman says petty infighting is inhibiting bitcoin's growth.
- While rattling off all the problems he claims will render bitcoin extinct, Erik Finman touted Metal Pay, his crypto startup that he insists will take down Libra.
- Finman says Metal Pay is exactly what Libra wants to be, but will never become because it's being assailed on all sides from regulators.
- On the Metal Pay website, Finman says he's so confident in the future of his project that he's prepared to invest all his bitcoin holdings in it.
Google’s lightweight Go search app is now available worldwide
- At just over 7MB in size, the app is meant as a way to find information online for low-powered devices, and is also able to remember your search results when you’re back online if your connection drops.
- As well as being designed to work on low-powered devices, Google Go also has a few features that the company says are designed for the needs of emerging markets.
- Earlier this year Google added Lens functionality into Google Go, which allows the app to use its camera to read text from the real world out loud.
- The app also features support for voice search and, as of this time last year, can read webpages out loud.
- Alongside these apps, Google also produces Android Go, a slimmed-down version of its mobile operating system for low-powered devices.
Dow Recovery Stagnates as Beijing Snipes at Trump
- By CCN Markets: The Dow’s three-day recovery ran smack into a wall on Tuesday, as the stock market struggled to complete the long journey back from last week’s vicious 800 point DJIA plunge.
- Meanwhile, Beijing capped simmering optimism about US-China trade relations by sniping at President Trump through a state-run media mouthpiece.
- The Dow Jones Industrial Average lost 48.23 points or 0.18%, reducing the DJIA to 26,087.56.
- That outlook soured on Tuesday after the People’s Daily - a state-run newspaper in China known as the Communist Party’s mouthpiece - warned President Trump not to “play the Hong Kong card” if he hopes to make further progress toward a trade deal.
- Echoing Trump's comments, Secretary of State Mike Pompeo told CNBC this morning that "something like Tiananmen Square" would "make it more difficult" for the White House to negotiate a trade deal with Beijing.
A key regulation put in place after the 2008 financial crisis is about to get a major overhaul
- Wall Street regulators are set to approve an update to the Volcker Rule, a section of the Dodd-Frank Wall Street Reform and Consumer Protection Act that prevents banks from using their own funds to make risky, short-term investments.
- The updated rule, dubbed "Volcker 2.0," is expected to simplify which types of trading and short-term investments banks can make with their own funds.
- The new policy will also clarify limits placed on banks' investments in hedge funds and private equity firms, Bloomberg reported.
- Three other regulators still need to review and approve the update including the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
- The agencies are expected to introduce more changes to make it easier for banks to identify which types of investing the initial policy was supposed to cover, according to Bloomberg.
State attorneys general to launch antitrust investigation into big tech companies, reports say
- The state attorneys in more than a dozen states are preparing to begin an antitrust investigation of the tech giants, the Wall Street Journal and the New York Times reported Monday, putting the spotlight on an industry that is already facing federal scrutiny.
- The bipartisan group of attorneys from as many as 20 states is expected to formally launch a probe as soon as next month to assess whether tech companies are using their dominant market position to hurt competition, WSJ reported.
- If true, the move follows the Department of Justice, which last month announced its own antitrust review of how online platforms scaled to their gigantic sizes and whether they are using their power to curb competition and stifle innovation.
- Because the tentacles of Google, Facebook, Amazon, and Apple reach so many industries, any investigation into them could last for years.
Trump shared a meme promising he wouldn't put a Trump Tower on Greenland
- President Donald Trump indicated he would not construct a Trump Tower in Greenland after he reportedly expressed interested in buying the autonomous Denmark island.
- Read more: Trump wants to buy Greenland.
- Only one-third of Americans would be willing to offer more than $12 for the island.
- The meme circulated on social media after numerous reports suggested he was interested in purchasing the land, which is inhabited by roughly 56,000 people.
- The land is also home to the US's Thule Air Base, which conducts surveillance of the northern polar region.
- The president's son Eric Trump shared the meme of a golden Trump Tower on Monday.
- Trump discussed his interest in the purchase, which was first reported by The Wall Street Journal on Thursday.
- Trump described the possibility on Sunday as "strategically ...
- interesting," but added it was not on his list of priorities.
New York City is home to one of the country's most expensive rental markets — and as of July, rent in Brooklyn peaked at an all-time high for the 2nd month in a row
- Rents continues to soar in two of New York City's top boroughs — Manhattan and Brooklyn.
- In June, Brooklyn's median face rent hit a high of $3,000 a month, according to Douglas Elliman's July report for Manhattan, Brooklyn, and Queens rentals.
- In July, that record was maintained: Median face rent in the borough was again $3,000 a month.
- Over in Manhattan, the median face rent in July was $3,595 a month.
- That, The Wall Street Journal reported, is only $100 lower than the borough's all-time record, which was set in February of 2009.
- In June of 2019, the average rent for a one-bedroom apartment in the city shot up to a 3-year high.
- As Business Insider previously reported, one year's worth of rent in Manhattan is more than three-quarters of the country's average annual salary, which is $47,060.