The stock market has been going through a volatile phase controlled by the political atmosphere and trade talks between the United States and China. President Donald Trump had recently tweeted about the market, claiming that it would have crashed if he had lost the 2016 Presidential elections.
The Dow Jones Industrial Average indicated a negative open of less than 25 points with the S&P 500 and the Nasdaq Composite maintaining a constant level as the day before. The main indication of the rise and fall of the market has mainly depended on Donald Trump and Xi Jinping’s bilateral meet, aimed at strengthening the trade bonds between the two countries.
On Tuesday, Trump stated that there was nothing ‘magical’ about the March 1 deadline for the US-China negotiations. This statement comes as a blow to the markets as the tariffs on Chinese imports may not be increased from the current 10 percent to the proposed 25 percent.
The market, mainly tech-heavy, topped its short-term peak just before the stock market correction began. Drug giant Merck saw its stock fall by 1.3% with the commodity trading just below 80.29. Another area of focus was the Fed minutes which is supposed to give an insight to the workings of the Federal Reserve, a key aspect that may sway investor sentiments. Guy Stear, an analyst at Societe Generale stated:
“The focus of the day should be the FOMC Minutes, as investors try to decipher what drove the Fed’s pivot in January. We will scour the minutes for clues that the balance of risks may have shifted materially to the downside, and in addition, we will also watch for a discussion surrounding the balance sheet runoff and whether officials are leaning towards ending the runoff later this year.”
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Financial Conduct Authority [FCA] issues warning against fraud cryptocurrency clone firm
The Financial Conduct Authority (FCA) has warned people of a cryptocurrency clone firm, going by the name – ICAP Crypto. It is a crypto-clone company of the ICAP Europe Limited. Their modus operandi is that they use the information of people taken from a credible firm and show themselves as a legit organization.
The original firm goes with the name ICAP Europe Limited, which is registered and legalized by the FCA. The clone company has been using the credentials of the true company and scamming people.
FCA, in the past too, have warned investors of two such companies that were cloning themselves as cryptocurrency firms. The firms went by the names Fair Oaks Crypto and Good Crypto. Fair Oaks Crypto targeted people by cloning itself with Fair Oaks Capital, while the latter, Good Crypto tagged itself with Corporate Finance and scammed people by misrepresenting the registered information of the people.
Forex and crypto backers have been scammed to the tune of $34 million by these companies in the near past, according to a statement by the FCA. The FCA is also looking at banning “high-risk derivative products connected to cryptocurrencies”. FCA has given permission to three blockchain enterprises to work under its regulatory body.
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