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Asia & U.S. stocks look strong while cryptocurrencies wobble despite JPMorgan optimism

by | 13 Feb, 2018

In Asia today we saw a strong performance again for the key indices including the NIFTY50 and KOSPI, aside from in Japan where the TOPIX and Nikkei 225 both fell. In European markets some momentum was lost this morning with the biggest losses occurring on Italian exchanges. The FTSE MIB italy lost nearly 1 per cent in early trading Tuesday, as Banca Generali shares moved down 2.75 per cent. Meanwhile the Pound moved higher against the Euro thanks to Britain’s latest Consumer Price Index report which showed prices for consumers remained broadly the same level in January as in December 2017.

Despite last week’s scary market dives, there were few worries for U.S. investors yesterday. The main indices were in ruder health, with the S&P500, Dow Jones and Nasdaq all closing over 1 per cent higher on Monday.

In the cryptocurrency space there is still no sign of a breakout taking place for Bitcoin, which has seen its value fall by nearly 40 per cent over the last month.

While the price sits at a comparatively weak $8,403 with similar recent losses for Ethereum, JPMorgan has painted a brighter picture for the future of digital currencies. In a new 71-page report on the crypto sector, the bank praised the underlying blockchain technology calling it a “superior database” and said the tech itself is potentially “regulation friendly”. They also said cryptos could “potentially have a role in diversifying one’s global bond and equity portfolio.” These words are a big turnaround considering the attitude of JPMorgan head Jamie Dimon, who called bitcoin a fraud last year.

Related: A sense of calm in global stock markets Monday.. but for how long?

Bitcoin continues to struggle to shake off losses as we head into mid-February

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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