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It’s been quite an eventful weekend and we have a lot of topics to cover in today’s market report. The biggest and most unsuspected developments happened on the cryptocurrency market, but as usual, we’ll start with some more traditional trading news.
Markets and Index
- The S&P 500 fell by 1.08 points or 0.037 percent on Friday.
- The Nasdaq Composite fell by 41.28 points or 0.51 percent.
- The Dow Jones Industrial Average, on the other hand, increased by 86.52 points or 0.32 percent.
- In an auction on Saturday, Comcast outbid Twenty-First Century Fox for a take over of British Sky. The final price landed on $39 billion, or £17.28 per share, while Fox highest bid was £15,67.
- A former Walmart CEO claims that tariffs on China will inflict damage on the American retail industry soon, forcing companies like Walmart to increase their prices.
- Under Armour shares experienced a 10 percent rally at the end of last week but investors are worried that the company can’t keep up with demand and that it’s time to sell.
- EUR/USD pulled back slightly during Friday but was still inches away from highest weekly closing since early June.
- GBP/USD ended last week by switching from neutral to bearish and more losses are expected for the coming week.
- We also have a few important reports coming in this week which we’ll update you on them on a daily basis.
According to OPEC, demand for American crude oil will increase in the mid-future while demand for the producer groups’ own supplies will decline.
As mentioned, it has been a wild and interesting weekend on the cryptocurrency market with XRP driving all the developments. On Friday afternoon, after more than doubling in value over the week, XRP extended it’s weekly gains and passed Ethereum as the second largest cryptocurrency asset based on market cap. The change only lasted a few hours but was enough to create quite the turmoil on the market.
On Friday evening, Ethereum took back its role as the second largest cryptocurrency but since then, the two assets have been neck in neck and investors are now speculating on what the market will look like in the future. The market has stabilized a lot since the situation unfolded but expectations are high for this coming week.
- In the past 24 hours, Bitcoin has dropped 0.34 percent.
- Ethereum remains the second largest asset and has increased by 1.34 percent since Sunday.
- XRP has fallen 2.13 percent but is nowhere close to shaving off last weeks impressive gains.
Biggest gainers these past 24 hours are Siacoin, Bytecoin, and Mixin, while Electroneum, Kin, and MadeSafeCoin have fallen the most.
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