Aurelia Butler

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    in Economy

    Global equity funds draw big inflows ahead of Fed rate cut

    According to LSEG data, investors acquired a net $5.21 billion worth of equity funds during the week following $6.54 billion worth of net purchases in the week before.The U.S. Federal Reserve cut its benchmark policy rate by an unexpectedly hefty 50 basis points, which bolstered riskier assets around the world, including stocks and commodities. Asian equity funds attracted net investments for the 16th consecutive week, totaling approximately $2.77 billion. European funds also saw significant inflows, drawing $3.29 billion net investments, while net sales in US funds decreased to a four-week low of $1.37 billion.Sector funds experienced net withdrawals for the third consecutive week, totaling approximately $1.2 billion. The financials and tech sectors led these outflows, with net sales of $950 million and $606 million, respectively.Investors divested about $16.06 billion worth of money market funds after a six-week net buying streak, underpinning the rise in investor risk appetite.Global bond funds attracted inflows for the 39th consecutive week, garnering a net $11.24 billion.Global short-term bond funds received $2.3 billion, following net purchases of $2.65 billion a week earlier. High-yield funds also drew $1.71 billion in inflows, although investors withdrew about $218 million from government bond funds.Gold and other precious metal funds maintained their appeal for a sixth consecutive week, attracting about $544 million in net purchases, while energy funds reversed a four-week inflow trend, with net sales amounting to $129 million.Data covering 29,544 emerging market funds showed equity funds experienced a 15th weekly outflow at a net $293 million. In contrast, bond funds secured $416 million, posting a 13th successive week of inflows. More

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    in Economy

    Western philanthropies drum up climate finance ahead of UN meetings

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    in Economy

    EU’s aid pledge for Poland may not cover all flood losses, minister says

    WARSAW (Reuters) -Polish Finance Minister Andrzej Domanski said on Friday a pledge worth 5 billion euros ($5.6 billion) from the European Union to help the country recover from its worst flooding in at least two decades may not be enough to cover its losses.The worst floods to hit central Europe in recent memory have caused widespread damage in Poland, the region’s main economy, with some analysts saying the final cost could be on a par or even exceed that seen after devastating floods in 1997.European Commission President Ursula von der Leyen said on Thursday the EU would make billions of euros available to help central Europe recover from the severe floods.”We know that the losses are very large, very high, although we do not know the exact number yet,” Domanski said in an interview with private broadcaster TVN24.”So I think that this amount, these 5 billion euros for Poland is an adequate amount. It does not mean at all that it is an amount sufficient to cover all the losses.”Domanski declined answer questions on how much of the total damage the EU’s pledged funds – worth some 0.6% of Poland’s 2024 economic output – would cover.”I’m not sure. The damage assessment is ongoing,” he said.In 1997, massive flooding devastated south-western Poland, causing some 12 billion zlotys in damage, or 34 billion zlotys in today’s prices.Infrastructure development in the past three decades has increased the scale of damage in the affected area, Polish economist Slawomir Dudek wrote on social media platform X earlier this week.He said Poland might be forced to amend its 2024 budget once the final cost of the deluge emerges.Poland, which forecasts its general government deficit at 5.7% of gross domestic product in 2024 and 5.5% in 2025, has been tasked by Brussels with reducing the shortfall to the bloc’s 3% limit in the coming years.Domanski has previously signalled he was in favour of a four-year deficit reduction path.”I will fight for this path of fiscal adjustment, that is limiting the deficit in the coming years, to be as gentle as possible, adapted to the exceptional situation in which Poland finds itself,” he said.Warsaw has cited increased defence spending following Russia’s invasion of Ukraine, in addition to the COVID-19 pandemic and energy price shocks in recent years, as the main cause for its elevated deficit levels.($1 = 0.8959 euros) More

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    in Economy

    MPs call on UK government to probe VW’s supply chains

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    in Cryptocurrency

    Strengthening Crypto Security: Bybit’s AI Risk Engine Fortifies Hot and Cold Wallets, Screening $1 Billion in Withdrawals in First Half of 2024

    Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is stepping up its security efforts, using cutting-edge AI technology to fend off hackers and bad actors. In the first half of 2024, Bybit protected users by executing 32 million withdrawals and prevented the loss of over $79 million in client assets by vetting close to $1 billion in suspicious withdrawal attempts. More than $37 million in project funds were also safeguarded.As part of its tiered approach to fund safety, Bybit’s focus on protecting hot wallets and cold wallets plays a critical role in preventing hacking and fraud. Bybit has strengthened its verification processes, applying extra scrutiny to large transactions and high-risk withdrawals. While most fraudulent attempts were prevented in the early stage, the exchange detected abnormal withdrawal requests involving over $940 million in cryptocurrency during the first six months of 2024, with over 8.4% confirmed as attempted fraudulent withdrawals.Fraud Prevention in an Evolving Threat LandscapeAs crypto adoption scales, fraudsters and hackers increasingly target individual users and institutional vulnerabilities. Bybit, as one of the leading crypto exchanges, stands as a critical line of defense against these threats, employing sophisticated AI-driven security protocols to foil illicit schemes. The rise of AI has emerged as an area of concern for security and risk experts, prompting service providers to reconfigure their security posture. Covering Every Vulnerability with AI-Driven ProtectionBybit’s deployment of AI technology serves as a robust shield against evolving risks. From securing user wallet systems to detecting complex, AI-enabled fraud attempts, Bybit’s enterprise-level AI fortifies each layer of its defenses.All Bybit users can opt into multi-channel verifications and biometric authentication to ensure that their identities are securely verified. For instance, Bybit’s risk engine recently thwarted an attempt involving face-swapping technology aimed at bypassing facial verification in its Know Your Customer (KYC) process. Thanks to its live face detection and virtual camera detection, Bybit’s system swiftly blocked the attempt by the hacker.With a proprietary risk control engine and user behavioral analytics models, Bybit streamlined fraud detection with a combination of both automated and human scrutiny. The wealth of data and algorithmic processes help the system and a team of over 50 risk and security experts detect irregular behavioral patterns and sound the alarm for suspicious activities. The approach significantly reduces the risk of unauthorized access, instructions and withdrawals.A “Safety-first” Approach to TradingBybit has recently announced a comprehensive upgrade of its security measures. Verified by blockchain auditor CertiK, Bybit’s state-of-the-art safety model helped it secure a 10/10 trust score on CoinGecko. By leveraging multi-faceted security frameworks and heavily guarded vaults, Bybit ensures its users’ assets are stored in infrastructures designed to withstand even the most vigorous hacking attacks. With its commitment to building lasting trust in the Web3 ecosystem, Bybit aspires to deliver the highest standards in security to set new security standards for the industry. #Bybit /#TheCryptoArkAbout BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, readers can please visit Bybit Press. For media inquiries, readers can please contact: [email protected] more information, readers can please visit: https://www.bybit.comFor updates, readers can please follow: Bybit’s Communities and Social MediaContactHead of PRTony [email protected] article was originally published on Chainwire More

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    in Cryptocurrency

    Bitcoin price today: steady at $63.5k after rate cut cheer

    While the world’s biggest cryptocurrency had initially logged a mixed reaction to the rate cut, it eventually tracked an uptrend in other risk-driven markets, specifically stocks. Broader cryptocurrency prices rose on Friday and were also set for weekly gains. Bitcoin rose over 1% to $63,514.0 by 08:21 ET (12:21 GMT) – its highest level since mid-August. Bitcoin was trading up around 6% this week, and was headed for a second positive week. Sentiment towards crypto markets was boosted by the Fed’s 50 basis point rate cut, given that lower rates free up more liquidity that can then be deployed towards speculative assets. The Fed’s cut marks the beginning of an easing cycle that analysts estimate could bring rates lower by as much as 125 bps by the end of the year. But bigger gains in crypto- and broader risk-driven markets- were still limited by comments from Fed Chair Jerome Powell, who said that the Fed’s neutral rate will be higher than seen in the past. His comments spurred doubts over just how low interest rates will fall. The Fed’s outsized cuts also sparked some concerns over the state of the economy, and whether growth will slow in the coming months. Low interest rates were a key driver of crypto’s 2021 bull run, although the sector has since seen an extended decline in retail interest. Spot Bitcoin exchange-traded funds provided a limited boost to trading volumes earlier this year. Bitcoin has also remained largely within a tight trading range for most of this year. Broader cryptocurrency prices rose in tandem with Bitcoin, although altcoins were set for a mixed weekly performance. Recent capital flows into crypto have been largely directed towards Bitcoin and Ether, with the former largely retaining its dominance over the market. World no.2 crypto Ether rose 4.8% to $2,554.74 and was sitting on a 5.6% gain this week.SOL, XRP, ADA and MATIC rose between 0% and 7%, with Solana up the most this week with a 10% jump. The rest were set for a flat-to-low weekly performance. Among meme tokens, DOGE rose 1% and was up 0.9% this week.Hundreds of bitcoin mined during the network’s early days were moved on Friday, marking one of the rare occasions when bitcoin from the so-called “Satoshi era” has been active. This period refers to the time when Bitcoin creator, Satoshi Nakamoto, was still participating in online forums, roughly between late 2009 and 2011.On-chain tracker Whale Alerts flagged the movement of over 250 BTC, valued at nearly $16 million at current prices, during the European morning hours. The transactions, which occurred within an hour, involved batches of 50 BTC being transferred to new wallets.It remains unclear whether the wallets belong to the same individual or entity, and as of now, none of the newly moved BTC have been sent to cryptocurrency exchanges.Blockchain data reveals that these bitcoins were received as a block reward in 2009, only months after the network’s launch, and had remained inactive until the recent transactions.Ambar Warrick contributed to this report. More

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    in Economy

    Fed to cut rates by 25bps in Nov and Dec, approach neutral level sooner- Reuters poll

    BENGALURU (Reuters) – The U.S. Federal Reserve will cut the federal funds rate by 25 basis points in both November and December, according to a strong majority of over 100 economists in a snap Reuters poll.The central bank started cutting rates on Wednesday with a larger-than-usual half-percentage-point reduction, which Fed Chair Jerome Powell said showed commitment to keeping unemployment low as inflation eased back toward the 2% target.This week’s half point cut was mostly expected by market pricing, but was forecast by only 9 of 101 economists surveyed before the decision.Some of those economists have challenged the clarity of the Fed’s pre-meeting communication given the economy is performing strongly and gradually rising unemployment is still relatively low at just 4.2%.The latest survey suggests the central bank will get very close to the neutral rate of interest, which neither restrains nor stimulates the economy, by this time next year.Over three quarters of economists, 86 of 107, saw rates falling by another 50 basis points this year to a 4.25%-4.50% range, in quarter-percentage-point reductions at the November and December meetings.That was shallower than a cumulative 75 basis points more priced in by markets, but is in line with the median from the Federal Open Market Committee’s own dot-plot projections. Sixteen economists predicted the Fed will cut 75 basis points more this year, while five said just 25.The Fed will deliver 50 basis points of cuts in the first quarter of 2025 followed by 25 in the following two, poll medians showed, inferring a total of 100 basis points of reductions next year, to a 3.25%-3.50% range.David Mericle, chief U.S. economist at Goldman Sachs, sees that rate being reached slightly sooner.”The greater urgency suggested by…(the) 50bp cut and the acceleration in the pace of cuts that most (policymakers) projected for 2025 makes a longer series of consecutive cuts the most likely path,” Mericle wrote in a research note.”We have therefore revised our Fed forecast to accelerate the pace of cuts next year and now expect a longer string of consecutive 25bp cuts from November 2024 through June 2025, when the funds rate would reach our terminal rate forecast of 3.25%-3.50%.”The Fed’s long-run assessment of the “neutral” rate is 2.9%, which would not be reached until 2026, according to the dot-plot projections.”We remain of the opinion that the main risk to our view is around Fed leadership finding the need to go back to its neutral stance much sooner than they currently anticipate, as both sides of the mandate are already back to or within reach of their steady state,” said Oscar Munoz at TD Securities.The Fed’s new economic projections showed the unemployment rate, at 4.2% in August, ending this year at 4.4% and remaining there through 2025.”Unless the unemployment rate goes above 4.4%…they would be more inclined to step down to 25 basis point cuts. So, it does set a fairly high bar for them to do further aggressive cuts,” said Jonathan Millar, senior U.S. economist at Barclays.Asked to rate the Fed’s communication over the past few months, economists were nearly split. Although 23 respondents said the communication was clear, 21 said it was not.(Other stories from the Reuters global economic poll) More