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US stocks got off to a good start to the week, after closing higher on Friday following weaker-than-expected employment data for May.
Comments by US Treasury Secretary Janet Yellen are also the focus of attention, after saying that higher interest rates across the board would be a plus for policymakers, in an interview with Bloomberg on Sunday. News. Investors will be watching the latest US inflation figures closely when the Consumer Price Index is released on Thursday.
Investors are also digesting another volatile weekend for cryptocurrency assets.
Our call of the day comes from a Goldman Sachs GS poll, -0.75%, in which investment managers said bitcoin was their least preferred investment.
The world’s No.1 crypto experienced a few volatile months and fell on Sunday, following reports that Chinese social media platform Weibo suspended a number of crypto accounts. A warning from the People’s Bank of China against using crypto for payments last month sparked a crash in bitcoin, as it fell below $ 40,000 from a peak of $ 64,829 at mid-April.
According to some analysts and commentators, the Bitcoin rally to this peak had been partially attributed to more institutional adoptions of crypto assets.
However, a number of investment managers made their views on bitcoin clear in a recent survey conducted by Goldman Sachs.
We hosted two CIO roundtables earlier this week, attended by 25 CIOs from various long only funds and hedge funds, Goldman strategists said. CIOs were asked about their views and perspectives, including their preferred investment styles and asset classes.
Their preferred style is the Growth style but the least preferred on bitcoin, added the strategists, led by Timothy Moe. In fact, 35% said the world’s No.1 cryptocurrency was their least favorite, followed by new initial public offerings with 25% and rate sensitivities with 20%.
Source: Goldman Sachs Global Investment Research
In contrast, the Bank of Americas survey of global fund managers in May found long bitcoin to be the most crowded trade. The survey of 216 panelists with $ 625 billion in assets under management was conducted between May 7 and May 13. While surveys differ in context and size, a month is a long time in the markets, especially for crypto assets. The price of bitcoin BTCUSD, -1.35% on May 7 was $ 57,699, according to data from CoinDesk. On June 7, it stands at $ 36,316.
In better news for bitcoin, the President of El Salvador, Nayib Bukele, is set to propose legislation making cryptocurrency legal tender in the Central American country.
Goldmans CIO’s survey produced a number of other results, finding investment managers to be the most bullish on Chinese A-shares and the Japanese benchmark Nikkei 225 NIK, + 0.27%. Their biggest concern for the market was inflation and interest rates, expecting the US Federal Reserve to start declining in the first half of 2022, with the first interest rate hikes taking place in the second. semester of next year.
The steps
U.S. DJIA stocks, -0.38% SPX, -0.08% COMP, + 0.50% fell early on Monday. European stocks rose after hitting record highs on Friday, while Asian markets were mixed.
The buzz
Tesla TSLA, + 1.21% CEO Elon Musk, destroyed lives through irresponsible tweets that recently rocked the cryptocurrency markets, a group claiming to represent hacker group Anonymous said in a posted video. Saturday.
Tesla has canceled plans for a Model S Plaid Plus electric car because the regular Plaid is so good, Musk said in a series of tweets on Sunday.
Alphabet Inc.’s GOOG, + 0.53% Google has agreed to pay a fine of nearly $ 270 million, as part of a settlement with French regulators in one of the world’s first antitrust cases alleging that the technology company has abused its leadership role in the digital advertising industry.
A streaming glitch hit a heavy blow in Sunday night’s fight with boxer Floyd Mayweather and YouTube creator Logan Paul.
Prince Harry and Meghan Markles’ second child was born on Friday and is called Lilibet Lili Diana Mountbatten-Windsor.
Random readings
Why North Korean leader Kim Jong-un is waging war on slang, jeans and foreign films.
Sharks almost disappeared 19 million years ago and scientists don’t know why.
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