Oil Prices Continue to Rally
SNAP Tumbles
Barclays to Pay $97 Million
Market Recap – This week in a nutshell:
This week presented a lot of opportunities as some assets noted major rallies. Specifically, Bitcoin surged on Tuesday hitting all time highs after Japan legalized the cryptocurrency as a payment method. BTC broke beyond the $1830 barrier later within the week.
Markets wobbled on Wednesday after U.S. President Donald Trump abruptly dismissed FBI Director James Comey in a move that shocked Washington. Democrats claimed that the decision was most likely a result of the FBI investigating alleged links between the Trump campaign and Russia.*
Thu, May 11: In Today’s Markets…
1. European Markets Open Mixed as Oil Prices Continue to Surge
European markets started the day mixed Thursday as investors remained largely on the sidelines in anticipation for the latest batch of corporate earnings. Oil prices extended their overnight rally after an abrupt fall in U.S. inventories. On the earnings front, Telefonica and BT, both of which are available on BDSwiss’ MT4 platform, are among the major companies expected to report first-quarter results today. Meanwhile, the Bank of England is poised to reveal its latest decision on interest rates and publish its latest economic forecasts. While no change in interest rates is expected, a hawkish stance by the BoE governor could push GBP pairs higher**
2. Snapchat Tumbles after Disappointing Earnings, Co-Founders Lose $1B each
Snap Inc. added fewer users than projected in the first quarter and released a disappointing earnings report, a sign that Facebook Inc.’s strategy of copycatting every feature of the app is taking a toll on the company. The stock tumbled 25 percent causing Snap Inc.’s co-founders Evan Spiegel and Bobby Murphy to lose more than $1 billion each. The stock began to plummet after the company reported earnings for the first time on Wednesday afternoon.**
3. Barclays to Pay $97 Million for Overcharging its Clients
The Securities and Exchange Commission announced today an enforcement action requiring Barclays Capital to refund its clients who were overcharged. Specifically, Barclays will need to pay advisory fees or mutual fund sales charges to clients who were overcharged. The settlement amounts to more than $97 million in total. Barclays has already agreed to settle three sets of violations that resulted in clients being overbilled. Co-Chief of the SEC Enforcement Division’s Asset Management Unit, C. Dabney O’Riordan stated that “Each set of clients who were harmed are being refunded through the settlement”.***
*Source: Bloomberg
**Source: Trade QQ
***Source: SEC
