Here are the most important news, trends and analysis that investors need to start their trading day:
1. Defined actions to take a breath after Dow, S&P 500 breaking records
Traders on the floor of the New York Stock Exchange.
Source: CNBC
2. Credit Suisse is impacted by US $ 4.7 billion in the consequences of Archegos
The logo of the Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland, on March 24, 2021.
Arnd Wiegmann | Reuters
Credit Suisse announced several exits of high-level employees and proposed a cut in its dividends in the wake of the Archegos Capital saga. The Swiss-based creditor now expects a pre-tax loss of about $ 960 million in the first quarter, after taking on a $ 4.7 billion charge as a result of the collapse of the U.S. hedge fund. Credit Suisse said its investment bank CEO Brian Chin and chief risk and compliance officer Lara Warner will step down immediately. At the end of last month, Credit Suisse was forced to divest a significant number of shares to sever its ties to Archegos’ troubled family office. Japan’s Nomura and Wallman’s Goldman Sachs were also forced to sell shares on behalf of the highly leveraged Archegos.
3. The total market value of the cryptocurrency reaches $ 2 trillion for the first time
Cryptocurrency mining platforms on a crypto mining farm in Romania.
Akos Stiller | Bloomberg via Getty Images
The value of the entire cryptocurrency market exceeded $ 2 trillion for the first time on Monday, driven by a rise in ether, the second largest digital currency, which alone has a market value of more than $ 240 billion. Ether reached an all-time high above $ 2,150 overnight, an increase of more than 180% year-to-date. Ethereum, the blockchain behind ether, is seen as a key platform for decentralized financial applications and non-fungible tokens. Bitcoin accounts for more than $ 1 trillion of all crypto market capitalization. Last month, the world’s largest digital currency reached a record of more than $ 61,000 – more than doubling in 2021. It was trading above $ 58,800 on Tuesday morning.
4. Fauci warns against relaxation of public health measures as summer approaches
Director of the NIH National Institute of Allergy and Infectious Diseases, Anthony Fauci, addresses the daily press conference at the White House in Washington, January 21, 2021
Jonathan Ernst | Reuters
The White House chief medical advisor, Dr. Anthony Fauci, warned on Monday that Americans should remain vigilant and adhere to public health measures as the hottest summer months approach. “You may remember a little over a year ago, when we were looking for the summer to rescue us from the outbreaks. It was actually the opposite,” said Fauci during a coronavirus meeting at the White House. Fauci also said that Americans should continue to receive two doses of the Pfizer and Moderna Covid-19 vaccines, despite a recent study suggesting that just one dose may be sufficient.
5. Schumer says the Senate could pass an additional bill without votes from the Republican Party
Majority leader in the U.S. Senate, Chuck Schumer (D-NY), praises Democratic legislative achievements in the Senate by giving a press conference at the US Capitol in Washington on March 25, 2021.
Jonathan Ernst | Pool | Reuters
According to the cabinet of the Senate Majority Leader, Chuck Schumer, DN.Y., the Senate parliamentarian has determined that the House may use budgetary reconciliation one more time to pass legislation without Republican votes. Democrats, who control a 50-50 Senate division by party, will have three opportunities to pass a bill without Republican Party support before the 2022 mid-term elections. Democrats are trying to approve the infrastructure plan for more than $ 2 trillion from President Joe Biden and intend to approve an economic recovery project. Senate minority leader Mitch McConnell, R-Ky., Said his caucus would likely oppose the infrastructure measure due to the price and the increase in the corporate tax rate in the U.S. to 28% to pay for it.
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