What we’re reading (11/19)
“6 Reasons Bitcoin Is Trading At Its Highest Level Since 2017 — and 1 Warning” (MarketWatch). “The popular digital currency, which is arguably one of the most polarizing in financial markets, is approaching heights not seen since the frenzied rush into cryptocurrencies three years ago. Bitcoin’s price on Wednesday briefly hit an intraday peak at 18,358.98, and was pulling back in recent trade but still on pace for the fourth-highest finish in its history since December 2017, when the asset briefly flirted with $20,000 before collapsing in dazzling fashion, according to Dow Jones Market Data, based on a 7 p.m. Eastern close.”
“Jobless Claims Filings Pick Up Amid Continued Struggles For Labor Market” (CNBC). “The pace of workers filing for unemployment claims picked up last week and was a bit higher than Wall Street had been expecting. Jobless claims totaled 742,000 for the week, the Labor Department reported Thursday, ahead of the 710,000 estimate from economists surveyed by Dow Jones.”
“China Borrows At Negative Rates For The First Times” (Wall Street Journal). “Superlow interest rates in Europe helped China to sell its first negative-yielding debt, as it raised about $4.7 billion in a three-part deal in euros. The debt sale drew robust demand, aided by China’s rapid return to economic growth after tackling the coronavirus and the relative scarcity of Chinese bonds denominated in the common currency.”
“SEC Enforcement Against Public Cos. Hits 6-Year Low In 2020” (Law360). “The number of SEC enforcement actions filed against public companies declined to a six-year low in fiscal year 2020, with a significant slowdown in new filings during the early phases of the COVID-19 pandemic. The U.S. Securities and Exchange Commission launched 61 actions against public companies and subsidiaries during the fiscal year that ended on Sept. 30, down from a record 95 cases filed in 2019 and marking the lowest level since 2014, according to a report released Wednesday by Cornerstone Research and New York University's Pollack Center for Law & Business.”
“AQR To Liquidate Some Funds After ‘Persistent Outflows’” (Institutional Investor). “AQR Capital Management is slimming down, this time in the mutual fund world. Next month, the alternative investment firm plans to shut down several liquid alternative mutual funds, including a multi-strategy alternative fund, high- and low-volatility funds, and a volatility risk premium strategy, and according to Securities and Exchange Commission filings.”
