| March 31, 2022 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
| | | | | | Lead Stories | | | Bitcoin (BTC USD) Options Give Clue to Where It's Heading Next
Jialiang David Pan - Bloomberg
With Bitcoin settling back in a narrow trading range after a mid-March rally, investors searching for clues as to where it is headed next may want to take a look at what the options market is signaling.
Demand for call options that give the right to buy the cryptocurrency in the future has climbed this month as Bitcoin's spot price rallied. Bitcoin was little changed for a third day at around $47,000, and is up about 13% in March.
/jlne.ws/3tX9ukZ
Risk of a 1970s-Style Inflation Shock is Rising, Brevan Howard Warns
Nishant Kumar - Bloomberg
Global price rises risk turning into 1970s-style inflation shock, which eventually led to recession and high unemployment, according to hedge fund giant Brevan Howard Asset Management.
The macro trading firm, which is off to one of its best gains in nearly two decades of trading, said the current macro environment is as complicated as at any time during the last 75 years, according to its annual outlook.
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Wall Street Investors Say Fed Error Biggest Threat to Market, Survey
Hamza Fareed Malik - Markets Insider
Wall Street investors think a policy mistake by the Federal Reserve is a bigger threat to the stock market than US inflation or the Russia-Ukraine war, a CNBC survey found.
Almost half of the 400 investors polled in the CNBC Delivering Alpha survey this week said a Fed policy error is the greatest threat to the market right now.
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Vanishing Treasury-Market Liquidity Faces a New $3 Trillion Test
Edward Bolingbroke - Bloomberg
Bank of America Corp. has bad news for Wall Street traders bashing liquidity conditions in the $23 trillion Treasury market: Get used to it.
Thanks to still-lofty government deficits and a Federal Reserve paring its fat balance sheet, the bank estimates the private sector is set to absorb $3 trillion of new bond supply over the next two years -- threatening fresh volatility for the beaten-up world of sovereign debt.
/jlne.ws/3DsYtL5
Hong Kong ETFs Lure Record $4.4 Billion on Stock Rebound Bet
John Cheng - Bloomberg
Stocks in Hong Kong attracted record inflows via exchange-traded funds in March, as retail investors took advantage of a historic dip and an ensuing rebound to bet on further gains.
Some 60 equity ETFs tracking the city's indexes added $4.4 billion since end-February, the most in monthly data compiled by Bloomberg going back to 2000. The Tracker Fund, the city's first and largest ETF mirroring the benchmark Hang Seng Index, lured $1.5 billion, more than three times the net inflow for the previous month.
/jlne.ws/3LwG1nW
Tech Stock Rout: Winners and Losers in Whirlwind $1 Trillion Selloff
Subrat Patnaik - Bloomberg
Tech stocks' volatile start to 2022 offers a stark reminder of how harshly Wall Street is punishing the former stars of the pandemic era.
Onetime stay-at-home winners like Etsy Inc., Netflix Inc. and PayPal Holdings Inc. are among the biggest losers in the S&P 500 Index this year. They're part of a $1.3 trillion wipeout in market value for the Nasdaq 100 Index -- a tide so strong that even megacaps Amazon.com Inc. and Apple Inc. are struggling to stay in the green.
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Oil and Gas Stocks on the S&P 500 Were the Biggest Winners in Q1
Carla Mozée - Markets Insider
The energy group was by far the best performing sector on the S&P 500 in the first quarter, with oil and gas stocks populating the bulk of the benchmark's big winners at the end of a volatile quarter for US equities.
The S&P 500 Energy Sector was up 39.6% as of Wednesday before heading into the last trading session of the quarter on Thursday. The S&P 500 itself was dragged into a correction during the period but pared its loss to around 4%.
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| | | | | | Exchanges | | | CME Group to Launch E-mini S&P 500 Tuesday and Thursday Weekly Options on April 25
CME Group
CME Group, the world's leading derivatives marketplace, today announced it will expand its suite of Micro E-mini S&P 500 options with the launch of Tuesday and Thursday Weekly options on April 25, pending regulatory review. These new weekly options contracts will complement the existing Monday, Wednesday and Friday Weeklies, End-of-Month and Quarterly options on E-mini S&P 500 futures.
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| | | | | | Regulation & Enforcement | | | CFTC looks at expanded authority to regulate crypto, for less than a 10% budget increase; The agency's $365 million proposed FY2023 budget includes significant allocation for CPAs and whistleblowers.
Cointelegraph
The U.S. Commodity Futures Trading Commission, or CFTC, has released its Fiscal Year 2023 (FY2023) budget request, seeking $365 million. This marks a 9.9% increase over the previous year and 20% over FY2021. The commission regulates the country's derivatives market and has been increasingly active in recent years in policing financial products that incorporate cryptocurrencies.
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| | | | | | Moves | | | CME Group's head of Asia Pacific to retire; APAC head announces his departure from the firm after serving in the region for the last 30 years at the likes of CME Group, Dubai Mercantile Exchange and BNP Paribas.
Wesley Bray - The Trade
Chris Fix, CME Group's managing director and head of Asia Pacific, has announced his retirement after serving at the financial derivatives exchange for close to seven years. Based in Singapore, Fix led CME Group's growth strategy for the region, oversaw partnerships with regional exchanges and developed products and services to meet existing and prospective clients' needs.
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| | | | | | Strategy | | | The S&P 500's charts are showing these buy signals
Lawrence G. McMillan - MarketWatch
The S&P 500 index pushed above the 4600 level, which is significant. While market internals have not exactly been rousing as this rally continues, they have not been negative, either.
The 4600 level was a double resistance area from February (see horizontal line on the accompanying chart). On March 29, the S&P 500 gapped up over that level in a show of strength, but it was not able to continue that the next day.
/jlne.ws/3tSF4QL
| | | | | | Events | | | The Institute for Financial Markets (IFM) is holding a Virtual Workshop April 4 - 5, 2022 from 12:00 - 1:30 p.m. ET in two 90-minute sessions. The workshop explains the multilateral systems that provide the infrastructure for transferring, clearing and settling payments, derivatives and other financial transactions among financial institutions and end users. The Course Fee is $225.
Group Discount: 10% off any registration with 3+ participants from the same organization. To take advantage of this discount, you can contact the IFM at 202-223-1528, or via e-mail at info@theIFM.org. The course is taught by Marti Tirinnanzi, who serves on the board of directors and the audit committee for Intercontinental Exchange (ICE). It is geared to market users, potential investors, firm clients and stakeholders of cleared derivatives. You can go here to register.~SR
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| | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| | | Jeff Bergstrom
Editor
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