Franklin Templeton, the mutual funds giant, is buying 250 Digital, a crypto investment management venture spun off in January from CoinFund, a venture capital firm focused on digital asset businesses.
250 Digital will be renamed Franklin Crypto - price & terms were not publicized.
In March, the worlds hedge funds sold the greatest volume of assets in more than 4 years, Reuters reported, as global economic volatility roiled market values.
The funds were net sellers of stocks in March for the 4th consecutive month & sold them at the fastest clip since 2013.
Apr 9
In March, central banks cashed in $82b worth of holdings of U.S. treasury securities at the Federal Reserve Bank of New York, reducing the volume of their securities there to the lowest since 2012, the F T reported.
Converting the securities to cash to stabilize their currencies.
Plan for DIGITAL EURO.
The European Commission & European Central Bank have made the digital euro a priority, urging its creation to ensure that the region’s economy is not dominated by digital currencies & payment systems, such as ApplePay, that are created & managed elsewhere.
Wishing all Catholics a peaceful and wonderful Easter.
Oil traders have spotted a pattern in Donald Trump’s rhetorical behavior regarding the Iran War, the FT reported. Over weekends, when oil markets are closed, his rhetoric becomes more bellicose and hawkish toward Iran to try to bully officials there toward settlement or surrender.
When markets are open, Trump is more likely to hint that secret peace talks are under way or make other comments designed to tamp down oil’s price.
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As investors dumped bonds. Yields on the 10-year U.S. treasury note went up 0.38%; the return on Britain’s equivalent bonds climbed 0.7%.
The exception has been China. Its 10-yield bond yields have dipped, a signal that investors’ demand for them has gone up as the war continues
Investors demands to withdraw their money from private credit funds increased last week, rising to “unprecedented levels,” The WSJ reported.
Investors have requested withdrawals totaling $5.4b including 21.9% of the assets in Blue Owl Capital’s $36b Private Income Corp loan fund.
Montreal Bank Offers Tokenized Cash Transfers.
The Bank of Montreal will offer institutional customers the ability to convert cash into digital tokens on a blockchain to facilitate instant payments and transfers any day, day or night. The service is intended for use in high-value transactions, the bank said.
The service will reside on Google Cloud’s Universal Ledger blockchain and the digitized money will move through CME Group’s derivatives network.
In March, global stocks saw their worst sell-off since Russia invaded Ukraine in Feb 2022. MSCI’s All-Country World Index dropped 7% last month.
In the U.S., the DJIA, the NASDAQ index & the Russell 2000 are all correcting. The flagship S&Ps 500 index is off more than 7% this year.
