Category: 3. Business

  • Oil prices set for weekly gains as Ukraine peace process stalls – Reuters

    1. Oil prices set for weekly gains as Ukraine peace process stalls  Reuters
    2. Oil prices set for weekly gain as Ukraine peace process stalls  Reuters
    3. Oil prices fall on talks to end Russian invasion of Ukraine  Dawn
    4. Inventory Drop Boosts WTI, Rate Cut Uncertainty Holds Markets  FOREX.com
    5. WTI extends the rally to near $63.50 amid signs of stronger energy demand  FXStreet

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  • Trump threatens to fire US Fed Governor Lisa Cook | Politics News

    Trump threatens to fire US Fed Governor Lisa Cook | Politics News

    Cook, who has been accused of mortgage fraud, says she will not be ‘bullied’ into resigning by the president.

    United States President Donald Trump says he will fire Federal Reserve Governor Lisa Cook if she doesn’t quit, intensifying his effort to gain influence over the central bank.

    “I’ll fire her if she doesn’t resign,” Trump told reporters on Friday during a visit to a Washington, DC, museum focused on the White House.

    Cook, the first Black woman to serve on the Federal Reserve’s Board of Governors, said she had “no intention of being bullied to step down” after Trump on Wednesday called for her resignation on the basis of allegations about mortgages she holds in Michigan and Georgia.

    Cook on Wednesday said she took any questions about her financial history seriously as a member of the Fed’s board and was gathering accurate information to answer any legitimate questions.

    Asked about the matter on Friday as she attended the Fed’s annual research conference in Jackson Hole, Wyoming, Cook said she had no further comment beyond her earlier statement.

    Cook is among three Fed governors appointed by former President Joe Biden whose terms extend beyond Trump’s time in office, complicating the president’s efforts to gain more control by appointing a majority of the seven-member Board of Governors. Two of the Fed’s board members were appointed by Trump – Governor Christopher Waller and Vice Chairwoman for Supervision Michelle Bowman.

    Trump has repeatedly criticised Fed Chairman Jerome Powell, whose term ends in May, first over his failure to reduce benchmark interest rates and more recently over cost overruns on a renovation of a Federal Reserve building.

    US Federal Housing Finance Agency Director William Pulte raised the allegations against Cook in a post on X on Wednesday, saying she had designated a condo in Atlanta, Georgia, as her primary residence after taking out a loan on her home in Michigan, which she also declared as a primary residence. Pulte told CNBC he is also investigating property Cook has in Massachusetts.

    Loans for a primary residence can carry easier terms than those for second homes or investment properties. Pulte said the loans in question date to mid-2021 before Cook was appointed to the Fed and confirmed by the Senate in 2022. Cook, a native of Georgia, was an economics professor at Michigan State University at the time the mortgages were taken out.

    Pulte asked US Attorney General Pam Bondi to investigate, and Trump quickly amplified the allegation. The Department of Justice is taking the matter very seriously, a department official told the Reuters news agency earlier this week.

    Allegations ‘cobbled together’

    Maxine Waters, the top Democrat on the US House of Representatives Committee on Financial Services, blasted Trump’s attack on Cook on Friday, saying in a statement that it was a clear continuation of his ongoing effort to “undermine the independence of the Federal Reserve” and deflect attention to signs of economic challenges caused by his policies.

    “Their latest target is Dr. Lisa Cook, a highly qualified, trailblazing economist, and the first Black woman to serve on the Federal Reserve’s Board of Governors since Congress created it in 1913,” Waters said. “Let me be very clear, the allegations against Dr. Cook have been cobbled together as a pretext to try to replace her with someone who will be loyal first to Trump instead of the US Constitution or US law.”

    Treasury Secretary Scott Bessent is heading the effort to find a replacement for Powell.

    Trump is pushing for early Senate confirmation of loyalist Stephen Miran, head of the Council of Economic Advisers, whom he nominated for a temporary seat on the Fed board, replacing Adriana Kugler. Kugler, the first Latina on the board, resigned abruptly this month, months before her term was due to end on January 31.

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  • Fitch Places MEG Energy Corp. on Rating Watch Positive Post Plan of Arrangement by Cenovus Energy – Fitch Ratings

    1. Fitch Places MEG Energy Corp. on Rating Watch Positive Post Plan of Arrangement by Cenovus Energy  Fitch Ratings
    2. Cenovus to acquire MEG Energy in C$7.9 billion oil sands expansion deal  Reuters
    3. Top Midday Stories: Stocks Soar on Powell Speech; Cenovus Energy to Acquire MEG Energy for $5.68 Billion  MarketScreener
    4. Cenovus unveils $7.9-billion white-knight bid for MEG Energy  ca.finance.yahoo.com
    5. Cenovus Energy  Baystreet.ca

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  • ETH Price Could Hit New Highs Soon: Here’s Why

    ETH Price Could Hit New Highs Soon: Here’s Why

    Key takeaways:

    • ETH surged 13% on Friday after Federal Reserve Chair Jerome Powell’s dovish Jackson Hole speech hinted at an interest rate cut in September.

    • Onchain and technical indicators signal Ether’s potential to hit $6,000 in the short term.

    Ether’s (ETH) price displayed strength at the Wall Street open on Friday, rising 13% to $4,788 following Federal Reserve Chair Jerome Powell’s Jackson Hole speech.

    ETH price rallied from $4,200 within minutes, reclaiming $4,600, a level that has suppressed the price over the last seven days, per data from Cointelegraph Markets Pro and TradingView.

    ETH/USD weekly chart. Source: Cointelegraph/TradingView

    This performance follows Powell’s Jackson Hole speech, where he hinted at a potential interest rate cut in September, signaling a dovish stance that boosted market optimism. 

    Interest rate cut odds for the Sept. 17 FOMC meeting have now jumped to 91.5% from 75% a day prior, according to the CME Group Fedwatch tool.

    Target rate possibilities for the Sept. 17 FOMC meeting. Source: CME Group

    This adds to the encouraging bullish sentiment that could potentially drive ETH to new highs.

    ETH crosses $4,600 with a “god candle,” said analyst Elisa in response to Ether’s reaction, adding:

    Several bullish signs suggest that ETH is well-positioned to break out toward fresh all-time highs in the following days or weeks.

    Continued spot ETF inflows back ETH price upside

    One factor supporting Ether’s bull argument is persistent institutional demand, reflected by significant inflows into spot Ethereum exchange-traded funds (ETFs).

    Spot Ether ETFs saw $287.6 million in inflows on Aug. 21, breaking a four-day outflow streak. These investment products have seen net inflows totaling $2.55 billion month-to-date as per data from Farside Investors.

    Spot Ethereum ETF flows. Source: Farside Investors

    As Cointelegraph reported, Ether continued dominating global exchange-traded products (ETPs) last week, with inflows totaling $2.9 billion, marking growing investor appetite for the altcoin ETPs.

    Related: EU exploring Ethereum, Solana for digital euro launch: FT

    Exchange supply plummets

    ETH balances on exchanges have dropped to nine-year lows, falling to 14.9 million ETH for the first time since July 2016, Glassnode data shows.

    ETH supply on exchanges. Source: Glassnode

    The total balance between inflows and outflows in and out of all known exchange wallets shows a steep decline since October 2023, when withdrawals from the trading platforms began to surge. This drop accompanies a 180% rise in Ether’s price over the same time period.

    Reducing Ether supply on exchanges may signal an incoming price rally fueled by a “supply shortage,” which occurs when strong buyer demand meets decreasing available ETH, according to crypto investor Crypto Virtuos.

    “The amount of $ETH held on centralized exchanges has dropped to its lowest level in 9 years,” Crypto Virtuos said in a Monday post on X. 

    This implies that more people are choosing to hold and stake ETH long-term, resulting in less ETH available for selling. 

    “Chance of a supply shortage coming. Is ETH ready for its next big move?”

    Bull flag breakout places ETH price target above $6,000 

    From a technical perspective, Ether’s price action has validated a bull flag pattern on the daily chart.

    ETH/USD daily chart. Source: Cointelegraph/TradingView

    The bull flag resolved when the price broke above the upper trendline at $4,300. ETH could then rise by as much as the previous uptrend’s height. This puts the upper target for the altcoin at $6,150 — up 43% from the current price.

    Additionally, the daily relative strength index is positive at 66. This suggests that the market conditions still favor the upside, boosting Ether’s chances of reaching its bull flag target.

    Popular trader Merlijn The Trader had a more ambitious target for Ether, saying that breaking out of a four-year downtrend coupled with a bullish cross from the MACD on the monthly chart sets ETH up for a rally toward $10,000.

    Other analysts also predict that Ether could reach $10,000 and beyond in 2025, citing institutional demand through spot Ethereum ETFs and ETH treasury companies remains notably strong, suggesting bullish market sentiment.

    This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.