Bitcoin woes: Options bought for $1 million will soon be worthless – The Financial Express

Bitcoin woes: Options bought for $1 million will soon be worthless – The Financial Express

Purchased for almost $1 million on LedgerX’s trading platform just days after Bitcoin peaked a year ago, the call options have a strike price of $50,000 and an expiry date of Dec. 28, 2018.Bitcoin woes: Options bought for million will soon be worthlessThe biggest-ever bet on Bitcoin options is about to expire worthless.Purchased for almost $1 million on LedgerX’s trading platform just days after Bitcoin peaked a year ago, the call options have a strike price of $50,000 and an expiry date of Dec. 28, 2018. For the contracts to retain any value at expiry, Bitcoin would need to rally more than 1,400 percent.The options’ almost certain wipeout is a less-than-ideal outcome for the buyer, but it may not be quite as bad as it seems.Ari Paul, a cryptocurrency fund manager at BlockTower Capital, has indicated that he bought the options while simultaneously selling some of his fund’s Bitcoin holdings. In a December 2017 interview with CNBC, Paul said the trade allowed him to lock-in some profit, reduce exposure to market declines and potentially earn a big payout if Bitcoin soared above $50,000.READ ALSO | OPEC talks end without oil-cuts deal as Russia holds backWhen the options were purchased, causing a stir in crypto circles, Bitcoin was trading at about $16,200. The virtual currency has since become mired in one of the worst bear markets since its inception a decade ago, and extended losses on Friday, falling 7.7 percent to $3,360.08 at 9:05 a.m. Hong Kong time, consolidated prices compiled by Bloomberg showed.“These calls let me capture upside while reducing my downside risk,” Paul told CNBC. He later tweeted that the trade — selling some of his Bitcoin holdings while buying the call options — was profitable.Paul, a former portfolio manager at the University of Chicago endowment, didn’t disclose the performance of his entire fund. BlockTower declined to comment.LedgerX, the first U.S.-regulated Bitcoin options exchange, declined to identify the buyer or seller of the calls but confirmed that the position, which has a notional value of $13.75 million, remains the biggest Bitcoin options trade to cross its platform.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

HCL Tech shares down 4% on acquisition of select IBM products for $1.8 billion – The Financial Express

HCL Tech shares down 4% on acquisition of select IBM products for $1.8 billion – The Financial Express

Shares of HCL Technologies traded down nearly 4 percent Friday on its decision to acquire IBM products. HCL Tech, HCL Tech  Q1 Net, HCL Tech, HCL Tech revenueShares of HCL Technologies traded down nearly 4 percent Friday on its decision to acquire IBM products.Shares of HCL Technologies traded down nearly 4 percent Friday on its decision to acquire IBM products. The IT major today announced that it will acquire select IBM software products for $1.8 billion (over Rs 12,700 crore) in an all-cash deal. The transaction, subject to completion of applicable regulatory reviews, is expected to close by mid-2019, HCL Tech said in a statement.The stock ended the day at Rs 1011.95 yesterday. The HCL Tech stock was trading down 37.20 points, or 3.68 percent, to Rs 974.75 on BSE at the time of reporting.Also read: Share Market Live updates: Sensex up 200 points, Nifty above 10,650; HCL Tech shares down 4%With this acquisition, the IT firm will get software products in areas of marketing, commerce, security and collaboration, a highly profitable revenue stream containing a significant annuity component, and access to over 5,000 large clients across industries and geographic markets, along with sales and marketing teams, the exchange filing said.Further, HCL said that it expects an incremental revenue of nearly $650 million on a run-rate basis in the second year after closing this deal. However, the revenue in the first year is expected to be about $25 million lower due to transition. Besides, the EBITDA margin is expected to be about 50% on a run-rate basis.Meanwhile, the headline indices – Sensex and Nifty – opened higher on positive global cues, following the OPEC meet and US Federal Reserve’s signal to pause rate hikes. The 30-share Sensex rallied about 200 points on open to 35,540.49 while the Nifty 50 opened above the 10,650-mark.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Rupee rises 46 paise to 70.44 against US dollar in early trade – The Financial Express

Rupee rises 46 paise to 70.44 against US dollar in early trade – The Financial Express

The rupee appreciated by 46 paise to 70.44 against the US dollar in early trade Friday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities.Rupee rises 46 paise to 70.44 against US dollar in early tradeThe rupee appreciated by 46 paise to 70.44 against the US dollar in early trade Friday at the interbank foreign exchange, amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities. Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency. At the interbank forex market, the rupee opened higher at 70.58 and rose further to quote at 70.44, showing a rise of 46 paise over its previous close.READ ALSO | HCL Tech shares down 4% on acquisition of select IBM products for $1.8 billionOn Thursday, the rupee fell by 44 paise against the dollar to close at 70.90. The local unit also gathered momentum following easing crude oil prices. Globally, Brent crude, the international benchmark, was trading 0.53 per cent down at USD 59.74 per barrel. Meanwhile, on net basis, foreign funds bought shares worth Rs 72.47 crore, while DIIs sold share to the tune of Rs 389.78 crore Thursday, provisional data showed. The 30-share index rose 157.23 points, or 0.45 per cent, to trade at 35,469.36. In similar movement, the NSE Nifty was trading 50.45 points, or 0.37 per cent, higher at 10,640.70.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Crude oil drops as OPEC makes supply cut dependent on Russian support – The Financial Express

Crude oil drops as OPEC makes supply cut dependent on Russian support – The Financial Express

Oil prices fell on Friday, pulled down by OPECs decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.Crude oil drops as OPEC makes supply cut dependent on Russian supportOil prices fell on Friday, pulled down by OPECs decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel at 0144 GMT, down 56 cents, or 0.9 percent from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $51.24 per barrel, down 25 cents, or 0.5 percent.The declines came after crude slumped by almost 3 percent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday.READ ALSO | US dollar struggles on lower US yields, US Fed pause talkOPEC has decided to meet Friday again…(as) Russia remains the sticking point, said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.Analysts still expect some form of supply reduction to be decided.We are beginning to witness the outline of the next iteration of production cuts, with OPEC conforming to cut its own production by around 1 million barrels per day, with the cartel lobbying non-OPEC members to contribute more, Japanese bank MUFG said in a note.SUPPLY SURGE, PRICE PLUNGEOil producers have been hit by a 30-percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.READ ALSO | Asia shares struggle to rally, oil skids furtherOil output from the worlds biggest producers – OPEC, Russia and the United States – has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption. lt;PRODN-TOTALgt; lt;C-RU-OUTgt; lt;C-OUT-T-EIAgt;That increase alone is equivalent to the output of major OPEC producer the United Arab Emirates.The surge is largely down to soaring U.S. crude oil production lt;C-OUT-T-EIAgt;, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the worlds biggest oil producer.As a result, the United States last week exported more crude oil and fuel than it imported for the first time on records going back to 1973, according to data released on Thursday.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Capital markets performed well despite global volatility, says Sebi chairman Ajay Tyagi – The Financial Express

Capital markets performed well despite global volatility, says Sebi chairman Ajay Tyagi – The Financial Express

Sebi chairman, Ajay Tyagi, Friday said despite volatility in markets, the domestic capital market has performed better than its peers.Capital markets performed well despite global volatility, says Sebi chairmanSebi chairman, Ajay Tyagi, Friday said despite volatility in markets, the domestic capital market has performed better than its peers. He said global capital markets have been quite volatile in the current year, and is likely to remain so due uncertain oil prices, move towards more formal monetary policies by central banks across jurisdictions and US-China trade dispute. These factors have also affected the Indian markets. In terms of volatility, indices return, Indian markets have not performed much worse. In fact, they have been better off when you compare with either major developed economies or emerging markets, Tyagi said in a speech at CII financial markets summit. Citing some data, he said in April-November returns on Nifty have moved up by about 6.5 per cent.Although trailing the returns on Dow Jones (8 per cent), it is higher than stock indices of other countries such as UK (-1 per cent), China (-18 per cent), Brazil (5.7 per cent) and Japan (4.5 per cent). The volatility in Indian equity market at 12 per cent, in the period, is among the lowest compared to major developed and emerging markets like UK (12 per cent), US (16 per cent), China (19 per cent), Japan (17 per cent), South Korea (14 per cent), Hong Kong (19 per cent) and Brazil (21 per cent). During April-November, the rupee saw a depreciation of around 7 per cent against the US dollar, which is around the same level as the depreciation in the Japanese Yen (-7.3 per cent) but better than many other jurisdictions like China (-10.81 per cent), UK (-10.10 per cent), Europe (-8.73 per cent) and Brazil (-16.85 per cent), he said. He said on the domestic front, NBFCs and HFCs have been facing tight liquidity since September, though it has improved on account of RBI steps to provide systemic liquidity. Talking to reporters later, Tyagi said Sebi is also in consultation with the mutual funds industry for changes post the liquidity crisis.We would gradually take action on that. On any of the policy issues we are examining, in consultation with the industry, and will gradually take appropriate action, he said. He also said the capital market has aided the growth of the countrys economy by providing much needed funds to the corporate sector. He said a record amount of Rs 8.8 trillion was raised from the domestic capital market during 2017-18 (through equity and debt) against the Rs 7.7 trillion raised during 2016-17. In the current fiscal Rs 4.85 trillion has already been raised. Tyagi said the development of other alternative sources of funding like AIFs, REITs, InvITs and municipal bonds have also been gradually gaining prominence over time. He said there has been a spurt in AIF activities in the past two-three years, with cumulative commitment going up by 117 per cent from March 2016 to March 2017 and further 96 per cent from March 2017 to March 2018.For the same periods, the total funds raised have gone up by 80-108 per cent, respectively, he added. He said seven InvITs and two REITs have so far been registered with Sebi, with three of the registered InvITs have already issued and listed more than Rs 10,000 crore of units. Recently, one REIT has filed documents with Sebi to make an offer of more than Rs 5,000 crore of units. Tyagi said the regulator is in touch with market participants and if any further changes are warranted relating to REITs, InvITs, or municipal bonds, appropriate action would be taken. A vibrant capital market has to play an increasingly pivotal role to facilitate fund mobilisation for sustaining Indias projected economic growth momentum. This role becomes even more important, given the stress on the banking sector, Tyagi said.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

US dollar struggles on lower US yields, US Fed pause talk – The Financial Express

US dollar struggles on lower US yields, US Fed pause talk – The Financial Express

The dollar struggled to recover against its key rivals in Asian trade Friday, hobbled by renewed speculation of an imminent pause in the Federal Reserves tightening cycle, perhaps as soon as it delivers a widely expected rate hike later this monthUS dollar struggles on lower US yields, US Fed pause talkThe dollar struggled to recover against its key rivals in Asian trade on Friday, hobbled by renewed speculation of an imminent pause in the Federal Reserves tightening cycle, perhaps as soon as it delivers a widely expected rate hike later this month.Of particular concern for dollar bulls has been the recent sharp falls in U.S. treasury yields, with an inversion of the yield curve signalling a sharp economic slowdown or even a recession down the road.Investors are now watching Fridays U.S. non-farm payrolls release for November to gauge wage growth and labour market strength.Weve already heard from (Fed Chairman Jerome) Powell that he thinks the neutral rate has moved quite far in quite a short period of time, said Bart Wakabayashi, Tokyo branch manager at State Street Bank.The guidance going forward will be key to yields and equity market moves, which right now foreign exchange markets seem to be reacting to.Dollar investors were given more reason to be cautious after the Wall Street Journal reported Fed officials are considering whether to signal a new wait-and-see mentality after a likely rate increase at their meeting in December.READ ALSO | Crude oil drops as OPEC makes supply cut dependent on Russian supportThe dollar index, which measures the greenback against a basket of six major peers, was basically flat at 96.804 in early trade.The index shed 0.3 percent during the previous session, closing at one-week low and down 0.9 percent from a 17-month peak hit on Nov. 12.The benchmark U.S. 10-year Treasury yield was last at 2.896 percent after dipping to its lowest level since late August overnight.The dollar has slipped after Fed Chairman Powell said last week that U.S. interest rates were nearing neutral levels, which markets interpreted as signalling a slowdown in rate hikes.The Fed is expected to raise interest rates again at its Dec. 18-19 meeting, which would be its fourth hike this year, but investors are already focusing on how much further it might raise rates and whether a pause is imminent.READ ALSO | Asia shares struggle to rally, oil skids furtherInterest rate futures implied traders see no more than one rate increase from the Fed in 2019, compared with previous expectations for possibly two rate hikes, according to CME Groups FedWatch programme.On Friday, the dollar rose slightly against the euro as well as the Japanese yen, trading at $1.1373 and 112.70 yen per dollar, respectively.The single currency had gained 0.3 percent against the dollar during the previous session while the yen rose about a quarter of a percent.The Australian dollar was down 0.1 percent at $0.7230, near a three-week trough of 0.7192 hit on Thursday.The greenback has been pressured this week by an inversion in part of the U.S. yield curve seen as an early warning sign for a potential recession.The spread between the two-year and five-year U.S. Treasury yields inverted this week and the two-year/10-year spread was at its tightest in more than a decade amid a sharp fall in long-term rates.Historically, the economy has taken anywhere between 12 months and 24 months to fall into a recession when the yield curve inverts.Some market participants believe the dollar index may have peaked out, State Streets Wakabayashi said.The dollar funding over the calendar year-end hasnt really been as aggressive as weve seen in the past few years, he said.If the natural demand does not seem to be appearing in the market, then I think the people who are holding on to those dollars may look to unwind some of those trades.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Mutual funds inflows: Asset base rises 8% to Rs 24 lakh crore till Nov-end; key things to know – The Financial Express

Mutual funds inflows: Asset base rises 8% to Rs 24 lakh crore till Nov-end; key things to know – The Financial Express

Mutual funds asset base rose to a little over Rs 24 lakh crore by November-end, an increase of 8 per cent from the preceding month, on strong inflow in liquid schemes. According to Amfi data, the asset under management (AUM) of the industry, comprising 42 players, climbed from Rs 22.23 lakh crore at the end of October, to Rs 24.03 lakh crore in November-end.Mutual funds asset base rose to a little over Rs 24 lakh crore by November-end, an increase of 8 per cent from the preceding month, on strong inflow in liquid schemes.  According to Amfi data, the asset under management (AUM) of the industry, comprising 42 players, climbed from Rs 22.23 lakh crore at the end of October, to Rs 24.03 lakh crore in November-end.Also read: Meet Krishnamurthy Subramanian, next Chief Economic Advisor after Arvind Subramanian The total asset base of all the fund houses put together was Rs 22.79 lakh crore in November last year. The latest inflow was mainly driven by contributions from liquid funds, equity and equity-linked saving schemes. Liquid funds attracted Rs 1.36 lakh crore, besides, Rs 8,400 crore was invested in equity as well as equity-linked saving schemes and Rs 215 crore inflow was seen in balanced funds. Interestingly, gold exchange-traded funds (ETFs) saw a net inflow of Rs 10 crore after witnessing pull out in past several months. In contrast, income funds saw a pull out of Rs 6,518 crore. Overall, mutual fund schemes witnessed an inflow of Rs 1.42 lakh crore in November, much higher than Rs 35,500 crore investment seen in the preceding month.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.