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Some of the biggest players in the financial industry are launching a digital dollar pilot program while the crypto sector reels from FTX’s collapse. About a dozen global giants, including Citigroup, HSBC, Mastercard and Wells Fargo, announced plans on Tuesday to test use of a digital token for 12 weeks in conjunction with the Federal Reserve Bank of New York, with the intention of examining how effective a digital currency is in speeding up payments.
U.S. equities posted gains following the release of a softer-than-expected read on wholesale price inflation. The report came in the wake of last week’s consumer price inflation release that continued to temper expectations regarding how aggressive the Fed could remain with its monetary policy tightening.
However, stocks finished well off the highs today, as geopolitics again flared following reports of Russian missiles crossing into NATO-member Poland, killing two individuals. The economic docket also offered the Empire Manufacturing Index, which showed that manufacturing activity in the New York region expanded, versus estimates calling for it to remain in contraction territory. Some retail heavyweights released earnings reports, as Dow members Walmart and Home Depot both beat estimates, with the former raising its guidance and authorizing a new share repurchase program, and the latter reaffirming its full-year outlook.
Treasury yields declined following the inflation data, and the U.S. dollar finished lower. Crude oil prices rose, and gold also traded to the upside.
Stocks in Asia finished mostly higher, led by mainland Chinese and Hong Kong stocks, amid moves to ease China’s COVID restrictions. European stocks were also higher for the most part as investors continued to digest recent monetary policy actions as a result of inflationary concerns.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, Investing | Tagged: DAILY UPDATE: Digital Dollars with Stock Market Boost, digital dollars, stock market, stock market boost |
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