Skip to content Skip to footer

U.S. Job Openings Hit a Record High, DAX 30 Declines & Coinbase Faces Potential SEC Lawsuit

U.S. Job openings rally to record high

Job openings in the United States rose to their highest on record, as employers began to ramp up their post-summer hiring process.

Figures released by the Labor Department showed that JOLTS rose by 749,000 in July, taking job openings to 10.9 million.

How Job Openings Affect the Economy
Creating jobs helps the economy by increasing gross domestic product (GDP). When an individual is employed, they are paid by their employer. The more an individual spends the more that demand increases. When demand for a product or service increases, companies increase their output to meet the increased demand.

Wednesday’s figures are the highest-level JOLTS have been at since the report started almost 21-years ago.

Many believe that now that the government-funded unemployment benefits scheme has expired, Americans will begin rushing back to work.

As of writing, the S&P 500 and Dow Jones were down 0.20% – 0.25% respectively, with the NASDAQ trading 0.61% lower.

DAX 30 declines in anticipation of ECB meeting

Germany’s DAX 30 was also trading lower on Wednesday, as traders operated with caution ahead on tomorrow’s ECB meeting.

The European Central Bank will be holding its monthly meeting on Thursday, where it will outline any updates to its monetary policy.

Difference Between How the U.S. and European Markets React to Monetary Policies
Monetary policy announcements work differently in the euro area than in the United States. While in the United States the monetary policy decisions and the statement explaining the decisions are made public at the same time, the ECB announces the policy decision and the explanatory statement at different times.

Although many believe that the ECB will keep interest rates unchanged, it is anticipated that the bank will announce a reduction to its asset purchasing program.

Traders will also be looking for any hints as to when the bank may decide to begin increasing interest rates.

The DAX closed 1.47% on the news, with EURUSD hitting an intraday low of 1.1802.

Coinbase shares fall on potential SEC lawsuit

Shares in cryptocurrency exchange Coinbase were down today, as it was reported that the company had received a possible enforcement action from the SEC.

It was reported that the Securities and Exchange Commission had approached Coinbase regarding its upcoming Coinbase Lend service, which is said to be violating SEC regulations.

Coinbase Key Takeaways
Back in April Coinbase marked a milestone for Crypto as it released its Initial Public Offering (IPO).

Programs that allow owners of cryptocurrencies to lend them in return for interest are becoming more common around the world, but some regulators, particularly in the United States, have started to raise concerns, arguing that such products should comply with existing securities laws.

Coinbase Lend is an interest-earning product, which is scheduled to be launched in the coming weeks.

However, the potential suit seems to have caught Coinbase CEO Brain Armstrong off-guard, with him stating that, “We’re committed to following the law. Sometimes the law is unclear. So, if the SEC wants to publish guidance, we are also happy to follow that”.

$COIN was down 2.15% as of writing.

Quote of the day – “Confidence is not ‘I will profit on this trade.’ Confidence is ‘I will be fine if I don’t profit from this trade.”

– Yvan Byeajee

Eliman Dambell

Senior Market Analyst

 

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.
Website: www.tradeviewforex.com

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.
Website: www.tvmgloballtd.com

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.
Website: www.tradeview.eu

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.
Website: www.tradeviewlatam.com