Crypto markets continue slide
The cryptocurrency markets continued their negative sentiment over the past 24 hours with most of them retracing considerably. Bitcoin continued dropping and was trading at around $9700 at press time. The launch of the much touted Bakkt futures did not seem to lift the market at all. Ethereum also continued descending and was beneath the $200 level at press time on Tuesday. Other coins which suffered considerable drops included Litecoin, down 9% and BCHABC down by over 5%. Stellar and Ripple continued descending albeit not at the fast rate seen previously.
Thomas Cook collapse spooks markets
The UK government will investigate Thomas Cook’s management following the travel group’s collapse. In the meantime, holidaymakers overwhelmed international airports on Monday to queue for rescue flights. Thomas Cook was the world’s oldest tour operator and the cost of it’s collapse is still being assessed by restructuring specialists AlixPartners. In order to secure a £1.1bn rescue deal, investors are queuing up to pick the best parts of its pan-European operations after the failure.
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On Monday, the first few dozen flights chartered by the UK’s Civil Aviation Authority (CAA) began transporting up to 150,000 British tourists, with officials warning that there would be some disruption in a mass repatriation involving as many as 1,000 planes from 18 countries over the next two weeks.
US and China moving towards trade deal?
The U.S. and China must work closely to reach a trade deal as their bilateral dispute has a global impact, said China’s former vice finance minister on Monday.
These were the comments made by Zhu Guangyao when speaking on CNBC’s ‘Squawk Box’. He insists that a trade deal is not important solely for the US and China, but also for the rest of the world. Global economies are integrated very closely, he explained, and this prolonged uncertainty could have a detrimental effect.
Chinese representatives canceled a planned meeting with US farmers on Friday. This sent the S&P down slightly but Chinese media said that this had nothing to do with trade talks.
Global markets have been rattled by the prolonged U.S.-China trade fight, with investors worried that it could tip the world into a recession.