Episode Transcript
[00:00:01] Foreign welcome to the John Lothian News Daily Update podcast for November 6, 2024. I am your host John Lothian. This podcast is brought to you by John Lothian News, the home of Markets Wiki and Markets Wiki Education. Thank you for joining us. Here are today's hits and takes. Comments from JLN Congratulations to President Elect Donald Trump and Vice President elect J.D. vance on their victory in the US election. Congratulations to the GOP for taking control of the US Senate as well. The US House's fate remains unknown, but it looks like it could also end up in GOP hands. With the Senate in GOP hands, it will be much easier for transition co Chairs Howard Lutnick to recommend Trump administration officials be confirmed. That opens the door for a wider group of officials to serve it is with deep sadness that I report that Gareth Roberts passed away suddenly last Friday. He was head of Sales at AMT Futures limited Robert career saw him also serve as head of the London office and emea, Head of Sales at AP Capital Mamoru Head of clearing strategy at EDSNF Man Capital Markets, Executive Director in Futures and Options and OTC clearing sales at J.P. morgan and head of sales at GI Ltd. He left an indelible mark on our industry and touched the lives of countless colleagues and clients. Our thoughts are with Gareth's family, friends and everyone who had the privilege of working with him. Robert colleague James Proudlock originally shared his passing on LinkedIn.
[00:02:04] Peak Six Investments has sold its minority stake in Premier League club Wolverhampton Wanderers back to Fossen Sports group for approximately $50 million, Bloomberg reported. Peak6 acquired the stake three years ago in the Fosin unit, which had initially bought Wolves 2016. F Sports manages other assets including esports teams and a music label.
[00:02:39] Wolves, currently at the bottom of the Premier League, recorded a net loss of 67 million pounds on a 1 68.6 million pounds in revenue for the year ending May 2023. This sale reflects a broader trend of Chinese firms like Fosin divesting from foreign sports clubs amidst China's shifting economic policies.
[00:03:10] Here are the headlines from in front of fow's paywall from some recent stories Analysis Buy side adoption key for Yrex's credit plans Debate forming in Europe about government bond clearing mandate CME sees surge in treasury options on US Election Hong Kong Exchange Latest to report busiest month for trading in 2024 ICE reports all time record month for volume traded and analysis Yurex committed to retail and raising crypto derivatives demand Our apologies for the newsletter being late today. I had a doctor's appointment right in the middle of our normal time to edit it, which delayed its publication. Thank you to all who have subscribed to the John Lothian News YouTube channel. Yesterday we broke the 1000 level and are currently at 1007 subscribers. Our next challenge is to meet a number of hours of video played metric which we should pass after our Expo videos are published following the conference. There are currently 996 videos published in the JLN YouTube channel.
[00:04:38] Our most read stories from our previous edition of JLN Options were Wall Street's Fear G Shows Traders are on edge as America heads two polls for Market Watch DJT Stock options. Potentially bracing for a Kamala Harris victory from Bar Chart and Trump or Harris Trades, Wall street is ready to find out from Bloomberg, subscribe to the free JLN Options newsletter with a link in today's jln. Here are more stories from the First Read section of today's JLN. Here's a sponsored content message from our friends at FIA Forum Tokyo 2024 held at JPX Together with FIA and FIA Japan, OSE successfully hosted the FIA Tokyo Forum on October 10, 2024 at the Tokyo Stock Exchange. The event welcomed over 220 attendees representing more than 100 companies. The program opened with remarks from Mr. Nakaso, Chairman of Fin City Tokyo, and Mr. Yokoyama, President and CEO of OSE.
[00:05:56] These introductions were followed by two engaging panel discussions and an insightful address from Mr. Ida, Commissioner of the Financial Services Agency. During the panel discussions, industry leaders from global exchanges and brokerages shared their perspectives on the Japanese market and their development plans. They also explored practical applications of OSC's recent innovations in the interest rates market, including the newly launched three month ton of futures. Mr. Kazuhisa Kakazaki, executive Officer of OSE Tokam, joined a panel to discuss JPX's product advancements. He highlighted developments such as the three month toto futures, Tocom electricity futures and the revival of the single stock options market. For further details, refer to a link in today's newsletter. For more information, here's a video interview that I did the Crypto Skeptic who Went down the Rabbit Hole On a crisp autumn morning in Brooklyn, Zeke Faux sat in his home office in front of a Zoom virtual background featuring a mocked up gold cryptocurrency coin with Sam Bankman Fried's profile on it and inscribed with a Latin phrase Faux described as an Easter egg that means it is worth nothing. The Bloomberg investigative reporter had just released paperback version of his first book number Go Up a searing expose of the cryptocurrency world that has already made waves in financial circles. A chapter is included in the paperback edition that contains new information since the hard book edition was released just before Bankman Fried went on trial. But Faukes journey into the heart of the cryptomania wasn't one he initially sought. Watch this video on John Lothian news.com Here's a story from the Associated Press the headline Mount Fuji is still without its iconic snow cap in November for the first time in 130 years Japan's iconic Mount Fuji, known for its snowcap forming around this time of year, is still snowless in November for the first time in 130 years, presumably because of the unusually warm temperatures in the past few few weeks. The lack of snow on Mount Fuji, a UNESCO World Heritage site, as of Tuesday, breaks the previous record said on October 26, 2016, meteorological officials said. Usually, the 3776 meter, nearly 12,300 foot high mountain has sprinkles of snow falling on its summit starting October 2, about a month after the summertime hiking season there ends. Last year, snow fell on the mountain on October 5, according to the Japan Meteorological Agency, or JMA.
[00:09:21] You can't buy a postcard, T shirt or poster of Mount Fuji without its iconic snow cap on it. Here's another story, this one from Bloomberg Hurricane Raphael menaces Florida Keys on path to US Golf Hurricane Rafael is quickly strengthening as it churns towards the Gulf of Mexico, threatening to bring damaging gusts and heavy rains to populated areas from the Cayman Islands to South Florida. Winds reach 100 mph as the storm barrels towards Cuba, where it's expected to make landfall later Wednesday, the U.S. national Hurricane center said in an update at 7am New York time. That makes it a Category 2 hurricane on the five step Safir Simpson scale. Rafael is expected to be near major hurricane intensity upon landfall, the agency said. Even if the storm weakens slightly over Cuba, it will likely reemerge as a hurricane in the Gulf of Mexico, it added. My comment Raphael, don't you know it's November and hurricane season is supposed to be over?
[00:10:44] Here are the top three stories from Tuesday's jln. Our top story Tuesday was the John Lothian news video interview with Zeke Foukes, the crypto skeptic who went down the rabbit hole. Second was another John Lothian news video, Thomas Peterfy on Forkast X building a buy only market to transform event trading and crowd based insight. Third was John Lothian's LinkedIn post sharing the video interview with Zeke Faux. Here are the top three stories from the lead section of today's jln. The first story is from Reuters. The headline Trump Victory to Reverberate Through Global Economy Donald Trump's victory in the race to become the next US President will have economic consequences for the rest of the world that are likely to be deep and quite immediate if Trump enacts just a fraction of his pledges, from higher trade tariffs to deregulation, more drilling and more demands on America's NATO partners, the strain of government finances, inflation, economic growth and interest rates will be felt in every corner of the world. Trump recaptured the White House on Wednesday by securing more than the 270 electoral college votes needed to win the presidency. Edison Research projected. His Republican Party also secured the Senate and may even win the House of Representatives, which would make it easier for the president to legislate his proposals and push through key appointments.
[00:12:27] Trump's fiscal pledges are seriously troublesome for the US Economy and for global financial markets as they promise to vastly expand an already excessive deficit at the same time as he threatens to undermine key institutions, Eric Nielsen, UniCredit's group chief economics advisor, said.
[00:12:51] Here's another story, this one from Bloomberg A New American Renaissance Crypto Celebrates Trump's Return Crypto advocates took a victory lap on Wednesday as the vast amounts of money they poured into the US Elections yielded huge dividends from Donald Trump's reelection to down ballot wins for politicians friendly to the sector. Once a crypto skeptic, Trump corralled tens of millions of dollars in industry support for Republican candidates by promising to make America the bitcoin superpower of the world. On the campaign trail this summer, he pledged to fire US securities and Exchange Commissioner Chair Gary Gensler, create a government owned bitcoin reserve and ensure all future bitcoin is mined on US Soil.
[00:13:47] Then here's one more story, this one from Bloomberg Stocks surge and bonds fall as Trump wins election markets wrap 30 year treasury yields post biggest jumps since 2020 Tesla shares surge in pre market trading US lenders rally Donald Trump's victory in the US presidential election unleashed a shockwave in global markets as traders prepared for dramatic policy and economic change under the new administration. S and p futures climbed 1.9%, the dollar had its biggest gain since 2020 and bitcoin spiked to a record. Tesla Inc. Led by Trump's biggest backer Elon Musk, surged 15% in pre market trading. US bonds tumbled on expectations of faster inflation with 30 year yields jumping 20 basis points to 4.65%.
[00:14:51] We are grateful for your attentive listening to the John Lothian News Daily Update. Please spread the word about our podcast among your friends. We would greatly appreciate it if you could spare a moment to leave a review on Apple Podcasts or whatever platform upon which you access this podcast. Your reviews play a crucial role in introducing our content to new listeners. Also, if you haven't subscribed to the daily John Lothian Newsletter email yet, you can Enjoy a complimentary 90 day trial by visiting john lothiannews.com trial thank you for your valued support. Have a great day and stay safe and treat people the same way you want to be treated with respect, equality and justice. This has been John Lothian Goodbye. This podcast has been produced by Andrew Lothian.
