Crypto payments is the 'next big category' for Coinbase, says CEO Brian Armstrong
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CNBC
6 hours ago
- CNBC
Global week ahead: Banking bellwethers and a tariffs waiting game
Next week, the CNBC teams are back on the road – and it's all about the banks and the ECB. From Frankfurt to Milan, and Paris to London, the financials are in focus. The markets seem to be banking on the financial sector to keep up the positive earnings momentum this quarter. Citi described the first quarter as "remarkably resilient," with analysts now expecting Stoxx 600 earnings-per-share growth to turn positive year-on-year this quarter. Much of that optimism is centered on the big banks, while other sectors like luxury, autos and energy have been plagued by earnings downgrades. Unicredit kicks things off on Wednesday. The Italian banking giant will try to keep investors focused on the numbers, rather than its M&A ambitions. While its moves around Commerzbank have seen it increase its equity stake to 20%, Saxo Bank analysts highlight the uncertainty around its potential takeover of Banco BPM, after an Italian court blocked the move until further conditions are met. The stock is up over 50% so far this year, providing some cheer for CEO Andrea Orcel as he battles to keep his expansion plans on track. French financial BNP Paribas — the euro zone's largest lender by assets — reports earnings on Thursday. Last quarter, the bank soared past expectations driven by performance at its investment bank, but revised its profitability target slightly lower. On the same day, attention will turn to Frankfurt for Deutsche Bank's latest set of numbers. The German lender logged its best profit in 14 years last quarter, benefiting from increased trading volumes around the market volatility. CEO Christian Sewing told CNBC in June that he sees an opportunity for Europe to invest more in its own defense sector as a key growth area. For macro-watchers, the highlight of the week in Europe will come from the European Central Bank. President Christine Lagarde and her fellow policymakers are expected to keep rates on hold at 2% on Thursday. But there is a BIG catch… U.S. President Donald Trump's tariff threats are not expected to derail this meeting's outcome, according to Reuters, citing five ECB governing council member sources. But if Trump does push ahead with 30% tariffs on EU imports, there is a broad assumption the ECB will cut rates in response. Investors will have until Sept. 11 to assess the impact, as the ECB breaks for the summer after this week's meeting. In terms of the underlying economic conditions, Deutsche Bank warns that European inflation risks are "still being underestimated, with a remarkable complacency across key assets," with the tariff impact yet to fully trickle through. The bank's macro strategist also told CNBC's Squawk Box Europe that the Aug. 1 tariff deadline for negotiations between the U.S. and EU sets the stage for a late outcome to trigger a "very sharp market reaction."
Yahoo
10 hours ago
- Yahoo
Charles Schwab CEO Says Crypto Trading Is Coming Soon, Will Compete With Coinbase for Retail
Charles Schwab Corp. (SCHW) is preparing to launch trading for bitcoin (BTC) and ether (ETH) as it aims to become a dominant player in digital asset custody for U.S. retail investors, according to CEO Rick Wurster. Speaking Friday on CNBC's "Money Movers", Wurster said Schwab clients already have significant crypto exposure through exchange-traded products — accounting for more than 20% of the industry's holdings in that segment — but many have expressed interest in keeping their actual tokens with Schwab, rather than at crypto-native platforms. Crypto still represents a small slice of Schwab's business, Wurster said, with about $25 billion in digital assets held across $10.8 trillion in total client wealth. But he framed Schwab's upcoming product launch as a potential inflection point. 'Our clients want their crypto to sit alongside their stocks, bonds and cash — not off to the side on a different app,' he said. Schwab anticipates demand will accelerate once it introduces direct access to bitcoin and ether custody and trading. The comments came just hours before President Trump was scheduled to sign the GENIUS Act, legislation aimed at bolstering U.S. blockchain competitiveness. The policy backdrop could further incentivize large brokerages to expand their crypto offerings, especially as the regulatory environment shifts in favor of mainstream financial firms. When asked whether Schwab's upcoming platform would compete with Coinbase, Wurster replied: 'Absolutely.' He added that the company would welcome a scenario where clients migrate their crypto holdings away from other platforms and consolidate them under Schwab's umbrella. While no timeline was provided, the announcement positions Schwab — already one of the largest brokerages in the U.S. — to become a major player in retail crypto access, particularly for older and higher-net-worth clients seeking integration with traditional portfolios. Shares of Charles Schwab Corp. closed at $95.80 on Friday, up 2.9% for the day. The stock opened at $95.70 and reached an intraday high of $97.50, matching its 52-week peak, before paring gains. Schwab's market capitalization stood at $174.07 billion, with a price-to-earnings ratio of 28.47 and a dividend yield of 1.13%, according to Google Finance data. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 hours ago
- Yahoo
Shares of Jack Dorsey's Block Jump 8.5% on S&P 500 Inclusion
Payments firm Block (XYZ) will be added to the S&P 500 index on July 23, replacing Hess Corp following the oil company's acquisition by Chevron. The news sent Block's shares soaring 8.5% in after-hours trading. After closing Friday's session up 2.95%. Inclusion in the index means Block shares will appear in portfolios run by mutual funds and institutional managers following the S&P 500, the stock market's benchmark index. Earlier this year, Coinbase (COIN) became the first cryptocurrency firm to join the index and at the time its shares saw a similar jump. Earlier this week, COIN hit a new all-time high around $445 before correcting. Block is best known for its Cash App and Square, as well as its ongoing integration of Bitcoin into its business model. The company piloted real-time bitcoin payments earlier this year and is looking to roll out the feature broadly next year. The company's inclusion in the index also means that major investment funds will indirectly add exposure to bitcoin and the wider cryptocurrency ecosystem. The company holds 8,584 bitcoin on its balance sheet according to BitcoinTreasuries, giving it the 11th-largest BTC treasury among publicly traded firms. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
