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Yahoo
32 minutes ago
- Yahoo
S&P 500 Is Getting More Bitcoin Exposure as Block Joins the Club
Block, Jack Dorsey's Bitcoin-focused payments company, is set to join the S&P 500 on Wednesday, a milestone moment for both the company and and foray further into crypto for the benchmark index. Block (XYZ), which was rebranded from Square in 2021, is the second blockchain company to join the club after cryptocurrency exchange Coinbase Global (COIN) was added to the index in mid-May. That means index fund investors will get a modest bump in exposure to the world's largest cryptocurrency bitcoin (BTCUSD). The company takes the spot vacated by Hess Corp., which was acquired by Chevron (CVX) in a deal that closed July 18. It's the third addition of the month, following The Trade Desk (TTD) and Datadog (DDOG). Since the announcement of Block's inclusion late Friday, the shares have risen 9%. Block's stock has benefited from an index effect, which refers to directional pressure on stocks when a company is added to, or removed from, the S&P 500 and other indexes. The most recent research report on the matter from S&P Dow Jones Indices, which studied the price impact of index additions and deletions from 1995 to June 2021, showed that it isn't always much of a force. The median excess returns—defined here as the difference between a stock's total return and that of the broader index—of stocks added to the index, measured from the announcement date to the effective date, was about 8% from 1995 to 1999. From 2000 to 2010, that number shrank to 3.6%, and was essentially nonexistent from 2011 to 2021. And even if an index effect shows up ahead of the official inclusion or deletion date, according to a McKinsey study, the premium or discount has a tendency to dissipate within a few months. What's new can get old pretty fast. Read the original article on Investopedia 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
News24
an hour ago
- News24
June inflation heats up as power, food prices bite
Leon Sadiki/Bloomberg via Getty Images Consumer price index (CPI) inflation came in at 3% for June – from 2.8% in May. Inflation has been below 3% - the bottom level of the SA Reserve Bank's target band - from March to May. But in June, food prices continued to heat up. Food and non-alcoholic beverages were 5.1% more expensive than a year ago. Beef was a big contributor, as foot-and-mouth disease fuelled price hikes. Meat prices rose by 2.2% in the single month from May to June - and were almost 7% higher than a year before. But the biggest surge over the past year, of more than 13%, was in prices of fruit and vegetables. Hot beverages were also 10.1% more expensive than a year ago. Household electricity and gas prices were 11% higher than a year before, reflecting the latest Eskom price hikes. Housing and utilities saw a month-on-month increase of 0.5%, with rent increasing 1% month-on-month. June's inflation was still tempered by lower diesel and fuel prices - but this was reversed in July with large hikes after Israeli and US attacks on Iran triggered an oil price spike. While slightly higher than May, June's inflation number is in line with expectations and should bolster the case for the Reserve Bank's monetary policy committee to cut the repo rate by 25 basis points to 7% on Thursday next week. A cut is also supported by South African inflation expectations, which in the second quarter reached an almost four-year low. Unions, households and businesses are surveyed by the Bureau for Economic Research on their expectations for inflation over the next two years, which cooled to 4.5%. Expectations about where inflation is heading play a key role in driving prices higher. When workers expect inflation to remain high, they demand higher salary increases, which in turn drive prices higher as companies must recoup these higher costs. The SA Reserve Bank has been pushing hard to lower SA's inflation target to 3% (from a band of 3% to 6%).
San Francisco Chronicle
2 hours ago
- San Francisco Chronicle
Asian markets gain, with Japan's Nikkei up 3.5%, lifted by deal on Trump's tariffs
TOKYO (AP) — Asian shares rallied on Wednesday, with Tokyo's benchmark Nikkei 225 index up 3.5% after Japan and the U.S. announced a deal on President Donald Trump's tariffs. The agreement as announced calls for a 15% import duty on goods imported from Japan, apart from certain products such as steel and aluminum that are subject to much higher tariffs. That's down from the 25% Trump had said would kick in on Aug. 1 if a deal was not reached. 'This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,' Trump posted on Truth Social, noting that Japan was also investing 'at my direction' $550 billion into the U.S. He said Japan would 'open' its economy to American autos and rice. Japan's benchmark Nikkei 225 gained 3.5% in afternoon trading to 41,171.32. Hong Kong's Hang Seng jumped 1.4% to 25,470.25, while the Shanghai Composite index was little changed, gaining less than 0.1% to 3,582.30. Australia's S&P/ASX 200 edged up 0.7% to 8,737.20 and the Kospi in South Korea edged 0.4% higher to 3,183.77. 'President Trump has signed two trade deals this week with the Philippines and Japan which is likely to keep market sentiment propped up despite deals with the likes of the EU and South Korea remaining elusive, for now at least,' Tim Waterer, chief market analyst at Kohle Capital Markets, said in a report. Japanese companies tend to be cautious about their public reactions, and some business officials have privately remarked in off-record comments that they hesitate to say anything because Trump keeps changing his mind. The Japan Automobile Manufacturers' Association also said it had no comment, noting there was no official statement yet. Japan's Prime Minister Shigeru Ishiba welcomed the agreement as beneficial to both sides. Toyota stock jumped 14% in Tokyo trading, while Honda was up nearly 11% and Nissan added 8%. In other sectors, Nippon Steel, which is acquiring U.S. Steel, rose 2.4% while video game maker and significant exporter Nintendo Co. added 0.7%. Sony Group surged 4.6%. Wall Street inched to another record on Tuesday following some mixed profit reports, as General Motors and other big U.S. companies gave updates on how much Trump's tariffs are hurting or helping them. The S&P 500 added 0.1% to the all-time high it had set the day before, closing at 6,309.62. The Dow Jones Industrial Average rose 0.4% to 44,502.44. The Nasdaq composite slipped 0.4% from its own record, to 20,892.68. So far, the U.S. economy seems to be powering through the uncertainty created by Trump's on-and-off tariffs. Many of Trump's proposed taxes on imports are currently on pause, and the next big deadline is Aug. 1. Talks are underway on possible trade deals with other countries that could lower the stiff proposals before they kick in. Trump said he reached a trade agreement with the Philippines following a meeting Tuesday at the White House, that will see the U.S. slightly drop its tariff rate for the Philippines without paying import taxes for what it sells there. In the bond market, Treasury yields sank as traders continue to expect the Federal Reserve to wait until September at the earliest to resume cutting interest rates. The yield on the 10-year Treasury eased to 4.34% from 4.38% late Monday. In other dealings early Wednesday, U.S. benchmark crude oil gained 15 cents to $65.46 a barrel. Brent crude, the international standard added 16 cents to $68.74 a barrel.
