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CubeWrap - Crispy & Crunchy Financial News

You are reading the 1st edition of CubeWrap. This is where you’ll find financial news that matters & nothing more.

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Your All American Breakfast 🥞

Inflation Is On The Rise In The US

  • US medium-term inflation rate expectations have risen to 2.5%.
    A similar figure was last seen during the 2007-08 financial crisis.
    (Source: Financial Times

The S&P 500 Took A Dive 

  • The S&P 500 ended Thursday sharply lower at 3,768.47. (Source: Market Watch
  • News stories are attributing the drop to Federal Reserve Chair Jerome Powell’s failure to reassure investors that surging bond yields and inflation expectations would be checked. (Source: CNBC)
  • However, the S&P 500 rallied to end the week at 3,841.94. (Source: Market Watch

Square Inc. Has Started A bank

  • Square Inc. has launched ‘Square Financial Services’, their very own industrial banking operation.
  • It will primarily offer business loans and deposit products (current account; deposit account, etc).
  • Fun Fact: Square Financial Services Chief Risk Officer Sharad Bhasker is an Indian born, Anna University & Rutgers University graduate.
    (Source: Yahoo Finance)

Your Mid Day Snack 🍟

Dogecoin May ACTUALLY Become Useful!

  • Dogecoin owners will soon be able to use the cryptocurrency to pay for NBA team Dallas Mavericks’ game tickets and merchandise.
  • Billionaire Mark Cuban owned Mavericks have struck a deal with BitPay, a crypto payment services provider.
    (Source: Dallas Mavs)

Your Desi Lunch Thali 🍛

NSE Glitch May Be Costly

  • Financial minister Nirmala Sitharaman was quoted saying the NSE glitch will be costly for everyone involved and that India must look to build a seamless digital payments system. (Source: TOI)
  • The NSE has experienced a major glitch on 24th February 2021. Investors couldn’t buy or sell stocks for almost 4 hours. 

The Rupee Gains Muscle

  • The INR ended Wednesday at 72.72 against the USD. The 65 paise increase is the biggest single-day gain seen since September 2020. (Source: Business Standard)
  • News sources attribute the drop in the value of the USD to the surging bond yields and inflation concerns. (Source: Business Standard)
  • Analysts see potential in the INR due to healthy FPIs and growing financial concerns in the US. (Source: Moneycontrol)

Healthy FPI Influx In Banking And Financial Sectors

  • FPIs in the banking and financial sector hit $1.96 billion in February. FPI assets in the sector grew to 34.8% in February from 33.8% in January 2021.
  • The surge in FPIs led to a brief but promising upturn in the Nifty Bank index. 
    (Source: Business Standard)

Your Evening Snack 🍇 🍉 🍍 🍎

Petrol & Diesel Prices May Reduce In The Future

  • The Finance Ministry is considering cutting taxes on petrol & diesel. It has initiated discussions with the oil ministry, oil companies, and certain states for this purpose. (Source: India Today)
  • Oil prices in India breached the ₹100-mark in certain states towards the end of February. (Source: Livemint)

Italy Raises €8.5bn In Its First Green Bonds Issuance

  • Italy may just have become Europe’s largest issuer of Green Bonds. The money raised via Green Bonds may help fund renewable energy projects and refinancing existing projects.
    (Source: Bloomberg)

The UK Plans To Issue More Green Bonds Than Italy

  • The UK is looking to boost the government’s green initiatives with a proposed £15 billion worth of Green Bonds.
  • New stories suggest the UK’s first issuance of Green Bonds looks set to beat Italy’s Green Gilts order book as of now. 
  • Proposed Green Bonds may help fight climate change and create environment-friendly jobs.
    (Source: Evening Standard)

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