News Highlights: Top Financial Services News of the Day
Investors Suffer Heavy Losses on Bets Against Volatility
Japanese bank Nomura Holdings said Tuesday it would redeem an investment product whose performance was linked to the Cboe Volatility Index. The investment product lost much of its value hours after the VIX spiked when stocks in the U.S. fell sharply Monday.
Bitcoin Falls Below $6,000, Plummeting 70% From December High
The cryptocurrency's price slid as low as $5,995.58, according to CoinDesk. It's fallen 70% since a record high of near $20,000 in December, a drop that's intensified in recent weeks following a global regulatory crackdown on the cryptocurrency market.
Stocks Plunge and Traders Panic: 'Did Someone Fat Finger This?'
The market carnage that started in the U.S. rippled across Asia and Europe, leaving traders, investors and strategists befuddled as to how to cope with the sharp and sudden declines, particularly after such a long stretch of historically low volatility.
Fed Backs Marijuana-Focused Credit Union
A Federal Reserve Bank has given conditional approval to a Colorado credit union to serve marijuana-related businesses, though to win the Fed's backing it agreed to step back from its original plan to serve state-licensed dispensaries
Cryptocurrencies Could Threaten Financial Stability, Says Head of BIS
Central banks must be prepared to intervene to stem risks from digital currencies, as Bitcoin has become a "combination of a bubble, a Ponzi scheme and an environmental disaster," central banking official Agustin Carstens said.
IPO Shortcuts Put Burden on Investors to Identify Risk
Rules giving small companies a quicker path to public listings aren't doing investors any favors.
BOJ Kuroda: Not Considering Near-Term Tightening
Bank of Japan Governor Haruhiko Kuroda defended the central bank's interest-rate targets and stock-purchase program, dismissing market speculation that the BOJ might tighten policy in the near term.
Australia's Central Bank Keeps Interest Rates on Hold
The Reserve Bank of Australia on Tuesday left interest rates unchanged at a record low 1.5% at its first policy meeting for 2018, as it awaits signs of wage growth which are currently at their lowest level in 20 years.
Investment Firms Suffer Website Outages
The websites and mobile applications of discount brokerages, mutual-fund firms and digital advisers suffered outages and slowdowns, unnerving individual investors trying to access their accounts during .
Market Turmoil Greets New Federal Reserve Chairman
Jerome Powell spent his first day as chairman of the Federal Reserve sizing up the largest stock selloff in 6 1/2 years and the largest one-day point decline on record.
(END) Dow Jones Newswires
February 06, 2018 07:15 ET (12:15 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.