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On November 25th, Deutsche Bank Research Institute pointed out that 2026 will see another strong rally driven by artificial intelligence, with the S&P 500 index expected to break through the 8,000-point mark by the end of next year. Jim Reid, Global Head of Macro and Thematic Research at the bank, said on Monday: “Rapid investment and application in the AI field will continue to dominate market sentiment. Given the rapid momentum of technological progress, we have good reason to believe that this will translate into substantial productivity gains in the future. However, the ultimate winners and losers will depend on a complex interplay of multiple factors, many of which may not become apparent until after 2026.” Reid added, “The 8,000-point year-end target set by our US equity strategist (the most optimistic analyst on the team) is particularly noteworthy, given their excellent track record of predictions.”On November 25th, U.S. stocks rose across the board on Monday, rebounding during the Thanksgiving holiday week after a decline that had dampened the previous AI bull market. Google shares performed strongly on Monday, closing up more than 6%. Investors have become more optimistic about the companys position in the AI competitive landscape. Google released an upgraded AI model, Gemini 3, last week, just eight months after the release of Gemini 2.5. "This is certainly good for Google and its investors, but Im always wary when I see a single stock leading the market," said Melissa Brown, managing director of investment decision research at SimCorp. "This doesnt necessarily mean a comprehensive improvement in market fundamentals. In my view, its unlikely to be a sustainable driver of a sustained market rally." Market volatility could increase as trading volumes are expected to be thin in the coming days and there is a lack of significant catalysts ahead of the Federal Reserves December policy meeting. Brown pointed out that upcoming economic data—including September retail sales and producer price indices released on Tuesday—could signal a "stagflationary environment" and could become a new trigger for volatility.On November 25th, Russian Presidential Aide Ushakov stated on the 24th that Russia is aware of the peace plan proposed by Europe to end the Ukraine crisis, but that the plan is neither constructive nor in Russias interest. Ushakov made this response in an interview with Russian media. Western media view this "European plan" as a "counter-proposal" from Europe to the 28-point new plan proposed by the United States.Reserve Bank of New Zealand Governor Hawkesby will give a media interview on November 27.The Dow Jones Industrial Average rose 202.86 points, or 0.44%, to close at 46,448.27 on Monday, November 24; the S&P 500 rose 102.09 points, or 1.55%, to close at 6,705.08; and the Nasdaq Composite rose 598.92 points, or 2.69%, to close at 22,872.01.

Crypto lender Voyager Digital gets approval to return $270 million to customers

Alice Wang

Aug 05, 2022 15:16

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Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the U.S. Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the US Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


According to the Journal, Judge Michael Wiles, who is in charge of Voyager's bankruptcy, said the firm had "sufficient grounds" to back up its claim that clients should be given access to the custodial account kept at Metropolitan Commercial Bank.


The business did not immediately respond to requests for comment.


Voyager, one of several businesses that struggled after the widespread turbulence on the cryptocurrency market, filed for Chapter 11 last month.


Voyager reported that it had between $1 billion and $10 billion in assets and liabilities, as well as over 100,000 creditors, in its bankruptcy case.


The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) issued an injunction to the firm last week directing it to stop making "false and misleading" promises about the government's protection of its clients' cash.


The firm only had a bank account at Metropolitan Commercial Bank, according to the authorities, and none of the investors using its platform were covered by the FDIC.


During the COVID-19 epidemic, cryptocurrency lenders like Voyager saw a surge in business, luring depositors with high interest rates and convenient access to loans that conventional banks seldom ever gave. Lenders have suffered from the recent decline in cryptocurrency markets, which was brought on by the failure of two significant tokens in May.