MIEX Offical

High-flying video conferencing service Zoom, which has seen skyrocketing demand during the coronavirus pandemic, is now worth more than ExxonMobil, one of the world’s largest oil and gas companies. As of 2:30 p.m. ET, Zoom sported a market valuation of $139 billion, compared to Exxon’s $138.9 billion. Zoom began the year with a market cap of $19 billion. While Zoom posted $1.35 billion in revenue over the past 12 months, Exxon, by comparison, posted $213.8 billion in revenue during that time period.   Exxon announced on Thursday that it would lay off 1,900 U.S. employees, the latest effort to reduce costs and improve efficiency during the pandemic. Exxon has seen its operations pressured by coronavirus like other energy companies, many of which have taken steps to improve balance sheets, reduce staff and in some cases suspend dividends. West Texas Intermediate, the U.S. oil benchmark, currently trades at around $36 per barrel, down from over $62 as recently as January. ...

A slew of big tech companies–including FAANG firms Facebook, Amazon, Alphabet and Apple–are set to report earnings Thursday after the market closes, shining a light on a sector that's been outperforming during the pandemic and during pre-election uncertainty. But the party for tech stocks could soon fizzle if Democrats sweep next week’s election. Wall Street firms are expecting some of tech’s biggest names to beat bullish third quarter expectations, and Goldman Sachs says Alphabet and Amazon could continue to lead strong stock market gains in 2021; their shares have surged 16% and 71% this year, compared to a 5% gain for the S&P 500, but trouble could be on the way for tech giants.   These third-quarter earnings reports "will underscore the positive digital transformation tailwinds in the internet sector, and we have highest confidence in the media sector (Google and Facebook) for potential upside in the second half,” Bank of America analyst Justin Post said in a w...

EUR/USD is trading above 1.18, recovering from Monday's fall-related to rising coronavirus cases, fading chances for US stimulus, and election uncertainty, one week to go. US data is eyed.   EUR/USD supported above 1.1800 amid US dollar pullback. 10-year Treasury yields drop below the key 0.80% level. Coronavirus updates in Europe to cap the euro’s bounce. US Durable Goods and Consumer Confidence next of note. EUR/USD trades well bid above 1.1800, extending its renewed upside ahead of the European open, as the US dollar retreats across the board despite the downbeat market mood.   The main currency pair benefits, as the haven demand for the greenback, is on the back foot so far this Tuesday, even though Asian equities flash red.   The US dollar reverses a part of Monday’s surge, mainly dragged down by the weakness in the Treasury yields, especially after the benchmark 10-year Treasury yield dropped below the key 0.80% level.   The overall mark...

The bitcoin and cryptocurrency community has been set alight by news payments giant PayPal PYPL -4.3% will allow its 346 million users buy and spend bitcoin and a handful of other major cryptocurrencies.   The announcement, coming from a traditional financial industry giant and perceived enemy of bitcoin, has been taken as vindication for long-time bitcoin believers.   However, celebrations were somewhat stifled by small print that revealed PayPal wouldn't let users transfer their cryptocurrency into or out of PayPal—nor would users have control of the private keys, a long string of numbers and letters that allow holders to move their digital assets.   "Currently, you can only hold the cryptocurrencies you buy on PayPal in your account," the company wrote in materials outlining its bitcoin and crypto plans. "Additionally, the crypto in your account cannot be transferred to other accounts on or off PayPal."   PayPal didn't respond to an enquir...

The price of Bitcoin (BTC) has been rallying strongly while Ethereum (ETH) and other large-cap alternative cryptocurrencies (altcoins) have slumped. In previous bull cycles, ETH front ran BTC, not the other way around.   The current market dynamics are uncanny because Bitcoin has been solely increasing in price, while the cryptocurrency market stagnates. In fact, major altcoins, including Ethereum, have been dropping in value against both BTC and the U.S. dollar in the past nine days.   Three factors are likely causing the underperformance of Ethereum and altcoins against Bitcoin. First, profits are seemingly cycling back into BTC. Second, the technical momentum of BTC remains strong. Third, BTC’s volume share is rising against other cryptocurrencies.   Three factors are likely causing the underperformance of Ethereum and altcoins against Bitcoin. First, profits are seemingly cycling back into BTC. Second, the technical momentum of BTC remains strong. Third, B...

GBP/USD trims early-day gains, eases from 1.2945, while staying positive for the second consecutive day. Moody’s downgraded UK on Friday over virus woes, Brexit worries and budget problems for Tories, BOE’s Bailey also spoke bearish. EU’s Brexit negotiator Michael Barnier is up for visiting London, UK’s Gove earlier warned “the door is ajar”. US dollar regains even as risk tone cheers Trump’s push for stimulus, virus vaccine. Having recently stepped back from the intraday high of 1.2945, GBP/USD wobbles around 1.2925/30 while heading into Monday’s London open. Sterling buyers paid a little heed to the Brexit, coronavirus (COVID-19) woes at home while cheering risk-on mood off-late. However, fears of a no-deal divorce between the UK and the European Union (EU) join the BOE Governor Andrew Bailey’s downbeat comments to probe the bulls. Also challenging the sentiment is the scheduled visit of the EU’s chief Brexit negotiator Michel Barnier to England.   Will Barnier’s arri...