Local investment platform Sharesies is getting ready to join the crypto wave, with the firm inviting its 800,000-odd users to join a waiting list to get early access to buy, sell or hold the biggest and most liquid cryptocurrencies such as Bitcoin and Ethereum.
Stocks on Wall Street were on the soft side as earnings from the likes of UnitedHealth and Spotify were on the weak side, while US Treasury secretary Scott Bessent wrapped up his lates round of trade talks with his Chinese counterparts.
European markets fared better, with upbeat earnings from Barclays buoying broader financial services and AstraZeneca’s better-than-expected result fuelling healthcare stocks.
Meanwhile, Ozempic-maker Novo Nordisk slumped as its weight-loss drug Wegovy faces stiffer competition from copycats and the Danish champion brings in a new chief executive.
Cryptic moves
Sharesies is adding another string to its bow as it prepares to launch cryptocurrencies on the homegrown investment platform. The firm is inviting customers to register on a waiting list to get early access, with a beta launch scheduled for next month where they will be able to buy, sell or hold crypto on the Sharesies platform.
The company’s partnering with an as-yet unnamed world-leading crypto platform, and expects to have the largest and most liquid cryptocurrencies available for retail investors at launch, such as Bitcoin and Ethereum.
“As always, we’ll be taking an educational approach with a number of initiatives planned to assist customers," co-chief executive Leighton Roberts said in a statement. “We acknowledge that crypto might not be for everyone, but we want to provide people with choice.”
Bitcoin dipped 0.4% to US$117,577 at 7am in Auckland.
The move by Sharesies comes as crypto assets become increasingly mainstream, with the NZX last year adding the Smart Bitcoin exchange traded fund to its suite of listed products. The Smart Bitcoin ETF has gained 19% so far this year, closing at $4.389 on Tuesday.
The Hong Kong Monetary Authority yesterday said it expects to grant the first batch of Hong Kong stablecoin issuer licences early next year.
Tentative times
Meanwhile, stocks on Wall Street were weaker with the S&P 500 down 0.3% in late trading with softer earnings from the likes of UnitedHealth and Spotify keeping investors wary ahead of the Federal Reserve’s policy review, where the federal funds rate is expected to be kept in a range of 4.25% and 4.5%.
Tariffs are also top of mind, with US Treasury secretary Scott Bessent wrapping up two-day talks with his Chinese counterparts. President Donald Trump will make the final decision on whether to push out imposing tariffs on the world’s second-biggest economy while talks continue.
US trade data showed a smaller deficit than expected in June, while the International Monetary Fund lifted its global growth estimates, with some front-loading ahead of the tariff regime and lower rates supporting the tweaks.
Consumer goods firm Proctor & Gamble dipped 0.8% after beating expectations, while saying tariffs could add another US$1 billion to its annual costs.
In the diary
Four of the Magnificent 7 megastocks are poised to report in the coming days, with Microsoft and Meta Platforms scheduled for Wednesday in the US and Apple and Amazon on Thursday. Exxon Mobil and Chevron are due to report on Friday.
Stock markets were stronger across the Atlantic, with the UK’s FTSE 100 index up 0.6% as AstraZeneca beat earnings expectations, gaining 3.4% and buoying broader healthcare stocks, while stronger profit from Barclays supported financial stocks.
Danish stocks were dragged down by Novo Nordisk’s 23% slide after the drugmaker cut earnings guidance as its Wegovy weight-loss drug faces tougher competition from rival versions. The company named Maziar Mike Doustdar as its new chief executive, starting on Aug 7 to bring a new sense of urgency to the company.
Wall Street’s softness is expected to seep into the antipodes, with Australian futures pointing to a 0.1% decline for the S&P/ASX 200 index when trading opens today. The kiwi dollar traded at 59.58 US cents at 7am in Auckland from 59.67 cents yesterday.
Local data today include the ANZ business outlook survey, while inflation data is due across the Tasman.
Ryman Healthcare and Mainfreight are holding their annual meetings today.
Reporting by Paul McBeth. Image from Jievani Weerasinghe on Unsplash.
