LCG Capital Markets Limited (additional trade name “FlowBroker”) is wholly owned by FlowBank SA, a Swiss Regulated entity until June 13, 2024. On that date, the Swiss Financial Market Supervisory Authority (FINMA) opened bankruptcy proceedings against FlowBank SA. FINMA appointed Walder Wyss SA, succursale de Genève, 14 rue du Rhône, P.O Box, 1211 Geneva 3 as bankruptcy liquidators (the Liquidators). The place of jurisdiction for the bankruptcy is FlowBank SA head office in Geneva. This has effectively stopped FlowBank SA operations.
LCG Capital Markets Limited maintains funds with accounts at FlowBank SA. Due to significant agreements between LCG Capital Markets Limited and FlowBank SA, the appointment of the Liquidators has currently made it impossible for LCG Capital Markets Limited to carry out its operations.
We draw reference to section 25 of our Terms and Conditions, which provides as follows:
FORCE MAJEURE EVENTS We may, in our reasonable opinion, determine that an emergency or an exceptional market condition exists which may prevent us from performing any or all of our obligations (a Force Majeure Event). Following the occurrence of a Force Majeure Event, we will inform BHS (ourselves) and take reasonable steps to inform you.
Force Majeure Events includes the following events: (i) any act, event or occurrence (including any strike, riot or civil commotion, industrial action, acts and regulations of any governmental or supra national bodies or authorities) that, in our reasonable opinion, prevents us from maintaining an orderly market in one or more of the indices/markets in respect of which we ordinarily accept transactions;
At the time of this writing, LCG Capital Markets Limited has engaged the Liquidators. We will update you as more information becomes available to us. For any additional inquiries, clients can continue to contact Customer Support at Email: customerservices.bhs@lcg.com.
We sincerely apologize for the inconvenience this has caused.
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The value of all the stocks in the world put together has reached a giant $100 trillion for the first time.
MARKETS
The Dow fell 0.69% Monday, led by Intel and broad-based weakness in value stocks as rising Covid-19 restrictions offset optimism over an imminent vaccine roll out and signs of progress on a stimulus deal. The pan-European Stoxx 600 index closed 0.3% lower, with the majority of sectors finishing in negative territory. U.K. banks and homebuilder stocks were under pressure on the index and sterling was down nearly 1% against the dollar. Gold jumped over 1% on U.S. stimulus bets. Bonds were bid as well.
The path to a $908 billion stimulus bipartisan deal in the U.S looks set to clear up in the coming days as lawmakers are expected to agree a stopgap spending bill by the Friday deadline to keep the government funded, buying more time for lawmakers to iron out their differences on stimulus.
WRAP
News
• Asia-Pacific markets are mixed as investors remain cautious over post-Brexit trade deal;
• Chinese e-commerce giant JD Health shares surge 50% on their market debut in Hong Kong this morning;
• Chinese FX Reserves soared most In 7 Years as Beijing starts to intervene against the soaring Yuan;
• US puts sanctions on 14 Chinese officials over Hong Kong crackdown;
• Global Stock Market Cap tops $100 Trillion for first time ever;
• Boris Johnson to go to Brussels in search of way out Brexit stalemate. PM is set for make-or-break political talks after ‘no tangible progress’ made on key differences;
• New York City restaurants face ‘clamp down’ as hospitalisations rise. Officials warn pandemic surge is set to accelerate even faster in the coming weeks;
• FDA could authorize Pfizer’s Covid vaccine this week as U.S. deaths surge;
• U.S Consumer credit misses badly as Americans unexpectedly pay down credit card debt in October;
• Uber abandons effort to develop own self-driving vehicle as start-up Aurora is acquiring Uber’s Advanced Technologies Group;
• Palantir jumped 21% on report of $44 million FDA contract;
• Moderna's stock rallied nearly 5% after Canada doubles order for COVID-19 vaccine candidate;
• Intel fell 4% on fears of rising competition on a report from Bloomberg suggesting Apple is planning to launch a new series of Mac processors next year to outperform Intel’s fastest chips;
• Tesla jumped 8% en route to fresh all-time highs as traders appeared to pile into the company's shares ahead of its inclusion in the S&P 500 on Dec. 21.
What Else?
• Senator Schumer calls on Biden to forgive $50,000 in student debt per borrower;
• Maduro claims victory in Venezuela election boycotted by opposition;
• The BIS issues a dire warning: "We Are Moving From The Liquidity To The Solvency Phase Of The Crisis";
• Macron vows to keep defence ties to Egyptian regime. French president welcomes Sisi to Paris and rejects sanctions over human rights abuses
• Italy’s Eni to buy 20% stake in world’s largest offshore wind farm;
• XPeng stock dropped 2% to extend selloff after public share offering;
• Kodak’s stock soared after Journal report that federal regulators found no wrongdoing in government loan deal;
• Uranium stock Cameco, which controls the world’s largest high-grade uranium reserves reported yesterday that an individual at its Cigar Lake uranium mine in Saskatchewan has tested positive for COVID-1.
Earnings Update
• Toll Brothers is capitalizing on the red hot housing market with net contracts up 26 percent for a record third quarter amid the pandemic.
The Day Ahead
• Earnings: AutoZone Inc (AZO), Barnes & Noble Education Inc (BNED), Gamestop Corp (GME), H & R Block Inc (HRB);
• Macro: German ZEW Current Conditions and Sentiment Indexes, Eurozone Preliminary GDP (Q3), Chinese CPI.
Quote of the day
“Between two evils, I always pick the one I never tried before." - Mae West.