Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.
The chances of a Trump impeachment are climbing – here’s how JPMorgan says you can protect your investments
As President Donald Trump finds himself implicated in federal crimes by his former lawyer Michael Cohen, his chances of impeachment have surged – at least according to one source.
The odds that Trump will get impeached during his first term climbed to 45% on Wednesday, the highest in three months, according to data from PredictIt, the “stock market for politics” that allows users to bet on various goings-on in Washington.
JPMorgan is sceptical of an impeachment, noting that Trump’s approval rating has remained largely unchanged amid the increased pressure.
Further, the firm says it would be impossible to reverse the fiscal stimulus – such as the unprecedented GOP tax law– that’s already been implemented. And considering that has been the biggest driver of corporate earnings growth and, by extension, share gains this year, US stocks should still hang tough.
The SEC just rejected 9 bitcoin ETF applications, citing manipulation fears
The US Securities and Exchange Commission has rejected nine applications to create a bitcoin exchange-traded fund in a blow to bitcoin bulls who had hoped such a product would prove a breakthrough for institutional adoption.
Late on Wednesday, the SEC rejected an application for two products from ProShares, two from GraniteShares, and five other proposals from Direxion. It means the world is still waiting for its first fully regulated bitcoin ETF product.
The applications were all rejected because the market watchdog believes not enough is being done to guard against bitcoin price manipulation. The SEC said the proposals did not do enough to show they were “designed to prevent fraudulent and manipulative acts and practices.”
Goldman Sachs is quietly launching its retail bank Marcus in the UK
Goldman Sachs on Thursday soft launched its online retail bank Marcus in the UK.
A memo sent to staff on Thursday, and seen by Business Insider, invited UK-based staff to apply for accounts with Marcus and give “feedback before officially going to market.” The bank will launch fully to UK consumers “in the coming weeks.”
“The launch of Marcus by Goldman Sachs in the UK represents an important milestone in the growth of Goldman Sachs’ consumer business, as well as continued diversification of the firm’s funding,” the memo said.
In markets news
- Tech giants are seeing a profound split in fortunes, and Bank of America has devised a way to profit from their divergence
- GOLDMAN SACHS: These are the 19 companies that matter most to America’s largest stock pickers
Business Insider Emails & Alerts
Site highlights each day to your inbox.