In this weekly series, we break down seven different things every person needs to know from the world of finance news. We're taking complicated stories and making them simple, easy to understand, and quick to read. Perfect for the man who wants to be in the know, but doesn't have the time to obsess over global markets. If you like this, sign up for a brief, simple-to-understand financial news daily email from Finimize.
Goldman makes its own Bitcoin
Well, it’s using the technology behind Bitcoin to develop a new way of settling trades (like stock trades). It’s a sign that “blockchain” could revolutionize finance.
Yahoo might sell… Yahoo
Yahoo owns a valuable stake in Chinese internet giant Alibaba – a stake that is worth a lot more than Yahoo’s own business. The sensible thing might be just to sell its own business and keep hold of Alibaba.
China’s yuan got some street cred
The International Monetary Fund, a sort of overarching financial organization, gave China’s currency a gold star (in simple terms…). It means that China should allow money to flow in and out of its country more easily – which, when you think about it, is a big deal for a supposedly communist country.
Brazil’s economy is collapsing
It shrunk almost 5% versus last year in the latest quarter. That’s the biggest collapse since the 1930s. A massive government corruption scandal isn’t helping.
Lots of people are getting hired
The November jobs report was released on Friday and more people than expected got hired. The good news likely means that the Federal Reserve will increase interest rates in two weeks for the first time since 2006.
The central bank in Europe didn’t help markets as much as investors wanted
European stocks sold off almost 3% and the Euro went up 3% versus the US dollar – those are huge moves!
No decrease in oil production
OPEC (which includes Saudi Arabia and other major oil producing countries) decided NOT to cut production meaning that plenty of oil will continue to flow to markets - that sent the price of oil down almost 3%.