What to watch:
BlackRock: The world’s biggest fund manager is scheduled to announce its Q2 earnings on Friday before the market opens. BlackRock is a key bellwether for the asset management industry, and following the blistering rally in equities in Q2, expectations are running high. The consensus is for earnings to come in at $6.99 per share, according to the Wall Street Journal, up significantly on the last quarter. As it stands, 13 analysts currently rate the stock as a buy, three as a hold and just one as an underweight. Over the last three months, earnings estimates have seen 11 upward revisions and only three downgrades.
State Street: Today before market open, State Street is anticipated to report second quarter earnings of $1.61, compared to $1.45 a year ago. The company beat forecasts in Q1 after benefiting from lower expenses, higher assets and rising fee income, although this was partly offset by a decline in net interest income and significantly higher provisions. Analysts are divided on the investment services firm, with 7 buys, 11 holds and 1 sell, according to Bloomberg.
Crypto corner: Institutional demand for Bitcoin soars
Multi-billion dollar bitcoin and crypto-asset manager Grayscale has reported its biggest-ever quarterly inflows of almost $1 billion, as demand from institutions builds.
According to Forbes inflows into the Grayscale Bitcoin Trust, Grayscale’s biggest flagship fund, have outpaced the creation of new bitcoin since May,
While the price of Bitcoin has remained relatively stable since June, trading in a range between $9,000- $9,600, institutions have been eager to buy in, according to Greyscale.
The group, which allows accredited investors to buy bitcoin and other major cryptocurrencies through its funds, recorded inflows of $906m for its second quarter — nearly double the previous quarterly high of $504m set in Q1.
Institutional investors, primarily hedge funds, accounted for 84% of Grayscale bitcoin and cryptocurrency fund investment in the second quarter of 2020, up from 81% for the trailing 12 months.
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