Adam Vettese (eToro) | FC Barcelona fans have invested over $1.3m in tokens issued by the club which gives them the chance to vote on how it is run. Known as Barca Fan Tokens, more than 600,000 tokens were sold at $2 each in just two hours earlier this week, according to Coindesk
First announced back in February, the token is designed to help promote fan engagement, and can be used to purchase merchandise and various club experiences.
US banks lead rebound but stress tests cap gains
S&P 500 banks sub-index led the gainers for the session yesterday
after the US banking regulators eased rules and investors waited for
results of the sector’s annual stress test, which helps determine
bank index had fallen 19% from its recent high on June 5 to Wednesday’s
lowest point, but rallied as much as 3.75% yesterday after the rule
change. Stocks including JP Morgan, Bank of America and Wells Fargo
closed up between 3.5% and 4.8% on the news, although some of this was
given back after hours as the US Federal Reserve revealed the results of
its bank stress test post market close and imposed restrictions on
The Fed said Covid-19 could trigger $700bn of loan losses in a worst case scenario, and push some lenders’ capital positions close to minimum accepted levels. In total, 33 of the country’s top lenders underwent stress tests and are now barred from share buybacks until at least Q4 this year.
What to watch:
Next week investors will get to see how Sainsburys has benefited — or
otherwise — from the switch to stay at home in the UK. The company is
one of the few which has been able to continue to operate amid the
pandemic but, like rival Tesco, analysts will be watching to see if the
increased business it has been doing will be offset by rising costs.
Currently analysts favour the stock, with eight rating it as a strong
buy or a buy, versus just three holding it as a sell.
On the Beach: UK-based
holiday firm On the Beach, which reports its interims on Tuesday, has
had a rough time year-to-date, with shares down around 40% amid the
onset of the coronavirus pandemic. The stock has been downgraded by one
analyst in the last few weeks, despite raising some £67.3m to help
weather the coronavirus storm. Nonetheless, according to ShareCast,
brokers are still overwhelmingly positive, with seven buy ratings and