Ethereum is up before today’s network upgrade which should make its network faster and more energy-efficient, and may even lead to lower fees for users. The so-called Altair upgrade is another step in helping Ethereum transition away from the energy-hungry proof-of-work to energy-light proof-of-stake protocol when Ethereum 2.0 will be up and running next year.
Elsewhere, the earnings from US Big Tech continue flowing in and keep investors in a sweet mood. Google, Twitter and Microsoft announced mostly encouraging results, though the global shortages and Apple’s changes on privacy rules, which impact the ads business, threw some shadow on the optimism.
Elsewhere, the inflation fears and rising tensions between the US and China kept appetite contained in Asia, Chinese tech stocks remained on the crossfire, yet again.
Inflation in Australia eased, Bank of Canada is expected to maintain its policy unchanged at today’s meeting and the US durable goods orders may have fallen in September. But there is little to get the Federal Reserve (Fed) change its mind on the upcoming QE taper.
US crude is just a touch below the $85pb.