Zimbabwean President Robert Mugabe and his wife Grace attend a meeting of his ruling ZANU PF party's youth league in Harare, Zimbabwe, October 7, 2017. REUTERS/Philimon Bulawayo

Good morning! Here’s what you need to know in markets on Wednesday.

1. Chaos erupted in Zimbabwe prompting rumours of a coup. Multiple explosions were heard and soldiers stormed the state broadcaster before announcing their actions were “not a military takeover.”

2. A survey from Bank of America Merrill Lynch found that investors think stocks are over-valued, but a record number recently took on increased levels of risk. Investors also think these risky positions are “crowded trades,” meaning there could be a damaging rush to the exits.

3. DRW, a Chicago-based firm, is looking to set up a bitcoin trading desk in Singapore to dominate the cryptocurrency market in Asia. The firm has been in the bitcoin game since 2014 via its division Cumberland Mining, which already operates over-the-counter bitcoin trading desks in Chicago and London. Bobby Cho, the head of over-the-counter trading for Cumberland, told Business Insider the firm is preparing to start up operations in Singapore well-before year-end.

4. President Donald Trump’s economic team is reportedly considering Allianz economist and former CEO of bond fund giant Pimco Mohamed El-Erian for one of four open seats on the Federal Reserve’s powerful Washington-based board of governors. The news was …read more


Source:: Businessinsider – Finance

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