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Daily Market News: Goldman and JPMorgan keep dividends while Wells Fargo cuts

Daily Market News: Goldman and JPMorgan keep dividends while Wells Fargo cuts

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forex and crypto market analysis

Homebuilders at the back of the FTSE 100 after record low mortgage approvals

In the UK yesterday, the FTSE 100 posted a 1.1% gain, led by International Consolidated Airlines Group, Standard Chartered, and Kingfisher, which all finished close to 4% up. Home builders and property investment companies were close to the bottom of the pack, after new data from the Bank of England showed that mortgage approvals sank to their lowest level on record in May. The government mandated shutdown of the housing market lifted in mid-May, and less than 10,000 mortgages were approved during that month, versus more than 70,000 per month pre-pandemic. Barratt Developments, Land Securities Group and Taylor Wimpey all saw their share prices fall following the news, although the losses were marginal.

In other news, BP announced that it is selling its petrochemicals business to British firm INEOS for $5bn, rather than make the considerable investment required to turn the division into a growth center. INEOS previously bought the bulk of BP’s petrochemical business in 2005 for $9bn. BP’s London listed shares closed 3.4% higher following the news.

  • FTSE 100: +1.1% Monday, -17.5% YTD
  • FTSE 250: +0.5% Monday, -21.4% YTD

What to watch

Fedex: Delivery behemoth Fedex reports quarterly earnings today after the market closes. The release will be closely watched, as Fedex has been a business in turmoil during recent years. Its share price is down 11% year-to-date and 17.4% over the past year, despite a recent boom in consumers shopping online during the pandemic — the company’s business is heavily weighted towards B2B. Fedex’s relationship with online shopping giant Amazon has been problematic, causing the pair to effectively cut ties in 2019. According to Zacks Equity Research, FedEx is hoping to attract Amazon’s direct rivals, such as Walmart. Analysts are anticipating an earnings per share figure of $1.63 today, versus the $2.64 they were predicting for the quarter three months ago.

US consumer confidence: In the US, consumer confidence figures for June will be released today. The Consumer Confidence Index is expected to tick up past 90, versus its May reading of 86.6. It is based on a survey of 5,000 households, including two questions on the present situation and three questions on consumers’ expectations for the future.

Sainsbury’s: On Wednesday, British supermarket chain Sainsbury’s will report its latest set of quarterly earnings, having outperformed the market by a wide margin in 2020 so far. The firm’s share price is up 7.9% YTD, and close to 50% over the past 12 months. That performance also outstrips key rivals Tesco and Morrisons. Analysts are reportedly anticipating a jump in sales over the past three months. In April, the company shared that sales were up 8% in the first seven weeks of the quarter. Currently, half of analysts covering the stock rate it as a buy or overweight, with the rest split between hold, underweight and sell.

Crypto corner: A new fee model for Ethereum?

Developers have proposed an overhaul of the Ethereum blockchain’s fee model as costs have soared in recent months. Since April transaction fees on Ethereum, so-called ‘gas’, have increased in price by 500% according to Coindesk.

Now, developers have suggested one of the biggest possible post-launch changes to a blockchain; Ethereum Improvement Proposal (EIP) 1559. The proposal has been in the works since 2018 but has gained fresh relevance thanks to the sky-high fees.

EIP 1559 would implement a dynamic pricing system for gas fees.Transactions at the moment come under particular pressure when the network is ‘bottlenecked’ by a large amount of activity, something that has increasingly put the blockchain under pressure in recent months.


All data, figures & charts are valid as of 30/06/2020. All trading carries risk. Only risk capital you can afford to lose.  

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

The post Daily Market News: Goldman and JPMorgan keep dividends while Wells Fargo cuts appeared first on LeapRate.

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Ancient technology turns plant-based cheese into ‘something we want to eat’

Credit: Photo: Department of Food Science To produce plant-based cheeses that feel and taste like dairy cheese, scientists have their sights set on fermentation….

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Credit: Photo: Department of Food Science

To produce plant-based cheeses that feel and taste like dairy cheese, scientists have their sights set on fermentation. In a new research result, University of Copenhagen scientists demonstrate the potential of fermentation for producing climate-friendly cheeses that people want to eat. 

Nearly thirty kilos of cheese are eaten by the average dairy-loving Dane every year. But increasing pressure on Earth’s resources and climate change call for our food system to turn in a more plant-based direction. As a result, scientists are looking into how to transform protein-rich plants like peas and beans into a new generation of non-dairy cheeses that possess the similar sensory properties as the dairy-based ones that humans have enjoyed for thousands of years.

Several plant-based cheeses are already on the market. The challenge is that plant proteins behave differently than milk proteins when trying to make cheese from them. To meet this challenge, producers add starch or coconut oil to harden plant cheeses, as well as an array of flavourants to make them taste like cheese.

But it turns out that this can be done with the help of nature’s smallest creatures. In a new research result from the University of Copenhagen’s Department of Food Science, researcher Carmen Masiá has succeeded in developing plant-based cheeses made from yellow pea protein with a firm texture and improved aroma profile. She was able to do so by using the same natural fermentation process with bacteria that we have used with cheeses made from milk for thousands of years.

“Fermentation is an incredibly powerful tool to develop flavour and texture in plant-based cheeses. In this study, we show that bacteria can serve to develop firmness in non-dairy cheese in a very short period of time while reducing the bean-like aroma of yellow pea protein, which is used as the main and only protein source,” explains Carmen Masiá. 

Fresh cheese after eight hours

The result builds upon a research result from last year by the same researcher, who found that yellow pea protein constituted a good “protein base” for making fermented plant-based cheese. In the new result, the researcher examined twenty four bacterial combinations made from bacterial cultures supplied by the biotech company Chr. Hansen, where Carmen Masiá is completing her Industrial PhD.

“The whole point of this study has been to combine the commercially-available bacterial cultures that are suitable for the fermentation of a plant-based raw material, and test them in a pea protein matrix to develop both taste and texture that would be suitable for a cheese-like product. And, even if some bacterial combinations performed better than others, all of them actually provided firm gels and reduced beaniness in the samples” says the researcher.

To study the behavior of the bacterial combinations, the scientist inoculated them in a protein base made of yellow pea protein. After only eight hours of incubation, the result was a firm “cheese-like gel” reminiscent of a fresh soft white cheese.

“All bacterial blends produced firm gels, which means that one can get a fermentation-induced gel without necessarily adding starch or coconut oil to the base. From an aroma perspective, we had two goals: To reduce the compounds that characterize the beaniness of yellow peas, and to produce compounds that are normally found in dairy cheese. Here we saw that some bacteria were better at producing certain volatile compounds than others, but that they all worked great to reduce beaniness – which is a very positive outcome. Furthermore, all blends acquired dairy aroma notes to different degrees” explains Carmen Masiá.

Taste and feeling is everything

The researcher points out there is still a way to go to before achieving this plant-based cheese, but that research is on the right track. According to her, tailored bacterial compositions and cultures must be developed in order to achieve the optimal cheese-like characteristics. Furthermore, the plant-based cheese might need to mature over time so that it develops flavor and character, just as dairy-based cheeses do.

Finally, the new generation of fermented plant-based cheeses must be judged by consumers, so that the flavour is perfected. All in all, this is to make plant-based cheeses so delicious that people seek them out and purchase them.

“The most challenging thing for now is that, while there are a lot of people who would like to eat plant-based cheese, they aren’t satisfied with how it tastes and feels in the mouth. In the end, this means that no matter how sustainable, nutritious, etc. a food product is, people aren’t interested in buying it if it doesn’t provide a good experience when consumed,” says Carmen Masiá, who adds:

“One needs to remember that dairy cheese production has been studied over many years, so it’s not something that we can just mimic overnight with totally different raw materials. Nevertheless, there are many scientists and companies out there doing great progress in the field; I hope that we will get closer to making non-dairy cheeses that taste good over the next few years. We are getting there.”

The study was conducted in collaboration between the Department of Food Science and microbial ingredients supplier Chr. Hansen, a bioscience company that produces ingredients for the food and pharmaceutical industries, among other things. 

What is fermentation:

Fermentation is an ancient technique which originated in China. Today, it is used to make beer, wine, cheese, pharmaceuticals and much more. Fermented foods are preserved by initiating a fermentation process in which natural lactic acid bacteria and enzymes are formed. This is done as microorganisms convert sugars in the selected food into lactic acid, acetic acid and carbon dioxide. This makes food acidic and prevents the growth of putrefactive and pathogenic bacteria.

The first textual evidence of cabbage fermentation is found in China’s oldest collection of poems, Shi Jing (Book of the Odes), which dates back to approximately 600 BC.

About the study:

  • The researchers tested twenty four different bacterial compositions on a protein base made from yellow pea protein.
  • The study shows that all of the bacterial compositions produce a firm cheese-like gel, reduced the beaniness, and produced dairy-related volatile compounds.
  • The study was conducted in collaboration between the Department of Food Science and microbial ingredients supplier Chr. Hansen, a bioscience company that manufactures microbial ingredients for the food and pharmaceutical industries.
  • The study has been published in the scientific journal Future Foods
  • The research is funded by Innovation Fund Denmark (grant 0153-00058B)

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BGI Genomics breaks new ground in Saudi Arabian precision medicine

The Saudi Society of Medical Genetics Annual Conference 2023 was held in Riyadh, Saudi Arabia, on September 29-30, 2023. As the most authoritative academic…

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The Saudi Society of Medical Genetics Annual Conference 2023 was held in Riyadh, Saudi Arabia, on September 29-30, 2023. As the most authoritative academic conference on precision medicine in the Kingdom, this conference attracted global experts worldwide.

Credit: BGI Genomics

The Saudi Society of Medical Genetics Annual Conference 2023 was held in Riyadh, Saudi Arabia, on September 29-30, 2023. As the most authoritative academic conference on precision medicine in the Kingdom, this conference attracted global experts worldwide.

One of the highlights of the conference was the presentation entitled “Spatial-temporal sequencing and some large-scale application of precision medicine technologies,” delivered by Dr. Louis (Renyuan) Luo, VP of BGI Genomics West Asia, at the invitation of the Saudi Society of Medical Genetics.

Dr. Luo’s presentation discussed the importance of spatiotemporal sequencing technology in the field of precision medicine and its potential large-scale applications, introduced the company’s case studies, such as the world’s first multi-center project of newborn genetic screening, large-scale regional noninvasive prenatal testing (NIPT) coverage and extensive early screening project of colorectal cancer at Wuhan, Hubei province, China.

Besides sharing BGI Genomics research achievements and innovative applications in enhancing medical outcomes, Dr. Luo highlighted Genalive, BGI Genomics joint venture laboratory in the Kingdom of Saudi Arabia. This is the result of a localized strategic partnership aiming to provide cutting-edge precision medicine services, promote development and contribute to improving the country’s healthcare system.

The success of Dr. Luo’s presentation paves the way for deepening future localized collaboration and innovation in Saudi Arabia. BGI Genomics will continue to support the realization of Saudi Vision 2030 through active participation in global cooperation and exchanges in the field of precision medicine to enhance patients’ health outcomes.

About BGI Genomics:

BGI Genomics, headquartered in Shenzhen, China, is the world’s leading integrated solutions provider of precision medicine. Our services cover more than 100 countries and regions, involving more than 2,300 medical institutions. In July 2017, as a subsidiary of BGI Group, BGI Genomics (300676.SZ) was officially listed on the Shenzhen Stock Exchange.


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Yield Protocol to permanently ‘wind down’ operations by December 2023

Unfavorable crypto regulations in the United States, Europe and the United Kingdom was one of the factors for Yield Protocol’s untimely shut down.

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Unfavorable crypto regulations in the United States, Europe and the United Kingdom was one of the factors for Yield Protocol's untimely shut down.

Decentralized finance (DeFi) lending protocol Yield Protocol announced its decision to shut down by the end of the year due to the lack of business demand and global regulatory pressures.

Yield Protocol will cease to exist after the end of its December 2023 series, which is slated to mature on December 29, 2023. In its announcement detailing the “wind down” operation, Yield Protocol confirmed that the launch of March 2024 fixed rate series has been canceled. The protocol stated:

“While we think that the future is bright for DeFi and fixed rate markets in DeFi, we felt this decision was necessary because there is currently not sustainable demand for fixed-rate borrowing on Yield Protocol.”

Unfavorable crypto regulations in the United States, Europe and the United Kingdom were also some of the challenges that ultimately led Yield Protocol to shut down. Starting today, “liquidity providers for the *MS (March-September) strategies won’t accrue any further fees.”

Finally, “all borrowing and lending will end by December 31st,” two days after the existing series will mature, an official tweet confirmed.

Related: Binance to shut down BUSD lending by October 25

2023 was witness to numerous other protocol-level shutdowns, which included the $29 million TVL lending platform Geist Finance and a Discord crypto trading bot None Trading valued at $16.5 million.

In both cases, the primary reason for their shutdown was attributed to an external attack. Geist Finance shut down permanently due to losses from a Multichain exploit. None Trading said it had “lost a significant amount of funding” as well as “team tokens” crucial for its operations.

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