文章核心观点 21Shares与法国兴业银行达成ETP做市基金平台协议，兴业银行将为21Shares的比特币和以太坊ETP提供流动性，扩大其在德国和东欧机构投资者中的覆盖范围，有望提升当地机构投资者参与数字资产市场的便利性[1][2][4] 合作协议内容 - 法国兴业银行将在德国和东欧主要基金平台为21Shares的比特币和以太坊ETP（ABTC、CBTC、AETH、CETH）提供场外流动性支持交易 [2] - 借助兴业银行作为做市商加入的平台，21Shares的旗舰加密产品将面向更广泛专业投资者，扩大在德国和东欧的机构覆盖范围 [2] 双方表态 - 21Shares全球资本市场与欧洲、中东和非洲投资主管表示与兴业银行合作带来流动性，有助于推进向市场提供高效可信加密投资解决方案的使命 [3] - 法国兴业银行英国ETF销售交易主管称与21Shares合作支持其ETP交易是提供创新流动性解决方案、增强客户获取各类ETF和ETP渠道的重要里程碑 [3] 合作预期影响 - 合作预计提升德国和东欧机构投资者参与数字资产市场的流动性、执行质量和便捷性 [4] 21Shares公司介绍 - 21Shares是全球领先的加密货币ETP提供商，提供市场上最大的加密ETP产品套件，旨在使加密货币更易被投资者获取，弥合传统金融与去中心化金融差距 [5] - 21Shares于2018年推出全球首只实物支持的加密ETP，在全球大型高流动性证券交易所上市加密ETF有七年记录，拥有专业研究团队、专有技术和深厚资本市场专业知识，提供创新、简单且成本效益高的投资解决方案 [5] - 21Shares是全球去中心化金融领导者21.co的成员 [6]

July 22, 2025 10:00 PM GMT India Economics and Strategy | Asia Pacific Building Blocks of India's Prosperity If states don't implement policies that enhance growth and protect macro stability, India will struggle to achieve its potential outcomes. Without understanding India's states, investors can hardly be confident about India's macro story. Why investors cannot afford to miss this report: In Why This Is India's Decade, we opined that India will drive a fifth of global growth in the coming decade and bec ...

July 22, 2025 10:21 PM GMT Global Macro Commentary | North America July 22: Drifting Lower US rates rally and USD weakens; JGBs steepen after elections; AxJ yields steepen on domestic policy developments; upside surprise in UK public borrowing; European duration extends rally; NBH maintains policy rate and Hungary curve flattens; DXY at 97.38 (-0.5%); US 10y at 4.344% (-3.4bp). The 2025 Extel Global Fixed-Income Survey is open. If you enjoy our work, please rate us five stars in the following categories: Gl ...

PennyMac Financial Services (PFSI) Q2 2025 Earnings Call July 22, 2025 05:00 PM ET Company ParticipantsDavid Spector - CEO & ChairmanDaniel Perotti - Senior MD & CFOCrispin Love - DirectorBose George - Managing DirectorEric Hagen - Managing DirectorRyan Shelley - High Grade & High Yield Credit Research - VPTrevor Cranston - Director, Mortgage Finance Equity ResearchConference Call ParticipantsMichael Kaye - Equity Research AnalystDouglas Harter - Equity Research AnalystOperatorGood afternoon, and welcome to ...

PennyMac Financial Services (PFSI) Q2 2025 Earnings Call July 22, 2025 05:00 PM ET Speaker0Good afternoon, and welcome to PennyMac Financial Services Inc. Second Quarter twenty twenty five Earnings Call. Additional earnings materials, including presentation slides that will be referred to in this call are available on PennyMac Financial's website at pfsi.pennymac.com. Before we begin, let me remind you that this call may contain forward looking statements that are subject to certain risks identified on Slid ...

2Q25 EARNINGS REPORT PennyMac Financial Services, Inc. July 2025 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management's beliefs, estimates, projections and assumptions with respect to, among other things, our financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words lik ...

Key Takeaways MCO's Corporate Finance revenues are expected to drop 6.3% y/y on weaker leveraged loan issuance in Q2. Structured Finance revenues to likely fall 6.1% amid lower CMBS and ABS issuance volumes. MA revenues are projected to rise 8.7%, aided by strong demand and inorganic growth efforts.Moody's (MCO) is scheduled to announce second-quarter 2025 results on July 23, before the opening bell. The company’s Corporate Finance line, the largest revenue contributor at the Moody's Investors Service (“M ...

GREAT NECK, N.Y., July 22, 2025 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenues for the three months ended June 30, 2025 were approximately $2,355,000, compared to approximately $2,443,000 for the three months ended June 30, 2024, a decrease of $88,000, or 3.6%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period, partially offset by an increas ...

Goldman Sachs' non-profitable tech basket has soared 66% from the April low. This is perhaps the most telling market-performance and risk-appetite chart to describe recent price action. Investors have clamored for high-beta and low-quality names that can pop the fastest as optimism aboutFreelance Financial Writer | Investments | Markets | Personal Finance | RetirementI create written content used in various formats including articles, blogs, emails, and social media for financial advisors and investment fir ...

纪要涉及的行业或公司 涉及中国宏观经济、制造业、基础设施、房地产、太阳能、电动汽车、电池等行业 纪要提到的核心观点和论据 中国通缩挑战现状 - 中国GDP平减指数过去九个季度为负，生产者价格过去33个月处于通缩 [8] - 通缩挑战源于产能过剩，投资与GDP比率高，制造业和基础设施投资增加以维持高实际GDP增长 [8] 反内卷措施及效果 - 政策制定者重申支持反内卷努力，预计有新政策行动，但仅减少供应可能不足以使经济摆脱通缩，需求支持更重要 [7][11] - 过去经验显示，政策信号明确后会加强政策力度，但此次通缩战斗将更持久，因新部门产能过剩且大部分在私营部门，提振需求更具挑战 [7] 过去通缩周期经验 - 2015 - 16年供应侧改革和再通胀，经济于2016年9月摆脱通缩，出口和房地产销售回升起重要作用 [7] - 当时GDP平减指数仅两个季度轻度通缩，CPI平均1.7%，PPI通缩约三分之二由大宗商品驱动，全球增长和大宗商品价格周期好转提供支撑 [34] 当前通缩周期特点 - GDP平减指数已通缩九个季度，平均 - 0.8%，CPI自2023年2季度以来仅0.1%，超70%的PPI通缩由非大宗商品驱动 [34][35] - 名义GDP增长自2023年2季度以来平均仅4.4%，债务与GDP比率升至304%，财政宽松空间受限，政府债务与GDP比率升至119%，税收和土地销售占GDP比例下降4个百分点 [43] 可持续摆脱通缩的方法 - 需要从投资驱动转向消费驱动的增长模式转变 [47] - 停止在关键部门创造新的过剩产能，削减现有过剩产能，接受较低的实际GDP增长目标，促进国内消费 [51] 其他重要但可能被忽略的内容 - 中国非房地产固定资产投资自2021年2季度以来增长26%，总投资与GDP比率维持在41%，制造业和基础设施投资在总投资中的占比上升10个百分点至69% [20] - 2015 - 17年，工业产能利用率在2016年全年处于低谷，直到2017年1季度才改善 [33] - 中国过去应对外部需求疲软的反周期政策模式在过去15年面临挑战，全球贸易相对疲软，国内债务与GDP比率上升和人口结构恶化构成逆风 [56] - 1998 - 99年亚洲金融危机和国企改革期间，GDP平减指数下降，政策制定者采取反周期宽松措施，企业部门杠杆率上升，GDP平减指数在七个季度后于2000年1季度摆脱通缩 [57] - 2009年全球金融危机导致的通缩，GDP平减指数仅两个季度为负，政策制定者迅速采取大规模刺激措施 [61] - 2012 - 16年，由于2008 - 09年刺激措施导致的过度投资，PPI自2012年3月开始通缩，GDP平减指数在2015年下半年轻度通缩，政策制定者从2015年开始削减过剩产能，2016年下半年出口和房地产投资回升后PPI摆脱通缩 [62]