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The Second Week of June 2019 mood in the FX market was soured by the Hong Kong civil unrest with traders contemplating safer havens in the midst of worsening tariff tiffs. Forex Broker comparison service FXBrokerFeed brings you some updated news, and trends in the FX Broker Market, featuring cybersecurity outfit CrowdStrike initial IPO offering and Hang Seng jitters.
Hong Kong Protests Sour Market Mood
The protests over legislation allowing extradition of citizens to China turned violent with protestors crashing with police. The Hang Seng Index dropped by nearly 2% despite the Hong Kong dollar maintaining resilience as traders ponder possible outcomes.
FXBrokerFeed contends that any prolonged civil unrest in the important global finance enclave could sour market sentiment and affect liquidity. It may also affect financial markets in the rest of Asia to compound a situation getting worse with escalating tariff wars.
FXBrokerFeed also forecasts likely scenarios of traders scrambling to safe havens such as gold but the yen could be a major beneficiary in the event situation is unyielding. And a rising yen could spin and engulf the global financial market in a bear scenario.
CrowdStrike Goes Public
CrowdStrike Holdings, Inc. has gone public with an initial offer of 18 million Class A shares according to S-1/A filing in the US. The offer value at $522 million has been approved for listing on the Nasdaq under ticker symbol CRWD.
FXBrokerFeed observes CrowdStrike’s heavy investment in cybersecurity to rank high in the rapidly diversifying Cloud Business. They are flexing muscle at a time when cyberattacks are escalating to play havoc in the market.
The company more than doubled its year-on-year revenues to $249.8 million in fiscal 2019. Lead underwriters for the IPO are Goldman Sachs, JPMorgan, Bank of America, Merrill Lynch and Barclays.
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