Crypto Corner: FC Barcelona Raises $1.3m In Tokens From Fans

Adam Vettese (eToro) | FC Barcelona fans have invested over $1.3m in tokens issued by the club which gives them the chance to vote on how it is run. Known as Barca Fan Tokens, more than 600,000 tokens were sold at $2 each in just two hours earlier this week, according to Coindesk

First announced back in February, the token is designed to help promote fan engagement, and can be used to purchase merchandise and various club experiences.

US banks lead rebound but stress tests cap gains

The S&P 500 banks sub-index led the gainers for the session yesterday after the US banking regulators eased rules and investors waited for results of the sector’s annual stress test, which helps determine dividend policies.

The bank index had fallen 19% from its recent high on June 5 to Wednesday’s lowest point, but rallied as much as 3.75% yesterday after the rule change. Stocks including JP Morgan, Bank of America and Wells Fargo closed up between 3.5% and 4.8% on the news, although some of this was given back after hours as the US Federal Reserve revealed the results of its bank stress test post market close and imposed restrictions on their activities.

The Fed said Covid-19 could trigger $700bn of loan losses in a worst case scenario, and push some lenders’ capital positions close to minimum accepted levels. In total, 33 of the country’s top lenders underwent stress tests and are now barred from share buybacks until at least Q4 this year.

What to watch:

Sainsburys: Next week investors will get to see how Sainsburys has benefited — or otherwise — from the switch to stay at home in the UK. The company is one of the few which has been able to continue to operate amid the pandemic but, like rival Tesco, analysts will be watching to see if the increased business it has been doing will be offset by rising costs. Currently analysts favour the stock, with eight rating it as a strong buy or a buy, versus just three holding it as a sell.

On the Beach: UK-based holiday firm On the Beach, which reports its interims on Tuesday, has had a rough time year-to-date, with shares down around 40% amid the onset of the coronavirus pandemic. The stock has been downgraded by one analyst in the last few weeks, despite raising some £67.3m to help weather the coronavirus storm. Nonetheless, according to ShareCast, brokers are still overwhelmingly positive, with seven buy ratings and one hold.