Stock market news today August 1

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The conditions that triggered the latest stock meltdown
are still in place — and the market is vulnerable to another
disaster

In the aftermath of the February market correction — which saw
the S&P 500 decline
11% — market liquidity dried up.

It was an understandable reaction following such a jarring event,
which featured the implosion of multiple
volatility-linked products , rattled
investors to their core, and even led to
a talent raid on Wall
Street .

Goldman
Sachs has since performed an autopsy on the
February sell-off and, in the process, asked an interesting
question: What if tight liquidity conditions
actually caused the
sharp decline — or at least made it worse?

As it turns out, it’s not that outlandish of a question.

You no longer need a card to get cash from nearly every
Chase ATM

At nearly every one of JPMorgan Chase’s 16,000 ATMs, customers no
longer need a card to take out cash.

Chase announced Wednesday that it has rolled out
cardless transactions to the vast majority
of its ATM network, meaning customers no longer need a physical
debit card and can instead retrieve cash using a mobile wallet —
such as Apple Pay, Google Pay, or Samsung Pay — on their
smartphone.

Google reportedly wants to launch a censored search
engine in China 

Google is
reportedly planning to launch a censored version of its search
engine in mainland China, after an eight-year absence from the
country.

The Intercept obtained
leaked documents showing that CEO Sundar
Pichai met with a Chinese government official in December 2017,
as part of a renewed push to re-enter China.

According to the report, the project is codenamed “Dragonfly”,
and engineers have created a custom Android app variously
nicknamed “Maotai” and “Longfei.”

The app was demonstrated to Chinese officials, and a final
version could launch within the next six to nine months, but will
hide terms about human rights, democracy, religion, and peaceful
protest. It would also block sites like the BBC and Wikipedia.
The Chinese government is yet to give final approval, The
Intercept said.

Morgan Stanley has poached a Credit Suisse crypto banker
to head ‘digital asset markets’

Morgan Stanley has poached
a 12-year veteran of Credit Suisse to lead “digital asset
markets” at the bank.

Andrew Peel joined Morgan Stanley as head of digital asset
markets in June 2018, according to his
LinkedIn profile. A spokesperson for Morgan
Stanley confirmed the appointment to Business Insider but
declined to comment further.

Peel spent 12 years at Credit Suisse, according to his LinkedIn,
most recently serving as a vice president of sales and trading
innovation. In that role, he was a “subject matter expert for
bitcoin and cryptocurrency,” according to his profile.

Peel’s appointment comes amid a flurry of activity from
investment banks around crypto. 
Goldman
Sachs is reportedly planning to set up a bitcoin trading
desk 
and 
JPMorgan
recently appointed its first head of crypto-asset
strategy. 
Investment banks are
attracted by the eye-catching returns of bitcoin in 2017 and have
begun to seriously assess cryptos as a potential new asset class
despite poor price performance this year.

In markets news