Day: 1 October 2024

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Freetrade buys UK arm of Australian investing platform Stake

Financial trading app

Freetrade acquires Stake’s UK customer base, increasing domestic presence amid intense competition with similar apps such as Robinhood

The British retail investment platform Freetrade is set to acquire the UK customer base of its Australian competitor Stake, highlighting the growing competition in the UK’s digital investment sector. The acquisition, initially reported by CNBC, entails Freetrade assuming responsibility for all of Stake’s UK clients and their assets.

Freetrade currently oversees more than £2 billion in assets for its UK customer base.

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Euro zone inflation falls to 1.8% in September 2024 below the ECB target of 2%

In September 2024, inflation in the Euro zone fell to 1.8%, falling below the European Central Bank’s target of 2%, according to early data from Eurostat released on Tuesday 1st October 2024

Excluding the more volatile prices of energy, food, alcohol, and tobacco, the core inflation rate stood at 2.7%, marginally below the anticipated forecasts.

This inflation figure matched the predictions of economists.

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Robinhood launches crypto transfers in Europe directly through its app

Crypto exchange

The retail investment platform Robinhood has announced the introduction of cryptocurrency transfers in and out of its app for European customers

As part of its international expansion efforts, the company aims to enhance its product offerings in the region.

According to a blog post-dated Tuesday 1st October 2024, Robinhood will enable customers within the European Union to deposit and withdraw over 20 different digital currencies via its platform, including Bitcoin, Ethereum, Solana, and USD Coin.

This development grants Robinhood’s European clientele the option of “self-custody” of assets, allowing them to personally hold their cryptocurrencies in a privately-owned wallet, rather than relying on a third-party service to manage their funds.

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German inflation falls to 1.8% in September 2024

CPI data Germany

In September 2024, the German consumer price index softened to 1.8%, falling below expectations based on preliminary data from Destatis, the national statistics office.

Month-on-month, the preliminary harmonized CPI saw a slight decrease of 0.1%.

According to recent analysis, the last instance of the German harmonized CPI falling below 2%, the inflation target rate of the European Central Bank, was in February 2021.