India’s central bank chief warns that the next financial crisis will come from private cryptocurrencies
The next financial crisis will come from private cryptocurrencies, Shaktikanta Das, India’s central bank governor said on Wednesday.
Speaking at the BFSI Insight Summit 2022 organized by Business Standard, Das said he stands firm that cryptocurrencies should be prohibited, adding that it has no underlying value and poses risks for macroeconomic and financial stability.
Bitcoin was last higher by about 0.24% at $16,840, according to Coin Metrics. Ether rose 14% to $1,211.77.
— Charmaine Jacob
Japan’s 2-year yield briefly tops zero for first time since 2015
The yield on 2-year Japanese government bonds briefly rose above zero for the first time since 2015 in Wednesday morning trade. The note gained 2.7 basis points to stand just below the flatline.
Japan’s 2-year yield rises above zero for the first time since 2015
The yield on the 10-year JGB jumped more than 3 basis points to stand at 0.451%, also reaching 2015 highs, while the yield on the 30-year JGB inched up 2 basis points to trade at 1.6%.
Yields move inversely to price, and a basis point is equal to 0.01%.
— Jihye Lee
HKEX launches New York office in boost to expand international reach
Hong Kong’s stock exchange operator launched its New York office in a bid to expand its international reach and grow its global client base.
The new office of the Hong Kong Exchanges and Clearing Limited (HKEX) will be promoting its connectivity with Mainland China’s markets and its liquid primary and secondary cash markets, it said.
“At HKEX, we are fully focused on supporting the growth ambitions of our customers around the globe,” said HKEX CEO Nicolas Aguzin.
“We look forward to deepening our relationships with investors, companies and risk managers across the region, connecting capital with opportunities and East with West,” he added.
About 41% of Hong Kong’s cash equities market trading turnover are attributed to international investors. HKEX currently has offices in Beijing, Shanghai and Singapore.
— Lee Ying Shan
Bank stocks in Tokyo rise again as wider index falls
Japanese yen at strongest in more than four months
The Japanese yen strengthened further overnight, after the Bank of Japan announced to widen its yield curve control band.
The currency strengthened by more than 5% against the Australian dollar and the New Zealand dollar – while it strengthened past 3% against the U.S. dollar.
The yen strengthened after the Bank of Japan announced to expand its yield curve control band
CNBC Pro: Fund manager says a recession is ‘imminent’ — and names cheap stocks to play it
Market watchers are increasingly worried about a looming recession and fund manager Steven Glass is no exception.
Against this backdrop, he says he’s focusing on companies with earnings visibility that are trading at attractive valuations.
His picks include a Big Tech name that he said is “extremely cheap” with “huge margin potential.”
Pro…
Read More: Asia-Pacific markets mixed as Japan stocks see second day of losses