Asian Market Update – Tuesday: Crypto Gains; Asian Stocks Muted
The Big Question: Is the war between bitcoin and bitcoin cash over?
Cryptocurrency prices pointed higher during Asian trading on Tuesday, led by a nearly 3 percent gain in bitcoin.
Bitcoin was up 2.49 percent to about $6,687 before midday in Asia. That’s about $600 dollar higher than at the same time, erasing losses from Saturday and Sunday. Still, bitcoin has now remained under $7,000 for the fifth consecutive day.
Meanwhile, bitcoin cash, bitcoin’s chief rival, lost more than 10 percent on Tuesday morning, falling from $1,433 to $1,208 just before midday.
The price of ethereum gained 2.04 percent to about $322 before midday. Ethereum has remained above $300 since Saturday, keeping the long-term uptrend in price intact.
Litecoin added 0.82 percent to about $61 at midday.
Main Market Movers – Mid-day Asian Trading Session
|Indexes||Value at Midday||Daily Change|
|Japan- Nikkei 225||22,441||0.27%|
|China-Shanghai Composite Index||3,438||-0.28%|
|Hong Kong –Hang Seng||29,197||0.05%|
|South Korea – KOSPI||2,523||-0.25%|
|S&P 500 E-Mini Futures||2,579||-0.10%|
Asian equity indexes were in a largely muted mode on Tuesday morning, following a global sell-off in equities and worse-than-expected economic data.
The Nikkei added 0.27 percent to 22.441 before midday.
In China, the Shanghai Composite Index was down 0.28 percent to about 3,438 before midday. In Hong Kong, the Hang Seng Index was up 0.05 percent to around 29,197.
In South Korea, the Kospi fell 0.25 percent to 2,523 before midday.
Down Under, the ASX 200 was down 0.84 percent to 5,971 before midday.
The S&P 500 E-Mini Futures was down 0.1 percent to 2,579.
Fresh data out of Beijing showed that industrial output, fixed-asset investment and retails sales cooled in October in the world’s second-largest economy. Industrial output rose 6.2 percent, below a 6.3 percent growth forecast from Reuters; fixed-asset investment grew 7.3 percent, below the forecasted 7.4 percent growth; and retail sales grew by 10 percent, slower than an expected 10.4 percent rise.
Investors are also waiting for signs of any movement on the US tax reform, after Republican senators introduced a tax plan that differed in several areas from the version put forward by their House counterparts.
The Japanese yen gained 0.01 percent the US dollar at midday Monday to 113.60 per dollar.
The Chinese yuan lost 0.04 percent against the US dollar, trading at 6.6412 per dollar.
The Australian dollar also gained 0.08 percent on the dollar, changing hands at 1.3105 per dollar after midday in Australian trading.
WTI Oil was down 0.18 percent to $56.61 per barrel.
Brent Crude lost 0.27 percent to $62.94 per barrel.
Gold was down 0.1 percent to $1,276 an ounce.
Business News across Asia
In China, the Ministry of Commerce expressed “strong dissatisfaction” on a US decision to rule that hardwood plywood from China was subsidized and dumped in the US and impose anti-dumping duty on the imports.
In Vietnam, visiting Chinese President Xi Jinping and his Vietnamese counterpart agreed that the two countries will further deepen ties in areas such as the economy, trade and security, while “managing maritime disputes.”
Take Away: The move is a big development considering that China and Vietnam were the main rivals in the South China Sea disputes. If the two parties follow through with the agreement, tensions could be reduced in the area and trade flourish as a result.
Featured image from Pixabay.