Asian Market Update – Wednesday: Cryptocurrencies stand firm after losses yesterday; Asian stocks tracks global rally

Resist

Cryptocurrency prices were trading higher during Asian trading on Wednesday morning, with bitcoin stabilizing above $8,100 and ethereum and litecoin also making slight gains.

Bitcoin was up 0.81 percent to about $8,167 before midday in Asia. The gains were made after bitcoin dropped earlier in the morning to find support north of the $8,000 line.

On Tuesday, bitcoin dropped from $8,252 to $7,851 before climbing all the way back to about $8,340.

Ethereum also pointed higher around midday, gaining 0.61 percent to about $357. Ethereum also appears to have hit support earlier in the morning when it fell from $369 to $36.

Litecoin surged 1.32 percent to about $70 at midday in Asia. With the gain on Wednesday morning, Litecoin erased a big chuck of the losses seen yesterday, when the coin dropped about 4 percent.

Main Market Movers – Mid-day Asian Trading Session

Indexes Value at Midday Daily Change
Japan- Nikkei 225 22,590 0.78%
China-Shanghai Composite Index 3,428 0.53%
Hong Kong –Hang Seng 30,090 0.91%
South Korea – KOSPI 2,542 0.46%
Australia-ASX 200 5,996 0.55%
S&P 500 E-Mini Futures 2,597 0.06%

Major Asian equity indexes were trading higher Wednesday morning, tracking global stocks in a rally, with bigger gains seen in Tokyo and Hong Kong.

The Nikkei gained 0.78 percent to 22.590 before midday.

On the Chinese mainland, the Shanghai Composite Index was up 0.53 percent to about 3,428 before midday. In Hong Kong, the Hang Seng Index was 0.91 percent lower at around 30,090.

In South Korea, the Kospi added 0.46 percent to 2,542 before midday.

Down Under, the ASX 200 was up 0.55 percent to 5,996 in Australian afternoon trading.

The S&P 500 E-Mini Futures was 0.06 percent higher at 2,597.

The gains in Asian stocks were in line with rallies in the global financial market, with investors showing optimism about the global economic recovery and a prospect that the US could pass the much discussed tax reform.

Positives signs have been reported in major economies such as Germany, the US, Japan and China, suggesting a solid recovery for the global economy and a boon to financial markets.

Currencies

The Japanese yen gained 0.1 percent the US dollar at midday Wednesday to 112.32 per dollar.

The Chinese yuan lost 0.03 percent against the US dollar at 6.6287 per dollar.

The Australian dollar also lost 0.13 percent on the dollar, changing hands at 1.3212per dollar at midday.

Commodities

WTI Oil was up 0.12 percent to $57.66 per barrel.

Brent Crude gained 0.54 percent to $63.01 per barrel.

Gold was up 0.05 percent to trade at $1,281 an ounce.

Business News across Asia

In China, authorities are cracking down on the country’s rising micro online lending sector. The top office that oversees online lending has issued a notice to local government to stop issuing licenses to small online lending firms.

Take Away: The move is part of the country’s top priority to fend off systemic financial risks, coordinated by a new government committee that is making its print in financial regulation.

In Australia, local retailers have been told by Amazon to prepare to take orders starting on November 23, when the US e-commerce giant goes live in the Australian market. Amazon confirmed in April that it would expand to Australia, but did not give any specific date.

Take Away: By announcing the data early and choosing a date just one day before this year’s Black Friday, Amazon is surly trying to make a fuzz about its Aussie debut.

Featured image from Pixabay.

Author:
Fredrik Vold is an entrepreneur, financial writer, and technical analysis enthusiast. He has been working and traveling in Asia for several years, and is currently based out of Beijing, China. He closely follows stocks, forex and cryptocurrencies, and is always looking for the next great alternative investment opportunity.