Updated:2024-11-03 10:29 Views:55
FILE – A passerby moves past an electronic stock board showing Japan’s stock prices outside a securities firm in Tokyo, on Oct. 11, 2024. (AP Photo/Shuji Kajiyama, File)
Hong Kong, China — Bitcoin was close to $73,000 in early Asian trade Wednesday, approaching a record high with investors keeping a cautious eye on the US presidential election.
The leading digital currency was trading around $72,400 at 0300 GMT, after climbing as high as $73,563.63 in late US trade, just shy of its all-time peak of $73,797.98 in March.
Article continues after this advertisementThe surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has emerged as the pro-crypto candidate.
FEATURED STORIES BUSINESS Alsons Dev expands with Nurtura, offering quality homes for young families BUSINESS BIZ BUZZ: Global brainstorming club coming BUSINESS How a Bible verse transformed my approach to personal financeREAD: Shares tumble for scandal-hit Hino Motors after huge net loss
The price of bitcoin closely follows Trump’s standing in the polls because a Republican victory would lead to an increase in demand for the digital currency, said Russ Mould, an analyst at AJ Bell.
Article continues after this advertisementDuring his presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, presenting himself as a “pro-bitcoin president” if elected and launching his own crypto platform.
Article continues after this advertisementWith the uncertainty surrounding the very tight US election, safe-haven gold also reached a record high of $2,782.17 on Wednesday.
Article continues after this advertisementOil prices rebounded slightly after falling sharply earlier in the week as fears of an escalation in the Middle East eased after Israel’s strikes on Iran avoided the country’s energy infrastructure.
“The broader performance in oil prices seems slightly discordant with what is happening across the globe,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.
Article continues after this advertisement“It seems as if oil prices are ignoring improving economic data in the US and stimulus efforts from China to revive its struggling economy.”
Investors are hoping a key political meeting in Beijing next week will unveil a major stimulus plan for the Chinese economy, which has struggled to recover from the pandemic with growth dragged down a debt crisis in the property sector.
READ: Global stocks mixed as markets await Big Tech results
Asian stocks fell Wednesday following a mixed lead from Wall Street with markets in wait-and-see mode ahead of the US election and the Federal Reserve’s rate decision next week.
Tokyo and Taipei were the only advancers, with the Japanese market up 1.3 percent as it continued its run-up on the yen’s weakness and tech gains.
Hong Kong, Shanghai, Sydney, Seoul, Singapore, Kuala Lumpur, Manila and Bangkok all retreated.
Investors are awaiting a raft of key US economic data for more clues about the health of the world’s largest economy and the direction of the US central bank’s interest rate policy.
Third-quarter GDP growth estimates will be released later Wednesday, with inflation data and the closely watched monthly labor market report out Thursday and Friday, respectively.
Data released Tuesday showed US job openings fell to the lowest level since 2021 and below market expectations, indicating the labour market could be cooling.
“At face value that suggests there probably is some underlying trend cooling in the background,” Taylor Nugent of National Australia Bank said on the Morning Call podcast following the JOLTS data.
But overall there was “nothing to say that things are really tightening, that the Fed’s going to be particularly concerned the labour market is re-emerging as a source of risk for inflation, but not necessarily bad news either from that data in totality,” he said.
Yields on 10-year US Treasuries have edged up to above 4.3 percent this week, the highest since early July, suggesting that some market participants are increasingly counting on more limited rate cuts from the Fed at its November 7 meeting.
Key figures around 0400 GMTTokyo – Nikkei 225: UP 1.3 percent at 39,390.49
Hong Kong – Hang Seng Index: DOWN 1.1 percent at 20,480.25
Shanghai – Composite: DOWN 0.3 percent at 3,276.80
Euro/dollar: UP at $1.0817 from $1.0816 on Tuesday
Pound/dollar: DOWN at $1.3003 from $1.3010
Dollar/yen: DOWN at 153.33 yen from 153.57 yen
Euro/pound: UP at 83.19 pence from 83.13 pence
Brent North Sea Crude: UP 0.4 percent at $71.39 per barrel
West Texas Intermediate: UP 0.4 percent at $67.47 per barrel
New York – Dow: DOWN 0.4 percent at 42,233.05 (close)
Subscribe to our daily newsletter
London – FTSE 100: DOWN 0.8 percent at 8711bet,219.61 (close)
READ NEXT PH government debt rises to P15.89T in September Shares tumble for scandal-hit Hino Motors after huge net loss EDITORS' PICK Comelec reviews Vico Sotto’s letter vs rival, findings out next week LIVE UPDATES: Typhoon Leon Remembering our furry family: Filipinos honor deceased pets, strays Siargao hosts biggest tournament yet: 28th Siargao Int’l Surfing Cup QS5000 Leon may dump over 200 millimeters of rain in Batanes, Cagayan ‘Antoway’: Bontoc’s unique mourning for the dead at risk of dying MOST READ Cona of party-list group nominees now on Comelec website Super Typhoon Leon to bring heavy rains over Northern Luzon LIVE UPDATES: Super Typhoon Leon LIVE: PBA Finals Ginebra vs TNT Game 2 October 30 Follow @FMangosingINQ on Twitter --> View comments