Aurelia Butler

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    in Economy

    Morning Bid: EM conditions tighten, outflows heighten

    (Reuters) – A look at the day ahead in Asian markets. Asian markets could be in for a rocky ride on Monday, as rising U.S. bond yields, a surging dollar and a wobble on Wall Street on Friday call into question the wisdom of buying local assets.Fed Chair Jerome Powell’s comments on Thursday – that the central bank is in no rush to lower interest rates – continue to reverberate around world markets.The 10-year U.S. Treasury yield on Friday hit 4.50% for the first time in over five months, and Wall Street fell. The Nasdaq lost more than 2% and has fallen four days in a row – the last time it did that was in April.The MSCI World equity index has also fallen four days in a row, its longest losing streak since the first week of September, while the MSCI Asia ex-Japan index lost 4.35%, its biggest weekly decline since June, 2022.If that wasn’t enough for emerging market investors, they are having to grapple with an extraordinary rally in the U.S. dollar. The dollar index last week leapt 1.6%, hit its highest in over a year, and recorded a seventh weekly rise in a row. It is no doubt due for a correction, but momentum is strong and it looks like it will take some bravery and conviction to stand in its way right now. Goldman Sachs’s emerging market financial conditions index last week spiked to a three and a half month high. Against that potent mix of strong U.S. economic data, yields and dollar, it’s no surprise emerging markets are struggling. Citing EPFR Global data, strategists at Barclays (LON:BARC) note that emerging market funds have now posted outflows five weeks in a row, with bond fund outflows particularly strong.Asia’s calendar on Monday is fairly light, with the main highlights likely to be New Zealand producer prices, Singapore non-oil trade figures, Japanese machinery orders, earnings from Mitsubishi UFJ (NYSE:MUFG), and GDP data from Thailand.Economists polled by Reuters expect Thailand’s growth accelerated to a 2.6% annual rate from 2.3% in the April-June period. That would be the fastest pace of growth in one-and-a-half years.The Thai baht has been one of the better-performing Asian currencies against the dollar this year, down only 1.3% year-to-date, and markets are expecting less than 50 basis points of Bank of Thailand easing by the end of next year.Strained U.S.-Sino relations remain in the spotlight, after China’s President Xi Jinping told his U.S. counterpart Joe Biden that the issues of Taiwan, democracy, human rights and rights to development are “red lines” for China and not to be challenged.But Xi also said China is ready to work with the new U.S. administration to “maintain communication, expand cooperation and manage differences.”Here are key developments that could provide more direction to markets on Monday:- Thailand GDP (Q3)- Japan machinery orders (September)- G20 summit in Rio de Janeiro begins More

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    in Economy

    Trump seeks pledge that his Treasury secretary will enact tough tariffs

    Standard DigitalStandard & FT Weekend Printwasnow $29 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    in Economy

    G20 leaders gather in Rio while COP29 delegates seek deal in Baku

    $1 for 4 weeksThen $75 per month. Complete digital access to quality FT journalism. Cancel anytime during your trial.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

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    in Cryptocurrency

    MicroStrategy Bitcoin Stash Surpasses IBM, Nike in Major Milestone

    Since 2020, MicroStrategy has embarked on an aggressive Bitcoin accumulation strategy, positioning the cryptocurrency as its primary treasury reserve asset. As of Nov. 10, MicroStrategy holds nearly 279,420 Bitcoins acquired at an aggregate purchase price of $11.9 billion and an average purchase price of approximately $42,692 per Bitcoin, including fees and expenses.According to Bloomberg, this Bitcoin cache worth nearly $26 billion is larger than the cash and marketable securities of global industry heavyweights including International Business Machines Corp. (NYSE:IBM), Nike Inc (NYSE:NKE). and Johnson & Johnson. Only roughly a dozen corporations, including Apple Inc (NASDAQ:AAPL). and Alphabet (NASDAQ:GOOGL) Inc., have more assets in their corporate treasuries.MicroStrategy created its performance metric, Bitcoin yield, which analyzes the percentage change in the ratio between its Bitcoin holdings and assumed diluted shares outstanding from one period to the next. The year-to-date yield is currently 26.4%.Saylor chose to invest in Bitcoin in 2020 as a hedge against inflation as MicroStrategy’s revenue growth slowed. The firm first made the purchases with cash from operations but has since turned to leveraging the funds from stock issuance and sale, as well as convertible debt sales, to leverage its purchasing power. It has now emerged as the largest publicly traded corporate holder of Bitcoin.MicroStrategy is doubling down on its Bitcoin strategy, aiming to raise $42 billion over the next three years to buy more Bitcoin.This article was originally published on U.Today More

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    in Economy

    Philippines launches interest rate swaps market to boost bond liquidity

    The start of IRS transactions follows the recognition by the International Swaps and Derivatives Association of the benchmark – the overnight reference rate (ORR) – which the Bankers Association of the Philippines helped establish. IRS, a fixture of developed fixed-income markets, lets parties manage rate risk or bet on the direction of borrowing costs by exchanging fixed and floating interest rate streams.The ORR, to be based on the central bank’s daily reverse repurchase auctions, is expected to provide a better benchmark for pricing loans, now based on yields from thinly traded government securities.”We are excited for PESO IRS to go live to help boost transactions, create a benchmark yield curve, and deepen our capital markets,” central bank Governor Eli Remolona said in a statement. “A benchmark curve will help banks and other lenders price loans at various maturities.”Sixteen banks have committed to be market makers for the ORR-based IRS, ensuring pricing across maturities from one month to 10 years and enhancing interest rate transparency, the central bank said.Bangko Sentral ng Pilipinas also said it was working on adopting global master repurchase agreement contracts that will allow banks to access treasury bonds for repo transactions to boost the government securities repo market. More

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    in Economy

    What to expect from the markets under Trump

    Standard DigitalStandard & FT Weekend Printwasnow $29 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    in Cryptocurrency

    CoinList to develop the DePIN Market with the First DePIN Collaboration with U2U Network this Q4

    Recently, CoinList conducted a poll asking users, “What category of projects do you want to see most on CoinList?” underscoring growing interest in decentralized infrastructure solutions. Following this, CoinList announced an exciting partnership with U2U Network, a DePIN-focused Layer 1, for an exclusive pre-listing campaign.DePIN – More than just a trendDecentralized Physical Infrastructure Network (DePIN) is emerging as a technology aimed at shifting how infrastructure is managed. By decentralizing services like computing, energy, and telecommunications, DePIN seeks to offer scalability, resilience, and cost-efficiency beyond what centralized systems typically provide.This innovation represents a new phase of technological progress—one that broadens access and creates opportunities for communities historically excluded from economic growth. DePIN’s impact is set to be significantAs of November 2024, the DePIN sector boasts a market capitalization exceeding $33.6 billion, according to CoinGecko. Venture capitalists are increasingly investing in DePIN projects, indicating strong interest in the sector. A 2023 report by Messari values the market potential for DePIN at $2.2 trillion, with projections to reach $3.5 trillion by 2028. To date, DePIN projects have collectively raised over $1 billion in funding, reflecting growing investor confidence in this area.CoinList, the top 1 IDO platform in crypto, acknowledged the potential of DePIN and joined the market with many successful DePIN projects such as Filecoin, NATIX, Koii, peaq, etc. After the recent successful listing period of Peaq, CoinList has just announced its new collaboration with U2U Network, the leading DePIN Layer1 in Asia, for a new pre-listing campaign. Coinlist x U2U Network: U2U Incentivized Mainnet Saga CampaignU2U Network, backed by Kucoin Ventures, Chain Capital, IDG Blockchain, JDI, Cointelegraph, Crypto Assets Japan, and V3V Ventures, stands as the only DePIN project selected for collaboration by CoinList in Q4 2024, a clear sign of its innovation and leadership. As a modular Layer 1 network, U2U Network uses advanced directed acyclic graph (DAG) technology and Ethereum Virtual Machine (EVM) compatibility to provide fast transactions and quick finality.U2U Network aims to address the fragmented nature of the DePIN market, where full integration across applications is rare. Its vision is to create a complete blockchain solution for DePIN. The network’s unique subnet technology allows for the creation of customizable, independent sub-networks that offer scalability and flexibility tailored for DePIN applications. This design provides high performance, strong security, and adaptability, giving developers the tools to build and launch DePINs efficiently while enabling users to connect, contribute, and earn from various DePIN projects.CoinList’s partnership with U2U Network reflects their shared commitment to advancing the DePIN sector. This collaboration is highlighted by the U2U Incentivized Mainnet Saga Pre-listing Campaign, marking a key step in driving the growth and adoption of DePIN technology. With a way to earn with This campaign to get access to $U2U tokens before they hit the market.Users now have an opportunity to earn $U2U tokens by bridging $USDT on Owlto Finance to receive $pUSDT and then staking $pUSDT in the U2U Incentivized Staking Pool (NASDAQ:POOL). A reward pool of 10,000,000 $U2U tokens has been allocated for this initiative.Timeline: 90 days, from 12th Nov 2024 to 10th Feb 2025For more information, users can visit: https://mainnetsaga.u2u.xyz/ Beyond its partnership with CoinList, U2U Network is set to embark on an ambitious campaign with Bitget, a world-leading cryptocurrency exchange and Web3 innovator. This collaboration marks another significant step in U2U Network’s mission to expand its reach and influence within the DePIN ecosystem. Stay connected with U2U Network’s social channels for upcoming details about this exciting venture.The Future Goes OnAs excitement builds across the community from U2U Network’s pre-listing campaigns, the anticipated listing is set to launch in Q4 2024. With its vision to be a comprehensive blockchain solution for DePIN, U2U Network is poised to take the blockchain space by storm, bringing robust innovation and value to its ecosystem and users alike. As the listing approaches, the path forward for U2U Network promises exciting opportunities and impactful contributions to the blockchain industry and beyond.About U2U Network:U2U Network is a modular L1 with subnet technology that perfect fit for DePIN. Their backers include Chain Capital, IDG Capital, Cointelegraph, JDI Ventures, Kucoin Venture, V3V Fund, Web3Port, and others. The project has also entered into partnerships with AWS, Klaytn Foundation, IoTex, Waterdrip Capital, Chain Catcher, etc. KOLs that have invested in U2U Network are KongBTC, Romano, ImNotTheWolf, Crypto Buzz, Antony, etc. Mainnet is ready with more than 180K wallet addresses. DePIN Subnet launched with U2DPN product with more than 155K downloads, 59K contributer nodes, and 9K DAU in 3 months of launching. 80 dApps committed to building on chain (EVM-compatible) range from crypto applications (Defi, Gamefi, SocialFi, etc) to real-world scenarios (Storage, data mining, etc), and over 40 DePIN project signed MOU and under integration, 25 other projects in the pipeline.About the host VTISVietnam Tech Impact Summit 2024 (VTIS) – The Premier Tech Event in Vietnam.VTIS is a hub for transformative innovations, serving as “The gateway to Vietnam’s emerging technology market”. VTIS connects global experts, businesses, investors, and tech enthusiasts across technology sectors. Focusing on 4 themes—Fintech, AI, Blockchain, Gaming, VTIS will unlock market access, partnerships, and investment opportunities for startups. Hosted by SSI and FPT Group and Organized by SSID.Website: Vtis.ioREFERENCE:This article was originally published on Chainwire More

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    in Economy

    Pakistan discusses $7 billion bailout reform agenda with IMF in unusual talks

    ISLAMABAD (Reuters) – Pakistan discussed its $7 billion bailout reform agenda with the International Monetary Fund during an unscheduled staff visit last week, Finance Minister Muhammad Aurangzeb said on Sunday, suggesting no new taxes are to be imposed. The talks in Islamabad came within six weeks of the IMF approving the bailout, an unusual move as it is rare for the fund to discuss reforms ahead of a review of the reform plan under the loan programme. A first review of Pakistan’s reforms is due in the first quarter of 2025.”We discussed reforms in taxation, energy sector, privatisation of loss-making state-owned enterprises (SOEs) and public finance,” Aurangzeb said in a recorded video statement broadcast by state-run television.After wrapping up the visit, the IMF had said it was encouraged by Islamabad’s reaffirmed commitment to the economic reforms under the Extended Fund Facility its board had approved in September to reduce vulnerabilities.The mission did not state the weaknesses, but sources in Pakistan’s finance ministry have said some major lapses prompted the IMF’s visit. Among these were a shortfall of nearly 190 billion rupees ($685 million) in revenue collection during the first quarter of the current fiscal year, the sources said.The period also saw an external financing gap of $2.5 billion, while Pakistan failed in the bid to sell its national airline.It had prompted fears that Pakistan might need to impose new taxes to bridge the shortfall.But Aurangzeb said the shortfall will be met only with enforcement to get people to pay their taxes, implying there would not be any new revenue measures.”We are going to be very firm on compliance and enforcement,” he said, adding that al the sectors will have to play their role in contributing towards the country’s economy. The IMF said both sides agreed on the need to continue prudent fiscal and monetary policies, and to mobilise revenue from untapped tax bases. Pakistan’s $350 billion economy has struggled for decades with boom-and-bust cycles, needing 23 IMF bailouts since 1958. More