Major cryptos fall after Binance backs out of deal to buy FTX
Major cryptocurrencies bitcoin and ether fell in early Asia trade on Thursday after Binance backed out of a deal to acquire FTX.
Bitcoin was down nearly 10% to trade at $16,411.65, while ether fell 10.33% to $1,167.95, at 10.22p.m. ET Wednesday, according to CoinDesk data.
Binance on Wednesday pulled out of plans to buy its rival FTX, leaving the embattled crypto exchange on the brink of collapse.
— Lee Ying Shan
CNBC Pro: Think the dollar is about to peak? Here’s how to play it
The U.S. Dollar Index rose to a two-decade high in September. It’s also hit all-time highs against several major currencies in recent weeks, including the British Pound and Japanese Yen.
Now, several market participants now believe the dollar rally, driven by the Federal Reserve raising interest rates more aggressively than other central banks, is about fade over the next three to six months.
CNBC Pro canvassed opinions from investment banks and brokers on where they see the dollar heading. Subscribers can read more here.
— Ganesh Rao
Bank of Japan to maintain current monetary policy in medium-term: Fitch
The Bank of Japan is likely to stand by its dovish monetary policy of ultra-low rates over the medium term despite rising risks, Fitch Ratings said in a release.
“The next annual wage negotiation round in March 2023 could offer clues as to whether wage growth and inflation expectations are becoming entrenched, and we believe BoJ will maintain loose policy to influence these negotiations,” it said.
The agency also forecasts the economy to grow 1.7% in 2022 and 1.3% in 2023, adding a recovery in the services sector is expected.
–Jihye Lee
Earnings preview: Major Apple suppliers in Asia expected to see quarterly growth
Asia’s major chipmakers Taiwan Semiconductor Manufacturing and Semiconductor Manufacturing International Corporation are expecting to see a growth in quarterly revenue.
Taiwan chipmaker TSMC is forecast to report a 45.72% growth for its fourth quarter revenue compared to the same period last year, according to Refinitiv data, after reporting a 47.86% annualized growth in the previous quarter.
Investors will be closely watching for any commentary on a Wall Street Journal report saying the company is considering adding a multibillion-dollar plant in Arizona.
SMIC meanwhile, is predicted to see a growth of 36.73% for its third quarter revenue, according to Refinitiv data. The company saw an annualized increase of 41.59% revenue from their second quarter.
— Lee Ying Shan
Correction: This post was updated to remove an inaccurate characterization of TSMC
Stocks close lower, snapping a three-day win streak
Stocks snapped a three-day win streak, closing lower Wednesday after the results of the midterm elections provided no clear answers about who would control Congress yet, and a crypto selloff weighed on markets.
The Dow Jones Industrial Average fell more than 600 points, or nearly 2%. The S&P 500 shed about 2%, and the Nasdaq Composite slid roughly 2.5%.
— Sarah Min
Source link: https://www.cnbc.com/2022/11/10/asia-pacific-markets-cpi-nikkei-smic-tsmc.html