Bitcoin drops more than 4%
Bitcoin dropped over 4% to $60,350 as it extended a decline through a week that also included an upgrade to its blockchain.
The world’s biggest cryptocurrency’s value has more than doubled since June. It hit an all-time high following the launch of the first U.S. bitcoin futures exchange-traded fund.
Ether, the second-biggest cryptocurrency by market value, was down 4.5% at $4,355.4.
Saudi sovereign wealth fund nearly triples U.S. stock holdings
Saudi Arabia’s sovereign wealth fund has almost tripled its holdings of U.S.-listed stocks to $43.45 billion in the third quarter from nearly $16 billion in the previous quarter.
The Public Investment Fund, which manages $430 billion in assets, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil. It added shares of Alibaba Group, Walmart, Pinterest, among others in the quarter.
Goods trade slowing due to supply issues, cooler demand: WTO
Following its sharp rebound from the initial shock of the COVID-19 pandemic, global merchandise trade is slowing, with production and supply disruptions in critical sectors dampening growth alongside cooling import demand, the World Trade Organization said.
The WTO noted its goods trade barometer dropped to 99.5 points, close to the baseline of 100, in November following a record reading of 110.4 in August.
“Cooling import demand could help ease port congestion, but backlogs and delays are unlikely to be eliminated as long as container throughput remains at or near record levels,” the WTO said.
Evergrande effect | Shares of Kaisa unit plunge
Shares of Kaisa Prosperity, a property services unit of Chinese developer Kaisa Group, plunged 10% as trading resumed a day after the company said its parent’s liquidity issues would not impact operations.
Kaisa Group has the most offshore debt of any Chinese developer after China Evergrande Group. Kaisa Group’s trading remains suspended.
Oil prices bounce back
Oil prices bounced back after dropping earlier in the session as worries over tight inventories underpinned prices. Brent futures gained 0.74%, to $82.66 a barrel, while U.S. WTI crude climbed 0.67%, to $81.42 a barrel.
Rupee slips against U.S. dollar
The Indian rupee depreciated against the U.S. dollar. The domestic unit opened on a weak note at 74.49, then lost further ground and touched 74.53 against the greenback in initial deals, registering a decline of 7 paise from the last close. The Indian currency was weighed down by a lacklustre trend in the domestic equity market and firm American dollar.
Markets update
Indian indices opened flat amid mixed global cues. The Sensex opened at 60,755.38 up 36.67 points after ending marginally higher in the previous session. Similarly, the Nifty opened at 18,127.05, up 17.6 points.
Major Asian share indices edged higher as relief in China’s property sector supported investor sentiment. Chinese blue chips rose 0.4% and Hong Kong’s Hang Seng added 0.7%.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.27% to a 2-1/2 week high. Japan’s Nikkei gained 0.22% and Topix added 0.38% in the morning trade. South Korea’s Kospi rose 0.12%.
In U.S., the Dow Jones Industrial Average fell 12.86 points, or 0.04%, to 36,087.45, the S&P 500 lost 0.05 point, or flat, to 4,682.80 and the Nasdaq Composite dropped 7.11 points, or 0.04%, to 15,853.85.
---- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)