Asian markets mix on Friday
Asian markets had a mixed trading day.
Korea’s Kospi slipped 0.13%, finishing at 3,188.07, whereas the smaller Kosdaq gained 0.29%, reaching 820.67.
In Australia, the S&P/ASX 200 surged by 1.37%, hitting a record high of 8,757.2.
Japan’s Nikkei 225 dropped 0.21% to 39,819.11, with the Topix index down 0.19% at 2,834.48.
Mainland China’s CSI 300 ended the day up 0.6%, closing at 4,058.55.
Bitcoin prices rise above $120,000
Bitcoin prices increased by over 1%, reaching $120,692.67 on Thursday following the U.S. House of Representatives passing a bill aimed at establishing a regulatory framework for Stubcoin, a cryptocurrency pegged to traditional assets like the U.S. dollar.
Ether prices rose more than 5% to $3,634.33.
This long-anticipated bill has now reached President Donald Trump’s desk, who is expected to sign it.
Bitcoin prices are back above $120,000.
China surpasses Kickstart trading date
Stocks in mainland China and Hong Kong opened higher amid the regional mixed trading atmosphere.
Mainland China’s CSI 300 rose 0.27%, while Hong Kong’s Hang Seng Index increased by 1.28%.
The Hang Seng Tech index, tracking major technology companies in Hong Kong, enjoyed a 1.73% rise.
Korean legal reforms bolster stock market normalization, says activist company CEO
The Korean stock market has been significantly undervalued or “normalized” for about six to seven years.
This follows a recent revision of commercial law, passed on July 3rd, which expanded the obligations of board members to safeguard minority shareholders’ interests, arguably enhancing foreign investment trust.
This amendment transforms what used to be a major suppressor of South Korean stock prices, according to Lee.
He mentioned previously, boards could legally devalue shares without repercussions. The new law notably alters the definition of fiduciary duty.
The Kospi index has already seen over a 33.16% increase since the start of the year, with a price-to-book ratio of 1.07.
TSMC shares will rise more than 2% after the second quarter results
Australian stock markets rise and hit highs
Australia’s S&P/ASX 200 climbed 0.58% to a record high of 8,689.4 during early trading. The benchmark index has jumped 6.62% since the year’s beginning.
Heavyweights like BHP and Rio Tinto saw increases of 1.7% and 1.32% respectively, while biotech firm CSL also rose by over 1.7%.
Asian markets open on green on Friday
The Asian market opened strong on Friday. The Japanese benchmark Nikkei 225 was up 0.39% at the open, with the Topix increasing by 0.26% as of 8:02 AM local time.
Korea’s Kospi added 0.21%, and the smaller Kosdaq climbed by 0.28%.
Australia’s S&P/ASX 200 gained 0.44%.
Japan’s core inflation will cool down in June as expected, descending from a height of 29 months as rice prices ease.
Japan’s core inflation dipped to 3.3% in June, down from a 29-month high of 3.7% as rice inflation showed signs of easing.
This figure excludes fresh food prices and aligns with economists’ expectations of 3.3%, as per a Reuters poll.
Headline inflation for the country fell to 3.3% from 3.5% in May.
The “core core” inflation rate, carefully monitored by the Bank of Japan and excluding both fresh food and energy prices, rose to 3.4% from 3.3% the prior month.
This is the opening call for the day
Happy Friday from Singapore!
The Asian market seemed poised for higher openings leading into the weekend.
The Japanese Nikkei 225 was expected to open positively, with Chicago futures at 40,105 and Osaka futures last traded at 40,060, compared to last index closing at 39,901.19.
Australia’s S&P/ASX 200 also appeared set to start higher, with futures tied to a benchmark of 8,650 relative to a final close of 8,639.
Hong Kong’s Hang Seng Index futures indicated a stronger open, sitting at 24,674, compared to the final close of 24,498.95.
Major stock indexes will rise on Thursday
Crypto-regulation invoices move forward after record-setting House votes
The future of three cryptocurrency bills in Congress is currently unclear as House Republicans navigate the legislative process.
Late Wednesday, House GOP approved rules for discussing these crypto-related invoices alongside budget packages for the Pentagon, allowing for consideration of these bills. The vote took an unusually long time.
These three bills include one Genius Act, which passed the Senate in June, and two others that originated in the House. One seeks to prevent the Federal Reserve from creating central bank digital currencies.
Recent optimism surrounding cryptocurrency and institutional purchases of Bitcoin Exchange Traded Funds (ETFs) have driven Bitcoin prices up.
