4 hours ago
The Bank of Korea leaves the key interest rate unchanged for the eighth time in a row
Bank of Korea Governor Rhee Chang-yong at an event during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC, USA, on Friday, April 14, 2023.
Bloomberg | Bloomberg | Getty Images
The Bank of Korea left its key interest rate unchanged for the eighth consecutive day on Thursday.
South Korea's central bank left interest rates at 3.50%, in line with expectations of economists polled by Portal. Investors now await Governor Rhee Chang-yong's press conference at around 11:10 a.m. Korean time.
Inflation in the country has shown signs of easing, with consumer price growth at 3.2% last month.
The BOK aims to reduce inflation to 2% by the end of 2024 or early 2025.
—Shreyashi Sanyal
38 minutes ago
Australian trade data shows imports fell 7.9% in November
Australia's imports fell 7.9% in November 2023, trade data showed.
Merchandise imports fell by AU$2,988 million, led by non-industrial transport equipment, while exports rose by AU$789 million, or 1.7%, driven by shipments of coal, coke and briquettes.
Imports fell more than the 2.9% decline expected in a Portal poll, while export growth beat expectations for a 0.8% rise.
Exports also reached an eight-month high in November.
Australia's S&P/ASX 200 index had gained 0.50% by the final hour of trading.
—Shreyashi Sanyal
5 hours ago
Crypto stocks rise after SEC greenlights US Bitcoin ETFs
5 hours ago
House committee calls for SEC Chairman Gensler hearing following X account controversy
The House Financial Services Committee now wants SEC Chairman Gary Gensler to provide details about what led to the regulator's X account publishing a false social media post about Bitcoin ETFs.
“To better understand how this breach occurred and how the SEC will ensure that it cannot happen again, please inform the Committee staff no later than January 17, 2024,” Committee Chairman Patrick McHenry wrote in one Letter dated January 10 to Gensler.
On Tuesday, the Securities and Exchange Commission's X account published a false post saying the regulator had approved Bitcoin ETFs for trading. Bitcoin price initially rose sharply but then fell below $46,000.
The SEC said her account had been compromised. Late Tuesday evening, X said a preliminary investigation revealed that “an unidentified individual” had gained control of a phone number linked to the SEC account.
“This failure is unacceptable and it is troubling that your agency could not even meet the standard you demand of the private sector,” McHenry said in his letter.
Read the letter here.
Ultimately, the SEC approved rule changes to allow Bitcoin ETFs on Wednesday.
-Darla Mercado, Christina Wilkie
6 hours ago
A change in Bitcoin ETF rules may “change the dynamics of cryptocurrency investing,” says Moody’s Investors Services SVP
According to Rajeev Bamra, senior vice president of digital finance at Moody's Investors Service, the Securities and Exchange Commission's approval of a rule change allowing the creation of Bitcoin exchange-traded funds in the US may shake up the crypto investment landscape.
The rule has been closely watched because it can give regular investors access to cryptocurrencies. Bamra said the change could lead to more interest from institutions, which in turn could help reduce volatility in the market.
“The SEC’s approval of spot Bitcoin ETFs has the potential to simplify and secure Bitcoin investments for a broader investor base, which could change the dynamics of cryptocurrency investing,” he said. “It could lead to significant inflows from institutions interested in entering the cryptocurrency market as it could provide a reliable and transparent price discovery mechanism. This could lead to a more stable and liquid crypto market, which is a positive development for the digital financial ecosystem.”
Bamra noted that Bitcoin and Ether made cryptocurrencies the best-performing asset class in 2023. However, he said global monetary policy and the availability of cryptocurrencies to institutional investors will help determine whether this trend continues.
—Alex Harring
6 hours ago