HONG KONG, Oct 11 (Reuters) – Asian stock markets fell and the dollar rose on Tuesday with investors worried about rising interest rates and an escalation in the Ukraine war, while Treasury yields leapt as an unnerving collapse in British gilts ricocheted around global bond markets.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.7% to a two-year low, led by a deepening slide for chipmakers and China tech stocks in the wake of U.S. export curbs aimed at hurting Chinese technology development.
Full coverage: REUTERS
Cryptoverse: Hack Jitters Push Bitcoin Investors Back To The Future
Oct 11 (Reuters) – It’s not easy being a crypto investor.
They’ve seen the value of their holdings drop like a brick this year, and now many are stewing over the safety of their crypto cash after a series of heists that’s seen around $2 billion spirited away by hackers.
Enter the ghost of technology’s past.
Hardware wallets – old-school physical devices similar to USB drives that stash crypto holdings offline – might seem a throwback to a more innocent digital age, but they’re proving to be a popular response to a cutting-edge conundrum.
Full coverage: REUTERS
Sri Lanka Cabinet Approves Downgrade To ‘Low Income Country’
COLOMBO, Oct 11 (Reuters) – Sri Lanka’s cabinet has approved a proposal to downgrade the island nation’s economic status to “low-income country”, in order to get access to concessional funding from international organisations, the cabinet spokesman said on Tuesday.
Sri Lanka’s economy is in a deep slump, shrinking at an annual 8.4% in the June quarter in one of the steepest quarterly declines.
Per capita GDP was $3,815 in 2021, which had placed it in the lower-middle economy category, according to the World Bank.
Full coverage: REUTERS
Analysis: Musk’s Banks May Have A Way To Cut Losses From Twitter Deal
Oct 11 (Reuters) – Elon Musk’s banks, faced with huge losses on their commitment to finance the $44 billion buyout of Twitter Inc (TWTR.N), may not be able to back out of the deal easily but they might have a way to minimize the hit they take.
Morgan Stanley (MS.N), Bank of America Corp (BAC.N), Barclays Plc (BARC.L) and Mitsubishi UFJ Financial Group Inc (8306.T) led a $13 billion financing for the bid by Musk, the world’s richest man and chief executive of Tesla Inc (TSLA.O) and SpaceX.
Full coverage: REUTERS
Oil Prices Inch Lower As Dollar Firms, China COVID Worries Dent Demand
SINGAPORE, Oct 11 (Reuters) – Oil prices slid on Tuesday, extending losses of nearly 2% in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China raised concerns of slowing global demand.
Brent crude futures fell 21 cents, or 0.2%, to $95.98 a barrel by 0618 GMT, after falling $1.73 in the previous session.
U.S. West Texas Intermediate crude was at $90.82 a barrel, down 31 cents, or 0.3%, after losing $1.51 in the previous session.
Full coverage: REUTERS
