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On January 5th, Hong Kong stocks closed with the Hang Seng Index up 0.03% and the Hang Seng Tech Index up 0.09%. The total turnover of the Hang Seng Index reached HK$283.462 billion. On the sector front, short video concept stocks strengthened throughout the day, with Kuaishou (01024.HK) rising over 11% and Bilibili (09626.HK) rising over 5%. Mainland property stocks were active, with Ronshine China (03301.HK) and Greentown China (03900.HK) rising over 6%. Pharmaceutical outsourcing concept stocks collectively strengthened, with Joinn Laboratories (06127.HK) rising over 13% and Tigermed (03347.HK) rising over 6%. On the downside, commercial aerospace stocks collectively declined, with Goldwind Technology (02208.HK) falling over 8% and Asia Pacific Satellite (01045.HK) falling over 6%. Automotive stocks weakened throughout the day, with Great Wall Motor (02333.HK) falling more than 6% and NIO (09866.HK) falling nearly 6%.The Hang Seng Index closed up 8.77 points, or 0.03%, at 26,347.24 on Monday, January 5; the Hang Seng Tech Index closed up 5.19 points, or 0.09%, at 5,741.63 on Monday, January 5; the H-share Index closed down 20.52 points, or 0.22%, at 9,148.47 on Monday, January 5; and the Red Chip Index closed up 2.83 points, or 0.07%, at 4,086.74 on Monday, January 5.Hong Kong stocks closed higher, with the Hang Seng Index up 0.03% and the Tech Index up 0.09%. Kuaishou (01024.HK) surged over 11%, NIO (09866.HK) fell about 6%, and XPeng (09868.HK) dropped over 4%.On January 5, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A reporter asked about Trumps "threats" to Cuba and other countries. In response, Lin Jian stated that China firmly supports the status of the Latin American and Caribbean Zone of Peace, opposes any actions that violate the purposes and principles of the UN Charter or infringe upon the sovereignty and security of other countries, opposes the use or threat of force in international relations, and opposes external forces interfering in the internal affairs of Latin American countries under any pretext.Spains unemployment rate fell 0.67% month-on-month in December, compared with a previous reading of -0.77%.

Crypto Assets Shed $800 Billion in Market Value in A Month

Skylar Shaw

May 11, 2022 10:34

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According to statistics site CoinMarketCap, crypto assets have lost about $800 billion in market value in the last month, reaching a low of $1.4 trillion on Tuesday, as the end of free monetary policy dampens desire for risk assets.


Bitcoin, which accounts for roughly 40% of the cryptocurrency market, fell to a 10-month low on Tuesday before rebounding to $31,450, only six days after hitting $40,000. It was down more than 54% from its all-time high of $69,000 on November 10th.


Prices of digital assets have fallen, reflecting a drop in stocks on worries of aggressive interest rate rises throughout the world to combat decades-high inflation. The Nasdaq, which is heavily weighted in technology, was down 28% from its all-time high in November 2021.


According to CoinMarketCap, the total crypto market worth was $2.2 trillion on April 2, down from an all-time high of $2.9 trillion in early November.


"Bitcoin remains closely tied to larger economic circumstances, implying that the road ahead may regrettably be bumpy, at least for the time being," stated blockchain data firm Glassnode in a note.


Investors were also alarmed by signs of weakness in stablecoins, which are normally a safer crypto currency. TerraUSD, the fourth-largest stablecoin in the world, lost a third of its value on Tuesday after losing its dollar peg.


According to a study issued on Monday by digital asset management Coinshares, despite bitcoin's price drop, funds and products related to it saw inflows of $45 million last week as investors took advantage of market weakness.


"An enormous amount of liquidity has inflated some of these cryptocurrencies," said Nordea Asset Management's senior macro analyst, Sebastien Galy. As various central banks tighten their monetary policies, he expects crypto, which is also tied to high-growth equities, will face pressure.

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