Bitcoin is approaching the $90,000 mark in the first exchanges in Asia on Tuesday, November 12, propelled by a “Effet Trump”while the Chinese markets await announcements of results and Tokyo starts to rise again.
Non-stop rise for Bitcoin
Bitcoin is shattering its own records one after the other, coming close to the $90,000 mark on Tuesday morning. The leading digital currency by capitalization peaked at $89,599 around 11:20 p.m. GMT on Monday, before falling to $89,200 on Tuesday around 01:30 a.m. GMT.
Cryptocurrencies continue to soar with the return to the White House of Donald Trump, who promises to deregulate this sector, going against the trend of the more restrictive approach favored by current President Joe Biden. “Trump’s pro-cryptocurrency stance and his bold promise to make the United States the “world capital of bitcoin and cryptocurrencies” have injected new fuel into the digital currency frenzy”and highlighted Stephen Innes of SPI Asset Management.
Chinese markets await results
In early trading in Hong Kong, the Hang Seng index fell 0.48% to 20,329.89 points around 01:35 GMT, awaiting announcements of results this week from giants Tencent and Alibaba. The markets were also left hungry after China's announcement at the end of last week of an increase of 780 billion euros in the debt ceiling of local authorities to support its economic activity.
“Friday's announcement lacked additional stimulus measures to support China's sluggish consumption and struggling real estate market”estimated Charu Chanana, currency strategist at Saxo Capital Markets. “Some believe this conservative approach could indicate that Beijing is conserving its resources in anticipation of potential anti-China measures under the incoming Trump administration.”
The Shanghai composite index dropped 0.12% to 3,465.96 points, while that of Shenzhen rose 0.36% to 2,141.35 points.
Tokyo is on the rise again
The Tokyo Stock Exchange was well oriented following the new records broken on Wall Street the day before and the re-election of the Japanese Prime Minister. Around 01:40 GMT, the flagship Nikkei index gained 0.6% to 39,771.09 points, and the broader Topix index rose 0.88% to 2,763.81 points.
Japanese Prime Minister Shigeru Ishiba retained his post on Monday following a parliamentary vote, but will have to settle for a fragile hold on power after his party lost an absolute majority in the lower house after the legislative elections from the end of October. This vote nevertheless “dissipated short-term uncertainties, which could encourage risk-taking” on Japanese markets, commented analysts at Monex Securities.
Ishiba promised Monday evening more than 61 billion euros (10,000 billion yen) in aid to the artificial intelligence and semiconductor sector by 2030.
Semiconductors are failing
On the stock market, however, chip-related stocks suffered in the wake of the fall in the shares of sector giant TSMC in New York, after several media outlets claimed that the American government had ordered it to stop deliveries of its chips. the most advanced on the Chinese market.
The big Japanese names in the sector increased their losses in Tokyo, like Advantest (-2.07%) or Tokyo Electron (-1.71%).
On the foreign exchange market, the dollar increased by 0.1% against the Japanese currency, to 153.90 yen per dollar. It was stable against the common European currency, at 1.0654 dollars per euro.
After falling the day before, weighed down by Chinese stimulus measures considered disappointing, oil prices recovered on Tuesday morning in Asia. Around 01:40 GMT, the price of a barrel of Brent from the North Sea rose 0.15% to $71.94, and that of West Texas Intermediate (WTI) gained 0.19% to $68.17.
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