Korea Producer Price, Japanese Yen, Hang Seng index

Cryptocurrencies rise after FTX co-founder, co-CEO accuses Alameda

Cryptocurrencies soared after embattled FTX co-founder Gary Wang and Alameda Research co-CEO Caroline Ellison pleaded guilty to federal charges.

According to Coin Metrics, Bitcoin recently gained 0.15% in the past 24 hours to trade at $16,826. Ether rose 0.34% to $1,210.72.

Digital currencies like Cronos and Cardano have also taken off.

Former FTX CEO Sam Bankman-Fried, who is now facing eight federal criminal charges, was arrested last week.

– Lee Ying Shan

Oil prices are rising due to stocks of heating oil and jet fuel

Oil prices rose due to what the US expects National Weather Service It was described as a “dangerous cold” over the next few days.

Brent crude rose 0.52 percent to $82.63 a barrel, while U.S. crude rose 0.64 percent to $78.79 a barrel.

On a broader scale, year-end holiday travel is also expected to increase jet fuel consumption.

– Lee Ying Shan

Australia and China agreed to resume talks on trade issues

Australian Foreign Minister Penny Wong and her Chinese counterpart Wang Yi have agreed to resume trade talks and bilateral ties, according to a joint statement released by Australia.

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The meeting comes after a long hiatus in dialogue since China imposed trade sanctions on Australian wheat in May 2020 and Australian wine in March 2021.

The statement said that the two sides also discussed international security, trade barriers, climate change and human rights.

– Lee Ying Shan

Hong Kong stocks are rising as authorities pledge to support the real estate industry

The IMF calls the Bank of Japan’s latest move ‘sensible’

The International Monetary Fund supported the Bank of Japan’s recent decision to expand its monetary policy tolerance.

Ranil Salgado, head of Japan’s mission at the IMF, said, “With uncertainty surrounding the inflation outlook, adjusting the Bank of Japan’s output control settings is a reasonable step given concerns about bond market performance.”

Salgado added more clarity on the central bank’s monetary policy changes that could improve the BOJ’s confidence and “help market expectations,” he said.

– Jihye Lee

CNBC Pro: The investing pro recommends 6 great stocks for another tough year

Destination Wealth CEO Michael Yoshikami said he expects market volatility to be “huge” in 2023, but investors need not stay on the sidelines.

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“Look. That’s the key,” he said. “The alternative is to take money out of the market, you keep it in cash until the market recovers. So, this is a way to safely still be in the market with more defensive names and still be able to participate in the market. if he wakes up.”

He named six large-cap stocks that investors can invest in.

Pro subscribers can read more here.

– Zavier Ong

South Korean producer prices see slowest growth since April 2021

South Korea’s producer price index for November grew 6.3% from a year earlier, marking the slowest growth since April 2021 and the fifth straight month of decline.

Compared to a month ago, the index decreased by 0.2 percent due to the decrease in the price of agricultural products.

The producer price index is a measure of what companies charge for their products in the pipeline.

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– Lee Ying Shan

Customer trust beats expectations

The Conference Board’s consumer confidence index rose to 108.3 in December from 101.4 in November, beating a StreetAccount consensus estimate of 100.5. At the same time, this number was the highest index since April.

“Inflation expectations retreated in December to their lowest level since September 2021, with recent falls in gas prices a big boost. Holiday sentiment improved but plans to buy homes and big-ticket appliances cooled further,” Lynn Franco, senior director of economic indicators at the Conference Board, said in a statement.

“This shift in consumer preference from big-ticket items to services will continue into 2023, as will inflation and rising interest rates,” Franco added.

– Fred Imbert

Stocks fell for a second day

Stocks rose for a second day on Wednesday after favorable earnings results from Nike and FedEx.

The Dow Jones Industrial Average gained 526.74 points, or 1.6%, to end at 33,376.48. The S&P 500 rose 1.49% to 3,878.44, while the Nasdaq Composite climbed 1.54% to end at 10,709.37.

– Samantha Subin


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