Hong Kong Financial News

Hong Kong’s spot Bitcoin exchange-traded funds (ETFs) have secured $230 million in assets under management (AUM) in their inaugural week.

Bitcoin (BTC) kicked off the week with robust momentum, maintaining a position well above the $64,000 mark and reaching a high of $64,496.

Bitcoin has officially processed over one billion transactions since its inception.

Read the full story here.)Sensex Today Live : Indian markets were expected to start on a positive note, following global peers higher as colling wages in the US firmed up anticipation of a sooner rate cut by the US Federal Reserve.Gift Nifty futures were trading at 22,686, around 200 points ahead of Nifty 50's Friday close of 22,475.Asian stocks rose on Monday on renewed bets that the Federal Reserve would likely ease rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention.Trading was thinned in Asia with Japan out for a holiday, though markets in mainland China got off to an upbeat start after returning from an extended break.MSCI's broadest index of Asia-Pacific shares outside Japan edged more than 0.5% higher, while China's blue-chip index gained 1.4%.Chinese shares offshore posted strong gains last week while mainland markets were closed from Wednesday to Friday for the Labour Day holiday.Hong Kong's Hang Seng Index rose 4.7% last week and on Friday clocked its longest daily winning streak since 2018. It was last down 0.2%.The Nasdaq-listed Golden Dragon China Index jumped 5.5% last week.Similarly, in currency markets, the offshore yuan was last roughly 0.1% lower at 7.2013 per dollar, after strengthening more than 1% last week, in part due to a broadly weaker dollar.The People's Bank of China on Monday also lifted its official yuan midpoint to the highest in three weeks, catching up with movements offshore.

Asian stocks rose on Monday on renewed bets that the Federal Reserve would likely ease rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention. Trading was thinned in Asia with Japan out for a holiday, though markets in mainland China got off to an upbeat start after returning from an extended break.

Read here: Week Ahead: Q4FY24 Results, FII activity, macro data, global cues among key market triggers this week On Friday, the Indian stock market benchmark indices ended around a percent lower, dragged by profit booking across sectors as well as losses in heavyweight stocks. The Sensex dropped 732.96 points, or 0.98%, to close at 73,878.15, while the broader Nifty 50 settled 172.35 points, or 0.76%, lower at 22,475.85. “Nifty 50 after marking a new high at 22,794 levels, witnessed profit booking and came under pressure.

FSSAI) on Sunday said that India has one of the most stringent standards of maximum residue limits (MRLs) in the world, and that these are fixed at different levels for different food commodities based on risk assessments. MRL is the maximum amount of pesticide residue expected to remain on food products when a pesticide is used according to label directions and is not a health concern for humans, the Indian food regulator said in a press statement.

Bitcoin’s price shows a robust ascent, now trading at approximately $63,200, with recent highs of $64,446. This activity is part of a wider trend that has seen the global crypto market cap increase to $2.36 trillion, up over 7% over the last day.

The CEO of CF Benchmarks, a subsidiary of cryptocurrency exchange Kraken, predicts that crypto exchange-traded funds (ETFs) in Hong Kong will overcome their lackluster start and accumulate over $1  billion in assets under management (AUM) by the end of 2024.

European stocks tracked a tech-driven rally in Asia as investors awaited a critical US jobs report due later on Friday. The yen surged to a three-week high.

A former Societe Generale trader who was fired for unauthorized risky bets has lambasted the French bank for making him a «scapegoat» and failing to take its share of responsibility for missing the trades.

Bitcoin declined on Thursday after the US Federal Reserve decided to maintain interest rates unchanged and its indication that rate cuts might be delayed. Additionally, Bitcoin's downward movement was influenced by a mixed launch of investment products tracking the world's top cryptocurrency and rival ether in Hong Kong.

Student demonstrations spreading across U.S. campuses have drawn attention in Beijing, where comments by some officials and state media have conveyed sympathy for the protesters and criticism of what is seen as a U.S. double standard on protest crackdowns.

Asian stocks rallied on Friday after Apple's record $110 billion share buyback plan lifted the tech sector, while the yen put more distance from recent 34-year lows to cap a tumultuous week that saw suspected interventions from Tokyo. With markets in Japan and mainland China closed on Friday, regional trading activity is likely to be subdued as traders look ahead to the U.S. nonfarm payrolls data later in the day.

Dabur India on Thursday said that all its spices comply with the regulations set up by FSSAI for Indian markets. «All our spices comply with the regulations set up FSSAI for Indian markets and by the Spice Board of India for the overseas markets,» said Mohit Malhotra, CEO of Dabur India. All export consignments are tested by the Spice Board and shipped only once they comply with their regulations and specifications, he said.

Alun Cairns, a Conservative UK Member of Parliament, called on the Financial Conduct Authority (FCA) to reconsider its ban on crypto exchange-traded products (ETPs) for retail investors. In a Politics.co.uk op-ed published Thursday, he raised concerns that the country is falling behind.

Reuters reported on Thursday. The move by the Food Safety and Standards Authority of India comes at a time when the country’s popular spice brands are under scrutiny for quality-related concerns after Hong Kong and Singapore banned certain readymade spices from MDH and Everest—considered household names in India for spicing up our daily food palette. The development is not good news for the world’s largest spice producer and consumer.

Hong Kong’s ZA Bank, a unit of China’s ZhongAn Online P&C Insurance, is reportedly exploring ways to offer virtual asset-related services after new regulations for digital assets launch in June.

India's food safety regulator said on Thursday it had ordered nationwide testing and inspections at all companies making spice mixes, widening a crackdown on the sector as global regulators investigate contamination issues with two popular local brands. Hong Kong last month suspended sales of three spice blends made by India's MDH and an Everest spice mix for fish curry. Singapore ordered a recall of the same Everest mix as well, flagging high levels of ethylene oxide, which is unfit for human consumption and a cancer risk with long exposure. MDH and Everest products are hugely popular in India and also sold in Europe, Asia and North America, and the companies have said they are safe. Still, U.S. and Australian food authorities said they are gathering more information on the matter, and India had already ordered testing of the two brands' products.

Bitcoin's value plummeted by 5.2% to $59,950 during Wednesday's trading session as investors braced for crucial economic data and awaited the Federal Reserve's interest rate decision later in the day. The Federal Reserve Open Market Committee gathers on Tuesday for its monetary policy meeting, which is expected to culminate on Wednesday with a decision to leave the Fed funds target rate in the 5.25% to 5.50% range.

Bitcoin, the largest cryptocurrency by market value, fell 1.75% to $61,222, while the second-largest digital token, Ethereum, slipped 5.2% to $2,998.