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Eurozone bond yields rose 3-4 basis points after a European Central Bank survey showed that consumers significantly raised their inflation expectations in March.On April 28, the State Council Information Office held a regular policy briefing to introduce the "Opinions on Promoting the Expansion and Quality Improvement of the Service Industry." Shen Zhulin, Vice Chairman of the National Development and Reform Commission, stated that during the 15th Five-Year Plan period, local governments will be guided to promote the construction of urban parking facilities in a categorized manner, with a focus on older residential areas. This will involve revitalizing existing resources and exploring idle and marginal land resources to support the construction or renovation of parking facilities, thereby helping to address the parking difficulties.On Tuesday, April 28, the Hang Seng Index closed down 245.87 points, or 0.95%, at 25,679.78; the Hang Seng Tech Index closed down 112.65 points, or 2.28%, at 4,827.19; the H-share Index closed down 111.51 points, or 1.27%, at 8,644.81; and the Red Chip Index closed down 1.85 points, or 0.04%, at 4,336.7.Arm (ARM.O) shares fell 6.1% in pre-market trading.April 28 – A survey released by the European Central Bank (ECB) on Tuesday showed that eurozone banks tightened credit access in the three months to March and expect it to continue tightening this quarter, driven by the Iranian conflict pushing up energy prices and financing costs. The ECBs quarterly bank credit survey of 21 eurozone countries showed that financing conditions began to deteriorate after the outbreak of the conflict in Iran in late February. Banks tightened their lending standards more than expected, particularly for businesses, the most significant tightening since the third quarter of 2023. The ECB stated, "A rise in risk perceptions of the economic outlook and a decline in banks risk tolerance were the main reasons, with banks noting in an open-ended question that geopolitical and energy developments put pressure on credit tightening." The bank added, "Some banks also reported additional tightening pressure related to exposure to energy-intensive businesses and the Middle East." The ECB said that banks expect credit standards to tighten "generally and more significantly" further in the three months to June.

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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