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Hong Kong-listed AI application stocks showed mixed performance. Meitu (01357.HK) surged over 16%, Kingsoft Cloud (03896.HK) rose over 5%, and Zhixing Technology (01274.HK), Baidu (09888.HK), and Alibaba (09988.HK) all rose over 3%. Meanwhile, 51Vision (06651.HK) fell over 6%, Micro-Robotics (02252.HK) and MyFT (02556.HK) fell over 5.5%, and Xunze (03317.HK) fell over 4%.Hong Kong-listed mainland property stocks continued their upward trend during the session, with China Jinmao (00817.HK) and Yuexiu Property (00123.HK) both rising by more than 6%, Jianfa International Group (01908.HK) rising by more than 5.5%, and China Resources Land (01109.HK), China Overseas Land & Investment (00688.HK), Greentown China (03900.HK), Longfor Group (00960.HK), and many other stocks rising by more than 4%.The main contract for low-sulfur fuel oil (LU) surged 4.00% intraday, currently trading at 5294.00 yuan/ton.May 6 – Following fuel supply concerns in Australia stemming from the conflict with Iran, the country plans to include a A$10 billion (US$7.2 billion) fuel security and resilience plan in next weeks budget proposal. Australian Prime Minister Barnes stated that the plan will help build fuel and fertilizer reserves, including supporting the expansion of total diesel and aviation fuel reserves to a 50-day supply. He also indicated that the government itself will hold approximately 1 billion liters of fuel reserves. The Prime Minister and the Energy Minister discussed the plan after a national security meeting in Sydney. The Energy Minister stated that Australia has responded to the crisis and currently has more fuel reserves than at the start of the conflict with Iran. He said, "This marks a significant shift in our national response. We have been looking at how to better prepare for future shocks."On May 6th, analysts stated that gold futures prices rose as tensions in the Middle East eased. Vivek Dahl of the Commonwealth Bank of Australia noted in a research report that Trumps announcement of a temporary suspension of plans to provide safe passage for ships in the Strait of Hormuz eased tensions. Since gold prices hit an intraday high of $5,422 per ounce on March 2nd, gold futures have generally moved negatively correlated with the level of tension in the Middle East. Dahl added that the upward momentum in gold prices could be driven by several factors: hopes for a ceasefire in the Middle East, market pricing in interest rate cuts due to high energy prices dragging down global growth, and concerns about the independence of the Federal Reserve.

Bitcoin falls below $19,000 as cryptos creak under rate hike risk

Skylar Shaw

Sep 20, 2022 14:27

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On Monday, cryptocurrency prices hit new lows as a result of regulatory worries and a general investor reluctance to engage in risky assets due to impending interest rate increases.


By market value, Bitcoin, the most valuable cryptocurrency, dropped almost 5% to a three-month low of $18,387.


The second-largest cryptocurrency, ethereum, lost 3% to a two-month low of $1,285 and had lost more than 10% in the previous day. The majority of the smaller tokens had larger losses.


Over the weekend, a significant update to the Ethereum blockchain—which supports the ether token—called the Merge changed how transactions are handled and reduced energy consumption.


The value of the token has decreased amid rumors that comments made last week by Gary Gensler, chairman of the U.S. Securities and Exchange Commission, suggested the new structure would draw further regulation. The upgrades' surrounding trades were likewise unwound.


The regulatory outlook is guesswork, according to Matthew Dibb, COO of Singapore's Stack Funds cryptocurrency platform.


Since the Merge, the markets have shed a lot of their excitement, he said. Given the uneasy global background, he said, "It's truly been a sell-the-news sort of event," and predicted that ether will test $950 in the near future.


"From a basic and technological standpoint, the current situation does not appear promising. There isn't a clear quick positive trigger that will support these markets and inject a ton of fresh cash and liquidity, in our opinion.

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