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July 24th - Marcel Thieliant, Head of Asia Pacific at Capital Economics, stated that the Bank of Japan (BOJ) may be more pessimistic about Japanese economic activity and is likely to keep interest rates unchanged at its meeting next week. Thieliant noted that although the BOJ believed in June that downside risks to economic activity had diminished, "we believe that the subsequent resurgence of oil prices has dampened the central banks optimism." Thieliant added that the BOJ will "certainly maintain its view that inflation risks are skewed to the upside." Capital Economics expects the BOJ to raise its policy rate to 1.25% in October.July 24th - SK Hynix and Samsung Electronics are about to face scrutiny from investors regarding memory chip demand. Currently, the South Korean stock market has become a key indicator of global AI market sentiment, but it is experiencing significant volatility driven by leveraged chip trading. Japanese competitor Kioxia will also release updates, addressing the issue of its market capitalization halved in just a few weeks, highlighting the continued risk of market volatility amid growing concerns that the AI-driven rally has gone too far. HSBC analysts point out that rising high-bandwidth memory (HBM) prices and the launch of the more expensive HBM4 chip, crucial for AI development, should support the performance of Samsung and SK Hynix, thus alleviating investor concerns about a slowdown in profits in the second half of the year.Hong Kong-listed AI stocks saw some gains, with Zhipu (02513.HK) rising over 10%.The yield on Japans two-year government bonds rose 1.5 basis points to 1.505%, hitting a new high since May 1995.On July 24th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4950%, and the lowest was 0.7420%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0130%, and the lowest was 0.9240%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0620%, and the lowest was 0.9640%.

Coinbase CFO says full contagion impact of FTX collapse still to show

Skylar Shaw

Nov 17, 2022 16:16

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According to Alesia Haas, chief financial officer of Coinbase Global Inc., the true impact of Sam Bankman-failure Fried's FTX's on the cryptocurrency sector has yet to be revealed.


In an interview with the WSJ, Haas said, "What we are witnessing now is a fallout of FTX that is becoming much more like the 2008 financial catastrophe because it is revealing weak credit practices and is exposing poor risk management."


The complete impact of the incident won't be clear for a few days or weeks, Haas stressed.


In the highest-profile crypto meltdown to date, FTX filed for bankruptcy protection in the US on Friday after traders withdrew billions from the platform in just three days and rival exchange Binance abandoned a rescue plan.


After FTX warned of a "serious liquidity issue," the drop has increased concerns about the viability of the cryptocurrency industry. Since that time, authorities have started looking into the business, and lawmakers have demanded more precise regulations.


According to Haas, there will be a push for regulation both domestically and internationally.


Coinbase recently suffered a second round of staff cuts this year, which many feel would allow them to gain market share as a result of FTX's demise.


As investors sell riskier assets due to rising interest rates and concerns about an economic slowdown, cryptocurrencies are under pressure. Approximately 81% of Coinbase's shares have fallen this year.


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