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Russian President Vladimir Putin: The budget deficit is not serious.September 3 – Korea Electric Power Corporation (KEPCO) is in talks with Samsung Electronics and SK Hynix regarding a multi-billion dollar prepayment plan for electricity bills to raise funds for the construction of the power grid needed for a new semiconductor industry cluster. Under the current proposal, Samsung Electronics will prepay 20 trillion won, and SK Hynix will prepay 5 trillion won, totaling 25 trillion won, roughly equivalent to electricity bills for the next five years. KEPCO stated in a press release, “The large-scale prepayment system is a mechanism for companies urgently needing to expand their power grid and KEPCO, which needs investment funds, to mutually meet their needs. Specific details, including the prepayment amount and coverage period, have not yet been finalized.”September 3 - The China Earthquake Networks Center officially measured a 3.8-magnitude earthquake in Changji City, Changji Prefecture, Xinjiang, at 14:18 on September 3, with a focal depth of 25 kilometers.Xiyin-W (00625.HK) fell more than 10% on its third day of trading.September 3 – German Chancellor Merz will meet with European Central Bank (ECB) officials in Berlin next week. The ECB will hold its interest rate decision meeting in Berlin, amidst rising speculation about ECB President Lagardes future. Sources indicate that Merz will attend a formal dinner hosted by the German central bank on Tuesday, followed by a two-day ECB monetary policy meeting in Berlin. The ECB holds its annual interest rate meeting outside its Frankfurt headquarters in a Eurozone country, with each member state hosting the meeting on a rotating basis. This meeting is expected to see a 25 basis point rate hike. Merz will use this opportunity to discuss Germanys improving economic outlook with ECB officials, but the meeting comes at a time of uncertainty surrounding Lagardes future leadership of the ECB. Lagarde has hinted that she may not complete her term, which ends in October 2027, and the World Economic Forum (WEF) is seeking to invite her to become its next president. Meanwhile, the Merz government is weighing whether to nominate Bundesbank President Nagel to succeed Lagarde.

Crypto Market Daily Highlights: XRP Led a Choppy Top Ten Session

Jimmy Khan

Feb 23, 2023 16:01

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It was a mixed session for the crypto top ten on Wednesday. XRP led the way, with BNB, DOGE, and MATIC bucking the bearish trend. The mixed session left BTC short of the $25,000 handle for the second time in seven sessions.


On Wednesday, the heavily anticipated FOMC meeting minutes drew plenty of interest. Less hawkish than expected, the broader crypto market cap responded to the minutes with a late partial recovery.


There were no surprises, with the minutes noting that inflation remained well above the Fed target and that labor market conditions are still very tight, contributing to the upward trend in wages and prices.


However, the markets were mindful of the shift in sentiment toward the US economy, labor market conditions, and inflation since the last FOMC meeting. The US unemployment rate fell to 3.4%, spending rebounded, service sector activity surged, and inflation remained sticky, questioning Fed Chair Powell’s disinflation view.


Mixed sentiment toward the minutes left the Dow and the S&P 500 with losses of 0.26% and 0.16%, respectively, while the NASDAQ Composite rose by 0.13%.


It was also a busier session on the crypto news wires. New York Attorney General filed charges against CoinEx for failing to register as a securities and commodities broker-dealer. NFTs were in the spotlight, with a Federal Judge ruling that NBA Top Shot NFTs could be unregistered securities.

The Day Ahead

In the afternoon session, US economic indicators and the NASDAQ Index will likely provide direction. Initial jobless claims and Q4 GDP numbers will be in the spotlight. An unexpected fall in jobless claims and a hotter-than-expected US economy could fuel Fed Fear.


Investors should also monitor Fed chatter. FOMC member Bostic speaks today. Following the FOMC meeting minutes, investors may need more up-to-date guidance on where the Fed stands vis-à-vis inflation, the economic outlook, and interest rates.


However, the crypto news wires also need tracking for events that could move the dial. Binance will remain a focal point, with FTX, Genesis, and Silvergate Bank updates needing consideration. However, regulatory activity and US lawmaker chatter will remain the key drivers.


The NASDAQ mini was up 69.5 points this morning, supporting the crypto market in the final hour.


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