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Asian stocks rebounded as muted US inflation reignited Federal Reserve rate cut bets, with the MSCI Asia Pacific Index ending a six-day decline. US equity contracts rose following a 1.1% increase in the S&P 500 Index, while the dollar stabilized after a recent drop. In China, semiconductor stocks gained as Premier Li Qiang emphasized innovation and infrastructure development, suggesting potential upside from policy easing despite concerns over US tariffs.
Kim Nam-guk, a former South Korean lawmaker, faces a six-month prison sentence for allegedly concealing 9.9 billion won (approximately $6.8 million) in cryptocurrency holdings during his asset declarations in 2021 and 2022. Prosecutors claim he omitted significant crypto profits and transferred assets to bank accounts to disguise his digital holdings. His case highlights ongoing debates over South Korea's crypto regulations and the upcoming implementation of a crypto tax set for January 2025.
Nigeria's Economic and Financial Crimes Commission arrested 792 individuals, including 148 Chinese and 40 Filipinos, in a major crypto-romance scam raid in Lagos. The operation, based in a seven-story building, involved a sophisticated network where local recruits, trained to impersonate foreign women, lured victims into fraudulent investment schemes. Authorities discovered over 500 SIM cards and high-end computers, indicating a well-organized effort targeting individuals primarily in North America and Europe.
As cryptocurrency adoption rises, alternatives to the now-bankrupt Celsius Network are gaining traction. Top contenders include Nexo, YouHodler, MyCointainer, and Crypto.com, offering competitive interest rates on crypto holdings, with APYs reaching up to 12% on stablecoins. These platforms provide various features, such as no lock-in periods and mobile apps, catering to diverse investor needs.
Aptos CEO Mo Shaikh has resigned, effective December 19, to pursue new opportunities while remaining a strategic adviser. Avery Ching, co-founder and former CTO, has taken over as CEO, focusing on expanding the ecosystem and driving technical advancements, particularly in Asia. Under Shaikh's leadership, Aptos launched its layer-1 blockchain mainnet and secured over $400 million in funding.
Asian shares showed mixed results as markets awaited U.S. personal spending data. Japan's core inflation rose to 2.7%, prompting a stronger dollar against the yen. Meanwhile, U.S. markets faced volatility, with the S&P 500 still on track for a strong year despite recent fluctuations.
Asian shares showed mixed results as markets awaited U.S. personal spending data. Japan's core inflation rose to 2.7% year-on-year, prompting a stronger dollar against the yen. Meanwhile, U.S. Treasury yields fluctuated amid mixed economic reports, with the S&P 500 still on track for a strong year despite recent market struggles.
Asian shares showed mixed results as markets awaited U.S. personal spending data. Japan's core inflation rose to 2.7% year-on-year, prompting the dollar to strengthen against the yen. Meanwhile, the S&P 500 remains on track for a strong year despite recent market struggles, with traders adjusting expectations for future interest rate cuts by the Federal Reserve.
U.S. markets are set to open lower as a potential government shutdown looms, following the House's rejection of President-elect Trump's funding plan. Futures for the S&P 500 and Dow Jones fell, while FedEx shares surged 9% after exceeding profit expectations. In Europe, major indices declined, and Japan's inflation data exceeded forecasts, impacting the yen's value.
Asian shares showed mixed results as markets awaited U.S. personal spending data. Japan's core inflation rose to 2.7% year-on-year, prompting the dollar to strengthen against the yen. Meanwhile, U.S. Treasury yields fluctuated amid mixed economic reports, with the S&P 500 still on track for a strong year despite recent market struggles.
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