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Asian stocks are showing mixed results as investors await the Federal Reserve's final rate decision of the year. In related news, Japanese automakers Nissan and Honda have confirmed ongoing discussions aimed at closer collaboration.
South Korea's antitrust regulator has fined Kakao Mobility $10.5 million for unfairly restricting competitors' access to its dominant taxi-hailing platform, Kakao T, which holds a 96% market share. This penalty is a reduction from an earlier $50.3 million fine due to overestimated profit calculations. Additionally, Kakao Mobility faces a $2.47 million fine from the Financial Services Commission for accounting fraud, with the case referred to prosecutors for further investigation.
Asian shares mostly declined following a record-setting day for the Nasdaq ahead of the Federal Reserve's upcoming interest rate decision. Tokyo's Nikkei 225 fell 0.2%, while Chinese markets continued to slide, with the Hang Seng down 0.1% and the Shanghai Composite losing 0.7%. In the U.S., the S&P 500 rose 0.4% and the Nasdaq climbed 1.2% to a record close, driven by strong performance from Broadcom. The Fed is expected to announce a third consecutive rate cut, aiming to support the job market as inflation stabilizes near its 2% target.
The US Ethereum spot ETF experienced a significant inflow of approximately $51.1 million, marking the 16th consecutive trading day of net inflows. Notably, BlackRock ETHA led with about $30.7 million, followed by Fidelity FETH with $4.1 million, Bitwise ETHW with $8.7 million, and Grayscale Mini ETH with $7.6 million. Other products reported no net inflows or outflows.
Upbit's listing of MOCA Network has triggered a staggering 7,500% surge in trading volume, reaching $1.32 billion, and a 160% price rally, peaking at $0.426. A whale moved 9.5 million MOCA tokens to Bybit, potentially netting a $2.55 million profit. Additionally, Animoca Brands secured $10 million in funding for Mocaverse, aiming to enhance its Web3 infrastructure and digital property rights, with over 1.79 million Moca IDs registered and partnerships with major platforms underway.
BYDFi has officially joined South Korea’s CODE VASP Alliance, enhancing its compliance with local regulations, including the 'Travel Rule' for crypto transactions. This partnership, which integrates VerifyVASP's compliance services, underscores BYDFi's commitment to safety and transparency in the crypto market. Co-founder Michael Hung highlighted that this milestone significantly advances their global compliance strategy and user security.
BYDFi has officially joined South Korea’s CODE VASP Alliance, enhancing its compliance with local regulations and integrating a Travel Rule compliance solution. This partnership, aimed at meeting stringent AML and CFT standards, marks a significant step in BYDFi's commitment to providing a secure and transparent trading environment. Co-founder Michael highlighted the importance of this collaboration in strengthening user security and advancing the platform's global compliance strategy.
Most Asian stocks declined ahead of the U.S. Federal Reserve's interest rate decision, with Chinese shares falling due to disappointing retail sales data, raising concerns about the economy's recovery. Japan's market remained stable as the Bank of Japan is expected to maintain current rates, while South Korea's index showed little change following the president's impeachment. Overall, investor sentiment was cautious globally as markets awaited clarity from the Fed amidst persistent inflation concerns.
European stock futures are poised to open lower following a decline in Chinese equities, driven by disappointing retail sales data that fell short of expectations. Concerns are heightened by Moody’s credit downgrade of France and a looming vote of confidence for German Chancellor Olaf Scholz, which could lead to snap elections amid economic challenges.In Asia, stocks also fell, with China's retail sales increasing by only 3% year-on-year, below the anticipated 5%. This has raised doubts about the effectiveness of stimulus measures, while Korean stocks faced volatility following the impeachment of President Yoon Suk Yeol.
Asia begins the final trading week of 2024 with a focus on the monthly 'China data dump' and central bank decisions, including a likely rate cut from the Federal Reserve. Investors remain optimistic amid easing monetary policies, while the Bank of Japan may consider a rate hike following positive business surveys. Key Chinese economic indicators, including industrial production and retail sales, are set to be released, alongside concerns over the South Korean won following President Yoon Suk Yeol's impeachment.
South Korean Won
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Asian stocks show mixed performance ahead of Federal Reserve rate decision
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