Asian indices drop as traders await US Fed Chairman Jerome Powell’s speech

The Fed released minutes of its July meeting later on Wednesday, which will provide an insight into its deliberations when cutting interest rates for the first time since the financial crisis

Equities stuttered in Asia on Wednesday as investors took a step back after recent gains, with focus now turning to a key speech by Federal Reserve chair Jerome Powell on Friday. Rising hopes for China-US trade talks have provided a much-needed lift to markets over the past two days but with few fresh catalysts, dealers are keeping their powder dry ahead of Friday’s address.

After positive signals from US President Donald Trump and some of his top advisers on Monday over progress in the talks with Beijing, and an olive branch with the delay of a ban on Huawei purchases, there have been few developments for traders to buy on.

“Our trade-war headline inspired relief rally appears to have run its course as I suspect there is still a lot of nervousness among US investors as the global economic realities are just too hard to ignore,” said Stephen Innes at Valour Markets. Hong Kong added 0.2 per cent, Shanghai was barely moved and Tokyo ended down 0.3 per cent…

Bitcoin surges past $11,000 while stocks plunge on trade war fears

The largest cryptocurrency surged as much as 14 per cent from Friday’s close and traded at $11,809 at 10:35 a.m. in New York

International News: Bitcoin climbed above the $11,000 level for the first time since mid-July and led gains among the biggest cryptocurrencies, as risk assets across Asia, Europe and North America tumbled on escalating trade-war tensions.

The largest cryptocurrency surged as much as 14 per cent from Friday’s close and traded at $11,809 at 10:35 a.m. in New York, according to consolidated Bloomberg pricing. The Bloomberg Galaxy Crypto Index tracking a basket of cryptocurrencies jumped 8.6 per cent, as rival digital coins including Ether and Litecoin also rallied.

“With the turmoil in markets and the streets, suddenly digital gold doesn’t seem like such a bad idea,” Jehan Chu, managing partner at blockchain investment and advisory firm Kenetic Capital, said from Hong Kong, where massive public protests continue. “Bitcoin is increasingly seen not only as a bet on the future, but as a shelter for the present.”

While Bitcoin historically has had relatively low correlation with most asset classes, it has lately moved inversely to Asian stocks. Equities were roiled on Monday after China’s yuan fell past 7 per dollar, a key psychological level for traders….