Cryptocurrency-related stock decline, news of China’s deregulation of online gaming, Ethiopian debt default, etc. | 27th Financial Tankan

12/27 (Wednesday) morning market trends (compared to the previous day)

traditional finance

• NY Dow: 37,545 +0.4%
• Nasdaq: 15,074 +0.5%
• Nikkei average: 33,305 +0.16%
• USD/JPY: 142.3 -0.04%
• Gold futures: 2,079 +0.4%
• NVIDIA: $492.7 +0.9%
• Tesla: $256.6 +1.6%

Today’s NY Dow rebounded and the Nasdaq continued to rise. Although the market was closed for Christmas yesterday, the US Federal Reserve’s most important inflation data, the Personal Consumption Expenditure (November PCE deflator) released last Friday, showed a sustained decline in inflation and raised investors’ expectations for multiple interest rate cuts next year. Ta. Although the market is wary of high prices, it appears to be supported by expectations for interest rate cuts and hopes for a soft landing for the US economy.

November PCE Deflator

• PCE deflator・Month change: Result -0.1% Forecast 0.0% Previous 0.0%
• PCE deflator/YoY comparison: Result +2.6% Forecast +2.8% Previous +3.0%
• PCE core deflator・Month change: Result +0.1% Forecast +0.2% Previous +0.2%
• PCE core deflator・YoY change: Result +3.2% Forecast +3.4% Previous +3.5%

connection: Fed-focused PCE deflator causes negative inflation since 2020, soaring virtual currency-related stocks | 23rd Financial Tankan

Today’s main market materials are as follows:.

• The CME futures market is pricing in five or more interest rate cuts of 0.25% starting next March.
• U.S. home prices rose for 9th consecutive month in October, hitting a record high as supply shortage continues
• US White House supports International Trade Commission’s decision to suspend sales of some Apple Watches
• The Chinese government has approved 105 domestically produced online games in order to ease the proposed tightening of online gaming regulations announced on the 22nd of last week.The stock prices of Tencent and NetEase plunged last week due to the sudden tightening of regulations.
• The African country Ethiopia defaulted on its debt by failing to make interest payments of approximately 4.7 billion yen after the grace period ended on the 25th.

connection: “Bitcoin is the Godzilla of the financial world”, the revival of Solana and the spread of DePIN/AI = Messari’s 2024 report

Important economic indicators/events from this week onwards

• 12/27 (Wednesday) 24:00 U.S. December Richmond Fed Manufacturing Index
• 12/28 (Thursday) 22:30 Number of new unemployment insurance applications for the previous week in the US
• January 1st (Monday) Japanese stock market closed
• 1/2 (Tuesday) US stock market closed
• 1/3 (Wednesday) 24:00 December US ISM Manufacturing Industry Index
• January 4th (Thursday) 4:00pm U.S. Federal Open Market Committee (FOMC) Minutes
• 1/4 (Thu) 22:15 US December ADP employment statistics
• 1/5 (Fri) 22:30 U.S. December unemployment rate

connection:
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

Virtual currency related stocks vary

• Coinbase | $172 (-1.9%)
• MicroStrategy | $603.8 (-2.4%)
• Stronghold Digital Mining | $9.4 (+7.5%)

As the virtual currency Bitcoin temporarily fell below the $42,000 level, virtual currency-related stocks fell.

connection: Total BTC held by global Bitcoin ETFs, 3.8% of maximum supply = CoinGecko analysis

Virtual currency market

• Bitcoin: $42,474 -2.7%
• Ethereum: $2,228 -2.2%
• Solana: $111.2 -7.8%
• BNB: $295.6 +10.7%

connection:AI companion game “Sleepless AI”, Binance’s new virtual currency launch pool BNB rose more than 10% from the previous day

connection: “Cash ETFs could destroy the Bitcoin network” Arthur Hayes’ thoughts

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We have introduced the “Heat Map” function to the CoinPost app for investors!
In addition to important news about virtual currencies, you can also see at a glance exchange information such as the dollar yen and price movements of crypto asset-related stocks in the stock market such as Coinbase.

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https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU

— CoinPost (virtual currency media) (@coin_post) December 21, 2023

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