Japanese shares rally, bitcoin shoots for the moon -

Japanese shares rally, bitcoin shoots for the moon

Credit: channelnewsasia.com

  • Dec 08 2017 01:40About: 5 days ago
  • 11 views

SYDNEY: Asian shares rallied for a second session on Friday as investors awaited major economic data from China and the United States while marveling at the meteoric ascent of the market's new crypto-star, bitcoin.

Japan's Nikkei led the way again with an early gain of 0.9 percent, adding to Thursday's 1.45 percent bounce.

Australian stocks put on 0.4 percent while MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent.

Bidders were encouraged by a steadier performance on Wall Street, where the Dow rose 0.29 percent. The S&P 500 gained 0.29 percent and the Nasdaq 0.54 percent.

Facebook climbed 2.3 percent and Google parent Alphabet 1.2 percent, helping the S&P 500 end higher after losing ground for four straight sessions.

Investors in Asia were awaiting November trade numbers from China to gauge the pulse of global growth and the Asian giant's demand for commodities.

The main event later will be U.S. non-farm payrolls, with investors looking for 200,000 new jobs in November and much talk wages might show some welcome strength.

Also on the radar are negotiations between the United Kingdom and Ireland on how to run their post-Brexit land border, where a deal could remove the last obstacle to opening free-trade talks with the European Union.

Speculation about an agreement saw sterling rebound sharply overnight to reach US$1.3474 , having been as low as US$1.3320 at one point.

It was one of only a few currencies to gain on the U.S. dollar, which was otherwise broadly firmer.

The U.S. currency cleared 113.00 yen to reach 113.11 , while the euro touched a two-week low at US$1.1770 . Against a basket of currencies the dollar held firm at 93.786 .

DIGITAL DARLING

Bitcoin crested above US$16,600 after climbing more than 47 percent so far this week, intensifying the debate about whether it is a bubble about to burst.

The largest U.S. cryptocurrency exchange struggled to manage record traffic, with an upcoming launch of the first bitcoin futures contract further fuelling investor interest.

Some, however, warned the coming of futures might prove to be the downfall of the digital darling.

"Dragging Bitcoin into the futures market poses a risk of big players opening doors to short selling hell," said Naeem Aslam, chief market analyst at Think Markets UK.

"Futures markets make it possible to short in decent size with a lot of liquidity, thus affecting the price discovery in the underlying asset market."

The spectacular rise of the cryptocurrency has stolen some thunder from gold bulls, providing an asset that is also seen as a hedge against inflation and government interference.

Gold finally breached its recent tight trading range on Thursday to hit a four-month trough at US$1,246.90 .

"Demand for gold relative to supply has had centuries to reach an equilibrium," noted Alan Ruskin, a macro strategist at Deutsche Bank. "Bitcoin global demand is still finding its place relative to constrained/inelastic supply."

Oil prices went the other way as a threatened strike by oil workers in Nigeria forced a bout of short covering.

Brent futures were at US$62.20 a barrel having climbed 98 cents overnight. U.S. crude was off 10 cents in early trade at US$56.59.

(Reporting by Wayne Cole; editing by Richard Pullin)



Follow Us on Twitter

Asian shares rallied second session Friday investors awaited major economic data from China United States while marveling meteoric ascent markets crypto-star bitcoin.

Related stories with Japanese shares rally, bitcoin shoots for the moon

Testimony denies Koreans engaged in forced labor at UNESCO coal mine site dubbed ‘Battleship Island’ -World News
Testimony denies Koreans engaged in forced labor at UNESCO coal mine site dubbed ‘Battleship Island’ 5 days ago
The government plans to make public testimony denying Koreans were forced to work under harsh conditions during World War II at what is now a ...
Ugg Boots With Heels Have Arrived Just in Time for Winter -World News
Ugg Boots With Heels Have Arrived Just in Time for Winter 5 days ago
Take a look at the new footwear from the company
The Outlast Franchise Is Coming To Switch And Outlast 3 Is In Development -World News
The Outlast Franchise Is Coming To Switch And Outlast 3 Is In Development 5 days ago
The developers behind Outlast, the first-person horror games that are often credited with helping to usher in the popularity of indie horror titles, have announced that Outlast titles are coming to the Switch early next year. Red Barrels announced it thi
Destiny 2 Dev Acknowledges The Serious Problem With Prometheus Lens Weapon -World News
Destiny 2 Dev Acknowledges The Serious Problem With Prometheus Lens Weapon 5 days ago
One of Destiny 2's newest Exotic weapons, the Prometheus Lens, is causing some problems right now in Crucible. Due to a bug, it is significantly overpowered, which is not good for the overall balance of competitive multiplayer.Bungie is going to address t
Bungie Will Fix Destiny 2 Locking Some Achievements/Trophies For Non-Curse Of Osiris Owners -World News
Bungie Will Fix Destiny 2 Locking Some Achievements/Trophies For Non-Curse Of Osiris Owners 5 days ago
It's been a big week for Destiny 2, as the game received a major update and its first DLC expansion, Curse of Osiris. While that's brought new stuff to do for owners of the DLC, those who have not purchased it suddenly find themselves with access to even
Fortnite new mode details revealed ahead of Game Awards 2017 unveiling? -World News
Fortnite new mode details revealed ahead of Game Awards 2017 unveiling? 5 days ago
FORNITE’S new mode may have been confirmed ahead of its official reveal at The Game Awards 2017.
Meryl Streep has choice remarks for Harvey Weinstein at women's conference -World News
Meryl Streep has choice remarks for Harvey Weinstein at women's conference 5 days ago
Meryl Streep says she and other actresses are planning to make a series of "non-negotiable" demands in the wake of the sexual misconduct allegations that have rocked Hollywood, media and politics.
Sultan of Brunei’s BMW 850i is for sale -World News
Sultan of Brunei’s BMW 850i is for sale 5 days ago
We recently showed you a video about a car enthusiast who decided to buy the cheapest BMW 850i on Autotrader, a move that risks financial … The article Sultan of Brunei’s BMW 850i is for sale appeared first on BMW BLOG
Re: Fatah calls for new intifada in support of Jerusalem -World News
Re: Fatah calls for new intifada in support of Jerusalem 5 days ago
Fatah yesterday called on Palestinians to support Jerusalem as news has circulated that the US is to announce it the capital of Israel and would move its embassy there, Quds Net reported. The movem...
Re: What was Trump thinking? Simple. Why delay the inevitable? -World News
Re: What was Trump thinking? Simple. Why delay the inevitable? 5 days ago
American President Donald Trump announced yesterday that Jerusalem is the capital of Israel and said he had directed the Department of State to start working on moving the US embassy from Tel Aviv to ...
Re: Israel most dangerous country in the Middle East, says former Dutch PM -World News
Re: Israel most dangerous country in the Middle East, says former Dutch PM 5 days ago
The former Prime Minister of the Netherlands Dries van Agt has said that 'Israel – for those who do not know – has a range of nuclear bombs and is the most dangerous country in the Middle Eastâ€...
Re: Israel most dangerous country in the Middle East, says former Dutch PM -World News
Re: Israel most dangerous country in the Middle East, says former Dutch PM 5 days ago
The former Prime Minister of the Netherlands Dries van Agt has said that 'Israel – for those who do not know – has a range of nuclear bombs and is the most dangerous country in the Middle Eastâ€...