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China’s stocks take a break after Monday’s rally vaulted market value past US$10 trillion as traders put Covid-19 in rear view mirror

China’s stocks take a break after Monday’s rally vaulted market value past US$10 trillion as traders put Covid-19 in rear view mirror



a close up of a street: Hong Kong’s financial district is deserted as the approach of Typhoon Nesat on 29 September 2011 emptied the streets. Photo: SCMP


© SCMP
Hong Kong’s financial district is deserted as the approach of Typhoon Nesat on 29 September 2011 emptied the streets. Photo: SCMP

China’s stocks declined in early trading, taking a respite after rallying by the most in three months, as investors assessed the strength of the economic recovery and the prospect of refresh US stimulus packages. Trading was halted in Hong Kong due to an approach by the tropical storm Nangka.

The Shanghai Composite Index dropped 0.5 per cent to 3,342.18 in early trading on Tuesday. It jumped 2.7 per cent a day earlier on expectations that the recovering in the Asian nation will gather pace and President Xi Jinping will unveil further reform measure in his trip to Shenzhen to mark the 40th anniversary of the economic zone in southern China on the doorsteps of Hong Kong.

China’s stocks top US$10 trillion as economy shakes off 2015 rout, Covid-19

The combined market values of the companies trading on the Shanghai and Shenzhen exchanges rose to US$10.04 trillion on Monday, surpassing the US$10 trillion mark for the first time since 2015. China is the world’s second-largest equity market after the United States.

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China is due to release the September data on exports and imports on Tuesday and the data on third-quarter economic growth will be released on October 19. Other markets in Asia were mixed as the US was still deadlocked over a new round of stimulus measures.

Hong Kong’s securities market has been halted from trading in the morning session after the local weather agency raised the typhoon signal to the third-highest level on early Tuesday, the market operator said in a statement.

The Hong Kong Observatory issued the No

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Emerging-Market Traders Cut Wagers on U.S. Election Volatility

Emerging-Market Traders Cut Wagers on U.S. Election Volatility

(Bloomberg) — Traders across the world may be coming around to the idea that the U.S. election isn’t going to be the tumultuous event it was once expected to be.

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But the real believers seem to be in emerging markets.

Optimism that the November election result will go uncontested and speculation a U.S. stimulus package will be agreed whatever the outcome are damping concern about fluctuations through year-end. Yet, while U.S. VIX futures declined last week as bets on likely price volatility eased, the drop was slower than for emerging markets.

“It does appear that emerging-market investors are slightly more sanguine about risks through the end of the year than what you’re seeing in developed markets,” said Nick Stadtmiller, a strategist at Medley Global Advisors in New York. “As long as global liquidity remains ample, and as long as global markets at least hold their ground, I would expect emerging-market assets to perform well. Yields on many emerging-market assets are high, especially relative to rock-bottom yields on developed market assets.”



chart: EM volatility index trades at a discount to the VIX gauge for U.S. stocks


© Bloomberg
EM volatility index trades at a discount to the VIX gauge for U.S. stocks

Falling volatility may give investors more confidence to put cash into an asset class enjoying one of its best phases since the virus-induced global sell-off in March. Citigroup Inc. said last week the worst is over for developing-nation assets and Morgan Stanley is betting volatility will continue to ease as the outcome of the November vote becomes clearer.

Emerging-market equities and currencies climbed to an eight-month high on Friday, while local-currency bonds had their best week since May on the prospect of U.S. fiscal stimulus. One-month implied volatility on the Brazilian real, South African rand and Russian ruble fell by the most among peers last week, signaling improved appetite for risk assets.

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Emerging-Market Traders Cut U.S. Election Volatility Wagers

Emerging-Market Traders Cut U.S. Election Volatility Wagers

(Bloomberg) — Traders across the world may be coming around to the idea that the U.S. election isn’t going to be the tumultuous event it was once expected to be.

Loading...

Load Error

But the real believers seem to be in emerging markets.

Optimism that the November election result will go uncontested and speculation that a U.S. stimulus package will have to be agreed whatever the outcome are damping concern about fluctuations through year-end. Yet, while U.S. VIX futures declined last week as bets on likely price volatility eased, the drop was slower than for emerging markets.

“It does appear that emerging-market investors are slightly more sanguine about risks through the end of the year than what you’re seeing in developed markets,” said Nick Stadtmiller, a New York-based strategist at Medley Global Advisors. “As long as global liquidity remains ample, and as long as global markets at least hold their ground, I would expect emerging-market assets to perform well. Yields on many emerging-market assets are high, especially relative to rock-bottom yields on developed market assets.”

Falling volatility may give investors more confidence to put cash into an asset class enjoying one of its best phases since the virus-induced global sell-off in March. Citigroup Inc. said last week the worst is over for developing-nation assets and Morgan Stanley is betting volatility will continue to ease as the outcome of the November vote becomes clearer.



chart: EM volatility index trades at a discount to the VIX gauge for U.S. stocks


© Bloomberg
EM volatility index trades at a discount to the VIX gauge for U.S. stocks

Emerging-market equities and currencies climbed to an eight-month high on Friday, while local-currency debt had its best week since May on the prospect of U.S. fiscal stimulus. One-month implied volatility on the Brazilian real, South African rand and Russian ruble fell by the most among peers last week, signaling improved appetite for

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Two traders, barely 40 mts apart, robbed at gunpoint at wholesale market in Ghaziabad

Two traders, barely 40 mts apart, robbed at gunpoint at wholesale market in Ghaziabad





© Provided by Hindustan Times


Ghaziabad: A group of four armed men performed two robberies back-to-back at the busy Kirana Mandi wholesale market early Saturday. The police said that they have registered FIRs for robbery and are trying to trace the gang.

According to the two victims, the first instance took place when trader Ankit Garg was supervising the loading and unloading activities at his godown. The market is one of the busiest markets in the city, located in the heart of old Ghaziabad.

“It was about 6.15am when a car stopped nearby and two men approached me, while two others remained in their car, which was a Swift. They were wearing face masks, which we use to curb the spread of the coronavirus (Covid-19) pandemic. Soon, they pulled out pistols and pointed them towards me. Then, they started pulling out the gold rings and bracelet which I was wearing. I did not resist. After pulling out the gold items, they asked me if I had any money in my bag which was on the table,” Garg said.

He added that the two robbers then checked up the bag and left his godown.

Barely 40 metres away, the robbers repeated the incident with another trader, Sumit Gupta. He was also supervising the unloading of goods at his godown when two robbers took him on gunpoint.

“I did not resist their attempts. There were several labourers at the godown and none of us tried to resist since the suspects were armed. They took my gold bracelet, boarded their Swift car and fled the spot. Later, a group of traders from the association met the police and raised concerns,” he added.

The two traders said that they gave their respective complaints to the police at the Kotwali police station.

“There is normally

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CME Sounding Out Crypto Traders to Gauge Market Demand for Ether Futures, Options

CME Sounding Out Crypto Traders to Gauge Market Demand for Ether Futures, Options

CME headquarters, Chicago (Daniel J. Macy/Shutterstock)

The Chicago Mercantile Exchange (CME), the largest U.S. regulated market for bitcoin futures, has been sounding out cryptocurrency traders to gauge their interest in a listing of futures and options for the Ethereum blockchain’s native currency.

  • Darius Sit, founder and chief information officer at Singapore-based QCP Capital, told CoinDesk in an interview that CME had asked his firm whether it might be interested in trading ether (ETH) derivatives on the exchange.
  • Ether is the second-largest cryptocurrency by market capitalization, at $41 billion.
  • A CME Group spokesperson declined to comment when reached by CoinDesk, adding, “We don’t comment on whether or not we’re developing any products.”
  • The CME has become one of the leading venues for institutional investors to bet on bitcoin, following the launch of a futures contract in late 2017 and options earlier this year.
  • Partly due to the explosive development of decentralized finance (DeFi) this year, there has been rising demand from traders for ether derivatives that can be used to make leveraged bets on price moves or simply to hedge.
  • For now, the biggest venues for trading ether futures are on non-U.S. exchanges led by OKEx, Huobi and Binance, according to the data firm Skew.
  • CME previously launched an Ether-Dollar Reference Rate in May 2018 along with an Ether-Dollar Real Time Index, but as recently as June the exchange told CoinDesk it had “no plans to introduce additional cryptocurrency products.”
  • Vishal Shah, founder of bitcoin crypto derivatives exchange Alpha5, told CoinDesk in a Telegram message that he sees CME ether derivatives as “overdue.”
  • The chatter around CME’s rumored ether products launch also comes after U.S. regulatory authorities recently brought a series of civil and criminal charges against popular derivative exchange BitMEX.

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