Stock Market Live: SGX Nifty indicates a negative start for Indian indices

Survey finds bitcoin more likely to reach $10,000 than $30,000

Bitcoin bulls beware: Wall Street expects the cryptocurrency’s crash to get a whole lot worse.

According to 60% of the 950 investors who responded to the latest MLIV Pulse survey, the coin is more likely to drop to $10,000, cutting its value in almost half, than to rally to $30,000. Forty percent saw it going the other way. It was around $21,850 on Friday afternoon, up more than 12% from the week’s end.

The one-sided prediction underscores how bearish investors have become. The crypto industry has been rocked by troubled lenders, collapsed currencies and the end of the pandemic’s easy money policies that have fueled a speculative frenzy in the financial markets.

According to data compiled by CoinGecko, nearly $2 trillion has disappeared from the cryptocurrency’s market cap since the end of last year.

Safe Haven stands tall on dollar inflation, energy shocks

The dollar was at the forefront of a week with US and Chinese data and European energy security at the top, as investor concerns about global economic growth offered support to the safe haven currency.

The euro was at $1.01475, down 2.3% the previous week and fell to its lowest level for some time since late 2002.

The greenback rose 0.37% to 136.63 on the yen in early trade, not exceeding a 20-year peak last month, leaving the dollar index at 107.29.

Tokyo shares open higher after Sunday’s vote

Tokyo shares opened higher on Monday following a strong victory for Japan’s ruling bloc in Sunday’s Upper House election, just days after the assassination of former prime minister Shinzo Abe.

The benchmark Nikkei 225 index was up 1.55 per cent or 411.63 points at 26,928.82 in early trade, while the broader Topix index was up 1.41 per cent or 26.62 points at 1,914.06.

Prime Minister Fumio Kishida’s Liberal Democratic Party (LDP) and allies won more than 75 of the 125 seats in the upper house, according to local media.

Asia shares open sharply on US inflation, earnings season

Asian stocks opened cautiously on Monday as investors prepared for reports of US inflation that could force another super-sized hike in interest rates, and start an earnings season where profits are under pressure. could.

An upbeat US June payrolls report already has the market betting heavily on a 75 basis point hike from the Federal Reserve this month, sending bond yields higher.

Central banks in Canada and New Zealand are expected to tighten further this week, underscoring the global nature of the inflation problem.

While Wall Street posted some gains last week, the market mood will be tested by earnings from JPMorgan and Morgan Stanley on Thursday, with Citigroup and Wells Fargo the day after that.

Oil mixed as market weighs tight supply against bearish shock

Oil prices were volatile on Monday, with Brent trading higher on supply concerns, while West Texas Intermediate (WTI) dipped as traders braced against concerns about a slowdown or China’s COVID-19 curbs on demand. Balanced supply concerns.

Brent crude futures were up 11 cents, or 0.1%, at $107.13 a barrel by 0102 GMT, having gained 2.3% on Friday.

US WTI crude futures, however, slipped 15 cents, or 0.1%, to $104.64 a barrel, up 2% from Friday.

Public holidays in some parts of Southeast Asia led to a decline in business.

Both contracts posted weekly declines last week as markets were dominated by concerns that a hike in interest rates to curb inflation would lead to a slowdown and dampen demand for oil.