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October 13th - According to sources, Abu Dhabi National Oil Company (Adnoc)s logistics subsidiary is in talks to acquire a significant stake in HEA Energy. The deal could value the Middle Eastern offshore energy services company at up to $3 billion. If completed, this transaction would strengthen the UAEs position in the offshore oil and gas services sector; just months after the UAE withdrew from the Organization of the Petroleum Exporting Countries (OPEC).October 13 - Japanese Prime Minister Sanae Takaichi announced on Monday that Finance Minister Satsuki Katayama has been elected Chair of the Development Committee of the World Bank and the International Monetary Fund. This marks the first time a Japanese national has been elected Chair of the committee since its establishment in 1974.October 13th - A survey released on Tuesday showed that British consumers continued to curb spending in September, with most of their extra expenditure going towards fuel, while warm weather boosted pub sales but dragged down clothing sales. The British Retail Consortium (BRC) reported that its total retail sales rose 1.3% year-on-year, a slight improvement from 0.7% in August, but still below the 12-month average of 1.5%. Another independent survey by Barclays, based on consumer card spending data, showed a year-on-year increase of 2.0% in September, slightly slower than Augusts 2.1%. The surveys indicated that household confidence in their finances rose, but there were some concerns about Chancellor John Healys budget address on October 28th. The Barclays Household Financial Confidence Index rose to a seven-month high of 67%, but 68% of consumers were worried about the budgets impact on their finances, and 30% said they were cutting back on non-essential spending.Barclays UK consumer spending rose 2.0% year-on-year in September, compared with a 2.1% increase in August.UISEE Technology announced on the Hong Kong Stock Exchange that its Chairman of the Board, Wu Gansha, has increased his holdings of the companys shares by 12,000 H shares.

Crypto Market Daily Highlights – DOGE and ADA Lead a Bearish Top Ten

Cory Russell

Dec 29, 2022 14:11

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For the top 10 cryptos on Wednesday, it was a negative session. Leading the way down were DOGE and ADA, with MATIC and XRP far behind. Notably, BTC fell below $16,500 for the first time in eight sessions while failing to reach $17,000 for the eighth straight session.


Throughout the midweek session, the cryptocurrency market was dominated by a bearish mood. As market worries about Fed monetary policy and the growing possibility of a harsh landing propelled riskier assets into the red, hopes of a post-holiday recovery receded.


With China's economy scheduled to reopen and demand likely to jump, along with Russia's embargo on oil shipments to nations with price limits, concerns about another spike in inflation that would compel the Fed to raise rates longer are still prevalent.


The US unemployment rate is at 3.7%, which is lower than the Fed's target rate of 5.0%. This gives the Fed plenty of leeway to maintain its aggressive interest rate trajectory.


The most recent spike of new COVID-19 cases throughout China is another factor contributing to the long list of economic challenges. While China has eliminated the need for quarantines, other nations are starting to place travel restrictions on people coming from China.


The S&P 500 lost 1.20%, while the NASDAQ Index dropped by 1.35%


US unemployment claims data will be of importance today. Better-than-expected results might trigger another sell-off since investors are uneasy about the Fed. The cryptocurrency market will probably continue to follow the NASDAQ Index until there is a significant crypto event. The NASDAQ mini gained 24.5 points this morning.

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