Eurozone finance ministers expressed concerns that the U.S. government’s embrace of cryptocurrencies could pose risks to Europe's monetary sovereignty and financial stability . Their worries come after President Trump signed an executive order to create a strategic reserve of cryptocurrencies using tokens already owned by the U.S. government, signaling a shift in policy from the previous administration. Key Takeaways: Policy Shift in the U.S. : The U.S. administration’s new stance on cryptocurrencies , especially dollar-denominated stablecoins , has sparked concerns in Europe. Trump’s move to embrace cryptocurrencies as part of the U.S. financial system contrasts with past U.S. policies, raising alarms about the impact on European financial stability. Impact on Europe’s Monetary Sovereignty : Paschal Donohoe , Chairman of the Eurogroup, highlighted that such developments in the U.S. could directly affect ...
KUALA LUMPUR (Nov 28): The FBM KLCI closed 5.44 points or 0.3% lower as China's move to curb shadow banking and other risky forms of financing hit Asian market sentiment. Malaysian shares also tracked crude oil losses.
At 5pm, the KLCI closed at 1,714.42 points. China's Shanghai Stock Exchange Composite erased intraday losses to end 0.34% higher.
Reuters reported that investor confidence in China has been dented by rising bond yields as Beijing stepped up its crackdown on shadow banking and other risky forms of financing. Higher borrowing costs threaten to squeeze corporate profits.
It was also reported that oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts. Brent futures had fallen to US$63.72 a barrel by 0753 GMT, down 12 cents, or 0.2 percent, from their previous close.
In Malaysia, Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com: “This (KLCI's drop) has been led by regional selldown. I’m worried about China. It hasn’t been a huge selldown but it’s continuing.”
Across Bursa Malaysia, 1.8 billion shares worth RM2.1 billion were traded. There were 268 gainers and 556 decliners.
Top decliners included oil and gas-related Hengyuan Refining Co Bhd.
Hengyuan shares dropped 26 sen to RM10.40 to become Bursa Malaysia's fourth-largest decliner.
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