Asia Shares Dip Bitcoin Reaches Three-Month Peak
SINGAPORE, Oct 21 – Asia shares dipped in and out of positive territory on Monday, under pressure from weakness in Hong Kong stocks, but bitcoin scaled a three-month peak as “Trump trades” continued to ramp up.
Gold hit another record high, as global uncertainty over conflict in the Middle East and an extremely close U.S. presidential election boosted bullion’s appeal.
Optimism over Beijing’s slew of stimulus measures first announced late in September has turned into caution in recent days as investors look for further details of more fiscal support from policymakers.
Though China cut its benchmark lending rates on Monday, the move was anticipated.
China’s blue-chip index (.CSI300), opens a new tab swung between losses and gains in early trade, before turning decisively higher by the Asian afternoon, helped by a rise in technology companies. The benchmark was 0.4% higher, while the Shanghai Composite Index (.SSEC), opening a new tab gained 0.31%.
The Beijing Stock Exchange 50 Index (.CSI899050), opened a new tab that jumped 14% to a record high after the bourse said on Sunday it would help small- and medium-sized tech companies with training and access to finance so they can list.
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