Asian shares mixed as hopes for US rate cuts wane; Bitcoin hits record
Bitcoin surged over 3%, reaching a new record above $1,23,000
Asian shares showed a mixed performance today (14 August) following several days of gains fuelled by expectations of lower US interest rates, while US futures slipped.
Bitcoin surged over 3%, reaching a new record above $1,23,000, according to CoinDesk.
In Tokyo, the Nikkei 225 fell 1.4% to 42,657.94 as investors booked profits after recent record highs.
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The Japanese yen strengthened against the dollar after US Treasury Secretary Scott Bessent commented that Japan is "behind the curve" in monetary tightening.
The dollar dropped to 146.55 yen from 147.39.
Elsewhere in Asia, Hong Kong's Hang Seng index edged down 0.1% to 25,597.85, Shanghai rose 0.2% to 3,690.88, South Korea's Kospi slipped 0.3% to 3,215.61, while Australia's S&P ASX 200 gained 0.5% to 8,871.80. Taiwan's TAIEX fell 0.4% and India's Sensex rose 0.1%.
US stocks rose yesterday (13 August) as hopes for a Fed rate cut supported a global rally.
The S&P 500 climbed 0.3% to 6,466.58, Dow gained 1% to 44,922.27, and Nasdaq added 0.1% to 21,713.14.
Treasury yields eased in anticipation of the Fed's first rate cut of the year, expected in September, while homebuilders and companies sensitive to borrowing costs led gains.
Bullish, a cryptocurrency exchange, debuted with a nearly 84% rise to $68 per share, raising over $10 billion. Analysts say rate-cut expectations continue to offset concerns over high US stock valuations, amid President Donald Trump's calls for cuts and Fed caution over potential inflation impacts.
US wholesale inflation data due today is expected to show a slight increase to 2.4% in July. Meanwhile, US crude rose 24 cents to $62.89 per barrel, with Brent crude up 27 cents to $65.90.
