A day of significant global developments is underway, as Thailand signals a major expansion of its cryptocurrency ambitions, a key Japanese bond auction flashes a warning sign to investors, and a powerful real estate boom takes hold in the heart of New York City.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
Thailand plans to expand its crypto ETF offerings beyond just Bitcoin
Thailand is working to expand its domestic cryptocurrency exchange-traded fund (ETF) plans beyond just Bitcoin to include other digital tokens, with a full rollout expected early next year.
The country’s Securities and Exchange Commission is currently drafting rules for new ETFs that would be offered by local institutions.
“Our possibility now is to broaden the criteria for the crypto such as a basket of cryptocurrencies,” said Pornanong Budsaratragoon, the SEC’s secretary-general.
“We want to have broader supply of those crypto assets in the ETFs.” The move is part of a broader push by Thailand to establish itself as a regional crypto hub.
Manhattan home sales jump to a two-year high, led by a surge in cash buyers
Manhattan home sales have surged to their highest level in more than two years, a powerful rally driven by affluent buyers armed with cash who are sidestepping high borrowing costs.
There were 3,158 completed sales in the third quarter, a 13 percent jump from a year earlier, with the median price rising 5.8 percent to 1.18 million dollars, according to a report from Miller Samuel Inc. and Douglas Elliman.
A stunning two-thirds of all purchases were made without financing, with cash deals accounting for over 90 percent of all sales above 3 million dollars.
“In this market, a greater net worth or income, the more options you have to bypass elevated mortgage rates,” said Jonathan Miller, president of Miller Samuel.
French unions hold a new round of protests to pressure the new prime minister on the budget
French unions are holding a new round of anti-austerity protests on Thursday, a move designed to maintain pressure on the new Prime Minister, Sebastien Lecornu, as he struggles to pull together a budget proposal.
Walkouts are planned in the education and transport sectors, though they are expected to be less disruptive than the mass strikes held on September 18.
The protests come after labor leaders said their recent discussions with Lecornu offered no clarity on any concessions he was willing to make in his draft budget, setting the stage for a protracted battle over the country’s fiscal future.
A key Japanese 10-year bond auction sees a significant drop in investor demand
A closely watched auction of 10-year Japanese government bonds on Thursday saw a significant drop in investor demand, a worrying sign that comes amid growing political uncertainty and the rising risk of a Bank of Japan rate hike.
The auction’s bid-to-cover ratio fell to 3.34 from 3.92 at the previous sale, and another key metric known as the “tail” widened to its most since March, both clear signs of weak demand.
“The lower-than-expected lowest accepted bid and somewhat subdued bid-to-cover ratio indicate a slightly lackluster 10-year auction,” said Ryutaro Kimura, a senior strategist at AXA Investment Managers.
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