Crypto exchange Kraken to shut down Japan operations
Digital currency exchange Kraken announced it will cease operations in Japan next month, and deregister from Japan’s Financial Services Agency on Jan. 31, 2023.
The exchange cited a confluence of “current market conditions in Japan” and a “weak crypto market globally” as the reasons behind its move.
The decision was also part of Kraken’s efforts to “prioritize resources and investments in those areas that align with [its] strategy and will best position Kraken for long term success.”
Bitcoin fell 0.64% in the past 24 hours and last traded at $16,571.12, according to Coin Metrics. Ether dropped 1.18% to $1,193.34.
— Ryan Browne, Lee Ying Shan
U.S. will require negative Covid test from China travelers
Airline passengers entering the U.S. from China will need to have a negative Covid test, a federal health official announced on Wednesday.
The rule goes into effect on Jan. 5 and applies to all travelers who are at least two years of age from China, Hong Kong and Macau. The rule applies regardless of nationality or vaccination status.
After attempting a zero Covid policy for much longer than other major countries, China is now seeing a wave of infections after rolling back its public health restrictions in recen weeks.
— Jesse Pound
Apple breaks key technical level, sets new 52-week low
Apple fell through the key $129 level and set a new 52-week low for a second day Wednesday.
Some analysts look at Apple, the largest market cap stock, as a bellwether for the overall market and a major influence on investor sentiment.
“It’s not great for the overall market,” said Todd Sohn, technical analyst at Strategas. “The end of year is a funky time, but if it continues into the first couple of weeks of the year, it’s for real.”
Apple fell through $129 support in early trading Wednesday and touched a low of $126.41 before reversing. The stock was at $127.15 in afternoon trading.
“If your largest weight is weak and making new lows, that’s not great. Your top player is not scoring,” he said. Sohn said the five largest market cap names are still losing steam. “The silver lining is the influence on the (S&P 500) index is dropping.”
–Patti Domm
CNBC Pro: China eases its Covid restrictions. That could spell a buying opportunity in these stocks
An reopening in the world’s second-largest economy could spell a buying opportunity for investors as China unwinds much of its Covid restrictions.
Investors have taken recent developments as a signal to start snapping up China equities. They expect that China’s economy could get a boost in 2023, while the U.S. and Europe continue to deal with the lagging effect of monetary tightening that could put a damper on economic growth.
“A lot of institutional investors have been very underweight Chinese equities,” said Carlos Asilis, co-founder and CIO at Glovista Investments.
“And I think that that’s been a mistake, because it has ignored this very important potential baseline case which is now being priced in, which is that of the Chinese economy undergoing next year a similar recovery path that we saw this year in the case of the United States,” he added.
CNBC Pro subscribers can read the full story here.
— Sarah Min
