Pound, gold and oil prices in focus: commodity and currency check, 21 October
Crude oil prices inched higher, recovering slightly after a steep 7% drop last week
Crude oil prices inched higher, recovering slightly after a steep 7% drop last week
BERLIN (Reuters) - German producer prices fell more than expected in September, declining 1.4% year on year, due mainly to significantly lower energy prices, the federal statistics...
Investors can expect key earnings from Tesla and Boeing as well as consumer sentiment data in the week ahead.
According to Odaily, tokenization, which involves representing traditional assets like U.S. Treasury-backed money market funds through blockchain tokens, is becoming increasingly popular among traditional financial companies. Legal & General (L&G), a London-based pension and investment management firm overseeing $1.5 trillion in assets, is planning to enter the blockchain-based tokenization sector, a trend that is gaining favor among financial giants.This movement has been further accelerated by BlackRock, the world's largest asset manager, launching its BUIDL fund on the Ethereum blockchain. Other notable companies in this space include Franklin Templeton, State Street, and Abrdn. L&G executives have stated, 'We are evaluating ways to offer Legal & General Investment Management liquidity funds in tokenized form.'
-- Most Asian currencies moved in a tight range on Monday, with the yuan steady after the People’s Bank cut interest rates slightly more than expected, while the...
KUALA LUMPUR (Reuters) - Malaysia's economy likely grew 5.3% in the third quarter from a year earlier, slower than the previous three-month period, official advance estimates...
-- Most Asian currencies moved in a tight range on Monday, with the yuan steady after the People’s Bank cut interest rates slightly more than expected, while the...
According to Cointelegraph: Yuichiro Tamaki, the leader of Japan’s Democratic Party for the People (DPP), has proposed a plan to lower the tax rate on cryptocurrency gains to 20%. He announced this proposal in an X post on October 20, urging voters to support the DPP in the upcoming election if they favour separate taxation for crypto assets. Currently, crypto profits are taxed as miscellaneous income between 15% and 55%, depending on personal income.The ProposalTamaki’s plan aims to simplify the tax treatment of crypto assets, aligning it with the tax structure for stock market profits, which are taxed at a flat rate of 20%. The plan also proposes no tax event when exchanging one crypto asset for another, offering significant tax relief for investors. This move is intended to position Japan as a leader in the Web3 space by creating a more favorable regulatory environment for crypto investments.DPP’s policy statement. Source: DPPPolitical Landscape and UncertaintyThe DPP currently holds only 7 out of 465 seats in Japan’s House of Representatives, making the likelihood of implementing this plan uncertain. However, recent opinion polls from local news outlet Mainichi suggest the party could increase its seats to as many as 20 in the upcoming election on October 27. The Liberal Democratic Party and its coalition partner Komeito are expected to retain a majority of the seats, potentially limiting the DPP’s ability to enact this policy.Tax Reform Efforts in JapanEarlier this year, Japan's Financial Services Agency proposed a comprehensive overhaul of the country's tax code, including lowering crypto asset taxes by fiscal year 2025. Corporate crypto holders in Japan face a flat 30% tax on their holdings at the end of the financial year, regardless of profit or loss.Future ImplicationsWhile the DPP’s chances of winning a majority in the election are slim, Tamaki's crypto tax proposal has brought attention to the need for reform in Japan’s tax system for digital assets. The proposed reduction could make Japan more competitive in the global cryptocurrency market and encourage further innovation in the Web3 sector.
SEOUL (Reuters) - South Korea's exports for the first 20 days of October fell 2.9% from a year earlier, customs agency data showed on Monday. Exports of semiconductors rose...
LONDON (Reuters) - Asking prices for British homes rose only marginally in October as more properties came onto the market, according a survey on Monday that also suggested some...