Digital asset investment products saw a second consecutive week of outflows last week, totaling $1.7 billion and leaving net year-to-date flows at a global outflow of about $1 billion, according to CoinShares. The U.S. accounted for the vast majority of redemptions, with $1.65 billion in outflows. Canada and Sweden also posted withdrawals of $37.3 million and $18.9 million, respectively. Switzerland and Germany registered modest inflows of $11.0 million and $4.3 million. Outflows were broad-based across ...

(Bloomberg) — Precious metals clawed back some losses after another heavy selloff in Asian trading hours, as traders took stock of the abrupt unwinding of a record-breaking rally. Spot gold fell by about 4%, after tumbling 10% earlier, extending its biggest slump in more than a decade on Friday. Silver dipped by 6%, after sliding 16% earlier and posting a record intraday drop on Friday. Most Read from Bloomberg Precious metals had risen to record highs that shocked even seasoned traders. An already-sco ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China A-share and Hong Kong markets** amidst global volatility and liquidity conditions. [1][2] Core Insights and Arguments 1. **Market Liquidity**: Despite global volatility, the liquidity setup in the China market remains positive, supported by effective A-share cooling measures and early signs of regulatory support for Hong Kong. [1][2] 2. **Market Performance**: Large-cap A-shares are expected to outperform small caps as their relative performance has reached a five-year low, with attractive valuations and yields. [4][30] 3. **Geopolitical Factors**: Rising geopolitical uncertainty globally is seen as enhancing the attractiveness of Chinese assets, particularly in Hong Kong, which has reasonable valuations and a variety of stock opportunities. [5][39] 4. **Regulatory Changes**: Potential regulatory changes regarding market cap thresholds for A-H dual listings and limits on single country exposure by onshore global mandates could protect the quality of new listings and support fund inflows. [6][42] 5. **Market Sentiment**: The Morgan Stanley A-share Sentiment Index has returned to a normal range, indicating a reduction in extreme market sentiment. [10][13] 6. **National Team Selling**: There has been substantial selling (~US$77 billion) by the National Team to curb market overheating, impacting large-cap index ETF flows. [17][18] 7. **Margin Financing Trends**: Margin financing in crowded segments like Commercial Aerospace and Brain-Machine Interface has decreased significantly, indicating reduced speculative activities. [18][23] 8. **CNY Seasonality**: The approach of the Chinese New Year (CNY) typically leads to tighter liquidity and profit-taking, which may affect market dynamics. [4][30] Additional Important Insights 1. **Hong Kong vs. A-shares**: The expectation is that Hong Kong will outperform A-shares in the near term, contingent on global volatility subsiding. [7][43] 2. **Investment Flows**: Continuous liquidity support for the A-share market is anticipated from reallocations from bonds and deposits, as well as insurance buying. [27][36] 3. **Discounts in Valuation**: The Hang Seng A-H Premium Index indicates that Hong Kong stocks are trading at a ~15% discount compared to A-shares, which may attract more investment. [43] 4. **Risks to Monitor**: Key risks include unexpected spikes in global market volatility and strong interventions from Beijing that could reverse recent currency strengthening. [12][45] This summary encapsulates the essential insights and dynamics affecting the China A-share and Hong Kong markets, highlighting both opportunities and risks for investors.

January 15, 2026 09:00 PM GMT China Market-Wise | Asia Pacific Strong Start to 2026; What's Next? Strong liquidity support for both HK and the A-share market has fueled a strong start in 2026. Accommodative monetary policy, tempered market sentiment, strong IPO pipeline, and further CNY appreciation should help sustain the momentum. We remain cautiously optimistic and lay out risks to monitor. The markets of China and Hong Kong have started the year strongly – the Hang Seng and MSCI China are up 5.6% and 5. ...

Financial Markets Overview - Global financial markets are reacting to significant liquidity movements in the Eurozone, escalating geopolitical tensions in the Middle East, and notable corporate activity in the North American energy sector [1] - US stock futures indicate a cautious start to trading, with technology stocks leading the decline [1][4] Eurozone Banking System - The European Central Bank (ECB) reported that banks deposited EUR2.5 trillion overnight, indicating ample liquidity in the Eurozone's banking system [2] - Banks borrowed only EUR24.0 million at the marginal lending rate of 2.4%, suggesting they are well-capitalized and have little need for additional short-term funding [2] Geopolitical Tensions - Iran's Revolutionary Guards announced a heightened state of readiness to counter potential attacks, with a significant increase in missile stockpiles since June, likely exacerbating regional instability [3] Corporate Activity in Energy Sector - Canadian Natural Resources (CNQ) is positioned to acquire a portfolio of Alberta natural gas properties valued at over $1 billion from Tourmaline Oil (TOU), highlighting ongoing consolidation in the energy industry [5] Semiconductor Industry Outlook - Nexperia, a global semiconductor company, has provided a stable outlook for 2026, despite geopolitical tensions surrounding China, which is crucial for industries reliant on semiconductors like automotive [6]

Core Viewpoint - The Trump administration and the Federal Reserve are perceived to be injecting significant liquidity into the financial system, raising concerns among investors about potential market flooding, despite official statements denying a return to quantitative easing [2]. Group 1: Government Actions - The Trump administration has ordered a $200 billion mortgage-bond purchase, which is seen as a substantial move to increase liquidity in the market [2]. - Officials from the administration and the Federal Reserve maintain that these actions do not equate to a revival of quantitative easing, which has historically involved large-scale asset purchases [2]. Group 2: Investor Sentiment - Investors are expressing concerns that the current level of liquidity may be excessive, leading to debates about the long-term implications for the financial markets [2]. - The sentiment among investors indicates a belief that "all restraint is gone," suggesting a potential shift in market dynamics due to the influx of liquidity [2].

市场环境层面，年末交易流动性收紧，投机性资金活跃度提升，加剧价格波动。市场对货币政策宽松的预期升温， 美元走弱降低贵金属持有机会成本，推动资金涌入。白银、铂金等工业金属则受供需结构支撑：白银广泛应用于电 子、光伏等工业领域，需求持续增长叠加供应端压力；铂金受汽车行业政策调整及主产地区供应受限影响，面临阶 段性短缺，均对价格形成有力支撑。 近期贵金属市场走势强劲，黄金、白银、铂金等主要品种价格均触及历史高位。 最新数据显示，现货黄金突破每盎司4500美元，现货白银升至每盎司74美元以上，铂金价格同步显著上行。此轮涨 势由多重市场因素共同驱动。 程，将进一步影响其价格走向。 当前贵金属价格上涨，是市场交易结构、宏观预期与部分品种基本面共振的结果。投资者参与相关市场需综合考量 多维度变量，理性评估波动风险。后续价格走势仍取决于货币政策动向、经济增长趋势及供需格局演变。 黄金长期具备避险属性，宏观经济不确定性上升时，易吸引资金流入。年内黄金累计涨幅明显，白银表现更为突 出，涨幅显著超越黄金，核心源于工业属性与投资需求的双重拉动。 展望后市，货币政策预期仍是影响贵金属走势的关键变量。若流动性维持宽松、利率处于相对低位， ...

Market Event Analysis - A major cryptocurrency exchange, Binance, experienced API issues leading to market maker shutdowns and widespread liquidations [1] - Many market makers were unable to provide sufficient liquidity to support the market [1] - Exchanges with internal market makers or price backstopping capabilities absorbed significant liquidation volumes, particularly in small-cap and major cryptocurrencies [1] Liquidity and Risk Management - Entities that backstopped prices during the market disruption are now unwinding their positions, involving tens of billions in liquidity [2] - The unwinding process involves de-risking strategies, similar to program trading liquidations, to minimize market impact [3] - Current market illiquidity is amplifying the impact of de-risking activities [3] Year-End Considerations - Year-end audits and market liquidity constraints are driving the need to complete de-risking activities promptly [3]

Core Insights - Campine NV is making a strategic investment in the third generation of its proprietary antimony recycling technology, which will enhance its production capacity by an additional 800 to 1,000 tonnes per year of commercial-grade antimony metal from various industrial waste streams [2][4]. Group 1: Investment in Antimony Recycling Technology - The investment amounts to approximately EUR 7 million, with the new installation expected to become operational by mid-2027 [4]. - Previous generations of Campine's technology focused on recycling waste streams into antimony trioxide, while the new technology will allow for the commercialization of recycled antimony metal to third parties in Europe [3]. Group 2: Transition to Euronext Brussels Continuous Market - Campine's shares will transition from the Euronext Brussels double fixing market to the continuous market due to increased trading activity, with over 10,000 transactions recorded in 2025 [5][6]. - The transition is expected to improve accessibility and trading flexibility for shareholders, potentially increasing the visibility and liquidity of Campine's shares [7]. Group 3: Market Conditions and Business Update - The antimony market has cooled off, with prices dropping from approximately USD 60,000 per tonne to below USD 40,000 per tonne [7][8]. - Despite the price correction, demand for antimony is gradually recovering, and Campine maintains a global leadership position in the antimony trioxide market [8][9]. Group 4: 2025 Financial Outlook - Campine expects an EBITDA exceeding EUR 80 million for 2025, which would represent a record, more than doubling the result achieved in 2024 [11]. - The consolidation of the Ecobat plants' Q4 2025 results is anticipated to further enhance profitability, although sustaining such exceptional results may be challenging in 2026 due to market volatility [11][12].

Regulators need to be careful when balancing their desire to curb hedge fund leverage with market liquidity needs, argues @marcusashworth (via @opinion) https://t.co/KWYU2iJKSC ...