Terra UST stablecoin dives below $1 peg; luna cryptocurrency down 80%

Terra UST stablecoin dives below $1 peg; luna cryptocurrency down 80%

Bitcoin, the world’s largest cryptocurrency, has fallen over 50% since setting an all-time high of nearly $69,000 in November. Dan Kitwood | Getty Images The two main tokens from embattled crypto project Terra are now in freefall. UST, a so-called stablecoin that’s meant to maintain a $1 peg, plunged more than 60% Wednesday from 24 hours earlier. It was trading at just 35 cents at 4 a.m. ET, according to CoinGecko data. Sister token luna dived more than 80% to $5. Other cryptocurrencies tumbled alongside them, with bitcoin sinking 5% to $30,321 and ether falling 4% to $2,286. Stablecoins are...

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Is Japan open to travelers? Some locals not ready to reopen borders

Is Japan open to travelers? Some locals not ready to reopen borders

As countries across Asia reopen to international travelers, Japan — one of the continent’s most popular destinations — remains firmly closed. That may soon change. Prime Minister Fumio Kishida announced Thursday at a news conference in London that Japan will ease border controls in June. Locals often celebrate the easing of pandemic-related border restrictions, but some in Japan say they are fine keeping the measures in place. Even before the pandemic, many locals preferred to travel within the country, with domestic tourism totaling $21.9 trillion yen ($167 billion) in 2019, according to government-backed Japan Tourism Agency. Although Japanese people are currently...

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Don’t panic? Strategists give reasons to stay invested despite market turmoil

Global stocks have endured a bruising week, and a difficult year so far, but some strategists believe the recent sell-off is unlikely to pave the way for a market capitulation. The S&P 500 closed Monday’s trade down more than 16% since the beginning of the year, and almost 12% in the second quarter alone. The pan-European Stoxx 600 was down more than 13% on the year by Tuesday afternoon, and the MSCI Asia Ex-Japan closed Tuesday’s trade more than 16% lower. Investors have been fleeing risk assets due to a confluence of intertwining factors, including persistent high inflation, slowing economic...

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London is looking to tap the deep pockets of Silicon Valley

London is looking to tap the deep pockets of Silicon Valley

Mayor of London Sadiq Khan hopes to convince U.S. tech firms to invest more in London. Leon Neal | Getty Images Sadiq Khan, the mayor of London, traveled to California as part of a trade mission to try to convince Silicon Valley tech leaders to invest more money in the U.K. capital. On Tuesday, Khan met with senior tech bosses including Google Chief Financial Officer Ruth Porat, venture capital investors and entrepreneurs from the Bay Area. The London mayor ultimately hopes to bolster what is already a strong relationship between London and Silicon Valley. He specifically wants more U.S. tech...

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China’s consumer prices climb as Covid prompts food stockpiling

China’s consumer prices climb as Covid prompts food stockpiling

Fresh vegetable prices rose by 24% year-on-year in April as consumers stocked up to prepare for potential stay-home orders. Pictured here is a delivery driver for Alibaba’s Hema Fresh supermarket in Beijing on May 10, 2022. Jade Gao | Afp | Getty Images BEIJING — China’s consumer and producer prices rose more than expected in April, according to data from the National Bureau of Statistics released Wednesday. The consumer price index rose by 2.1% last month from a year ago, boosted by a surge in energy and fresh vegetable costs. The reading topped expectations for a 1.8% rise forecast by...

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Market is signaling to buy beaten-down, profitable tech names

Market is signaling to buy beaten-down, profitable tech names

CNBC’s Jim Cramer on Tuesday stressed the importance of changing market strategies when the market shifts, saying right now the market says to buy beaten-down tech growth names. “Many tech companies that make real things and return capital to shareholders now do sell at reasonable prices after the tsunami of selling. … I’m talking about amazing semiconductor and software companies, especially Nasdaq names that are doing so well, including internet names,” the “Mad Money” host said. “When the facts change, I do change my mind, and right now the facts are a lot less hostile to the beaten-down high-flyers. At...

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