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Hong Kong Set to Approve its First Spot Bitcoin ETFs in April

FILED - 22 May 2023, Berlin: A Bitcoin coin lies on a screen showing the Bitcoin - US dollar exchange rate. Photo: Fernando Gutierrez-Juarez/dpa
FILED - 22 May 2023, Berlin: A Bitcoin coin lies on a screen showing the Bitcoin - US dollar exchange rate. Photo: Fernando Gutierrez-Juarez/dpa
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Hong Kong Set to Approve its First Spot Bitcoin ETFs in April

FILED - 22 May 2023, Berlin: A Bitcoin coin lies on a screen showing the Bitcoin - US dollar exchange rate. Photo: Fernando Gutierrez-Juarez/dpa
FILED - 22 May 2023, Berlin: A Bitcoin coin lies on a screen showing the Bitcoin - US dollar exchange rate. Photo: Fernando Gutierrez-Juarez/dpa

Spot bitcoin exchange-traded funds could be launched in Hong Kong this month with the first approvals likely to be announced next week, two people familiar with the matter said.
That timeline would make Hong Kong Asia's first city to offer the popular ETFs and is much faster than industry expectations of launches sometime this year.
Regulators have sped up the approval process, according to one of the people.
Having lost much of its shine as a global financial hub due to restrictions during the pandemic, China's faltering economy and Sino-US tensions, Hong Kong authorities have been keen to do what they can to improve the city's attractiveness for financial trading.
"The significance of Hong Kong ETFs is far-reaching as it could bring in fresh global investment as well as pushing crypto adoption to a new height," said Adrian Wang, CEO of Metalpha, a Hong Kong-based crypto wealth manager.
The US launched the first US-listed exchange-traded funds (ETFs) to track spot bitcoin in January, drawing roughly $12 billion in net inflows, data from BitMEX Research shows.
Bitcoin has gained more than 60% this year and hit an all-time high of $73,803 in March. It was trading at around $69,000 on Wednesday, Reuters reported.
At least four mainland Chinese and Hong Kong asset managers have submitted applications to launch the ETFs, the two sources said.
The Hong Kong units of China Asset Management, Harvest Fund Management and Bosera Asset Management are among the applicants, according to the two people and a third source.
The sources were not authorized to speak to media and declined to be identified.
Hong Kong's Securities and Futures Commission (SFC) and the three Chinese companies declined to comment.
China Asset Management and Harvest Fund Management's Hong Kong units obtained approval this month to manage portfolios that invest more than 10% in virtual assets, according to the SFC's website.
Their parent companies are among the biggest mutual fund firms in China, with each managing over 1 trillion yuan ($138 billion) in assets.
Although cryptocurrency trading is banned in mainland China, offshore Chinese financial institutions have been keen to participate in crypto asset development in Hong Kong.
Hong Kong approved its first ETFs for cryptocurrency futures in late 2022. The largest one - the CSOP Bitcoin Futures ETF - has seen its assets under management swell seven times since September to around $120 million.
Hong Kong-based Value Partners has also said it is exploring launching a spot bitcoin ETF. It has not disclosed if it has submitted an application.

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Gold Eases as Elevated Oil Prices Keep Inflation Risks in Focus

An Egyptian jeweller holds gold bars during an interview with Reuters in Cairo, Egypt, March 9, 2026. (Reuters)
An Egyptian jeweller holds gold bars during an interview with Reuters in Cairo, Egypt, March 9, 2026. (Reuters)
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Gold Eases as Elevated Oil Prices Keep Inflation Risks in Focus

An Egyptian jeweller holds gold bars during an interview with Reuters in Cairo, Egypt, March 9, 2026. (Reuters)
An Egyptian jeweller holds gold bars during an interview with Reuters in Cairo, Egypt, March 9, 2026. (Reuters)

Gold eased on Tuesday as firmer oil prices heightened inflation concerns, while investors awaited next week's Federal Reserve policy meeting for signals on the US interest rate outlook.

Spot gold slid 0.3% to $4,128.92 per ounce by 0621 GMT, while US gold futures for December delivery dropped 0.3% to $4,148.50.

"Some of the geopolitical issues that have ‌flared up ‌in the Middle East, are putting upward pressure ‌on ⁠oil and as ⁠a result that has kind of weighed on gold to kick off the week," said Kyle Rodda, senior financial market analyst at Capital.com.

Oil prices advanced, with Brent hovering around a five-month high. Higher ‌energy prices often raise expectations ‌that the Fed will keep interest rates higher for longer to ‌contain inflation.

While gold is typically seen as an inflation ‌hedge, higher interest rates tend to diminish its appeal by increasing the opportunity cost of holding the metal.

Recent comments from Fed officials signaling little urgency for further policy tightening have tempered expectations of ‌a rate hike at the central bank's October 27-28 policy meeting, but traders still see a ⁠92% chance ⁠of a hike in December, according to CME's FedWatch Tool.

"The interesting dynamic is that there's going to be a big move, no matter what the Fed does, and the initial reaction... might be supportive of gold if they keep interest rates unchanged," Rodda said.

Elsewhere, Bank of Japan Governor Kazuo Ueda said underlying inflation is "quite close" to the central bank's 2% target, with strong global AI demand adding to inflationary pressure from a tight job market, signaling scope for further rate increases.

Among other metals, spot silver rose 0.5% to $57.38 per ounce, platinum gained 0.4% to $1,647.05 and palladium fell 0.5% to $1,114.50.

Business

World Bank Seeks to Boost Connectivity in Developing Countries

World Bank Group President Ajay Banga gestures during the Annual Meetings Plenary at the 2026 Annual Meetings of the IMF and the World Bank Group in Bangkok, Thailand, 16 October 2026. (EPA)
World Bank Group President Ajay Banga gestures during the Annual Meetings Plenary at the 2026 Annual Meetings of the IMF and the World Bank Group in Bangkok, Thailand, 16 October 2026. (EPA)
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World Bank Seeks to Boost Connectivity in Developing Countries

World Bank Group President Ajay Banga gestures during the Annual Meetings Plenary at the 2026 Annual Meetings of the IMF and the World Bank Group in Bangkok, Thailand, 16 October 2026. (EPA)
World Bank Group President Ajay Banga gestures during the Annual Meetings Plenary at the 2026 Annual Meetings of the IMF and the World Bank Group in Bangkok, Thailand, 16 October 2026. (EPA)

The World Bank on Monday announced a new strategy aimed at boosting connectivity and making digital access more affordable in developing countries.

"Digital technology can help countries create jobs and make scarce resources go further," said World Bank President Ajay Banga.

"Realizing that potential requires a comprehensive approach -- from reliable connectivity and affordable devices to digital skills and useful services," he added in a statement.

Developing countries face a crunch with limited resources and a rising need for employment, the Washington-headquartered institution said.

While 1.2 billion people are set to reach working age in such countries over the next 10-15 years, these economies are projected to create just 420 million or so jobs.

The bank's strategy aims to support infrastructure for connectivity and lower the cost of entry-level smartphone and broadband services.

It also wants to widen access to digital services and look into targeted uses of artificial intelligence.

The bank said only 23 percent of people in low-income countries used the Internet, a stark contrast against 94 percent in high-income countries.

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Brent Crude Holds Near Five-Month High on Middle East Tension

Oil tanks and chimneys at ExxonMobil refining and petrochemicals platform in Rotterdam, Netherlands April 9, 2026. (Reuters)
Oil tanks and chimneys at ExxonMobil refining and petrochemicals platform in Rotterdam, Netherlands April 9, 2026. (Reuters)
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Brent Crude Holds Near Five-Month High on Middle East Tension

Oil tanks and chimneys at ExxonMobil refining and petrochemicals platform in Rotterdam, Netherlands April 9, 2026. (Reuters)
Oil tanks and chimneys at ExxonMobil refining and petrochemicals platform in Rotterdam, Netherlands April 9, 2026. (Reuters)

Oil prices advanced on Tuesday, with Brent hovering around a five-month high as traders priced in a geopolitical risk premium from Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf.

Brent crude futures climbed 55 cents, or 0.50%, to $110.10 a barrel by 0319 GMT, after rising as high as $110.70 a barrel in the previous session to their highest since May 20.

The US West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, was up 0.24% to $103.91. The more-active ‌December contract rose ‌39 cents, or 0.40%, to $98.93.

"Oil prices remain well-supported ... This ‌suggests ⁠the market is pricing ⁠in a significant risk premium, given the situation's volatility," ING analysts said in a note on Tuesday.

"However, if flows continue uninhibited despite the geopolitical environment, the risk premium would likely erode slowly. Clearly, there are no signs of this yet."

At least 18 vessels were reportedly attacked over two weeks, which keeps the risk premium intact, ship-tracker Kpler said in a note on Monday.

On Monday, a Houthi attack on a training camp for government security forces in Yemen's Shabwa province killed 58 people with more than 200 injured.

The renewed attacks heightened fears about regional stability and underscored continuing risks to energy supply from the region, keeping oil ‌prices above $100 a barrel.

In the US, crude oil stockpiles were expected to have fallen last week along with product ⁠inventories, a ⁠preliminary Reuters poll showed on Monday.

Friday's executive order by President Donald Trump waived key Russia-related US sanctions and tariffs, including goods duties and penalties for purchases of its energy.

However, Trump said on Saturday he had yet to announce a final decision on the matter, while Secretary of State Marco Rubio said officials wanted more time to evaluate the situation.

Russia's crude oil production increased by 65,000 barrels per day in September to 8.43 million bpd, but remained about 870,000 bpd below that of a year ago, the International Energy Agency said last week.

"While the prospect of additional Russian diesel supply offers some theoretical relief, traders appear far more focused on the ongoing risk of further damage to energy infrastructure across the Gulf region," said Tim Waterer, KCM Trade chief analyst.