SINGAPORE (Reuters) - Bitcoin's march toward $100,000 made further ground on Thursday as investors bet a friendlier U.S. regulatory approach to cryptocurrencies under President-elect Donald Trump will unleash a boom era for the asset class.

Bitcoin prices topped $96,000 for the first time in Asia trade, touching a high just above $96,898.

The cryptocurrency's price has more than doubled this year and is up about 40% in the two weeks since Trump was voted in as the next U.S. president and a slew of pro-crypto lawmakers were elected to Congress.

"While it's now firmly into overbought territory, it is being drawn toward the $100k level," said IG Markets analyst Tony Sycamore.

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.

More than $4 billion has streamed into U.S. listed bitcoin exchange-traded funds since the election. This week, there was a strong debut for options on BlackRock (NYSE:BLK)'s ETF, with call options - bets on the price going up - more popular than puts.

Crypto-related stocks have been soaring along with the bitcoin price and shares in bitcoin miner MARA Holdings were up nearly 14% overnight, while MicroStrategy, a loss-making software company that has been buying bitcoin, rose 10% to take its market capitalisation beyond $100 billion.

"Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It's likely too soon to say," said Will Peck, head of digital assets at WisdomTree, a global exchange-traded fund issuer.

"We see all of this excitement as bullish not only for bitcoin or crypto broadly, but the entire blockchain-enabled ecosystem that is growing today."

Investing.com-- Most Asian stocks fell on Thursday as earnings from market major Nvidia provided middling cues, while Indian markets were squarely in focus after the U.S. accused conglomerate Adani of corruption. 

Regional markets took few cues from a muted overnight session on Wall Street, as caution over NVIDIA Corporation (NASDAQ:NVDA) kept investors to the sidelines. But U.S. stock index futures sank in Asian trade, tracking an over 1% aftermarket drop in Nvidia.

Heightened tensions over Russia and Ukraine also kept overall risk appetite limited. 

Asia tech skittish as Nvidia offers mixed signals 

Technology-heavy Asian bourses mostly fell on Thursday, although stocks with direct exposure to Nvidia were a mixed bag as its results offered differing cues. The TOPIX index shed 0.3%.

The world’s most valuable listed company clocked stronger than expected earnings in the September quarter. But its guidance for the current quarter just barely scraped past expectations, pointing to slowing revenue growth and sparking some fears that artificial intelligence demand had potentially peaked. 

Japan’s Nikkei 225 index shed 0.7%, with chip stocks Advantest Corp. (TYO:6857) and Tokyo Electron Ltd. (TYO:8035)n both losing ground.

South Korea’s KOSPI rose 0.2%, buoyed by small gains in Nvidia supplier SK Hynix Inc (KS:000660), which said it had begun production of advanced flash memory chips. Peer Samsung Electronics Co Ltd (KS:005930) rose 0.5%.

Taiwan shares of TSMC (TW:2330) (NYSE:TSM)- the world’s biggest contract chipmaker and a major Nvidia supplier- fell 1%, while those of Hon Hai Precision Industry Co Ltd (TW:2317), also known as Foxconn (SS:601138), lost nearly 2%. 

Investing.com-- U.S. stock index futures moved little in evening deals on Wednesday as markets digested a mixed showing from artificial intelligence major Nvidia, which clocked strong earnings but presented an outlook that just scraped past estimates.

Futures moved little after a muted session on Wall Street, as anticipation of NVIDIA Corporation's (NASDAQ:NVDA) earnings deterred any big bets. Sentiment also remained strained amid increased tensions over Russia and Ukraine, and as earnings from retail giant Target Corporation (NYSE:TGT) fell well short of expectations.

S&P 500 Futures steadied at 5,939.0 points, while Nasdaq 100 Futures were flat at 20,751.25 points by 18:35 ET (23:35 GMT). Dow Jones Futures steadied at 43,551.0 points. 

Nvidia falls as guidance beat underwhelms 

Nvidia shares fell more than 1% in aftermarket trade to around $144.0, trimming some losses after falling as much as 2% just after its earnings. 

Earnings per share rose to $0.81 on revenue of $35.1 billion, higher than expectations of $0.75 in EPS and $33.09 billion in revenue. 

But Nvidia forecast fourth quarter revenue of $37.5 billion, plus or minus 2%. The guidance was just above estimates of $37.09 billion, underwhelming some traders hoping for a much bigger beat, especially given the stellar run-up in Nvidia’s valuation this year. 

The forecast also indicated a slower pace of revenue growth than seen in prior quarters. 

Nvidia, which recently overtook Apple Inc (NASDAQ:AAPL) to become the world’s most valuable listed company, flagged supply constraints, especially in its upcoming Blackwell line of next-generation AI chips. But the firm said demand for its advanced AI chips remained robust. 

TOKYO (Reuters) -Japan welcomed a record 3.31 million visitors last month, official data showed on Wednesday, as the weak yen propelled a tourism boom that is pouring money into the nation's coffers.

The number of foreign visitors for business and leisure rose from 2.87 million in September and exceeded the previous monthly record of 3.29 million set in July, data from the Japan National Tourism Organization (JNTO) showed.

Through October, about 30.2 million tourists have arrived in Japan, just shy of the annual record of 31.9 million set in 2019 before the COVID-19 pandemic shut global borders.

Japan's famous autumn leaf colours contributed to increased tourism demand last month from many markets across Asia, Europe, and North America, the JNTO said. Through October, 11 countries and regions have surpassed annual records for sending visitors to Japan.

Travellers spent 5.86 trillion yen ($37.72 billion) in Japan through September of this year, preliminary figures showed last month. That eclipsed the 5.3 trillion yen they spent in all of 2023, a record for any 12-month period.

Tourism spending, classified as an export in national accounts, is poised to become Japan's second-biggest export sector after autos and ahead of electronic components.

Investing.com-- Asian stocks kept to a tight range on Wednesday as technology shares turned skittish before key earnings from Nvidia Corp , while Chinese markets struggled after Beijing left its benchmark lending rates unchanged. 

Regional markets took little strength from a positive overnight session on Wall Street, which was spurred largely by gains in NVIDIA Corporation (NASDAQ:NVDA) and other technology stocks.

U.S. stock index futures steadied in Asian trade, with focus squarely on earnings from Nvidia due after the U.S. market close on Wednesday. The company is seen as a bellwether for artificial intelligence demand, and is likely to set a course for tech stocks in the coming days. 

Chinese stocks drift lower as loan prime rates remain unchanged

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes fell 0.4% and 0.1%, respectively. Hong Kong's Hang Seng index fell 0.2%.

The People’s Bank of China left its one-year and five-year LPRs unchanged on Wednesday, with Beijing likely holding back on more stimulus until it had gained a clearer picture of what a Donald Trump presidency will entail for Sino-U.S. relations. 

China had cut the LPR slightly more than expected in October, as the country announced a string of major stimulus measures to boost sluggish growth. 

But Beijing has held off on announcing more targeted fiscal measures, with analysts stating that the government was watching for the impact of proposed trade tariffs by Trump on the economy. 

This trend has seen Chinese markets lag their Asian peers in recent sessions. 

SINGAPORE (Reuters) - Bitcoin rose to a record high above $94,000 as a report that Donald Trump's social media company was in talks to buy crypto trading firm Bakkt added to hopes of a cryptocurrency-friendly regime under the incoming Trump administration.

Bitcoin, the world's biggest and best-known cryptocurrency, has more than doubled this year. It was last at $92,104 in Asian hours on Wednesday, having touched a record high $94,078 just toward the end of the previous session.

The Financial Times, citing two people with knowledge, said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange (NYSE:ICE).

Tony Sycamore, market analyst at IG, said bitcoin's rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock (NYSE:BLK)'s Bitcoin ETF.

Cryptocurrencies have soared since the Nov. 5 U.S. election as traders bet President-elect Trump's promised support for digital assets would lead to a less restrictive regulatory regime and inject some life back into bitcoin after a listless few months.

The growing excitement has taken the global cryptocurrency market's value above $3 trillion to a record high, based on analytics and data aggregator CoinGecko.

Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and "another kick higher should bring in a fresh chase from those who like to buy what's strong".

Investing.com-- U.S. stock index futures rose slightly in evening deals on Tuesday, tracking a positive session on Wall Street as technology stocks advanced ahead of earnings from market darling Nvidia.

Positive earnings from retail giant Walmart Inc (NYSE:WMT) also helped lift sentiment, with shares of the supermarket operator hitting a record high after it raised its annual guidance. 

Markets largely looked past an escalation in the Russia-Ukraine conflict after Moscow lowered the threshold for launching a nuclear strike. This was after the U.S. approved the use of long-range missiles for Ukraine against Russia. 

S&P 500 Futures rose 0.1% to 5,943.75 points, while Nasdaq 100 Futures rose 0.1% to 20,777.75 points by 18:26 ET (23:26 GMT). Dow Jones Futures rose 0.1% to 43,448.0 points. 

Nvidia rises ahead of earnings, tech upbeat  

Technology stocks advanced on Tuesday, led by a nearly 5% rally in NVIDIA Corporation (NASDAQ:NVDA) before its quarterly earnings, which are due after the bell on Wednesday. The stock rose 0.3% in aftermarket trade. 

The chipmaker, which recently overtook Apple Inc (NASDAQ:AAPL) to become the most valuable listed company in the world, is considered as a bellwether for artificial intelligence demand. 

Technology stocks were mostly upbeat in anticipation of a strong quarterly print from the firm, which has nearly tripled in value this year on an AI-fueled boom.

Gains in Nvidia spilled over into broader tech stocks on Tuesday. Alphabet Inc (NASDAQ:GOOGL) rose 1.6% during the session even as a report said the Department of Justice planned to pressure the firm into spinning off its Chrome internet browser, over antitrust concerns. 

Among other stocks, Comcast Corp (NASDAQ:CMCSA) rose 2.3% in aftermarket trade after The Wall Street Journal reported the firm was close to approving a $7 billion spinoff of its cable TV assets. 

Wall St close to record highs

Wall Street indexes rose on Tuesday and remained in sight of recent record highs, although risk appetite appeared to be cooling after Donald Trump’s election victory earlier in November.

Investors were now watching for just what Trump’s policies and cabinet picks will entail for the economy, amid some concerns that his policies will spur a long term pick-up in inflation.

Still, investors largely maintained bets that interest rates will fall in the near-term, with traders pricing in a 60.6% chance for a 25 basis point cut by the Federal Reserve in December, CME Fedwatch showed.

The S&P 500 rose 0.4% to 5,916.98 points, while the NASDAQ Composite surged 1% to 18,983.43 points on Tuesday. The Dow Jones Industrial Average lagged, falling 0.3% to 43,268.94 points. 

By Olena Harmash

KYIV (Reuters) -Ukraine's parliament approved the 2025 state budget in the final reading on Tuesday, channelling more funds for Kyiv's defence efforts as Russia's full-scale invasion reached its 1,000th day.

Ukraine plans to spend 2.2 trillion hryvnias ($53.7 billion), or about 26% of its gross domestic product, on defence and security next year, officials said.

"All taxes of citizens and businesses next year will be directed to the defence and security of our country," Prime Minister Denys Shmyhal said.

"Record amount of funds will be directed to weapons' production and purchases. There will be more funding to modernise our weapon industry and also to buy drones," he said in a statement.

As Kyiv troops battle a larger and better-equipped enemy along a more than 1,000-kilometre frontline, demand for weapons, ammunition and funds to pay soldiers' wages keeps growing.

Next (LON:NXT) year budget spending is planned at 3.6 trillion hryvnias while revenues excluding grants and international aid, are targeted at 2.05 trillion hryvnias, the finance ministry said.

The government will implement Ukraine's first wartime tax increases for population and businesses to be able to boost its domestic revenues in 2025.

The budget deficit of about $38 billion will be covered with financial aid from Kyiv's Western partners as well as the government's domestic borrowing.

The International Monetary Fund, a key lender, said that IMF staff and Ukrainian authorities have reached an agreement that would give Ukraine access to about $1.1 billion.

Finance Minister Serhiy Marchenko said the budget's other priorities next year would be to support residents as they battle wartime economic and security challenges.

The government also plans measures to support economic recovery but it expects growth to slow to 2.7% in 2025 from a target of 4% this year due to war, expected energy deficit and staff shortages.

Ukraine's weapon production industry has been one of the key drivers for economic growth this year and the government plans to ramp up production further in 2025.

President Volodymyr Zelenskiy, who presented Ukraine's resilience plan, said Ukraine was planning to produce at least 30,000 long-range drones and 3,000 cruise missiles and drone missiles next year.

The government will channel 739 billion hryvnias into weapons production in 2025, 34.1 billion hryvnias more than this year, the finance ministry said.

By Selena Li and Kane Wu

HONG KONG (Reuters) -Beijing told top Wall Street executives on Tuesday that it will move ahead with capital market reforms and in the opening up of its financial sector for foreigners, while supporting Hong Kong in bolstering its credentials as a global financial hub.

The pledge from Chinese policymakers at the Global Financial Leaders' Investment Summit comes amid growing geopolitical tensions following Donald Trump's election as the next U.S. president, and a destabilising slowdown in the world's second-largest economy.

"We will create an inclusive favourable business environment for outside investors and business leaders coming to China," said Zhu Hexin, deputy governor of China's central bank and administrator of the State Administration of Foreign Exchange.

"So we open our arms to foreign investors. They're welcome to the mainland to share in the success of China's economic development."

China Securities Regulatory Commission (CSRC) Chairman Wu Qing added that China would remove investment barriers and implement supporting measures while deepening capital market reforms.

Beijing will also support more high-quality enterprises from China to list and issue bonds in Hong Kong, China's Vice Premier He Lifeng said, offering backing to the city at a time when its future as a financial centre is facing scrutiny.

The summit, hosted by the Hong Kong Monetary Authority (HKMA), is being attended by the CEOs of top Wall Street firms including Citigroup (NYSE:C), Goldman Sachs and Morgan Stanley (NYSE:MS).

Hong Kong's standing as a global financial hub has been clouded in recent years after Beijing imposed a sweeping national security law in 2020. Western governments say it has hit the territory's autonomy, but Chinese authorities say it was necessary to restore order after mass pro-democracy protests in 2019.

On Tuesday, Hong Kong's High Court jailed 45 pro-democracy activists for up to 10 years following a landmark national security trial that has damaged the city's once feisty democracy movement and drawn criticism from the U.S. and other countries.

Chinese vice premier He said the country's recent stimulus measures were gradually taking effect and benefitting Hong Kong's markets. He said Beijing would help support Chinese financial institutions to expand their businesses in Hong Kong.

"We will improve the mechanism for the regular issuance of treasury bonds, steadily increase issuance in Hong Kong, and support Hong Kong in consolidating its position as a global financial business hub," He said, without providing specifics.

'BATTLING DEFLATION'

There have been $9.1 billion worth of listings in Hong Kong in 2024, according to Dealogic data, compared with $5.88 billion in 2023. Despite the pickup, issuance volumes remain well off the 2020 peak of $51.6 billion.

The deals slowdown has prompted Western and Chinese financial firms to slash hundreds of investment banking jobs in the past two years. Some international law firms have also scaled back or exited their businesses in the greater China region.

Citigroup chief executive Jane Fraser and Goldman Sachs chairman and CEO David Solomon told the forum Trump's return to the White House next year should spur more corporate buyout activity on the prospect of reduced regulation.

"When we think about deregulation tapering there (U.S), we saw an almost immediate unlock happening with the election result," Fraser said.

"... We saw a huge growth in our pipelines, almost overnight in M&A, IPOs, our sponsor clients are definitely back and I would call it "the big unlock" that we've been waiting for a long time."

In Asia, however, the deals outlook remains sluggish as China is grappling with an economic slowdown, fuelled by a property sector debt crisis and the lingering effects of the pandemic lockdowns.

Beijing unveiled earlier this month a 10 trillion yuan ($1.38 trillion) debt package to ease local government financing strains and stabilise the country's flagging growth.

Morgan Stanley CEO Ted Pick said it would take time for the stimulus measures to show effect, but early signs of recovery can be seen.

"Battling deflation takes time. And so the monetary impulse is starting to take hold, lower interest rates, more attractive mortgage rates, inducements to new ownership. The fiscal piece will take time."

Goldman's Solomon, however, said global investors who have "put a lot of capital" into China continue to be concerned about getting capital out of the country.

"And so in that context, I think messages around the ability to both attract capital and have capital come in and come out -- very, very important for global investors."

($1 = 7.2364 Chinese yuan)

By Siddarth S

(Reuters) - Goldman Sachs has forecast the S&P 500 index would reach 6,500 by the end of 2025, joining peer Morgan Stanley (NYSE:MS), on the back of continued growth in the U.S. economy and corporate earnings.

The Wall Street brokerage's target implied an upside of 10.3% from the index's last close of 5,893.62.

On Monday, Morgan Stanley also forecast the benchmark index would hit 6,500 by the end of next year. It estimated the recent broadening in U.S. earnings growth would continue in 2025 as the Federal Reserve cuts interest rates into next year and as business cycle indicators improve further.

Goldman said the so-called 'Magnificent 7' stocks - Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL), Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), and Tesla (NASDAQ:TSLA) collectively will outperform the rest of the 493 companies in the benchmark index next year.

However, the 'Magnificent 7' stocks will outperform by about 7 percentage points only, the slimmest margin in seven years, Goldman said in a note dated Monday.

"Although the 'micro' earnings story supports continued outperformance of the Magnificent 7 stocks, the balance of risk from more “macro” factors such as growth and trade policy lean in favor of the S&P 493 (companies)," the brokerage said.

Goldman estimated corporate earnings to grow 11% and a real U.S. gross domestic product growth of 2.5% in 2025.

The brokerage also warned that risks remain high for the broader U.S. equity market heading into 2025, due to a potential threat from tariffs and higher bond yields.

"At the other end of the distribution, a friendlier mix of fiscal policy or a more dovish Fed present upside risks," Goldman added.

Trump's victory in the U.S. Presidential election earlier this month has brought into sharp focus his campaign pledge to lower taxes and impose higher tariffs, moves that are expected to spur inflation and reduce the Fed's scope to ease interest rates.

The brokerage also projected earnings-per-share of S&P 500 companies at $268 in 2025.