
IVD Medical Holding Limited (01931.HK): Officially launched the application for the US stablecoin license and accelerated the landing of the IVDNewCo Exchange ecosystem
The issuer is solely responsible for the content of this announcement.
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Free Malaysia Today
8 hours ago
- Free Malaysia Today
Wall Street ends mixed, crude slides as trade deadline looms
The S&P 500 closed with nominal gains as underperforming tech shares dragged the Nasdaq into the red. (AP pic) NEW YORK : The Dow gained while the Nasdaq lost ground on Tuesday and crude settled lower as investors assessed a spate of mixed earnings and signs that President Donald Trump's protracted trade war is hitting corporate profit margins, even as Trump's dealmaking deadline approached. The S&P 500 closed with nominal gains as underperforming tech shares dragged the Nasdaq into the red. Gold extended its gains in opposition to the softening dollar, and US Treasury yields eased for the third-straight session. '(Investors are) looking for additional catalysts and you're seeing some cautious comments coming out of companies,' said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. 'They're hearing mixed guidance when it comes to all this uncertainty revolving around tariffs and the direction things are heading.' Second-quarter earnings season has hit full stride, with nearly one-fifth of the companies in the S&P 500 having reported. Of those, 79% have beaten analyst expectations, according to LSEG data. Analysts expect year-on-year S&P 500 earnings growth of 7%, on aggregate, a sizable improvement over the 5.8% growth predicted as of July 1, per LSEG. Still, the effects of the trade war have begun seeping into corporate results. General Motors' second-quarter core profit slid 32% as steep tariff costs took a US$1.1-billion bite from its bottom line. Prospects of a US-European Union trade deal appeared to be fading as Washington's Aug 1 deadline loomed, prompting EU members to ramp up possible 'anti-coercion' retaliatory measures. US treasury secretary Scott Bessent said on Tuesday he would meet with his Chinese counterpart to discuss delaying the Aug 12 trade talks deadline with China again, as the world's two largest economies wrestle with the flow of technology and rare earth materials. 'These are pretty classic negotiations; nothing ever happens until it has to happen,' says Chuck Carlson, CEO at Horizon Investment Services in Hammond, Indiana. 'Nothing gets done until the deadline, then either the deadline gets extended or there's some resolution that comes out of nowhere.' 'The flip side of this is Trump's going to have to follow through eventually,' Carlson added. 'Otherwise, he's going to be the boy that cried wolf, and his negotiating power is going to be sapped because people will believe he's never going to follow through.' The Dow Jones Industrial Average rose 179.12 points, or 0.40%, to 44,502.19, the S&P 500 rose 3.99 points, or 0.06%, to 6,309.59 and the Nasdaq Composite fell 81.49 points, or 0.39%, to 20,892.69. European shares ended lower, weighed down by disappointing earnings and looming anxieties over the lack of progress in US trade negotiations. MSCI's gauge of stocks across the globe rose 0.68 points, or 0.07%, to 930.31. The pan-European STOXX 600 index fell 0.41%, while Europe's broad FTSEurofirst 300 index fell 8.50 points, or 0.39% Emerging market stocks fell 3.93 points, or 0.31%, to 1,249.53. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.17%, to 657.56, while Japan's Nikkei fell 44.19 points, or 0.11%, to 39,774.92. The dollar continued to edge lower amid a subdued currency market as investors awaited any sign of progress in trade talks ahead of the August 1 deadline. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.5% to 97.36, with the euro up 0.49% at US$1.1752. Against the Japanese yen, the dollar weakened 0.56% to 146.56. Bitcoin gained 1.98% to US$119,320.90. Ethereum declined 2.41% to US$3,668.31. US Treasury yields appeared set to notch a third-straight day of declines as the market took a breather on the heels of Monday's rally. The yield on benchmark US 10-year notes fell 2.8 basis points to 4.342%, from 4.37% late on Monday. The 30-year bond yield fell 2.6 basis points to 4.9111% from 4.937% late on Monday. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 1.9 basis points to 3.833%, from 3.852% late on Monday. Oil prices weakened on growing worries over softening demand as the Aug 1 tariff deadline drew closer. US crude slid 1.47% to settle at US$66.21 per barrel, while Brent settled at US$68.59 per barrel, down 0.9%. Gold prices surpassed a five-week high, extending their gains on the softening dollar and weaker US bond yields. Spot gold rose 1.07% to US$3,431.87 an ounce. US gold futures rose 1.15% to US$3,441.00 an ounce.


Free Malaysia Today
8 hours ago
- Free Malaysia Today
Goldman, BNY launching tokens tied to money market funds
The crypto industry has rallied in recent months amid surging optimism. (EPA Images pic) NEW YORK : Goldman Sachs and BNY have joined hands to launch digital tokens that mirror shares of money market funds, deepening Wall Street's push to bring blockchain technology into traditional finance. Investors can now buy and sell money market fund shares on BNY's LiquidityDirect platform, with a digital record of those shares created on Goldman's blockchain system, the two financial giants said today. The move marks an early step toward modernising the infrastructure that underpins most of the financial ecosystem. If adopted broadly, it could make it easier and faster for institutional investors to use these assets as collateral and reduce trade settlement times. BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments and Goldman Sachs Asset Management are among the companies participating in the initial rollout. Though a subject of debate, tokenisation's potential to drastically reshape the investing landscape has drawn strong interest. In January, Apollo teamed up with Securitize to launch a feeder fund that would channel capital from crypto-native investors into its global credit fund. The moves coincide with and gained fresh momentum after the Genius Act passed earlier this month.


Free Malaysia Today
9 hours ago
- Free Malaysia Today
China, Hong Kong stocks power ahead as eased trade tensions fuel rally
Hong Kong's benchmark Hang Seng jumped more than 1% to hit its highest level in almost four years. (EPA Images pic) SHANGHAI : China and Hong Kong stocks powered ahead today as signs of eased Sino-US trade tensions added fuel to a rally driven by Beijing's campaign against intense price wars and a trillion-yuan hydropower dam project in Tibet. China's blue-chip CSI300 Index climbed 0.7% by the midday break, reaching an eight-month peak and on track for a fifth straight session of gains. The Shanghai Composite Index rose 0.8%. Hong Kong's benchmark Hang Seng jumped more than 1% to hit its highest level in almost four years. In a sign the rally likely has legs, daily turnover in China stocks has expanded to near five-month highs, while margin financing – money borrowed to buy stocks – has hit a level not seen in nearly four months, signalling revived 'animal spirits'. 'External and internal headwinds have subsided faster than expected,' Huatai Securities said in a note to clients, adding that 'in the latest round of tariff talks with the US, China has strengthened its hand'. 'China's economy benefits from the government's stepped-up campaign against 'involutionary competition' and positive real estate policies,' Huatai added. In a sign of reduced tensions, US treasury secretary Scott Bessent said yesterday that US and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal. 'I think trade is in a very good place with China,' Bessent said. Chinese tech stocks, which are sensitive to Sino-US relations, jumped today. China's tech-focused STAR50 Index gained 1%, while Hong Kong's Hang Seng Tech Index jumped nearly 2%. China-listed chemicals and steel continued to rise amid bets producers in these sectors will benefit from Beijing's expected industrial capacity cuts. Building materials and construction engineering stocks also powered ahead, as China's massive hydropower dam project brightened the sectors' prospects. 'The construction of a hydropower dam in Tibet has greatly lifted investor sentiment as well as earnings forecasts of related industries,' Guotai Haitong Securities said in a report.