Corporate defaults in China were low through the first half of 2017, allaying some investor fears. Economists say economic growth helps companies avoid default.
A price forecast consensus among banks and investors is that after a resistance around $4,500 to $4,800 and a correction, bitcoin will possibly continue to rally to $6,000 by year-end and hit $7,500 in 2018. "There's a lot of interest from traders and mainstream finance on the rise of all these new cryptocurrencies, but when they first get exposure into the space, they'll go into bitcoin," says Pantera Capital Management Vice President Paul Veradittakit.
China Construction Bank is conducting a roadshow to raise at least $15 billion for a fund that would invest in the government's Belt and Road initiative, sources say. Chinese President Xi Jinping has said $124 billion would become available to construct a modern Silk Road.
Most Asian-Pacific stock markets advanced Tuesday as investors limited exposure to risk while they awaited word about interest rates at a Federal Reserve symposium. Japan's Nikkei 225 slid 0.1%; Hong Kong's Hang Seng Index gained 0.9%; Australia's S&P/ASX 200 moved up 0.4%; China's Shanghai Composite edged up 0.1%; South Korea's Kospi added 0.4%; and India's Sensex was up 0.1%.
Ten-year Treasurys are edging higher as investors seek safe assets ahead of the Federal Reserve's Jackson Hole, Wyo., symposium. Markets will be watching Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi for indications that financial conditions will tighten in the near future.
French oil company Total said it will strengthen its position in North Sea oil production by acquiring Maersk Oil from Dutch shipping company AP Moller-Maersk for €6.35 billion. Total said the deal also gives it access to oil production in the Gulf of Mexico, Algeria, Kenya and Kazakhstan.
China's Great Wall Motor said it wants to buy the US Jeep brand. However, Fiat Chrysler, which owns Jeep, said it hasn't been approached with a proposal.
Fearful of falling behind the rest of the world in artificial intelligence and similar technologies, Japan plans to provide funding to help private companies develop advanced computer chips. The Ministry of Economy, Trade and Industry intends to ask for 10 billion yen from the fiscal 2018 budget to support the development.
Financial exploitation of senior citizens is a growing problem in the US, according to a survey by the North American Securities Administrators Association. None of the state regulators participating reported a decline in such fraud, and 29% said the number of complaints and cases is increasing.