
Hong Kong Dollar Slide Aided by Record Low Cost for Short Bets
The cost of shorting the Hong Kong dollar has slumped to an all-time low, as the currency weakens to the middle of its fixed trading band.
One-month forward points on the city's dollar, which are added to or subtracted from the spot level to calculate the forward rate, dropped to the lowest on record Monday, according to data complied by Bloomberg. That has renewed bearish bets against the city's currency.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Yahoo
21 minutes ago
- Yahoo
'I Literally Have Almost No Money'—MrBeast Shocks Fans by Borrowing Wedding Funds from His Mom
Jimmy Donaldson, better known as MrBeast, recently surprised fans by revealing on X that he's borrowing money from his mother to pay for his upcoming wedding. The disclosure comes despite an estimated $1 billion net worth and a business empire reportedly valued at $5 billion, highlighting a paradox of the creator economy: being asset-rich but cash-poor. "I literally have almost no money," MrBeast said in a June 2 post on X.. "I've just been reinvesting everything into content and 'literally' had to borrow money from my mom to help with my wedding lol." Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. This comes as his businesses—collectively known as Beast Industries—were reported by Bloomberg in February to be raising funds at a $5 billion valuation. "I think this year we'll spend around a quarter of a billion on content," Donaldson continued. According to Business Insider, his business generated just under $500 million in revenue last year. This high spending is driven by projects like MrBeast's Feastables snack brand and the Amazon Prime Video series, "Beast Games," which require substantial upfront capital. The show awarded a $10 million prize to its first-season winner—making it one of the most expensive game shows ever produced, Forbes reported. Despite financial constraints, Donaldson and his fiancée, Thea Booysen, are opting for an intimate, low-key wedding. "This will definitely be more family and friends—definitely more private. I don't take much vacation because of how hard I work... It will be the ultimate way to take some time away and enjoy things," MrBeast told People. Trending: Maximize saving for your retirement and cut down on taxes: . Booysen echoed the sentiment, telling the New York Post that they were considering holding the wedding on an island, away from public attention, and described the event as "nice but certainly intimate," focused on close family and friends. Goldman Sachs estimates that the creator economy could reach $480 billion by 2027, powered by more than 50 million active creators. However, MrBeast's experience illustrates that building billion-dollar ventures may come at the cost of short-term personal liquidity. Donaldson said on the "The Diary of a CEO" podcast that while he may be a billionaire "on paper," he has "less than a million dollars" in his actual bank account. Read Next: Invest where it hurts — and help millions heal:. The average American couple has saved this much money for retirement —? Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'I Literally Have Almost No Money'—MrBeast Shocks Fans by Borrowing Wedding Funds from His Mom originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
39 minutes ago
- Yahoo
Asian shares make modest gains as investors eye US-China talks
Asian shares were marginally higher on Tuesday as investors kept an eye on US-China trade talks that might help stave off a recession. Tokyo's Nikkei 225 gained 0.9% to 38,445.68, while the Kospi in South Korea jumped 0.3% to 2,865.12. Hong Kong's Hang Seng edged 0.3% higher, to 24,261.26 and the Shanghai Composite index was up 0.1% at 3,403.52. In Taiwan, the Taiex surged 2.1% to 22.253,46. Australia's S&P/ASX 200 advanced just less than 0.9% to 8.588,10. On Monday, the S&P 500 edged up just 0.1% and at 6,005.88 is within 2.3% of its record set in February. The Dow Jones Industrial Average slipped by 1 point, which is well below 0.1%, to 42,761.76. The Nasdaq composite added 0.3% to 19,591.24. A second day of talks between the US and China was planned after the two global powers met in London for negotiations. The hope is that they can eventually reach a deal to reduce painfully high tariffs against each other. Most of the tariff hikes imposed since US President Donald Trump escalated his trade war have been paused to allow trade in everything from tiny tech gadgets to enormous machinery. Hopes that President Donald Trump will lower his tariffs after reaching trade deals with countries around the world have helped the S&P 500 win back gains after it dropped roughly 20% from its record two months ago. The index is back above where it was when Trump shocked financial markets in April with his wide-ranging tariff announcement on so-called 'Liberation Day'. Related Chip designer Alphawave sees stock soar on Qualcomm takeover agreement China accuses US of violating trade truce and vows firm retaliation Some of the market's biggest moves came from the announcement of big buyout deals. Qualcomm rallied 4.1% after saying it agreed to buy Alphawave Semi in a deal valued at $2.4bn (€2.1bn). IonQ, meanwhile, rose 2.7% after the quantum computing and networking company said it agreed to purchase Oxford Ionics for nearly $1.08bn (€947.1mn). On the losing side of Wall Street was Warner Bros. Discovery, which flipped from a big early gain to a loss of 3% after saying it would split into two companies. One will get Warner Bros. Television, HBO Max and other studio brands, while the other will hold onto CNN, TNT Sports and other entertainment, sports and news television brands around the world, along with some digital products. Tesla recovered some of its sharp, recent drop. The electric vehicle company tumbled last week as Elon Musk's relationship with Trump broke apart, and it rose 4.6% on Monday after flipping between gains and losses earlier in the day. The frayed relationship could end up damaging Musk's other companies that get contracts from the US government, such as SpaceX. Rocket Lab, a space company that could pick up business at SpaceX's expense, rose 2.5%. In the bond market, the yield on the 10-year Treasury eased to 4.48% from 4.51% late Friday. It fell after a survey by the Federal Reserve Bank of New York found that consumers' expectations for coming inflation eased slightly in May. Economists expect a report due on Wednesday to show that inflation across the country accelerated last month to 2.5% from 2.3%. The Federal Reserve has been keeping its main interest rate steady as it waits to assess the inflationary effects of Trump's tariffs. A persistent increase in inflation expectations among US households could drive behaviour that creates a vicious cycle that only worsens inflation. In other dealings early on Tuesday, US benchmark crude oil picked up 31 cents to $65.45 per barrel. Brent crude, the international standard, also gained 31 cents, to $67.35. The dollar rose to 144.93 Japanese yen from 144.61 yen. The euro slipped to $1.1399 from $1.1421.
Yahoo
44 minutes ago
- Yahoo
Bessent Emerges as Possible Contender to Succeed Fed's Powell
(Bloomberg) -- A growing chorus of advisers inside and outside the Trump administration are pushing another name to serve as the next chair of the Federal Reserve: Treasury Secretary Scott Bessent. Trump Said He Fired the National Portrait Gallery Director. She's Still There. Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Mayoral Candidates All Agree on Building More Housing. But Where? Senator Calls for Closing Troubled ICE Detention Facility in New Mexico California Pitches Emergency Loans for LA, Local Transit Systems President Donald Trump said Friday he would name a successor 'very soon' to replace Jerome Powell, whose term as Fed chair ends in May 2026. The small list of candidates under consideration has included Kevin Warsh, a former Fed official whom Trump interviewed for the Treasury secretary role in November, according to people familiar with the matter. But Bessent — who is leading Trump's effort to kickstart the US economy with sweeping changes to trade, taxes and regulation — is also now one of the contenders for the job, said the people, who requested anonymity to discuss private conversations. Formal interviews for the position have not begun, two of the people said. 'I have the best job in Washington,' Bessent said in response to a request for comment. 'The president will decide who's best for the economy and the American people.' The White House did not respond to a request for comment. As Treasury chief, Bessent would traditionally play a key role in the search and interview process for the next Fed chair. It's unclear if he would recuse himself as Trump begins to make his decision. 'Given the amount of trust and confidence that the global financial community has in Scott Bessent, he's an obvious candidate,' said Tim Adams, president and CEO of the Institute of International Finance. 'He's a dark horse candidate,' Adams said, adding that Warsh — who served as a governor on the Fed board from 2006 to 2011 — would also be a good choice. Asked specifically about Warsh on Friday, Trump said: 'He's very highly thought of.' Bessent has been at the forefront of negotiations on a US-China trade deal, arguably the most important of the pacts the president is seeking to forge as part of his effort to reshape the global trade landscape. 'Scott Bessent proved he could implement President Trump's agenda during an incredibly turbulent first six months,' said Steve Bannon, former chief White House strategist and outside adviser to the president. 'He's not just the star of the cabinet, but a safe pair of hands for global capital markets.' The president, who first nominated Powell to the job in 2017, has regularly complained that the Fed chief has been too reluctant to cut borrowing costs. Trump pushed Powell to lower interest rates in a White House meeting last month. Powell and Fed officials have held interest rates steady in 2025, arguing a patient approach to policy is appropriate amid economic uncertainty caused by Trump's expanded and evolving use of tariffs. Fed policymakers have said they expect the announced tariffs to weigh on economic growth and boost inflation. Whoever the Senate confirms for the post will have to prove to the world that the Fed's independence from political meddling remains intact. Trump has said many times that Powell is making a mistake by not lowering rates, and has previously said that he should have a say on rate decisions, raising questions over whether markets would see the next pick as beholden to him. Bessent or Warsh 'would be given the benefit of the doubt from the financial community' that they would preserve the independence of the Fed's rate-setting authority, IIF's Adams said. Economist and Trump ally Arthur Laffer said Bessent 'is wonderful, but he already has a job. And his specialty is not monetary policy.' 'As I told the president, I think Kevin Warsh is just perfect for the job,' he said. Other candidates whose names have previously been floated for Fed chair include Kevin Hassett, the White House's National Economic Council director, Christopher Waller, a Fed governor, and former World Bank President David Malpass. New Grads Join Worst Entry-Level Job Market in Years American Mid: Hampton Inn's Good-Enough Formula for World Domination The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling What America's Pizza Economy Is Telling Us About the Real One Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data