Bitget has frozen a tiny fraction of the $387.5 million stolen in last week’s hack, and restored much of its protection fund.

The chief executive of Hong Kong Exchanges and Clearing (HKEX), Bonnie Chan, said the stock exchange will continue to optimise its listing framework to make it easier for mainland enterprises to list in the city. Speaking on the RTHK programme "On Broadcast Drive", she pointed out that the HKEX plays a crucial role in consolidating and enhancing Hong Kong’s status as an international financial centre while integrating into the nation’s 15th Five-Year Plan. Chan noted that the HKEX has adapted its rules to streamline the initial public offering application process for mainland firms. “For example, with the latest batch of companies we've seen – whether in AI, biotech, or new energy – they often need to invest a substantial amount of resources into research and development," she said. "So when we support their development, we also need to ensure our listing rules are suitable for them. “In the past, companies had to, perhaps more often than not, make profits for three straight years before we allowed them to list. "But in recent years, we have been committed to creating more tailor-made listing chapters.” Chan went on to say that while the HKEX will keep improving stock market liquidity, more resources have been devoted to building a multi-asset ecosystem. She pointed out that overseas investors are increasingly interested in diversifying their assets beyond traditional stocks and bonds. To meet this demand, she said, the HKEX is developing other investment options in such areas as fixed income, currencies and commodities. The HKEX, she stressed, will look to introduce more yuan-denominated investment products to help investors reduce exchange-rate risks. Edited by Edmond Fong

Asian shares fell on Friday as investors grappled with wild swings in bond and currency markets ahead of key US jobs data, while a widening military buildup in the Gulf kept oil prices elevated. In Hong Kong, the benchmark Hang Seng Index plunged 513 points, or 2.09 percent, to open at 24,099. The China enterprises index was down 141 points, or 1.7 percent, lower at 8,078 while the tech index fell 76 points, or 1.81 percent, to 4,176. Bond markets were again the centre of volatility overnight, with the benchmark 10-year US Treasury yields hitting the highest since 2002 at 5.34 percent after capping the biggest quarterly rise in 32 years. They later retreated and were steady at 5.2512 percent in Asia. Fiscal worries in France pushed the spread between French and German sovereign bond yields above 140 basis points, the widest since 2012, rattling European stocks and hitting the euro hard. The single currency slid as far as US$1.1215, the lowest since May 2025, and sank against the yen and the Swiss franc. With mainland markets closed until Wednesday for the National Day Golden Week holiday, other regional markets opened down. In Tokyo, the Nikkei fell 643 points, or 0.93 percent, to open at 68,313 and was 585 points down at one stage before lunch. In Seoul, the Kospi opened 33 points, or 0.47 percent, lower at 6,938 before edging up to be 12 points higher at one stage before noon. All eyes are on the US nonfarm payrolls due later in the day. Forecasts are centred on a rise of 90,000 jobs in September, while the employment rate is likely to be steady at 4.1 percent. Much attention will be on hourly earnings after the ISM survey showed a huge jump in prices paid, pointing to more cost pressures. "With the Fed now myopically focused on inflation and price pressures, a hot wages print could prove particularly influential for US rates, Treasuries and the USD," said Chris Weston, head of research at Pepperstone. "Risk assets have so far absorbed the rise in US real yields, and long-end nominal Treasury yields remarkably well. However, a sustained increase in term premium could be far more problematic." Markets currently price in a 25 percent probability that the Fed will raise interest rates again in October, down sharply from 69 percent a week ago after two top policymakers staked out an unusually clear case for taking in more data before deciding what to do next with interest rates. However, a hike in December is still fully priced in. Dovish comments from Fed officials drove a big rally in two-year Treasuries overnight, with the yield curve bull steepening as short-end yields fell. The two-year yield was last up one basis point at 4.8039 percent, after falling 10 bps overnight. The 10-year Treasury yield rose two bps to 5.2575 percent, having dropped six bps overnight to ease from a 24-year high of 5.3445 percent as the brutal sell-off finally tempted some buyers back into the market. (Reuters & Xinhua) Edited by Wendy Wong

US stocks recovered from early losses to close slightly higher on Thursday, with the S&P 500 bouncing from a two-week low as a global bond selloff reversed course after sending US Treasury yields to multi-decade highs. Stocks were under pressure in early trading as economic data kept pointing to a solid economy with persistent price pressures that stoked fears that inflation could ultimately force the Federal Reserve to become more aggressive with rate hikes. The US Labor Department said weekly initial jobless claims dipped to 197,000, below the 200,000 forecast of economists polled by Reuters. It was the latest in a string of reports this week that indicated the labour market was on solid footing, ahead of the government payrolls report on Friday. Treasury yields extended gains, and the benchmark 10-year Treasury note hit a 24-year high, after closing out September with its biggest quarterly gain since 1994, and pushed equities lower after the Institute for Supply Management said its manufacturing PMI dipped to 54.5 last month from 54.6 in August and showed a jump in input prices, raising inflation worries. But yields turned lower as buyers stepped in, and further declined after Fed Vice Chair Philip Jefferson suggested the central bank may be patient before hiking rates again, following a 25 basis point hike in September. The two-year US Treasury yield, which typically moves in step with interest rate expectations for the Fed, dropped about 10 basis points and was poised for its biggest daily drop since August 2025. "Even though valuations have come down, the market's still not cheap, so I'm not bearish on the equity market. We can chug along, but I expect higher volatility in both equities and bonds," said Scott Welch, chief investment officer at Certuity in Potomac, Maryland. "Everybody's adjusting to a new normal. There's nothing particularly scary about what's happening in the markets right now; it's just a little bit different than what people have been used to operating in over the past few years, and it's going to take some adjustment." The Dow Jones Industrial Average rose 20 points, or 0.04 percent, to 50,926, the S&P 500 gained 14 points, or 0.2 percent, to 7,666 and the Nasdaq Composite gained 10 points, or 0.04 percent, to 26,871. (Reuters) Edited by Cecil Wong