Binance founder willing to go, as pressure mounts

Binance founder Changpeng Zhao said he was willing to step down and pass control to someone who could do a "better job", amid pressure from regulators globally.

One of the world’s biggest cryptocurrency exchanges has come under scrutiny from regulators worried that it could be used for money laundering or that investors fall victim to scams and runaway bets.

“I'm a technology entrepreneur. We are doing this pivot to be a regulated financial institution and I would be very open to look for a leader with strong regulatory background,” Zhao said during a press conference on Tuesday.

Binance provides several services to users worldwide, including crypto spot and derivatives trading. Financial authorities in Britain, Germany, Hong Kong, Italy, Japan, Lithuania and Thailand have all recently raised concerns about the cryptocurrency exchange, a Reuters report noted.

10:30 A.M.

Rupee opens slightly higher

Rupee opened at 74.43 against dollar on Wednesday, slightly higher than its Tuesday closing of 74.47.

According to Forex traders, the rupee is trading in a narrow range ahead of the monthly expiry and the U.S. Federal Reserve’s policy decision, PTI reported.

10:00 A.M.

Earnings announcements expected today

Several companies are expected to release their earnings report on Wednesday, for the June ending quarter, including ABB India, Birlasoft, Central Bank of India, Century Textiles & Industries, Dhanlaxmi Bank, Heritage Foods, ICRA, IDBI Bank, Mahindra Lifespace Developers, Pfizer, Radico Khaitan, Sagar Cements, Tata Coffee, United Breweries, UTI Asset Management Company, and Welspun India.

On Tuesday, firms such as Canara Bank, Dr. Reddy’s, Granules India, InterGlobe Aviation, and Ramco Cements announced their first quarter earnings.

9:40 A.M.

Benchmark Indian indices open higher

Indian indices opened higher on Wednesday. BSE Sensex opened at 52,673.69, up 94.93 points, while Nifty opened at 15, 761.55, up 15.10 points.

However, in early trading (at 9:38 A.M.), Sensex slipped 261.82 points or 0.50% to reach 52,316.94, while Nifty shed 73.15 points or 0.46% to reach 15,673.30.

9:20 A.M.

Most Asian stock indices open in red

Major Asian stock indices opened in red on Wednesday, except Hang Seng, after the three main U.S. indices declined overnight. Japan’s Nikkei opened at 27,674.99, down 295.23 points, and Topix at 1,922.18, down 15.86 points, while South Korea’s Kospi opened at 3,226.06, down 6.47 points.  

Hong Kong’s Hang Seng, opened at 25,356.74, up 270.31 points after closing at 25,086.43 on Tuesday. The stock index has slipped over 8% in the last two days as Chinese technology and education shares have plunged amid regulatory fears.

Investors in the Asian equity market would keep an eye on the Chinese stocks after the sell-off in the last few days, as well as the outcome of the U.S. Federal Reserve’s policy meeting.

On Tuesday, the 30-share BSE index ended 273.51 points or 0.52% lower at 52,578.76, while the broader NSE Nifty slipped 78 points or 0.49% to 15,746.45.

9:10 A.M.

Major U.S. indices decline, close in red

The three major U.S. indices declined on Tuesday and closed in red, after reaching new record highs in the previous day’s trading.

The S&P 500 closed at 4,401.46, down 20.84 points or 0.47%, the Dow Jones Industrial Average slipped 85.79 points or 0.24% to close at 35,058.52, and the Nasdaq Composite closed at 14,660.58, down 180.14 or 1.21%.

Apart from Alphabet, other major U.S. tech firms like Apple, and Microsoft, also announced their quarterly earnings after the market closed.

9:00 A.M.

Google parent Alphabet posts record quarterly revenue driven by ad spending

Google parent Alphabet reported record quarterly revenue and profit in its second-quarter financial results for the fiscal year 2021 on Tuesday, driven by an increase in advertising spending.

The company posted a total revenue of $61.88 billion, up 61.6% year-over-year, surpassing estimates of $56.16 billion, as per IBES data from Refinitiv.

Alphabet said Google advertising revenue surged about 70% to $50.44 billion during the June ending quarter. YouTube’s ad revenue rose 83.7% from the year-ago quarter to $7 billion.

The firm reported a quarterly profit of $18.5 billion or $27.26 per share, beating expectations of $19.34 per share, a Reuters report noted.