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BANK MAN FRIED (0724 GMT)
Six billion dollars of withdrawals in 72 hours have sent cryptocurrency exchange FTX into the arms of larger rival Binance and crypto markets into a new tailspin.
"We are in the best of hands," FTX founder Sam Bankman-Fried said on Twitter, after announcing a bailout that has not quite soothed market jitters. Bitcoin was falling in Asia on Wednesday, so was FTX's collapsing token and Binance's token had the wobbles.
Broader markets were steady.
Just a few months ago it was FTX scooping up wounded competitors at a discount. Its fall is perhaps another case of the cautionary "stadium curse".
As Spectra Markets' Brent Donnelly and others have previously noted, naming rights are a reasonable signal of irrational exuberance. Enron's 30-year rights deal for a baseball field in Houston lasted three years.
FTX's 19-year deal for naming rights at the Miami Heat basketball team's home arena looks to face a similar fate, as does its sponsorship of the Mercedes F1 team. Spillover to other asset classes is so far limited.
Currency markets were calm in Asia trade, with investors waiting for more conclusive results from the U.S. midterm elections - which could take days - and positioning ahead of U.S. inflation data on Thursday.
China's factory gate prices dropped for the first time since December 2020, and consumer inflation moderated, underlining faltering domestic demand. Japanese manufacturing optimism dropped to a 22-month low.
U.S. and European futures were steady. MSCI's broadest index of Asia-Pacific shares, excluding Japan, nudged higher.
Key developments that could influence markets on Wednesday:
U.S. midterm results, RBA deputy governor speech, ECB's Elderson appears on a panel, U.S. 10-year Treasury auction
Earnings: Swiss Life, Adidas, ITV, Taylor Wimpey, Commerzbank, M&S, Poste Italiane, Telecom Italia.
EUROPEAN STOCKS SEEN LOWER, U.S. MIDTERM IN FOCUS (0638 GMT)
European stocks look set to open lower with futures pointing to declines with U.S. mid term election deciding whether the Democrats retain congressional control halfway through President Joe Biden's term.
Investors are expecting Republican gains, a result that could ease worries about Democratic spending and regulation but set up a bruising fight over raising the U.S. debt ceiling next year.
In London, North Sea oil and gas producer Ithaca Energy's <IPO-IHEG.L> is set to debut, in a closely watched initial public offering as European markets have starved of IPO since Russia's invasion of Ukraine.
Investors will be also evaluating a mixed bag of earnings, with UK housebuilder Taylor Wimpey Plc flagging a drop in its sales rate and cutting its volume outlook, while truck maker Iveco Group raised again its forecasts for this year's results.
