Net inflows into global listed crypto ETFs and ETPs reached a record $59.3 billion as of the end of July, according to London-based independent research and advisory firm ETFGI. This is significantly higher than the previous peak of US$4.1 billion, which was recorded in 2021. Assets in these products rose to $91.7 billion, up 506 percent (506.4) from $15.1 billion at the end of last year, the report said. Net inflows of cryptocurrency ETFs and ETPs totaled $13.7 billion in July, the report noted.

The advisory firm's report highlights growing investor demand for crypto-based funds and the impact of the US Securities and Exchange Commission's Jan. 10 decision to approve the listing of spot bitcoin ETFs. Spot Bitcoin ETFs allow ordinary investors to invest in Bitcoin in a regulated manner through their brokerage accounts.

The first crypto-based ETPs started trading in 2015. As of July, there are 235 crypto ETFs and ETPs listed worldwide.

The growth of crypto-asset ETFs is happening in tandem with the expansion of the overall ETF industry. Assets invested in listed ETFs and ETPs worldwide reached a new record high of $11.4 trillion as of the end of July, according to ETFGI.

It should be noted that ETF is a general package of different shares, bonds or other assets, which diversifies investments in securities, therefore, reduces risks. Individual investors usually entrust the management of such packages to specialized brokers or brokerage firms.

The US consumer confidence index rose in August to a six-month high of 103.3 (101.9 in July), compared to an earlier estimate of 100.3.

Confidence was higher among consumers age 35 and older and those with annual incomes above $100,000.

This came amid optimism about the US economic outlook, but Americans are increasingly worried about the labor market. last month the unemployment rate hit a three-year high of 4.3%.

A better-than-expected consumer confidence reading from the Conference Board on Tuesday reflected improved perceptions of business conditions for the next six months. A study by a reputable business climate research organization shows that the likelihood of a recession has continued to decline. Consumer anxiety about the labor market is reflected in the concerns of the Federal Reserve. system chairman Jerome Powell announced last Friday the inevitability of lowering refinancing rates.

Experts do not rule out that the increase in consumer confidence may be due to Joe Biden's withdrawal from the presidential election campaign and the nomination of Kamala Harris by the Democratic Party.

Japan's Sony gave investors some good news on Tuesday, announcing that it has resolved all disputes related to its merger with Zee Entertainment Enterprises. Sony's Indian subsidiary planned to merge with the Indian media conglomerate in a $10 billion deal, but pulled out of the deal earlier this year, leading to litigation between the two companies.

Sony and Zee decided to patch up their differences and move forward without any commitment to the other. Zee shares rose 12% soon after, though they are still down from the period before the merger was announced.

While almost every media company is now trying to launch a streaming service, spending money in the process, Sony is the only company selling content to the highest bidder. This was a successful strategy that kept Sony's profits stable until the pandemic.

But the diversity of Sony's business is now working against it. Sony shares trade at just 17 times the company's earnings, and analysts expect the company's earnings to decline slightly over the next two years.

Interest rates on U.S. home loans, the most popular, fell to a 16-month low after Federal Reserve Chairman Jerome Powell signaled the central bank was prepared to cut borrowing costs next month to prevent further weakening of the labor market.

The average contract rate for a 30-year fixed-rate mortgage fell 6 basis points to 6.44% in the week ended Aug. 23, the Mortgage Bankers Association said Wednesday. This is the lowest figure since April 2023.

Although the Federal Reserve's next decision on whether to cut the refinancing rate is only a few weeks away, mortgage rates are already falling as home loans are affected in part by economic factors such as the strength of the labor market. Recent weak economic data, including a disappointing July jobs report, have fueled fears that the US economy is cracking under pressure from the Federal Reserve's highest interest rate in 23 years.

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