South Korea’s KOSPI dropped nearly 4%, while data centre firm Elice lost around 30% in a disappointing market debut, adding to concerns across financial markets.

Strive’s SATS preferred security starts trading on Nasdaq

Strive’s (ASST) SATS preferred security began trading on Nasdaq following its initial public offering.

The shares were priced at $85 in early trading, below the IPO price of $90. At $85, the security’s 15% coupon translates into an effective yield above 17%.

U.S. housing starts drop as interest rates weigh on demand

September housing data offered fresh evidence that higher interest rates are putting pressure on the U.S. property market.

Housing starts fell 5.2% to a seasonally adjusted annualised rate of 1.221 million, according to newly released government figures. The reading was below economists’ expectations of 1.3 million and compared with 1.288 million in August.

Building permits edged lower to 1.4 million from 1.403 million the previous month, but remained slightly above the forecast of 1.39 million.

The figures followed Monday’s report from the National Association of Home Builders, which showed confidence among homebuilders at its weakest level since 2012.

French bond spread widens toward its highest level since 2011

The yield gap between French and German government bonds expanded again on Tuesday, approaching levels last seen during Europe’s sovereign debt crisis.

France’s 10-year OAT yield increased 3.4 basis points to 4.956%, while Germany’s 10-year Bund yield declined 3 basis points to 3.43%. The spread reached approximately 153 basis points, near a new high for the current cycle and its widest level since 2011.

European Central Bank policymaker Olli Rehn commented on the widening gap during testimony before Finland’s parliament, acknowledging that French bond spreads had widened “somewhat.”

“All euro-area countries must bring their public deficits under control and thereby ensure their debt sustainability,” Rehn said. “This goes just as much for France as it does for Finland.”

French equities also weakened, with the CAC 40 falling 0.8% on Tuesday. The benchmark is down approximately 12% from its peak two months ago.

Bitget plans to acquire licensed crypto exchange in Thailand

Bitget is preparing to acquire GMO-Z, a licensed cryptocurrency exchange and brokerage in Bangkok, as part of its expansion strategy in Southeast Asia. The financial terms have not been disclosed.

The transaction will be handled through BTGT Management, in which Bitget holds an interest. GMO Internet, its subsidiary GMO-Z and the exchange’s other shareholders are expected to transfer all their holdings to BTGT Management or its nominated entity once the acquisition is completed.

Bitget plans to introduce its trading platform to Thai customers after the deal closes. Regulatory approval and other conditions must be satisfied before the transaction can proceed.

Switzerland approves its first Bitcoin ETF

Switzerland’s financial regulator, FINMA, has authorised its first Bitcoin exchange-traded fund, although it has not identified the issuer.

Switzerland was the first jurisdiction to approve cryptocurrency exchange-traded products. However, rules requiring ETFs to hold multiple assets meant funds investing exclusively in Bitcoin were previously classified as ETPs instead.

FINMA has now granted an exemption for Bitcoin-only ETFs, citing Bitcoin’s “long trading history and particularly high trading volume compared with other cryptocurrencies.”

AI sell-off intensifies as investors remain cautious

Market jitters continued as losses across AI-related stocks deepened. South Korea’s KOSPI declined nearly 4%, while Elice shares fell about 30% during their first trading session, highlighting growing concerns over AI infrastructure valuations.

The selling spread to U.S. pre-market markets, with CoreWeave (CRWV) down 4%, Cipher Digital (CIFR) losing 2% and IREN (IREN) falling 3%. The Invesco QQQ ETF also traded lower amid continued weakness in technology stocks.

Bitcoin slipped slightly over the previous 24 hours but remained above $81,000. Gold declined nearly 1% to just above $4,110 per ounce, while Brent and West Texas Intermediate crude prices rose another 2% each.

Meanwhile, longer-dated U.S. government bonds attracted some defensive buying. The iShares 20+ Year Treasury Bond ETF (TLT) gained 0.5% as investors navigated continued uncertainty across markets.