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Alt-coin returns leave bitcoin in wake, challenging its dominance

Alt-coin returns leave bitcoin in wake, challenging its dominance

A months-long rally in bitcoin has pushed the world's most popular cryptocurrency to values well beyond the pandemic-era boom, but going mainstream has pushed investors to find the next big thing, fuelling rapid growth among rival tokens.
XRP, the third-most-popular token and one of five that will be part of a strategic crypto reserve announced by US President Donald Trump, is up 530 per cent since his election.
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China hopes for 'reciprocity' at trade talks with US in Stockholm
China hopes for 'reciprocity' at trade talks with US in Stockholm

News.com.au

time35 minutes ago

  • News.com.au

China hopes for 'reciprocity' at trade talks with US in Stockholm

Chinese and US economic officials met for talks in Stockholm on Monday, with Beijing saying it wanted to see "reciprocity" in its trade with the United States. Talks in the Swedish capital between the world's top two economies are expected to last two days. They came a day after US President Donald Trump reached a deal that will see imports from the European Union taxed at 15 percent and the clock ticking down for many countries to reach deals or face high US tariffs. Beijing said on Monday it hoped the two sides could hold talks in the spirit of "mutual respect and reciprocity". Foreign ministry spokesman Guo Jiakun said Beijing sought to "enhance consensus through dialogue and communication, reduce misunderstandings, strengthen cooperation and promote the stable, healthy and sustainable development of China-US relations". For dozens of trading partners, failing to strike an agreement in the coming days means they could face significant tariff hikes on exports to the United States come Friday, August 1. The steeper rates, threatened against partners like Brazil and India, would raise the duties their products face from a "baseline" of 10 percent now to levels up to 50 percent. Tariffs imposed by the Trump administration have already effectively raised duties on US imports to levels not seen since the 1930s, according to data from The Budget Lab research centre at Yale University. For now, all eyes are on discussions between Washington and Beijing as a delegation including US Treasury Secretary Scott Bessent meets a Chinese team led by Vice Premier He Lifeng in Sweden. In Stockholm, Chinese and US flags were raised in front of Rosenbad, the seat of the Swedish government. While both countries in April imposed tariffs on each other's products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 percent and China's countermeasures slashed to 10 percent. But the 90-day truce, instituted after talks in Geneva in May, is set to expire on August 12. Since the Geneva meeting, the two sides have convened in London to iron out disagreements. - China progress? - "There seems to have been a fairly significant shift in (US) administration thinking on China since particularly the London talks," said Emily Benson, head of strategy at Minerva Technology Futures. "The mood now is much more focused on what's possible to achieve, on warming relations where possible and restraining any factors that could increase tensions," she told AFP. Talks with China have not produced a deal but Benson said both countries have made progress, with certain rare earth and semiconductor flows restarting. "Secretary Bessent has also signalled that he thinks a concrete outcome will be to delay the 90-day tariff pause," she said. "That's also promising, because it indicates that something potentially more substantive is on the horizon." The South China Morning Post, citing sources on both sides, reported Sunday that Washington and Beijing are expected to extend their tariff pause by another 90 days. Trump has announced pacts so far with the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines, although details have been sparse. An extension of the US-China deal to keep tariffs at reduced levels "would show that both sides see value in continuing talks", said Thibault Denamiel, a fellow at the Centre for Strategic and International Studies. US-China Business Council president Sean Stein said the market was not anticipating a detailed readout from Stockholm: "What's more important is the atmosphere coming out." "The business community is optimistic that the two presidents will meet later this year, hopefully in Beijing," he told AFP. "It's clear that on both sides, the final decision-maker is going to be the president." For others, the prospect of higher US tariffs and few details from fresh trade deals mark "a far cry from the ideal scenario", said Denamiel. But they show some progress, particularly with partners Washington has signalled are on its priority list like the EU, Japan, the Philippines and South Korea. The EU unveiled a pact with Washington on Sunday while Seoul is rushing to strike an agreement, after Japan and the Philippines already reached the outlines of deals. Breakthroughs have been patchy since Washington promised a flurry of agreements after unveiling, and then swiftly postponing, tariff hikes targeting dozens of economies in April.

'Disappointed' Trump slashes Russia-Ukraine ceasefire timeline
'Disappointed' Trump slashes Russia-Ukraine ceasefire timeline

ABC News

time39 minutes ago

  • ABC News

'Disappointed' Trump slashes Russia-Ukraine ceasefire timeline

US President Donald Trump says he will give Russia 10 to 12 days to agree to a ceasefire with Ukraine, slashing the 50-day deadline he initially floated. Speaking at his Trump Turnberry golf club in Scotland, the US president said he was "disappointed' in his Russian counterpart Vladimir Putin. If Russia cannot do a deal to end the war, which is in its fourth year, Mr Trump said he would enforce severe tariffs and trade sanctions on Moscow. "I'm disappointed in President Putin," Mr Trump said. "I'm going to reduce that 50 days that I gave him to a lesser number because I think I already know the answer what's going to happen." He later said the new timeline would be "10 to 12 days". Mr Trump is visiting the UK to open his new golf course and meet leaders, including British Prime Minister Keir Starmer and EU Commission president Ursula von der Leyen.

Stock markets, dollar rise on EU-US trade deal
Stock markets, dollar rise on EU-US trade deal

News.com.au

time3 hours ago

  • News.com.au

Stock markets, dollar rise on EU-US trade deal

Stock markets and the dollar advanced Monday after the European Union and United States struck a deal to avert a damaging trade war. The deal, announced by President Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed several US trade agreements last week, including one with Japan, and comes ahead of a new round of China-US talks. The Paris stock market climbed 0.6 percent and Frankfurt gained 0.3 percent in early afternoon deals, while London flattened. Britain, which had already struck a deal on tariffs with the United States, is outside the EU. That agreement has helped push London's benchmark FTSE 100 index to record highs in recent weeks. Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 percent would be levied on EU exports to the United States. "To many this seems a very one-sided deal, but the optimism shows throughout European equities" with investors welcoming at least the "clarity" it brought, said Joshua Mahony, chief market analyst at Rostro trading group. The levies would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. "It's a good deal," von der Leyen said, adding that it will bring "stability" and "predictability". Germany's main auto industry group, the VDA, warned however that the 15-percent tariff on EU exports "burdens" carmakers. Shares in Volkswagen, Porsche and Mercedes were each down around one percent in Frankfurt. As part of the deal, Trump said the 27-nation EU bloc had agreed to purchase "$750 billion worth of energy" from the United States, as well as make $600 billion in additional investments. French Prime Minister Francois Bayrou and Hungarian Prime Minister Viktor Orban slammed the deal. Spanish Prime Minister Pedro Sanchez said he backed it, but "without any enthusiasm". "There remains a prevailing sense that the agreement does not constitute a significant win," said Jochen Stanzl, Chief Market Analyst at CMC Markets. "While it is positive that an escalation of tariffs has been avoided, the deal feels more like a compromise than a triumph," he added. - US-China talks - In Asia, Hong Kong and Shanghai advanced, boosted by relief that countries were reaching deals with Washington. While Tokyo fell for a second day, having soared around five percent on Wednesday and Thursday in reaction to Japan's US deal. The broad gains came after another record day on Friday for the S&P 500 and Nasdaq on Wall Street. Traders prepared for a busy week with US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng holding new trade talks in Stockholm. A 90-day truce, set to expire August 12, has seen US tariffs lowered to 30 percent and China's to 10 percent after both sides imposed triple-digit duties in April. Also on the agenda are earnings from tech titans Amazon, Apple, Meta and Microsoft, as well as data on US economic growth and jobs. The Federal Reserve is expected to keep interest rates unchanged at its meeting this week, with investors focused on its outlook for the rest of the year given Trump's tariffs and recent trade deals. The Bank of Japan is also forecast to hold off on any big moves on borrowing costs. - Key figures at around 1040 GMT - London - FTSE 100: FLAT at 9,116.29 points Paris - CAC 40: UP 0.6 percent at 7,879.15 Frankfurt - DAX: UP 0.3 percent at 24,285.13 Tokyo - Nikkei 225: DOWN 1.1 percent at 40,998.27 (close) Hong Kong - Hang Seng Index: UP 0.7 percent at 25,562.13 (close) Shanghai - Composite: UP 0.1 percent at 3,597.94 (close) New York - Dow: UP 0.5 percent at 44,901.92 (close) Dollar/yen: UP at 148.34 yen from 147.68 yen on Friday Euro/dollar: DOWN at $1.1668 from $1.1738 Pound/dollar: DOWN at $1.3420 from $1.3431 Euro/pound: DOWN at 86.93 pence from 87.40 pence

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