Australia's Insignia agrees to $2.2 billion all-cash takeover by CC Capital
($1 = 1.5337 Australian dollars)
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Reuters
15 minutes ago
- Reuters
Rupee dips but firmer yuan, exporter dollar sales cushion losses
MUMBAI, July 23 (Reuters) - The Indian rupee ended marginally weaker on Wednesday with the strength in the Chinese yuan and exporter activity helping the currency hold above a psychologically important support level. The rupee closed at 86.4075 per U.S. dollar, down slightly from its close at 86.3675 in the previous session but managing to hold above the 86.50 support level. The offshore Chinese yuan rose to a near three-week high while the dollar index was a tad lower at 97.4. Dollar sales from a large private bank and exporter activity also helped the rupee contain its losses on the day, alongside positive regional cues, a trader at a state-run bank said. India's benchmark equity indexes, the BSE Sensex (.BSESN), opens new tab and Nifty 50 (.NSEI), opens new tab closed higher by about 0.6% each, tracking gains in global equities that were buoyed by hopes of easing trade tensions after a deal between the U.S. and Japan. "Equity markets globally are rallying on the view that deals reduce uncertainty," ING said in a note. U.S. President Donald Trump also announced a trade agreement with the Philippines, released terms of a previous deal with Indonesia on Tuesday and said that EU representatives were coming for trade negotiations on Wednesday. Officials from China and the U.S. are also expected to meet next week to discuss an extension to the deadline for negotiating a trade deal. For India, though, the prospects of a trade deal before the August 1 deadline have dimmed, with talks deadlocked over tariff cuts on key agricultural and dairy products. Foreign portfolio outflows and the lack of an outcome on trade negotiations have maintained pressure on the rupee, said Dilip Parmar, a foreign exchange research analyst at HDFC Securities. Parmar expects the rupee to decline towards 86.70 in the near-term.
Reuters
20 minutes ago
- Reuters
Safe-haven gold dips as US-Japan trade deal eases some uncertainty
July 23 (Reuters) - Gold prices fell on Wednesday as a U.S.-Japan trade deal announced by U.S. President Donald Trump lifted risk appetite, while higher Treasury yields added further pressure. Spot gold was down 0.2% at $3,425.58 per ounce, as of 1010 GMT, after hitting its highest point since June 16 earlier in the session. U.S. gold futures also slipped 0.2% to $3,437.90. Trump struck a trade deal with Japan that lowered tariffs on auto imports and spared Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. "Spot gold is paring some of its gains as the U.S.-Japan trade deal diluted demand for safe havens. The U.S. dollar's slight rebound is also weighing on bullion, though it's only natural that bullion bulls take a breather after the 3-day rally," said Han Tan, chief market analyst at The U.S. dollar index (.DXY), opens new tab steadied against its rivals after three straight sessions of losses, while benchmark 10-year U.S. Treasury yields rebounded from near-two-week lows. Higher bond yields increase the opportunity cost of holding non-yielding bullion, while a stronger dollar makes gold more expensive for holders of other currencies. U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said. Investors are also focussed on the U.S. Federal Reserve's policy meeting scheduled for July 29-30, with market expectations that rates will be held steady. Elsewhere, spot silver rose 0.2% to $39.37 per ounce, its highest level since late September, 2011. "Silver's supply-demand fundamentals are attractive and warrant a re-rating of prices higher and now that it is at a fresh 14-year-high, it remains to be seen whether the conviction is sufficient to breach the psychologically important $40 level," independent analyst Ross Norman said. Platinum rose 0.2% to $1,444.40 and palladium gained 1% to $1,286.93.
Reuters
an hour ago
- Reuters
Explainer: What is tokenization and is it crypto's next big thing?
NEW YORK, July 23 (Reuters) - Tokenization has long been a buzzword for crypto enthusiasts, who have been arguing for years that blockchain-based assets will change the underlying infrastructure of financial markets. The technology is seen as rapidly increasing in coming years, especially in the U.S., helped by the passage of three new bills. President Donald Trump's administration has eased regulation of the broader crypto industry, paving the way for a boom in the valuation of companies in the sector and the rapid growth of crypto-related securities. However, the growth of the market for tokenized assets has been far slower than expected in recent years, with many projects still in their infancy or not yet live. The term "tokenization" is used in a variety of ways. But it generally refers to the process of turning financial assets - such as bank deposits, stocks, bonds, funds and even real estate - into crypto assets. This means creating a record on digital ledger blockchain that represents the original asset. These blockchain-based assets, or "tokens", can be held in crypto wallets and traded on blockchain, just like cryptocurrencies. Stablecoins can be seen as an example of tokenization. They are a type of cryptocurrency designed to maintain a constant value by being pegged to a real-world currency, typically the U.S. dollar. The issuer holds one U.S. dollar in reserve for every dollar-pegged crypto token it creates. Stablecoins are blockchain-based tokens acting as a proxy for an asset that already exists outside the blockchain. They allow people to move money across borders without interacting with the banking system. While critics say that this makes them useful for criminals who want to avoid banks' anti-money laundering checks, stablecoin issuers say that they are a lifeline for people in countries without a developed payments system. Yes and no. Stablecoins have grown in recent years, with the market estimated to be worth about $256 billion, according to crypto data provider CoinMarketCap, and expected to touch $2 trillion by 2028, according to Standard Chartered. But banks have talked for years about creating tokenized versions of other types of assets, which they say will make trading more efficient, faster and cheaper, and those "tokens" have struggled to gain traction. While there have been individual issuances, there is not a liquid secondary market for these kinds of assets. One impediment to trading traditional assets via blockchain is that banks are working on their own private networks, making it difficult to trade across platforms. Some proponents of the crypto industry have said tokenization can improve liquidity in the financial system. Illiquid assets like real estate could be traded more easily if they are broken up into small digital tokens. It is also expected to improve access to asset classes that are typically out of reach of smaller investors by creating a cheaper entry point. Some major global banks, including Bank of America and Citi have said they could explore launching tokenized assets, including stablecoins. Asset manager BlackRock is also doubling down on the tokenization boom, and has highlighted its ambition of becoming the largest cryptocurrency manager in the world by 2030. Coinbase, the largest U.S. crypto exchange, is seeking permission from the SEC to offer "tokenized equities" to its customers. Since stablecoins themselves are tokens and seen as one of the biggest drivers of the growth of tokenization, the new stablecoin law will end up boosting the proliferation of tokenization, experts say. The new market structure bill, known as the Clarity Act, is expected to establish a clear framework that could enable stablecoins and other crypto tokens to become more widely used. Some analysts say the hype around tokenization might be premature and caution that the rapidly growing crypto ecosystem could experience near-term turbulence due to the potential risks of a big decline in prices. European Central Bank President Christine Lagarde has warned stablecoins pose risks for monetary policy and financial stability. Some critics of the industry warn the frenzy around the new technology could introduce new systemic risks, especially in the absence of stringent regulation. They also say there is no reason why blockchain should be any more efficient than the electronic ledgers and trading systems already used in financial markets. Buyers of third-party tokens, which are issued by unaffiliated third parties - such as crypto exchange Kraken - that have custody of securities, could be exposed to counterparty risks, and regulators are sounding notes of caution. Earlier in July, Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission who has frequently spoken positively about cryptocurrency, said tokenized securities would not be able to circumvent existing securities laws. More than half of the world's U.S. dollar stablecoins are issued by a single company, Tether, which says it manages $160 billion in reserves, but has not undergone a financial audit.
