
ETFs and corporate treasuries should support bitcoin's uptrend in June as tariff uncertainty lingers

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Yahoo
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Trump says he is not seeking summit with Xi, but may visit China
(Reuters) -U.S. President Donald Trump said on Tuesday that he was not seeking a summit with Chinese President Xi Jinping, but added that he may visit China at Xi's invitation, which Trump said had been extended. "I may go to China, but it would only be at the invitation of President Xi, which has been extended. Otherwise, no interest!," Trump said on Truth Social. Aides to Trump and Xi have discussed a potential meeting between the leaders during a trip by the U.S. president to Asia later this year, sources previously told Reuters. A trip would be the first face-to-face encounter between the men since Trump's second term in office, at a time when trade and security tensions between the two superpower rivals remain elevated. While plans for a meeting have not been finalized, discussions on both sides of the Pacific have included a possible Trump stopover around the time of the Asia-Pacific Economic Cooperation summit in South Korea or talks on the sidelines of the October 30-November 1 event, the people said. The third round of U.S.-China trade talks taking place in Stockholm this week may lay the groundwork ahead of a leaders' summit in the autumn, analysts say. A new flare-up of tariffs and export controls would likely impact any plans for a meeting with Xi. Solve the daily Crossword
Yahoo
18 minutes ago
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Morning Bid: Remembering the downsides to tariffs
(Reuters) -A look at the day ahead in European and global markets from Wayne Cole. Asian markets have been quietly picking up the pieces after the U.S./EU tariff party turned into a bust. It was like being relieved because somebody only burned half your house down. Hey, at least they left the kitchen and the bathroom. European stock futures are fractionally firmer and the single currency has steadied just under $1.1600. The euro's rapid retreat was not entirely a surprise given how crowded the long euro/short dollar trade had got, and the suspicion is speculators will soon be selling the dollar again. After all, come Friday U.S. consumers will be paying a minimum of 15% on all imports into the country, and for the foreseeable future. This tax will squeeze demand and profit margins at home, while eating into export earnings across the globe. These are called beggar thy neighbour policies for a reason. There's also the rather naive notion that such "deals" guarantee a period of certainty ahead. Just look how Trump suddenly gave Russia 10 to 12 days to move on a ceasefire with Ukraine, having set a deadline of 50 days earlier this month. This did not seem in any way planned. Trump just said it off the cuff at a media conference at his golf club in Scotland. If such a deadline can be changed on a whim, who's to say anything agreed in these trade deals cannot be altered at his pleasure. Trump has seen how trade and tariffs can dominate the global news cycle; there's no way he's giving that up anytime soon. Talks with China, for instance, are set to continue in Stockholm today and everybody assumes the deadline for an agreement will be extended by another 90 days. This, entirely incidentally, will allow time for Trump to meet Chinese President Xi Jinping and personally claim yet another biggest deal of all time. For its part, Wall St remains in a world of its own, counting on upbeat results from megacaps this week to justify valuation measures that are the highest since the late 1990s. Meta and Microsoft are due on Wednesday, Apple and Amazon the day after. A slew of European companies also report earnings today. Key developments that could influence markets on Tuesday: - U.S. data on job openings, June trade balance and Conference Board consumer confidence - Fed's two-day meeting starts Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


CNBC
20 minutes ago
- CNBC
Nvidia orders 300,000 H20 chips from TSMC due to robust China demand, Reuters reports
Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. The Trump administration this month allowed Nvidia to resume sales of H20 graphics processing units (GPUs) to China, reversing an effective ban imposed in April designed to keep advanced AI chips out of Chinese hands due to national security concerns. Nvidia developed the H20 specifically for the Chinese market after U.S. export restrictions on its other AI chipsets were imposed in late 2023. The H20 does not have as much computing power as Nvidia's H100 or its new Blackwell series sold in markets outside China. The new orders with Taiwan's TMSC would add to existing inventory of 600,000 to 700,000 H20 chips, according to the sources who were not authorized to speak to media and declined to be identified. For comparison purposes, Nvidia sold around 1 million H20 chips in 2024, according to U.S. research firm SemiAnalysis. Nvidia CEO Jensen Huang said during a trip to Beijing this month that the level of H20 orders it received would determine whether production would begin again, adding that any restart to the supply chain would take nine months. The Information reported after Huang's trip that Nvidia had told customers it had limited H20 stocks available and it had no immediate plans to restart wafer production for the GPU. Nvidia needs to obtain export licenses from the U.S. government to ship the H20 chips. It said in mid-July it had been assured by authorities that it would get them soon. The U.S. Department of Commerce has yet to approve those licenses, one of the sources and a third source said. Nvidia on Monday declined to comment on the new orders or the status of its license applications. TSMC declined to comment. The U.S. Commerce Department did not immediately respond to a request for comment. Nvidia has asked Chinese companies interested in purchasing Nvidia H20 chips to submit new documentation including order volume forecasts from clients, said one of the sources and a fourth source. The Trump administration said the resumption of H20 sales was part of negotiations with China over rare earth magnets – elements essential for many industries and which Beijing had limited exports of as trade war tensions escalated. The decision drew bipartisan condemnation from U.S. legislators who are worried that giving China access to the H20 will impede U.S. efforts to maintain its lead in AI technology. But Nvidia and others argue that it is important to retain Chinese interest in its chips – which work with Nvidia's software tools – so that developers do not completely switch over to offerings from rivals like Huawei. Before the April ban, Chinese technology giants including Tencent, ByteDance and Alibaba substantially increased H20 orders as they deployed DeepSeek's cost-effective AI models as well as their own models. The popularity of Nvidia products in China, despite the advent of rival, albeit less powerful, offerings from Huawei, has been underscored by a boom in repair demand for its other banned GPUS – many of which have been smuggled into the country. After the April ban on H20 sales, Nvidia warned that it would have to write off $5.5 billion in inventories, while Huang told the Stratechery podcast that the company also had to forgo $15 billion in potential sales.