By Tom Westbrook SINGAPORE (Reuters) – The value of the global cryptocurrency market has topped $3 trillion as the election of Donald Trump as U.S. president spurred bets that friendlier U.S. regulation could usher in a new boom for all corners of the asset class. The sum market value of cryptocurrencies touched a high of nearly $3.2 trillion early on Nov. 14 in Asia, according to analytics and data aggregator CoinGecko. That puts it above the heady days of 2021, when pandemic-era stimulus pumped up speculative investments, and marks a stunning revival from just a few months ago when crypto…
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By Trixie Yap (Reuters) -Oil prices slipped in early trade on Thursday, reversing most of the previous session’s gains on a stronger dollar and worries of higher global output amid slow demand growth forecasts. futures fell 45 cents, or 0.6%, to $71.83 a barrel by 0726 GMT. U.S. West Texas Intermediate crude (WTI) futures declined 48 cents, or 0.7%, to $67.95. “The primary driver of oil prices, both in the near term and looking ahead, will be the direction of the U.S. dollar,” said Phillip Nova’s investment analyst Danish Lim, adding that supply and demand dynamics had put pressure on…
Taiwan Semiconductor Manufacturing Co.’s tens of billions of dollars of investments in the US help reduce the archipelago’s trade surplus with its primary security partner, a senior Taiwanese official said, as export-reliant economies brace for US President-elect Donald Trump, who is threatening additional tariffs on imports. Taiwan can further cut its surplus in bilateral trade with the US by buying more energy, agricultural produce and weapons from America, central bank Governor Yang Chin-long told lawmakers on Thursday. He was responding to concerns that the incoming Trump administration could seek to penalize Taipei for its roughly $50 billion trade surplus. Source…
By Timothy Gardner and Vivian Sequera WASHINGTON/CARACAS (Reuters) – President-elect Donald Trump’s pick of U.S. Senator Marco Rubio for secretary of state could signal stricter enforcement of oil sanctions on Iran and Venezuela, but concerns about retaliation by China could temper any efforts, analysts said on Wednesday. Rubio, a longtime member of the Senate Foreign Relations Committee, has long pushed for a tougher U.S. policy on Iran and China. Rubio, whose parents immigrated from Cuba to the U.S., is also a critic of Venezuela’s socialist President Nicolas Maduro, whose two re-elections have been disputed by Washington, leading to oil sanctions…
TAIPEI (Reuters) – Taiwan’s Foxconn (SS:), the world’s largest contract electronics maker, reported on Thursday a better-than-expected 14% rise in quarterly profit underpinned by robust demand for artificial intelligence servers. Last month, the company said third-quarter revenue jumped 20% from a year earlier, beating expectations to post its highest-ever revenue for that quarter on strong sales of AI servers. Net profit for July-September for Apple (NASDAQ:)’s top iPhone assembler came in at T$49.3 billion ($1.5 billion), according to Reuters calculations. That marked a fifth consecutive quarter of profit growth and compared with a T$46.3 billion LSEG consensus estimate of 14…
Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldUkraine’s sovereign bonds have surged in price as investors bet that the incoming US administration will push for a quick end to the war with Russia.The dollar-denominated bonds have risen 12 per cent in the past month, in expectation that the re-election of Donald Trump will lead to a ceasefire and boost Ukraine’s capacity to repay creditors.The jump in the price of Ukrainian bonds, which one investor in the country called “the unlikeliest Trump trade ever”, comes as bets relating…
The report also shows that: The 19% of the total EU policy target for domestic renewable hydrogen production needed for green steel is equal to 1.7 million tonnes per annum (MPTA) by 2030 increasing to 1.9 MPTA by 2045. Renewable electricity demand for green iron and steel projects is likely to reach up to 135 terawatt hours per year – equivalent to the annual electricity consumption of a country the size of Sweden. A lack of transparency in company plans means the true figures could be even higher. The recycling of scrap combined with imports of hot briquetted iron…
(Bloomberg) — Bitcoin spiked above $93,000 for a short period as expectations of further interest-rate reductions by the Federal Reserve added to the impetus from President-elect Donald Trump’s pro-crypto stance. Most Read from Bloomberg The digital asset rose nearly 6% in the US on Wednesday to a record $93,462 but failed to hold the climb, changing hand at $90,205 as of 6:13 a.m. Thursday in London. The wider crypto market swung between gains and losses. Speculators are trying to parse whether Trump’s rhetorical support for digital assets will continue to propel Bitcoin, opening a path to $100,000, or give way…
Prior to the government’s recent Budget, there were rumours that the annual £20k Stocks and Shares ISA allowance was under threat. This was worrying because many investors use this to generate tax-free passive income. However, the Budget came and went and the £20,000 remains intact. Great news for everyday investors. Here, I’ll explain how I’d aim to turn this amount into a £903 monthly second income. Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is…
An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023.Chalinee Thirasupa | Bloomberg | Getty ImagesGold prices extended their decline to a near two-month low Thursday amid risk-on sentiment and as the dollar continues to strengthen following Donald Trump’s election victory last week.Spot prices of the yellow metal have dropped nearly 7% since the election results last week to $2,559.2 per ounce. Gold futures on the New York Mercantile exchange were trading at $2,567.3.The recent slide — gold has declined in six of the seven sessions since Trump’s…