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European stock markets tumbled Friday after US President Donald Trump ended a lull in his trade war as he raised the spectre of hitting imports from the European Union with a massive 50-percent tariff.The Paris CAC 40 index and Frankfurt DAX fell by around three percent at one point, with shares in luxury and car companies taking a hit, before paring back some losses.London’s FTSE 100, which had been up earlier, fell into the red. The DAX was also higher earlier in the day as German economic growth data was revised up.US stock futures — contracts that indicate how markets will open — were also in negative territory.Trump’s new threats revived investor concerns about his trade policies after a recent deal with Britain and a tariffs truce with China.”All the optimism over trade deals wiped out in minutes –- seconds, even,” said Fawad Razaqzada, market analyst at StoneX.Trump said on his Truth Social platform that he was “recommending a straight 50% Tariff on the European Union” from June 1 as “discussions with them are going nowhere!”The US president had announced 20 percent tariffs on EU goods last month but suspended the measure to give space for negotiations.Trump, however, maintained a 10 percent levy on imports from the 27-nation bloc and nearly every other nation around the world, along with 25 percent duties on the car, steel and aluminium industries.He also threatened on Friday to hit Apple with a 25 percent tariff if its iPhones are not manufactured in the United States.His social media outburst rocked stock markets which had steadied following losses over concerns about the ballooning US debt and rising US borrowing costs.Investors were already on edge after Moody’s stripped the United States of its top-tier credit rating and the House of Representative approved Trump’s tax cut plan, which critics say would add to the country’s debt pile.The yield — or borrowing costs — on 10-year and 30-year US government bonds surged this week as investors worry about the fiscal health of the world’s biggest economy.The yields eased late Thursday.Trump’s tax package, which now goes to the Senate, had faced scepticism from fiscal hawks who fear the country is headed for bankruptcy.Independent analysts warn it would increase the deficit by as much as $4 trillion over a decade.But the White House insists it will spur growth of up to 5.2 percent, ensuring it adds nothing to the $36 trillion national debt — growth projections that are well outside the mainstream consensus.Oil prices also reversed course to fall by around one percent following Trump’s new tariff threats.- Key figures at around 1235 GMT -London – FTSE 100: DOWN 0.9 percent at 8,658.03 pointsParis – CAC 40: DOWN 2.3 percent at 7,684.35Frankfurt – DAX: DOWN 2.1 percent at 23,501.11Tokyo – Nikkei 225: UP 0.5 percent at 37,160.47 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 23,601.26 (close)Shanghai – Composite: DOWN 0.9 percent at 3,348.37 (close)New York – Dow: FLAT at 41,859.09 (close)Euro/dollar: UP at $1.1337 from $1.1281 on ThursdayPound/dollar: UP at $1.3506 from $1.3419Dollar/yen: DOWN at 142.53 yen from 143.99 yenEuro/pound: DOWN at 83.94 pence from 84.07 penceBrent North Sea Crude: DOWN 1.0 percent at $63.81 per barrelWest Texas Intermediate: DOWN 1.1 percent at $60.55 per barrel

Equities mostly rose Friday following the previous day’s US bond-fuelled sell-off with traders tracking a slight pullback in Treasury yields as Donald Trump’s signature tax-cutting budget passed a key congressional vote.Worries about the US budget deficit have returned to the fore this week after Moody’s removed its top-tier credit rating and the president pushed ahead with a budget that some suggest will expand the country’s ballooning debt.A tepid auction of 20-year Treasuries on Wednesday ramped up those concerns, dealing a blow to stocks that had just recovered from the April fireworks of Trump’s tariff blitz.Still, sentiment stabilised on Thursday, with yields pulling back after the Republican-led House narrowly passed Trump’s “One Big, Beautiful Bill Act”, which shrinks social safety net programmes to pay for a 10-year extension of his 2017 tax cuts.The package, which now goes to the Senate, had faced scepticism from fiscal hawks who fear the country is headed for bankruptcy, with independent analysts warning it would increase the deficit by as much as $4 trillion over a decade.But the White House insists it will spur growth of up to 5.2 percent, ensuring it adds nothing to the $36 trillion national debt — growth projections that are well outside the mainstream consensus.There is a feeling that “perhaps the fiscal worries have gone a bit too far”, said Pepperstone’s Chris Weston.”Many have crunched the numbers on the tax bill and see the raft of measures to not be overly stimulatory and to therefore result in a major blowout of the deficit in 2026 and 2027 and is, in fact, quite neutral in its effect.”The drop in Treasury yields — suggesting improving demand for US debt — was helped by upbeat data on the jobs market, home sales and factory activity that observers said indicated the economy remained healthy.A mixed day on Wall Street was followed by a slightly better performance in Asia.Tokyo, Hong Kong, Sydney, Mumbai, Bangkok, Manila and Jakarta rose with London, Paris and Frankfurt.But Shanghai, Singapore, Taipei and Wellington struggled.There was a little cheer from comments by Federal Reserve Governor Christopher Waller, who said interest rates could be cut in the second half of the year if Trump’s tariffs come back down to around 10 percent.”If we can get the tariffs down closer to 10 percent and then that’s all sealed, done and delivered somewhere by July, then we’re in good shape for the second half of the year,” he told Fox Business.The dollar slipped against the yen as figures showed Japanese inflation rose more than expected owing to a surge in food prices, particularly a near doubling in the cost of rice.The reading turns the focus on the Bank of Japan as it considers its next move on monetary policy after a recent spate of interest rate hikes and in light of Trump’s tariffs. Bitcoin pressed on with its latest rally, hitting a record of $111,980.33, on hopes for a cryptocurrency bill on the regulation of so-called stablecoins, digital coins with value tied to the dollar. This has led to optimism for future regulatory clarity in the sector, including for bitcoin, which is not directly linked to the dollar.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.5 percent at 37,160.47 (close)Hong Kong – Hang Seng Index: UP 0.2 percent at 23,601.26 (close)Shanghai – Composite: DOWN 0.9 percent at 3,348.37 (close)London – FTSE 100: UP 0.4 percent at 8,771.35Dollar/yen: DOWN at 143.34 yen from 143.99 yen on ThursdayEuro/dollar: UP at $1.1335 from $1.1281 Pound/dollar: UP at $1.3474 from $1.3419Euro/pound: UP at 84.11 pence from 84.07 penceWest Texas Intermediate: DOWN 1.0 percent at $60.62 per barrelBrent North Sea Crude: DOWN 0.9 percent at $63.89 per barrelNew York – Dow: FLAT at 41,859.09 (close)

Japanese inflation spiked to a two-year high in April, data showed Friday, as rice prices almost doubled, turning focus on the central bank as it mulls more interest rate hikes amid the Trump administration’s trade war.The uptick heaps pressure on Japan’s Prime Minister Shigeru Ishiba ahead of July’s elections and after a minister was forced to resign over a gaffe about the staple while officials dipped into emergency stockpiles.Core inflation excluding fresh food hit 3.5 percent last month, the internal affairs ministry said, its highest since January 2023 and well up from the 3.2 percent in March.Rice prices soared an eye-watering 98.4 percent year-on-year, slightly more than the previous month’s increase.The rocketing cost of the staple is growing into a crisis for the government, which was already struggling to win back the public after losing its parliamentary majority in an election last year.Factors behind the shortfall include poor harvests due to hot weather in 2023 and panic-buying prompted by a “megaquake” warning last year.Record numbers of tourists have also been blamed for a rise in consumption while some traders are believed to be hoarding the grain.The government began auctioning its stockpile in February, having previously tapped them during disasters. This is the first time since the stores were built in 1995 that supply chain problems are behind the move.Excluding energy and fresh food, the consumer price index rose 3.0 percent, from 2.9 percent in March, Friday’s data showed, while the overall unadjusted figure was unchanged at 3.6 percent. – Tariff threats -Underlying inflation has been above the BoJ’s target rate of two percent for around three years, and while the central bank began lifting interest rates last year, it has paused them recently as it assesses the impact of Trump’s tariffs.With Japanese officials heading to Washington for more talks on slashing the US president’s tariffs, the Bank of Japan is holding off any more increases for now.The BoJ warned at its last meeting this month that tariffs were fuelling global economic uncertainty and revised down its economic growth forecasts for the country.”Consumer price inflation will slow very gradually,” said Stefan Angrick at Moody’s Analytics.”US tariffs and tariff threats will dampen growth in Japan and globally, further weighing down demand-driven price pressures. The Bank of Japan isn’t done hiking, but it’s not moving just yet. Tariff haze will keep the central bank on hold for the time being. “We expect another rate hike in early 2026.”Adding to the problems for Ishiba, his farm minister resigned this week after comments that caused public fury.Taku Eto told a gathering over the weekend that he had “never bought rice myself because my supporters donate so much to me that I can practically sell it”.After Eto’s resignation, the prime minister said: “I apologise to Japanese people” as “it is my responsibility that I appointed him”.”That rice prices are remaining high is not a one-time phenomenon but is a structural one, I think. We have to have thorough discussions on this and they (rice prices) have to fall, of course,” he said.Marcel Thieliant at Capital Economics said that “weekly rice prices are showing signs of stabilisation so rice inflation should start to soften again before long”. Jun Takazawa at HSBC added: “The various government measures as well as an ongoing moderation in global energy and import prices are expected to bring inflation down to more sustainable levels in the second half of this year.”  

Japan’s Prime Minister Shigeru Ishiba said Friday that he had again pressed US President Donald Trump on tariffs, in a phone call ahead of fresh talks on easing the levies.Japan, a key US ally and its biggest investor, is subject to the same 10 percent baseline tariffs imposed on most nations plus steeper levies on cars, steel and aluminium.Trump also announced 24 percent “reciprocal” tariffs on Japan in early April, but later paused them along with similar measures on other countries until early July.Ishiba said he spoke with Trump for 45 minutes on Friday morning — Thursday evening in Washington — and that a “broad range of topics were discussed, including tariffs and economic security”.”I conveyed to him Japan’s position on US tariffs,” Ishiba told a news conference in Tokyo, adding that there was “no change to our calls for the removal of tariffs”. “As I’ve said before, it’s not just about tariffs but about investment. There will also be no change to our position that Japan and the US will cooperate on generating employment in the US,” he said.The comments came as Japan’s tariffs envoy, economic revitalisation minister Ryosei Akazawa, left for Washington for a third round of talks.”The series of tariff measures taken by the US are regrettable. We’ll strongly demand a review of these measures,” Akazawa told reporters at Tokyo’s Haneda airport. “But we have to reach an agreement, so it has to be win-win for both sides. We’ll listen carefully to the various proposals and ideas of the US side, and look for common ground between the two sides,” he said.Public broadcaster NHK and other Japanese media reported, citing government sources, that US Treasury Secretary Scott Bessent would not attend the talks this time. Akazawa would travel again to Washington on May 30, the reports said.Trump’s 25-percent auto tariffs are particularly painful for Tokyo, with roughly eight percent of all Japanese jobs tied to the sector.Early this month, the Trump administration also slapped a new 25 percent import tax on auto parts including engines and transmissions.At the White House in February, Ishiba had promised Trump that yearly Japanese investment would increase to $1 trillion.”Although the recent US-China and US-UK trade deals indicate that Washington is aiming to de-escalate trade tensions, Japan-US negotiations have made little headway,” said Stefan Angrick at Moody’s Analytics.”Japan’s position as the world’s largest foreign investor in the US hasn’t shielded it from tariff threats, so promising more investment is an unconvincing bargaining chip,” he added.

Southeast Asian leaders will express deep concern over US President Donald Trump’s tariff blitz when they meet at a summit Monday, warning that the unilateral move posed huge challenges to economic growth and stability in the region, according to a draft statement seen by AFP. Trump’s tariffs has roiled global markets and upended international commerce, and left leaders from the 10-member ASEAN bloc scrambling for ways to limit the fallout on their trade-dependent economies.The bloc is also caught between the trade battle between their biggest trading partners, the United States and China, on which Washington has heaped the highest tariffs.According to a draft statement expected to be issued by ASEAN leaders after they meet on Monday, they express “deep concern… over the imposition of unilateral tariff measures”.Trump’s measures “pose complex and multidimensional challenges to ASEAN’s economic growth, stability, and integration”, according to the draft of the ASEAN chairman’s statement seen by AFP.The leaders also “reaffirmed ASEAN’s collective commitment” to the global free trading system, it said.After the bloc’s meeting on Monday, the leaders are to hold a one-day summit with China and Middle Eastern oil producers.The diplomatic dance continues later in the week in neighbouring Singapore, where the Shangri-La Dialogue forum is expected to draw defence chiefs including US Defence Secretary Pete Hegseth, while French President Emmanuel Macron was due to give the keynote speech.ASEAN, with Malaysia holding its rotating chair this year, has traditionally kept a neutral stance in global power contests but that policy is under strain because of Trump’s protectionist moves, analysts say.Malaysian Prime Minister Anwar Ibrahim has called for a joint ASEAN action plan to address the growing tariff threat.Anwar said at a pre-summit briefing that, while bilateral talks between member states and the United States would continue, the bloc must present a united front.”We also have one position as ASEAN in our talks,” he said.The group, Anwar said, “had very practical policies… and what to me is of critical importance is to build that cohesion within ASEAN”.The pressure to shift ASEAN’s “friend to all” posture will likely intensify during the follow-up summit on Tuesday when Chinese Premier Li Qiang joins the bloc’s leaders and officials from oil-rich Gulf states, observers said.-‘Principled friend’ -Beijing has been courting closer ties with Southeast Asia, positioning itself as a “reliable trading partner” despite tensions with ASEAN members over rival claims in the South China Sea.Li will attend the first-time summit between ASEAN, Beijing and oil-producing nations including Bahrain, the United Arab Emirates, Qatar and Saudi Arabia.That follows Chinese President Xi Jinping urging greater cooperation between Beijing and Malaysia “to safeguard the bright prospects of our Asian family” during a Southeast Asian diplomatic charm offensive in April.Anwar said in return that Malaysia would “remain an unwavering and principled friend to China”.However, anger over US tariffs also meant that ASEAN countries “won’t automatically fall in China’s arms”, a diplomatic source, who asked not to be identified, told AFP.”It’s not a binary situation. ASEAN knows that China is just like the US in that it’s a big power which will bully them when it wants to,” the source said.And “while the general consensus is that they are angry at the US… nobody wants to offend Washington either”.James Chin, professor of Asian studies at the University of Tasmania, warned that playing to both the United States and China was a “high-risk strategy”.The danger of staying neutral is “that every single foreign policy action that you take will then be scrutinised” by each opposing power, Chin said.Others said ASEAN’s policy of neutrality remained valid.”The rest of the world should not have any problem with ASEAN’s position to ‘be friends with everyone’,” said S. Munirah Alatas, a geopolitics specialist at the University of Malaya’s Allianz Centre for Governance.However, she said the bloc still faced tough unresolved challenges, including “hostilities in Myanmar and recurring tensions in the South China Sea”.”But successfully addressing these are not premised on ASEAN’s neutral geopolitical position,” she said.

US President Donald Trump hosted a closed-door dinner for hundreds of top investors in his crypto memecoin Thursday, as sign-holding protesters outside and Democratic opponents decried the event as blatant “corruption.”The unprecedented melding of US presidential power and personal business took place at Trump’s golf club outside Washington, where Trump flew by helicopter to meet the 220 biggest purchasers of his $TRUMP memecoin.The top 25 investors, according to an event website, were to get a private session with Trump beforehand and a White House tour.Trump launched the memecoin three days before his inauguration in January, quickly increasing his net worth by billions and prompting major, first-of-their-kind ethics questions.The White House downplayed those concerns Thursday, insisting Trump was attending in his “personal time.”The president posted on his Truth Social platform ahead of the event that “the U.S.A. is DOMINATING in Crypto, Bitcoin, etc.” and pledged to “keep it that way.”Photos posted online by attendees to the dinner — press were not allowed inside — showed a lectern sporting the presidential seal, apparently for Trump to deliver remarks.Protesters gathered outside the golf course despite rainy skies, some carrying signs reading “stop crypto corruption” and “no kings.”Earlier in the day, Democratic senators held a press conference to denounce the event and call for disclosure of who would be attending.Calling the dinner “an orgy of corruption,” Senator Elizabeth Warren slammed Trump for “using the presidency of the United States to make himself richer through crypto.”Data analytics firm Inca Digital has confirmed that many transactions occurred through international exchanges unavailable in the United States, suggesting foreign buyers.- ‘Slap in the face’ -A site listing the “official winners” of $TRUMP coin holders included only usernames and digital wallet addresses, with the number-one spot held by “Sun.”Chinese-born crypto entrepreneur Justin Sun has touted a $20 million commitment to the memecoin as part of his $93 million total investment in Trump-linked crypto ventures.Sun, founder of top 10 cryptocurrency TRON, was under investigation by US authorities for market manipulation, but regulators, now controlled by Trump appointees, agreed in February to a 60-day pause to seek a settlement.”Apparently, I’m at the VIP lounge waiting for the President to come with everybody,” a tuxedo-clad Sun said in a video posted on X Thursday evening. Trump departed the golf course just over an hour after his arrival.Justin Unga of advocacy group End Citizens United described the crypto dinner as a blatant example of Trump profiting from the presidency while roiling the US economy.”Some say this is a back door to corruption,” Unga said.”I would argue it’s the front door with valet parking, and it’s got a red carpet… and a slap in the face of hard working Americans.”- Expanding empire -The dinner came as the US Senate is pushing through legislation to more clearly regulate cryptocurrencies, a long-sought request of the industry, and as Trump expands his business network into the field.Senators on Monday advanced a landmark bill known as the GENIUS Act that proposes a regulatory framework for stablecoins — a type of crypto token seen as more predictable for investors as its value is pegged to hard currencies like the dollar.Bitcoin’s price hit a new all-time high on Thursday, climbing above $111,000 before falling slightly.Trump’s newfound enthusiasm for digital currencies has expanded into multiple ventures led primarily by his eldest sons.Their growing portfolio includes investments in Binance, a major crypto exchange whose founder seeks a presidential pardon to re-enter the US market.This investment flows through World Liberty Financial, a Trump family-backed venture launched last September with significant Mideast deals. The company’s founding team includes Donald Jr. and Eric Trump alongside Zach Witkoff, son of Trump’s diplomatic adviser.President Trump has taken concrete steps to reduce regulatory barriers, including an executive order establishing a “Strategic Bitcoin Reserve” for government holdings of the leading digital currency.

Asian equities stabilised Friday following the previous day’s US bond-fuelled sell-off with traders tracking a slight pullback in Treasury yields as Donald Trump’s signature tax-cutting budget passed a key congressional vote.Worries about the US budget deficit have returned to the fore this week after Moody’s removed its top-tier credit rating and the president pushed ahead with a budget that some suggest will expand the country’s ballooning debt.A tepid auction of 20-year Treasuries on Wednesday ramped up those concerns, dealing a blow to stocks that had just recovered from the April fireworks of Trump’s tariff blitz.Still, risk appetite returned in New York on Thursday, with yields pulling back after the Republican-led House narrowly passed Trump’s “One Big, Beautiful Bill Act”, which shrinks social safety net programmes to pay for a 10-year extension of his 2017 tax cuts.The package, which now goes to the Senate, had faced scepticism from fiscal hawks who fear the country is headed for bankruptcy, with independent analysts warning it would increase the deficit by as much as $4 trillion over a decade.But the White House insists it will spur growth of up to 5.2 percent, ensuring it adds nothing to the $36 trillion national debt — growth projections that are well outside the mainstream consensus.There is a feeling that “perhaps the fiscal worries have gone a bit too far”, said Pepperstone’s Chris Weston.”Many have crunched the numbers on the tax bill and see the raft of measures to not be overly stimulatory and to therefore result in a major blowout of the deficit in 2026 and 2027 and is, in fact, quite neutral in its effect.”The drop in Treasury yields — suggesting improving demand for US debt — was helped by upbeat data on the jobs market, home sales and factory activity that observers said indicated the economy remained healthy.A mixed day on Wall Street was followed by a largely positive start in Asia.Hong Kong, Shanghai, Tokyo, Sydney, Seoul and Manila all rose, though Singapore, Jakarta, Taipei and Wellington struggled.There was a little cheer from comments by Federal Reserve governor Christopher Waller, who said interest rates could be cut in the second half of the year if Trump’s tariffs come back down to around 10 percent.”If we can get the tariffs down closer to 10 percent and then that’s all sealed, done and delivered somewhere by July, then we’re in good shape for the second half of the year,” he told Fox Business.The dollar slipped against the yen as figures showed Japanese inflation rose more than expected owing to a surge in food prices, particularly rice.The reading turns the focus on the Bank of Japan as it considers its next move on monetary policy after a recent spate of interest rate hikes and in light of Trump’s tariffs. Bitcoin pressed on with its latest rally, hitting a fresh record of $111,980.33, on hopes for a cryptocurrency bill on the regulation of so-called stablecoins, digital coins with value tied to the dollar. This has led to optimism for future regulatory clarity in the sector, including for bitcoin, which is not directly linked to the dollar.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.8 percent at 37,280.84 (break)Hong Kong – Hang Seng Index: UP 0.3 percent at 23,624.64Shanghai – Composite: UP 0.1 percent at 3,383.81Dollar/yen: DOWN at 143.88 yen from 143.99 yen on ThursdayEuro/dollar: UP at $1.1295 from $1.1281 Pound/dollar: UP at $1.3432 from $1.3419Euro/pound: UP at 84.10 pence from 84.07 penceWest Texas Intermediate: DOWN 0.6 percent at $60.86 per barrelBrent North Sea Crude: DOWN 0.5 percent at $64.12 per barrelNew York – Dow: FLAT at 41,859.09 (close)London – FTSE 100: DOWN 0.5 percent at 8,739.26 (close)

Global equities were sluggish Thursday as US Treasury bond yields moderated following House passage of President Donald Trump’s mammoth tax cut legislation.A spike on Wednesday in yields on 10- and 30-year US bonds sent stocks sharply lower amid revived worries about a sell-off in US assets comparable to one earlier this spring before Trump retreated from some of his most onerous tariffs.But bond yields retreated somewhat later Thursday, boosting stocks a bit. Major US indices finished mixed after a choppy session with the Dow flat, the Nasdaq up slightly and the S&P 500 down slightly.The rise in yields had “gone a little bit too far,” said Victoria Fernandez, chief market strategist at Crossmark Global Investments.European key indexes ended their session just in the red as London, Frankfurt and Paris all shed around 0.5 percent as investors noted weak business activity data out of the eurozone and Britain.The HCOB Flash Eurozone purchasing managers’ index published by S&P Global registered a figure of 49.5 compared to 50.4 in April.”May’s snapshot is not pretty,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. “Looking ahead, companies are only cautiously optimistic. The expectations index is still well below its long-term average.”But he said there were reasons for confidence in the longer term, pointing to a rebound in manufacturing “with encouraging signs coming out of both Germany and France”, more interest rate cuts expected this year and lower oil prices compared to last year.Back in Washington, focus now turns to the Senate, which will consider parallel tax legislation after the House approved Trump’s measure by a single vote.The bill extends for 10 years tax cuts introduced under Trump’s 2017 legislation, while enacting cuts to social safety net programs. While investors welcome the tax cuts, they have been unnerved by forecasts that the proposal will add trillions of dollars in US debt.The yield on 30-year US government bonds climbed to 5.15 percent following the House vote, nearing levels last seen in 2007 at the start of the global financial crisis.But yields pulled back later in the session, hitting 5.07 percent near 2030 GMT.Jack Ablin of Cresset Capital Management said the shift in the bond market Thursday reflects short-term dynamics after Wednesday’s poor US Treasury auction sent yields sharply higher.”Investors are turning their attention back to the day rather than the structural dynamics,” Ablin said.- Key figures at around 2030 GMT -New York – Dow: FLAT at 41,859.09 (close)New York – S&P 500: DOWN 0.1 percent at 5,842.01 (close)New York – Nasdaq Composite: UP 0.3 percent at 18,925.73 (close)London – FTSE 100: DOWN 0.5 percent at 8,739.26 (close)Paris – CAC 40: DOWN 0.6 percent at 7,864.44 (close)Frankfurt – DAX: DOWN 0.5 percent at 23,999.17 (close)Tokyo – Nikkei 225: DOWN 0.8 percent at 36,985.87 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 23,544.31 (close)Shanghai – Composite: DOWN 0.2 percent at 3,380.19 (close)Euro/dollar: DOWN at $1.1281 from $1.1331 on WednesdayPound/dollar: DOWN at $1.3419 from $1.3420Dollar/yen: UP at 143.99 yen from 143.68 yenEuro/pound: DOWN at 84.07 pence from 84.41 penceWest Texas Intermediate: DOWN 0.6 percent at $61.20 per barrelBrent North Sea Crude: DOWN 0.7 percent at $64.44 per barrel

US President Donald Trump on Thursday will host a private event for hundreds of top investors in his crypto memecoin, with leaders of the Democratic opposition blasting it as “an orgy of corruption.”The unprecedented melding of US presidential power and personal business will take place at Trump’s golf club outside Washington, where the 220 biggest purchasers of the $TRUMP memecoin will have dinner with the president.The top 25 investors, according to an event website, will get a private session with Trump beforehand and a White House tour.Trump launched the memecoin three days before his January inauguration, quickly increasing his net worth by billions and raising major ethics concerns, including over possible foreign influence.Democratic Senator Elizabeth Warren and colleagues called Thursday for Trump to disclose who is attending the dinner.Calling the dinner “an orgy of corruption,” Warren told a press conference that Trump “is using the presidency of the United States to make himself richer through crypto.”Data analytics firm Inca Digital has confirmed that many transactions occurred through international exchanges unavailable in the United States, suggesting foreign buyers.Chinese-born crypto entrepreneur Justin Sun claims the top investor position, having committed $20 million to the memecoin as part of his $93 million total investment in Trump-linked crypto ventures.Sun, founder of top 10 cryptocurrency TRON, was under investigation by US authorities for market manipulation, but regulators, now controlled by Trump appointees, agreed in February to a 60-day pause to seek a settlement.According to the website Popular Information, a few weeks before that decision, Sun purchased $30 million in digital assets from a venture backed by Trump and his family.”Honored to support @POTUS and grateful for the invitation to attend President Trump’s Gala Dinner as his TOP fan!” Sun wrote Tuesday on X.Justin Unga of advocacy group End Citizens United described the crypto dinner as a blatant example of Trump profiting from the presidency while roiling the US economy.”Some say this is a back door to corruption,” Unga said.”I would argue it’s the front door with valet parking, and it’s got a red carpet… and a slap in the face of hard working Americans.”White House Press Secretary Karoline Leavitt dismissed the allegations of impropriety Thursday, telling a briefing that Trump is attending the dinner in his “personal time” and abiding by applicable conflict of interest laws.- More regulation? -The dinner comes as the US Senate is pushing through legislation to more clearly regulate cryptocurrencies, a long-sought request of the industry.Senators on Monday advanced a landmark bill known as the GENIUS Act that proposes a regulatory framework for stablecoins — a type of crypto token seen as more predictable for investors as its value is pegged to hard currencies like the dollar.That legislation had faced roadblocks in part because of Trump’s dabbling in cryptocurrencies — a rising sector he once dismissed as a scam.His stance reversed during the 2024 presidential campaign when crypto tycoons, frustrated by perceived unfair treatment under the Biden administration, became major contributors to his campaign.Bitcoin’s price hit a new all-time high on Thursday, climbing above $111,000 before falling slightly.- Expanding empire -Trump’s newfound enthusiasm for digital currencies has expanded into multiple ventures led primarily by his eldest sons.Their growing portfolio includes investments in Binance, a major crypto exchange whose founder seeks a presidential pardon to re-enter the US market.This investment flows through World Liberty Financial, a Trump family-backed venture launched last September with significant Mideast deals. The company’s founding team includes Donald Jr. and Eric Trump alongside Zach Witkoff, son of Trump’s diplomatic adviser.President Trump has taken concrete steps to reduce regulatory barriers, including an executive order establishing a “Strategic Bitcoin Reserve” for government holdings of the leading digital currency.

Tech giant Xiaomi unveiled a new advanced in-house mobile chip on Thursday, a significant milestone for the company as Chinese firms shift resources towards home-grown technology against a bleak international trade backdrop.Xiaomi, which sells goods from smartphones to vacuum cleaners and electric vehicles (EVs), is one of China’s most prominent consumer electronics firms.With the XRING O1, it becomes only the second smartphone brand globally after Apple to mass produce its own 3-nanometre chips, among the most advanced on the market.This despite being a latecomer to the chip industry, Xiaomi founder Lei Jun said at a launch event on Thursday, joking that the feat had been “harder than ascending to heaven”.Xiaomi took early steps into semiconductors for smartphones with the launch of the firm’s first in-house chip, the Surge S1, in 2017.But the group was forced to halt production of the chip due to technical and financial obstacles.Lei said the journey to developing the XRING O1 had taken over a decade. “How much hardship, how much sweat, how much untold pain have been involved in these 11 years? How much courage and determination did it take to make this decision?” he said. The XRING O1 will first be deployed in Xiaomi’s new 15S Pro flagship smartphone and the Pad 7 Ultra tablet, which were also launched Thursday along with a preview of the firm’s first electric SUV. – ‘Step to self-sufficiency’ -A number of Chinese firms are racing to develop their own chips with the aim of freeing themselves from reliance on foreign suppliers.Xiaomi is only the fourth smartphone brand globally to have developed its own system-on-chip, with Huawei the only domestic competitor. “This represents yet one more step toward China reaching self-sufficiency in this crucial industry –- as well as in broader ICT and electronics supply chains,” Stephen Ezell from US-based think tank Information Technology and Innovation Foundation (ITIF) told AFP.Over the past few years, Washington has sharply tightened export controls on advanced chip technology to China, citing national security concerns. Chinese chip foundries are restricted from accessing foreign equipment needed for cutting-edge chip production — meaning that firms have to rely on overseas foundries for 5nm-process and below. Xiaomi has not confirmed which company is manufacturing the XRING O1, though Lei said it uses the same second generation 3nm-process technology as Apple’s latest chips. Apple contracts Taiwanese chipmaking titan TSMC for its fabrication. The chip is a “significant” achievement for Xiaomi, and allows it to reduce “its reliance on external designers” such MediaTek and Qualcomm, Washington-based semiconductor and technology analyst Ray Wang told AFP.  “Longer term, owning its SoC (system-on-chip) roadmap will insulate Xiaomi’s devices from the US–China geopolitical tensions and help mitigate global supply-chain disruptions,” he said.