2025-07-21 11:55

Ether last at $3,795.4, near its highest level this year Solana also surges, ProShares Ultra Solana ETF up 17.2% July 21 (Reuters) - Shares of crypto-linked companies jumped on Monday, as ether prices scaled their highest this year after President Donald Trump signed into law a bill regulating stablecoins in the U.S. Trump signed the GENIUS Act late on Friday, marking a huge win for crypto industry that has been lobbying for a regulatory framework to gain greater legitimacy. The bill was passed in the House of Representatives by a vote of 308 to 122 on Thursday, after Senate approval. Sign up here. Bitcoin , the world's biggest cryptocurrency, inched 0.4% up, though it remains more than 3% away from its all-time high of $123,153 hit last week. The bill bans yields or interest payments on regulated stablecoins, which Deutsche Bank said is leading to a rise in ether prices, on expectations that investors are moving into the world's second biggest cryptocurrency as an alternative for yield generation in decentralized finance. "It has been a long-awaited moment for Ethereum, and although it's too early to be fully convinced of a longer term trend shift, the confluence of factors are playing into its favor," said Luke Nolan, senior research associate at CoinShares. Ether was last trading at $3,795.4 after hitting its highest level for the year on Sunday. Both crypto exchange Coinbase Global (COIN.O) , opens new tab and stablecoin issuer Circle Internet (CRCL.N) , opens new tab were about 0.1% higher in early trading. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, mainly by crypto traders moving funds between tokens. Some large Wall Street banks such as Bank of America (BAC.N) , opens new tab have also been working on launching their own stablecoins. FOLLOWING STRATEGY U.S.-listed shares of companies, which have been adding cryptocurrencies to their coffers lately, were on the rise on Monday. Shares of BitMine (BMNR.A) , opens new tab, where tech billionaire Peter Thiel is the top investor and whose chairman is Fundstrat's Tom Lee, advanced 2.7%. Other ether holding firms Bit Digital (BTBT.O) , opens new tab, BTCS (BTCS.O) , opens new tab and SharpLink Gaming (SBET.O) , opens new tab climbed between 2.3% and 8%, respectively. Companies such as GameStop (GME.N) , opens new tab have been rushing to add crypto to their balance sheets, following the footsteps of Strategy (MSTR.O) , opens new tab. Shares of the largest corporate holder of bitcoin have skyrocketed nearly 3,000% since 2020 and climbed 1.7% on Monday. Blank-check firm Dynamix Corporation (DYNX.O) , opens new tab surged 26.2% as the Ether Reserve, a new crypto venture backed by prominent crypto investors, was set to merge with the company to form The Ether Machine. Other cryptocurrencies also advanced, with Solana hitting its highest level since February. The ProShares Ultra Solana ETF (SLON.P) , opens new tab also jumped 17.2%. XRP also gained 1%, trading close to its record highs. The broader crypto sector's market value hit $4 trillion on Friday, according to CoinGecko data. https://www.reuters.com/business/media-telecom/crypto-linked-stocks-advance-after-trump-signs-stablecoin-law-2025-07-21/

2025-07-21 11:53

Yen firms as markets had priced in Japan election result Ruling coalition loses majority in upper house Japanese markets closed on Monday Tariffs, ECB & Fed meetings in focus SINGAPORE/LONDON, July 21 (Reuters) - The yen firmed on Monday after Japan's ruling coalition lost its majority in the upper house, suggesting the result was mostly priced in, even as investors braced for market disquiet ahead of a deadline on U.S. tariff negotiations. Japanese markets were closed for a public holiday, leaving the yen as the indicator of possible investor angst. Sign up here. The currency , however, firmed 0.8% to 147.65 a dollar, but was not far off the 3-1/2-month low of 149.19 hit last week as investors fretted about Japan's political and fiscal outlook. It also nudged higher against the euro to 172.10 and against sterling to 198.87. Prime Minister Shigeru Ishiba's Liberal Democratic Party returned 47 seats, short of the 50 it needed to ensure a majority in the 248-seat upper chamber, where half the seats were up for grabs. Ishiba vowed to stay on in his role even as some of his own party discussed his future and the opposition weighed a no-confidence motion. Carol Kong, currency strategist at Commonwealth Bank of Australia, said markets likely priced in a much worse outcome for the ruling coalition heading into the election and doubted that the yen could sustain its strength. "It remains unclear whether Ishiba can indeed survive as the prime minister...and what it means for Japan's trade negotiations with the U.S.," said Kong. "Prolonged political uncertainty will be negative for Japanese assets, including the yen." The election result, while not entirely a shock to markets, also comes at a tricky time for a country trying to get a tariff deal with U.S. President Donald Trump before an August 1 deadline. "Japan's political picture has become more complicated, with investors also focusing on the U.S.-Japan tariff row," said Roberto Mialich, global FX strategist at UniCredit. The increased political fragility is likely to constrain the Bank of Japan's ability to tighten monetary policy in the near term, said David Chao, global market strategist for Asia Pacific at Invesco. "It may be reluctant to add further pressure to an already volatile landscape." TARIFF UNCERTAINTY Investor focus has been firmly on Trump's global tariff salvos, with a Financial Times report last week indicating the U.S. president was pushing for steep new tariffs on European Union products. U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the U.S. can secure a trade deal with the EU, but said August 1 was a hard deadline for tariffs to kick in. EU diplomats said the bloc was exploring a broader set of counter measures against the U.S. as prospects for an acceptable trade agreement fade, even though a negotiated solution was still their preferred option. The euro was up 0.2% at $1.1658, while sterling last fetched $1.3467. The dollar index , which measures the U.S. currency against six others, was down 0.3% at 98.107. The European Central Bank is due to meet this week and is expected to hold rates steady after a string of cuts, while investor attention has been on whether the Federal Reserve succumbs to pressure from Trump to cut interest rates. "We doubt ECB President Christine Lagarde will shake things up too much ahead of the central bank's summer break, although there may be some continued concerns over recent euro strength and particularly the direction of tariffs," said Chris Turner, ING's global head of markets. Trump appeared near the point of trying to dismiss Fed Chair Jerome Powell last week, but backed off with a nod to the market disruption that would likely follow. The U.S. central bank is widely expected to hold rates steady in its July meeting. Traders are fully pricing in a rate cut by the October meeting with the odds of a second rate cut this year not fully priced in yet. The New Zealand dollar eased 0.1% to $0.5964 after consumer inflation accelerated in the second quarter but stayed below economists' forecasts, leading markets to raise the chance of a rate cut next month given the broader economic weakness. https://www.reuters.com/business/yen-firms-after-japanese-election-result-us-dollar-softens-2025-07-21/

2025-07-21 11:51

NEW DELHI, July 21 (Reuters) - India's infrastructure output (ININFR=ECI) , opens new tab accelerated to a three-month high of 1.7% year-on-year in June, government data showed on Monday. The index, which tracks activity across eight sectors and makes up 40% of the country's industrial production, rose at a revised 1.2% in May, compared to the initial estimate of 0.7%. Sign up here. In March, the infrastructure output grew 4.5% year-on-year. KEY NUMBERS * Crude oil output dropped 1.2% year-on-year in June against a fall of 1.8% in May * Natural gas production fell 2.8% year-on-year in June after a 3.6% decline in May * Cement output rose 9.2% year-on-year in June compared with a revised 9.7% increase in May * Steel production increased 9.3% year-on-year in June after a revised 7.4% growth in May * Fertilizer production fell 1.2% year-on-year in June after a drop of 5.9% in May * Coal production fell 6.8% year-on-year in June against an increase of 2.8% in the previous month * Electricity generation declined 2.8% year-on-year in June against a revised drop of 4.7% in May * Refinery products output rose 3.4% in June after a 1.1% growth in the previous month https://www.reuters.com/world/india/indias-infrastructure-output-accelerates-three-month-high-june-2025-07-21/

2025-07-21 11:45

July 21 (Reuters) - Figma is targeting a valuation of $13.65 billion in its U.S. initial public offering, as the cloud-based design software firm prepares for a debut that could inject fresh momentum into a tech listings market already roaring back to life. The San Francisco-based company, along with some investors, is eyeing proceeds of up to $1.03 billion through a sale of nearly 37 million shares priced between $25 and $28 each, it said on Monday. Sign up here. The listing could be a major milestone for Figma, coming more than a year after its $20 billion sale to Adobe (ADBE.O) , opens new tab was terminated due to regulatory hurdles in Europe and the UK. While investors have been eager for new share sales for months, the uncertainty sparked by President Donald Trump's tariffs kept a major recovery in check. However, an equities rally and a bunch of strong debuts recently are helping lift the overhang. Figma will start trading close on the heels of stablecoin giant Circle (CRCL.N) , opens new tab, which debuted with eye-popping gains last month and has continued surging since. As a major technology player that appears supportive of bitcoin, Figma has already draw attention on social media discussion. The company had around $70 million invested in Bitwise's bitcoin exchange-traded fund as of March 31 and intends to allocate a further $30 million to bitcoin, its filing showed. Figma is a cloud-based design platform that allows users to collaboratively create and edit apps, websites and software interfaces. Its customers include ServiceNow (NOW.N) , opens new tab, Workday (WDAY.O) , opens new tab and SAP (SAPG.DE) , opens new tab. Its revenue rose 46% in the first three months of 2025, while net income jumped three-fold. "Figma's product is its primary marketing engine. Its collaborative nature fosters viral, bottoms-up adoption, leading to a best-in-class sales efficiency," said Tomasz Tunguz, founder of venture capital firm Theory Ventures. The company has also signaled it may take "big swings" with M&A, with co-founder and CEO Dylan Field saying it is prepared to "make decisions that may not seem immediately rational." Figma expects to list on the New York Stock Exchange under the symbol "FIG". Morgan Stanley, Goldman Sachs, Allen & Co and J.P. Morgan are among the underwriters for the offering. https://www.reuters.com/technology/figma-aims-137-billion-valuation-tech-ipos-bounce-back-2025-07-21/

2025-07-21 11:43

Eurpoean stocks falter, EU mulls US countermeasures Wall St futures firm before tech earnings blitz Yen stronger after Japanese upper house elections Euro underpinned as ECB seen on hold SYDNEY/LONDON, July 21 (Reuters) - European shares were softer on Monday as markets awaited developments in trade talks, as well as a European Central Bank policy meeting later this week, while U.S. futures were brighter ahead of some major tech earnings. The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. Sign up here. Investors had been hoping for some progress in trade talks ahead of U.S. President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the EU. The pan-European benchmark STOXX 600 (.STOXX) , opens new tab index was down 0.2% as was the UK's blue-chip FTSE 100 (.FTSE) , opens new tab. The euro was 0.2% higher at $1.1652 . S&P 500 futures edged 0.2% higher, while Nasdaq futures were up 0.3%. U.S. indexes are already around record highs in anticipation of more solid quarterly earnings reports. But tariff uncertainty is also casting a shadow over markets, with Trump's August 1 deadline fast approaching. "Let's say that tariffs are pushed off again from August 1, which I think is the rosiest outcome at this point, then I don't think markets will spike another 10% higher. I'm thinking more that we get a grind higher for the rest of the year," said Oliver Blackbourn, multi-asset portfolio manager at Janus Henderson. Markets, meanwhile, are gearing up for a host of big tech company results this week, including Google owner Alphabet (GOOGL.O) , opens new tab, Tesla (TSLA.O) , opens new tab and IBM (IBM.N) , opens new tab. "They are going to be key for sentiment because frankly there's not a lot else to drive things," said Michael Brown, senior research strategist at Pepperstone. "We saw the banks deliver decent results last week, so you'd certainly be looking for the big tech names to keep up with that to reinforce the bull case (for equities)," he said. Investors also expect upbeat news for defence groups RTX (RTX.N) , opens new tab, Lockheed Martin (LMT.N) , opens new tab and General Dynamics (GD.N) , opens new tab. Higher government spending around the globe has seen the S&P 500 aerospace and defence sector rise 30% this year, while defence stocks in Europe have also hit record highs (.SXPARO) , opens new tab. MARKETS UNFAZED BY JAPANESE POLITICS The yen firmed on Monday as markets shrugged off the Japanese ruling coalition's defeat in upper house weekend elections. Japan's ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power ahead of the tariff deadline. Ishiba vowed to stay on, which along with a market holiday, limited the reaction. The yen was 0.77% firmer at 147.655 to the dollar and up 0.5% against the euro . "The loss was within the range of expectations, and actually the outlook was even more pessimistic," said Nissay Research Institute chief economist Tsuyoshi Ueno. "In terms of negotiations with the U.S., it is easy to doubt whether a government with such a weak foundation is reliable as a negotiating partner," he added. "For the Bank of Japan, if there is political instability, it will be difficult to raise interest rates, and pressure on the yen will continue." The BOJ still has a bias to raise rates further, but markets imply little chance of a move until late October. Elsewhere, euro zone government bond yields eased ahead of euro zone PMI data and the ECB meeting later this week, at which it is expected to leave rates at 2% following a string of cuts. The euro dipped 0.5% last week, moving off a recent near-four-year top of $1.1830. The dollar index was 0.3% lower at 98.11 . U.S. Treasury yields fell, leaving the yield on the benchmark 10-year note down 5.5 basis points at 4.3757%. Most Federal Reserve policymakers, including Chair Jerome Powell, have indicated leaving U.S. rates unchanged right now is warranted in order to gauge the inflationary impact of tariffs. Markets imply almost no chance of a move in July and place a chance of 61% on a September cut and an 80% chance for October. Powell's reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on edge. In commodity markets, gold firmed 0.6% to $3,368 an ounce , with all the recent action in platinum , which last week hit its highest since August 2014. Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia over its war in Ukraine could curb its exports. Brent eased 0.27% to $69.09 a barrel. https://www.reuters.com/world/china/global-markets-wrapup-5-2025-07-21/

2025-07-21 11:29

Lutnick is confident US will secure trade deal with EU Inflation, strong data cloud Fed rate cut expectations, ANZ says China's imports of gold, platinum fall in June from prior month July 21 (Reuters) - Gold prices firmed on Monday, bolstered by a weaker U.S. dollar, while investors sought clarity on trade developments ahead of an August 1 U.S. tariff deadline. Spot gold was up 0.5% at $3,369.17 per ounce by 1114 GMT. U.S. gold futures rose 0.5% to $3,376.30. Sign up here. "The modest support...comes from a weaker U.S. dollar. With the tariff August 1 deadline coming closer, the market focus will be if trade deals are announced, or tariffs are implemented," said UBS commodity analyst Giovanni Staunovo. The dollar eased 0.3% against a basket of other major currencies (.DXY) , opens new tab, making gold less expensive for their holders . U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Gold, often considered a safe-haven asset during economic uncertainty, tends to do well in a low interest rate environment. The U.S. Federal Reserve's next policy meeting is scheduled for July 29-30, following its decision to hold rates steady last month. "Elevated inflation expectations and strong economic data are weighing on expectations around the number of Fed rate cuts this year. Despite this, the buy-on-dip strategy remains in place, protecting downside risks for gold prices," ANZ analysts said in a note. Last week, Fed Governor Christopher Waller said he still believed that the U.S. central bank should cut rates next week. Data showed that top consumer China's imports of gold fell for a second successive month in June. China's imports of platinum in June fell 6.1% from the prior month. Spot silver gained 0.8% to $38.47 per ounce, platinum rose 1.6% to $1,444.11 and palladium was 2.1% higher at $1,266.91. https://www.reuters.com/world/china/gold-rises-weaker-us-dollar-investors-await-trade-developments-2025-07-21/