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Bloomberg Crypto

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Bloomberg Crypto

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  • Stocks Are Defying the Naysayers. They Can Keep Going. There are plenty of tail risks, and you might think that investors are being cavalier. But don’t forget about the upside risks. The S&P 500 Index just rallied back to all-time highs, brushing off the April tariff shock, the conflict with Iran and the insidious and persistent increase in US continuing jobless claims. A growing chorus of bears thinks traders are whistling past the graveyard, and they’re far from crazy to think so. But then again, index highs almost always feel like this. Consider August 2020, when the Covid-19 pandemic was still in full swing. The government data had put unemployment at over 10%, and yet blended forward price-earnings ratios were in the 99th percentile of the previous two decades. There was some general optimism about the prospects for a vaccine, but clinical trials were still ongoing and a summer surge of Sun Belt cases had dashed hopes for a quick resolution to the pandemic disruptions. Meanwhile, a popular narrative posited that “dumb money” retail traders were driving the stock rally. How did that turn out? Even after the Aug. 18 high, the index returned another 11.5% in 2020 and 28.7% in 2021. Not too shabby.
  • China Credit ETFs to Almost Double as Funds Rush to Tech Bonds The number of corporate bond exchange-traded funds in China is set to almost double to 21 as a growing number of money managers draw up strategies to invest in the fledgling tech-related bond market. Ten Chinese firms including E Fund Management Co., China Southern Asset Management Co. and Invesco Great Wall Fund Management Co., have submitted applications to the securities regulator to set up ETFs that will invest in notes that fund technology businesses, state media reported last week. Brokerage Huaxi Securities Co. says there are currently 11 corporate bond ETFs in China.
  • China Opens First Offshore Gold Vault and Contracts in Hong Kong The Shanghai Gold Exchange has expanded outside mainland China for the first time, with the roll out of two new contracts and a bullion vault in Hong Kong. The launch serves a number of purposes, from broadening the Shanghai exchange’s international reach, to strengthening China’s clout in commodity and currency markets and Hong Kong’s status as a financial center.
  • Carney Energy Chief Seeks Indigenous Equity in Major Projects As Prime Minister Mark Carney’s government prepares to plow forward on major new energy and infrastructure projects, his natural resources minister says he wants Indigenous groups to pursue large ownership stakes in them. “If we are serious about retooling our economy, then economic reconciliation must be front and center,” said Energy Minister Tim Hodgson in prepared remarks to the Toronto Regional Board of Trade.
  • Crypto Firm BitGo’s Assets in Custody Jump to Top $100 Billion Crypto custody firm BitGo Inc. has seen its assets under custody soar from $60 billion to $100 billion in the first half of 2025, Abel Seow, managing director for Asia-Pacific at the firm said in an interview. The jump is driven by rising crypto adoption flowing from greater regulatory clarity globally, Seow said. Of the total assets looked after by the firm, half are tied to staking — a process that involves investors pledging cryptocurrencies to help validate transactions on blockchains, which in turn helps them earn more tokens.
  • LIVE NOW: What are the geopolitical and market impacts of the US’s involvement in the Israel-Iran conflict?
  • US ‘Obliterated’ Iran Nuclear Facilities, Trump Says in Address Donald Trump speaks in the East Room of the White House on June 21.Photographer: Bloomberg/Bloomberg Economics US President Donald Trump said US strikes on Iran’s three main nuclear facilities had “completely and totally obliterated” them, and threatened further military action if Tehran did not make peace with Israel. “Remember, there are many targets left,” Trump said Saturday in a three-minute address from the White House. “Tonight’s was the most difficult of them all, by far, and perhaps the most lethal. But if peace does not come quickly, we will go after those other targets with precision, speed and skill.”
  • Why Taxing the UK’s Rich Less May Make Sense Merryn Somerset Webb Demonstrators at a “No More Austerity 2.0” march in central London on June 7. Photographer: Henry Nicholls/AFP The Laffer Curve does exist. You may not want it to, but it does. The UK’s political class is in the process of learning this lesson. One of the first things Chancellor of the Exchequer Rachel Reeves did was to make the global assets of those living in the UK but domiciled elsewhere for tax purposes (the “non-doms”) subject to UK inheritance tax. Those people have responded to that incentive exactly as one might expect. They are leaving. Exact numbers aren’t available, but many financial advisers will tell you of their fast-vanishing high-net worth clients—heading for the United Arab Emirates, Italy, Spain, Switzerland, Malta and maybe even the US (there are some 70,000 applications for information on the new “gold Trump card” visa, apparently). Henley and Partners, a global relocation company, backs this up. It reports that inquiries on how to become a resident elsewhere were three times higher in the first three months of 2025 than the same period in 2024.
  • EU’s Dombrovskis Says ‘Making Progress’ in Trade Talks With US EU Economy Commissioner Valdis Dombrovskis speaks during a news conference following a Eurogroup meeting in Luxembourg on June 19. Photographer: Simon Wohlfahrt/Bloomberg The European Union is continuing intensive trade talks with the US ahead of a July 9 tariff deadline set by President Donald Trump and is “making progress,” according to EU Economy Commissioner Valdis Dombrovskis. “Our preference is to find a mutually acceptable solution and in a sense to park those trade tensions,” he told a news conference after a meeting of euro-area finance ministers in Luxembourg on Thursday.
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