Trump Defends Tariff Plan While Pressing for More Fed Influence

Economic

Summary:

Trump has sought to offset some of those costs by threatening across-the-board tariffs, which he aims to impose on both US allies and adversaries, including a 60% levy on imports from China and 10% duties on the rest of the world.

Republican presidential candidate Donald Trump defended his plans to overhaul the US economy through dramatic tariff increases and more direct consultation with the Federal Reserve, arguing that his policies would result in substantial growth despite projections that his agenda would fuel inflation and spike the national debt.

“It’s going to have a massive effect, positive effect,” Trump told Bloomberg News Editor-in-Chief John Micklethwait on Tuesday in an interview at the Economic Club of Chicago.

Throughout the hour-long exchange, Trump repeatedly dismissed predictions by economists that his policies would have a net-negative impact on the economy and pass costs onto US consumers.

The former president shrugged off the possibility that his proposed tariffs might disrupt supply chains or squeeze small businesses, saying companies would rapidly return manufacturing to the US to avoid the levies. He argued that the impact of his plans to deport millions of undocumented migrants would be offset by legal migration. And, he said, his leadership would inspire loyalty rather than anger from allies.

“We’re all about growth,” Trump said. “We’re going to bring companies back to our country.”

The Republican nominee’s claims were warmly received by attendees at the event, who cheered his argument that dramatically increasing tariffs on foreign goods would protect “the companies that we have here and the new companies that will move in.”

The room was packed with about 600 people and a sizable contingent of Trump staffers. Executives in the room included Ashley Duchossois, chair of Duchossois Capital Management, the Chicago-based dynasty that’s known for its ties to the Churchill Downs racetrack and traditionally votes Republican. Carole Brown, Chicago’s former chief financial officer under then-Mayor Rahm Emanuel, attended as a member of the club.

Pat Greco, wearing a red hat with Trump’s “Make America Great Again” slogan and a dark suit, stood out in the ballroom. The 32-year-old corporate attorney said it was his first Trump event, though he had met the former president once before.

“I was shocked he was coming, to be honest,” Greco said before Trump started speaking.

Trump is banking on a similar reception from voters, who are already casting their ballots in what polls forecast to be a razor-thin contest with Democratic Vice President Kamala Harris three weeks before Election Day.

Federal Reserve

Trump indicated he would pursue many of the norm-smashing tactics of his first term were he returned to the Oval Office, including seeking greater influence at the Federal Reserve.

While the former president sidestepped a question about whether he would seek to remove Fed Chairman Jerome Powell, he said it was fair game for a president to tell the central bank’s chief how he thinks interest rates should change.

“If you’re a very good president with good sense, you should be able to at least talk to him,” Trump said, adding that he did not believe a president should be able to mandate change.

Trump also mocked the job of running the Fed.

“It’s the greatest job in government,” Trump said. “You show up to the office once a month and you say, ‘let’s say flip a coin’ and everybody talks about you like you’re a God.”

Federal Deficit

Trump also dismissed concerns over the federal deficit, long a focus of Republican presidential campaigns, arguing without evidence that the totality of his economic platform would outpace the cost to taxpayers.

The former president has vowed to carry out an aggressive campaign of deregulation, renew expiring tax cuts, lower the corporate tax rate to 15% from 21%, and offer fresh tax reductions and benefits to bolster domestic manufacturing — policies cheered by prominent Wall Street and corporate leaders.

But the proposals would cost trillions of dollars and threaten to worsen a US federal deficit that’s already historically large. Some investors are betting Trump’s policies will leave the US saddled with more debt and higher inflation and interest rates. America’s annual deficit is already close to $2 trillion.

Trump said the tariffs would help “tremendously” in preventing China and other countries from flooding the US with products that threatened key industries, like the auto sector.

But economists say tariffs are unlikely to create the revenue he needs. The Peterson Institute for International Economics estimates the tariffs could raise over $200 billion a year. The US took in an estimated $4.9 trillion in revenue in fiscal 2024.

Trump dismissed those projections, saying doubters were simply “wrong” about the impact of tariffs.

“We will grow,” he said. “The only way you can do it is through the threat of tariffs.”

Unproven Assertions

Occasionally testy exchanges included many of the unproven assertions or falsehoods that have peppered Trump’s campaign events, from inaccurate claims about the number of undocumented migrants who have been convicted of murder to claiming fraud was to blame for his defeat in the 2020 election to President Joe Biden.

On migration, Trump acknowledged the concerns of business owners worried his proposed immigration raids could shrink the labor supply, but indicated he would replace those migrants with people coming into the country legally.

“I want a lot of people to come into our country but I want them to come in legally,” Trump said.

During his first term, Trump proposed immigration policies that would have reduced the number of immigrants entering the country and prioritized high-skill workers, which economists warned could impact industries currently reliant on migrant labor.

Capitol assault

The Republican nominee and allies have said he would accept the 2024 election results if it is a fair process, raising concern of a repeat of Jan 6, 2021, when Trump’s supporters stormed the US Capitol in a bid to block the certification of Biden’s victory.

Trump sidestepped a question about whether he would commit to respecting a peaceful transfer of power, defending his actions during the attempted insurrection and noting that he left the White House at the end of his term.

“I left the morning that I was supposed to leave, I went to Florida, and you had a very peaceful transfer,” Trump said.

Trump suggested without evidence that individuals beyond his supporters had been responsible for the violence at the Capitol, saying that “a lot of strange things happened,” and generally downplayed the violence. More than 1,400 people have been charged in connection to the incident, according to the Justice Department.

Trump also said that Ashli Babbitt, a supporter who was shot as she attempted to enter a barricaded door at the Capitol, was the only person who died on Jan 6. A bipartisan Senate report found that at least seven people died in connection with the riot.

US Steel, Google

Trump used the forum to weigh in on some of the biggest stories in business, reiterating his pledge to block the sale of US Steel Corp to Nippon Steel Corp, if the US$14.1 billion transaction was concluded by the time he entered office.

“I think it sets a horrible tone,” he said of the possible sale, saying that steel was a critical national security interest.

“There are certain companies you have to have,” Trump said.

Both Biden and Harris have said they oppose the deal, an election flash point, particularly in swing-state Pennsylvania, where both the American company and the United Steelworkers union — which also opposes the deal — are based.

Separately, Trump wouldn’t commit when asked whether the Justice Department should seek the forced breakup of Google, saying that while he believed something should be done to make the search engine “more fair” it may not require Alphabet Inc to spin off its parts.

“They do treat me very badly,” Trump said.

The DOJ is weighing whether to break up Google as a remedy after a landmark court ruling found that the company monopolised the online search market.

In August, Trump called for his supporters to stop using the Google search engine, referring to claims from billionaire backer Elon Musk and others that it was interfering with efforts to find information about the former president.

Trump-Putin relationship

Trump declined to say if he had spoken to Russian President Vladimir Putin since leaving office in 2021, responding to a question about claims laid out in a new book by journalist Bob Woodward.

“Well, I don’t comment on that, but I will tell you that if I did, it’s a smart thing,” Trump said. “If I am friendly with people, if I have a relationship with people, that’s a good thing, not a bad thing. “

Woodward’s book cites an unnamed aide to the former president indicating that he spoke to Putin as many as seven times since leaving office. The Trump campaign has called Woodward’s claim “made-up stories.”

Trump defended their relationship, saying their positive ties were a boon to the US and that he had cultivated connections with the Russian leader even though he had sanctioned the Nord Stream 2 pipeline between Russia and Europe.

Trump and Harris have been ramping up their economic messaging, in particular in the battleground states likely to determine November’s election.

Trump, asked what states he would be watching on election night, said Pennsylvania or Michigan — two of the three that comprise the Democratic Blue Wall crucial to Harris’ prospects — could ultimately prove decisive.

“Based on the votes that are coming in so far, we are doing very well,” Trump said, pointing to early voting data.

Source: The edge markets

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Alex

Economic

Three of Southeast Asia’s biggest economies will unveil monetary policy decisions from 3pm Malaysian time on Wednesday, influenced by everything from politics, inflation and currency volatility to geopolitical risks.

Bank Indonesia last month surprised markets with an early rate cut, but recent rupiah weakness means a majority of analysts expect officials to hold. The Philippine central bank has strongly flagged it will keep lowering rates. And the Bank of Thailand (BOT) is expected to continue defying government calls to cut borrowing costs, despite weak growth and inflation that’s below the bottom of its target range.

All three nations are highly sensitive to the health of the global economy. But they are also diverse: Indonesia has clout in commodities; Thailand has large tourism and manufacturing sectors; and the Philippines is home to a vast outsourcing industry serving global companies. The general consensus is for policymakers to hold or cut on Wednesday, with rate hikes virtually off the table

Indonesia

Bank Indonesia will keep the benchmark rate at 6%, according to 30 of 41 economists in a Bloomberg News survey, with the rest expecting another 25-basis-point cut. Bloomberg Economics is one of those seeing a quarter point as possible.

In September, policymakers in Southeast Asia’s biggest economy embarked on an easing cycle ahead of the US Federal Reserve’s (Fed) move. But renewed market volatility, fuelled by weaker US economic data and Middle East tensions, may lead emerging markets to be more cautious in moving lower. The rupiah has dropped more than 2% against the dollar this month, forcing the central bank to intervene in markets for the first time in months.

So policymakers led by governor Perry Warjiyo may hold this month and ease later in the quarter, according to DBS Bank economist Radhika Rao. “It will be a close call,” she said.

In general, the central bank is unlikely to reverse its easing stance. Low inflation and subdued consumption support the case for further rate cuts to help domestic demand, said Brian Lee, an economist at Maybank Securities Pte Ltd, who expects rate cuts to be deferred to November and December.

With near record-high foreign exchange reserves, Bank Indonesia may rely more on market intervention to stem any further rupiah declines. It may also need to keep the yields on its rupiah-denominated securities attractive to lure enough foreign inflows to keep the currency stable.

Philippines

Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona told Bloomberg News earlier this month that he expects quarter-point cuts at each meeting, for a total 175-basis-point reduction by the end of 2025.

Inflation fell to its lowest in four years in September, thanks to slower increases in the prices of rice and other food items. Some 24 of 26 economists in a Bloomberg survey expect BSP to cut its target reverse repurchase rate by 25 basis points to 6%, the lowest since February 2023.

“What can make BSP step back from sustained rate cuts are the risks of worsening global oil prices and if the Fed slows on easing,” said Angelo Taningco, the chief economist and head of research at Security Bank Corp, adding that he expects both BSP and the Fed to make two 25-basis-point cuts this quarter and another 100 basis points next year.

The Philippine peso has fallen about 4% against the US dollar this year, but recent foreign flows into the local stock market have limited losses. The relatively stable currency and tepid economic growth are other reasons for BSP to continue to ease. It lowered the reserve requirement ratio to 7% for big lenders, pulling another lever to support the economy.

Thailand

Thailand’s Monetary Policy Committee (MPC) will likely resist the government’s rate cut calls once again and keep its benchmark interest rate unchanged at 2.5%, the highest level since 2013, for the sixth straight time, according to 22 of 27 economists surveyed by Bloomberg. Five predict a quarter of a percentage point cut.

“Financial stability and high levels of household debt have been the cornerstone of the MPC’s decision making until now, helping it push back on government’s and financial markets’ calls for easing,” said Shreya Sodhani, a regional economist at Barclays plc, who expects the central bank to stand pat this year. “The MPC now needs to walk a fine line to balance the trade-off between financial stability and its impact on growth.”

Still, many economists including Standard Chartered plc see a growing possibility of a cut either at this meeting or the next, given a slew of factors including the subdued growth outlook, below-target inflation, and political and private sector pressure. Deputy Finance Minister Paopoom Rojanasakul said earlier this month a 25-basis-point cut would be a good start, adding he thinks the central bank will cut rates this year.

Thai Chamber of Commerce chairman Sanan Angubolkul said on Oct 9 that lower borrowing costs would help businesses grappling with high expenses and a strong baht. The local currency gained 14% in the third quarter, making the nation’s exports more expensive compared to competitors.

The government is separately pushing to raise the 2025 inflation target from the 1% to 3% range to 1.5% to 3.5%, people familiar have said. There has also been manoeuvring to place Kittiratt Na-Ranong, a critic of the BOT’s hawkish monetary policy and a ruling party loyalist, in the key role of chairman, which could add pressure on governor Sethaput Suthiwartnarueput.

The governor underscored the importance of independence in setting monetary policy last month. He also said decisions will be guided by the outlook for domestic economic and financial conditions and inflation. One of his predecessors, Tarisa Watanagase, warned that government meddling could have “disastrous consequences” for Southeast Asia’s second-biggest economy.

Source: The edge markets

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Daily News

Economic

[Quick Facts]

1. Canada's inflation slows in September due to lower gas prices.

2. U.S. inflation expectations tick up at medium- and longer-term horizons.

3. Fed's Daly: Open to one more rate cut this year.

4. Fed's Bostic: Only one more 25 basis point cut needed this year.

5. Israel agrees not to strike Iranian oil facilities, sending oil prices lower.

[News Details]

Canada's inflation slows in September due to lower gas prices

Statistics Canada reported on Tuesday that due to a substantial drop in gas prices, the CPI fell by 0.4% month-on-month in September, marking the largest decline since December 2022. Year-on-year, inflation increased by 1.6%, down from 2% the previous month, representing the smallest increase since February 2021. The ongoing decline in energy prices has helped bring the overall inflation rate closer to the Bank of Canada's 2% target more quickly than expected, with markets anticipating a higher likelihood of a 50 basis point rate cut by the Bank of Canada next week.

U.S. inflation expectations tick up at medium- and longer-term horizons

The latest survey from the New York Fed on Tuesday indicated that consumers' inflation expectations for the next year remained steady at 3% in September, while the three-year-ahead expectations rose to 2.7%, and the five-year-ahead expectations increased to 2.9%. Most labor market-related surveys remained stable. The average perceived probability of missing a minimum debt payment over the next three months increased to 14.2%. Nevertheless, respondents' outlook for the coming year improved, with expectations that financial conditions and credit access will improve as U.S. stock prices rise and interest rates decline.

Fed's Daly: Open to one more rate cut this year

San Francisco Fed President Mary Daly stated on Tuesday that the 50 basis point rate cut in September was an appropriate policy adjustment and that rates remain restrictive. Economic conditions have notably improved, and the labor market is no longer a significant source of inflationary pressure. In the long term, current rates are still far from neutral. The Fed may cut rates one to two more times this year, by 25 basis points each time, but Daly is open to the possibility of not cutting rates at one of the remaining two Fed policy meetings this year.

Fed's Bostic: Only one more 25 basis point cut needed this year

Atlanta Fed President Raphael Bostic mentioned on Tuesday that the U.S. economy is performing quite well, and he does not foresee a recession. Employment will remain strong, and he expressed considerable confidence in inflation returning to the 2% target. In the September update of the Fed's dot plot, he predicted one more 25 basis point rate cut this year, following the 50 basis point cut in September. However, he noted that forecasts are not fixed and will be adjusted based on upcoming inflation and labor market data.

Israel agrees not to strike Iranian oil facilities, sending oil prices lower

On Tuesday, international oil prices experienced a significant drop following reports that Israel agreed not to target Iranian oil facilities. This eased market concerns over supply disruptions, while OPEC lowered its forecasts for global oil demand growth in 2024 and 2025. WTI crude oil ultimately closed down 1.36% at $70.96 per barrel, and Brent crude oil fell 0.57% to $74.64 per barrel. Israel's recent comments have alleviated a major concern in the oil market regarding potential actions against Iranian oil infrastructure, directly resulting in a sharp decline in oil prices.

[Today's Focus]

UTC+8 14:00 U.K. CPI YoY (Sept)

UTC+8 20:30 U.S. Import Price Index MoM (Sept)

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Cohen

Economic

Japanese food and beverage operator Food Innovators Holdings (FIH) commenced trading under the code “KYB” on the Catalist board on Oct 16.

It opened at $0.20 or 9.1 per cent below its initial public offering price (IPO) of $0.22 a share.

FIH’s trading debut comes a day after the company announced that its IPO closed with 14 million of its new shares fully subscribed at $0.22 apiece.

It comprised 13 million placement shares and one million public shares, representing 10.8 per cent of the company’s total number of shares.

There were 264 valid applications for a total of 6.3 million public shares. Since there were one million shares available to the public for subscription, this translates to a subscription rate of 6.3 times.

All 13 million placement shares were also fully allotted, including 47,000 shares to chief executive Yasuaki Kubota.

The proceeds from the IPO will go towards funding the expansion of FIH’s food retail business within and outside Japan. It will also be used to purchase new Japanese food brands and for general working capital.

FIH, incorporated in 2019, has two main business pillars – food retail in Japan, Singapore and Malaysia, and restaurant leasing and subleasing in Japan.

Under food retail, FIH owns and operates restaurant concepts. It also helps Japanese food concepts expand into other markets.

FIH recorded $1.4 million in net profit in FY2024, reversing from a loss of $3.4 million in the preceding financial year. Its FY2024 revenue was $43.8 million, up 10.3 per cent.

Its listing comes as another Catalist-listed restaurant operator, RE&S, is set to be delisted.

RE&S, which runs yakiniku chain Yakiniku-Go and doughnut chain Mister Donut, is expected to be delisted on Oct 17, after the company agreed to a buy-out offer from a unit of private equity firm Southern Capital Group.

Source: Straitstimes

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Titan FX

Commodity

Key Highlights

WTI Crude Oil price started a fresh decline from the $78.80 resistance.

A connecting bearish trend line is forming with resistance at $72.80 on the 4-hour chart.

Gold could aim for more gains above the $2,670 level.

Bitcoin could accelerate higher if it settles above $66,500 and $67,000.

WTI Crude Oil Price Technical Analysis

WTI Crude Oil price rally stalled near the $78.80 resistance zone. The price started a fresh decline and traded below the $75.00 level.

Looking at the 4-hour chart of XTI/USD, the price settled below the $73.20 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bears were able to push the price below the 61.8% Fib retracement level of the upward move from the $66.94 swing low to the $78.78 high.

The bulls are now trying to protect the $69.75 support. It is close to the 76.4% Fib retracement level of the upward move from the $66.94 swing low to the $78.78 high.

On the downside, the first major support sits near the $68.50 zone. A daily close below $68.50 could open the doors for a larger decline. The next major support is $65.50. Any more losses might send oil prices toward $60.00 in the coming days.

On the upside, the price might face resistance near the $72.2 level. The next major resistance is near the $72.80 zone. There is also a connecting bearish trend line forming with resistance at $72.80 on the same chart, above which the price may perhaps accelerate higher.

In the stated case, it could even visit the $76.00 resistance. Any more gains might call for a test of the $78.80 resistance zone in the near term.

Looking at Gold, the price is still showing a lot of positive signs and might aim for more upsides above the $2,670 level.

Economic Releases to Watch Today

US Import Price Index for Sep 2024 (MoM) – Forecast -0.3%, versus -0.3% previous.

US Export Price Index for Sep 2024 (MoM) – Forecast -0.4%, versus -0.7% previous.

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SAXO

Economic

Global Market Quick Take: Asia – October 16, 2024_1

Macro:

Canada's annual inflation rate dropped to 1.6% in September from 2% in August, below the 1.9% forecast. This marks the second consecutive month below the Bank of Canada's 2% target, increasing the likelihood of further rate cuts. The decline was driven by a sharp drop in gasoline prices (-10.7%) and deflation in transportation (-1.5%). Rent growth slowed (8.2%), easing shelter inflation (5%), while food inflation edged up to 2.8%. The trimmed-mean core rate remained at 2.4%. Monthly consumer prices fell by 0.4%.

Euro Area industrial production rose by 1.8% mom in August, the highest since February 2023, recovering from a 0.5% decline in July and exceeding the 1.7% market expectation. Energy, capital goods, and durable consumer goods saw output rebounds, while intermediate goods fell at a slower rate and non-durable consumer goods continued to grow. Germany led with a 3.3% increase, followed by France (1.4%) and Italy (0.1%), while Spain saw a slight decline of 0.4%. Annually, industrial output edged up 0.1% after a 2.1% drop in July.

UK regular pay, excluding bonuses, rose by 4.9% yoy to GBP 648/week in the three months to August 2024, the lowest since June 2022 and in line with market estimates. This follows a 5.1% increase in the previous period. Wage growth slowed in both the private (4.8%) and public sectors (5.2%). Manufacturing saw the highest wage growth at 6%, while finance and business services had the lowest at 4.4%. Adjusted for inflation, real wage growth fell to 1.4% from 1.9%.

Macro events: UK CPI, US Export & Import prices, Canada Housing Starts, Italy CPI

Earnings: Morgan Stanley, Abbott, Prologis, Kinder Morgan, PPG Industries, CSX Corporation, U.S. Bancorp, Discover Financial Services, Equifax

Equities: Wall Street saw a significant decline on Tuesday, largely due to weak earnings from ASML, which spurred a broad selloff in semiconductor stocks, and a sharp drop in oil prices that weighed on energy stocks. The S&P 500 dropped by 0.7%, the Nasdaq 100 fell by 1.2%, and the Dow declined by 324 points. ASML's shares plunged 16.5% after the company lowered its outlook, impacting other chipmakers such as Nvidia (-4.5%), Broadcom (-3.5%), AMD (-5.2%), and Intel (-3.3%). Energy stocks were also hit hard as Exxon Mobil (-3%) and Chevron (-2.7%) slipped following a sharp decline in oil prices. Additionally, UnitedHealth's shares tumbled 8.2% after it issued a weaker earnings forecast. On the other hand, Bank of America gained 0.5% due to stronger than expected third-quarter profits and revenue. Apple rose 1.1%, reaching a record intraday high of $237.49, as reports indicated robust demand for its previous models, boosted by the launch of the iPhone 16.

Fixed income: Treasuries ended with lower yields, led by long-end tenors dropping nearly 10 basis points. The decline was driven by gains in Canadian bonds due to benign inflation data. Block trades in Ultra Bond futures also contributed. The rally tightened the 2s10s spread by over 6 basis points and the 5s30s spread by about 5 basis points. The 10-year yield fell by 7 basis points to 4.03%, while Canada’s 10-year yield decreased by 9 basis points. Canadian bonds rallied on softer-than-expected September CPI data, with short-term interest-rate contracts pricing in around 44 basis points of easing by the Bank of Canada on October 23, up from 37 basis points on Monday. New Zealand bonds also gained after Q3 data showed easing inflationary pressures, with the yield on New Zealand’s 2-year note falling by 5 basis points to 3.87%.

Commodities: Gold prices rose to $2,662 and silver prices increased to $31.50, supported by declining Treasury yields as investors awaited key U.S. economic data for insights into the Federal Reserve's policy direction. The appeal of non-yielding assets like gold was bolstered by a drop in 10-year Treasury yields, which followed weak manufacturing data from New York. Meanwhile, WTI crude oil futures fell 4.4% to $70.6, and Brent crude oil futures decreased 4.1% to $74.2. This decline came after reports suggested that Israel might avoid targeting Iran’s oil infrastructure, easing fears of a significant supply disruption in the region. Israel indicated it may heed U.S. warnings and focus on military rather than energy targets in Iran, although tensions remain elevated.

FX: A Bloomberg index tracking the dollar climbed to session highs as Donald Trump defended his plans to significantly raise tariffs on foreign imports, citing trade with Mexico, Europe, and China. The Mexican peso dropped to session lows, with USDMXN rising 1.4% to 19.65. USDCAD reached a session high of 1.3839 after Canada’s CPI data came in below expectations, but then reversed nearly all its gains, ending a nine-day winning streak. GBPUSD edged up 0.1% to 1.3068 following data showing UK wages grew at the slowest rate in over two years during the summer. New Zealand’s dollar fell to a two-month low against the greenback after Q3 inflation data missed the median estimate in a Bloomberg survey. AUDUSD’s short-term implied volatility increased as traders positioned ahead of Thursday’s Australian employment data release.

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FxPro

Cryptocurrency

Market Picture

The cryptocurrency market rose 1% in 24 hours to $2.28 trillion. The market cooled off somewhat during the day, moving away from local highs above $2.30 trillion, which were the highest in more than two weeks. Sentiment jumped sharply to ‘greed’, reaching the 65 level, the highest since late July.

The price of Bitcoin traded above $66.5K for a while on Tuesday, matching the high of 30 July. This is a very nominal break above the previous high and an attempt to consolidate above the resistance of the descending channel. An important driver is the continued optimism in the US equity markets. Barring any sudden bouts of profit-taking, Bitcoin could consolidate the breakout from the multi-month downtrend. The potential first target of the new bull rally looks to be the area of historical highs as it approaches $74K, with a more distant target of $80K by the end of the year.

News Background

According to CoinShares, global crypto fund investments increased by $407 million last week, following outflows of $147 million the week before. Bitcoin investments increased by $419 million, Solana investments increased by $0.6 million, and Ethereum investments decreased by $10 million.

According to experts, BTC’s growth is being fuelled by expectations of new stimulus measures in China. Over the weekend, Chinese Finance Minister Lan Fo’an said that the country will soon introduce a package of additional fiscal measures to support economic development.

Searches for Bitcoin on Google fell to an annual low. Searches for altcoins show a similar dynamic. At the same time, user interest in meme coins remains relatively stable. The segment is recovering despite the massive failure of new coins and the disappointment of some traders.

The UAE Central Bank has approved the launch of a dirham-based stablecoin, the AED stablecoin. This coin is leading the race to become the first issuer of a regulated stablecoin.

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