Trump signs landmark crypto law, creating stablecoin regulatory framework
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JPMorgan considers offering loans backed by clients' cryptocurrency holdings, FT reports
JPMorgan Chase is exploring plans to lend against clients' cryptocurrency holdings, the Financial Times reported on Tuesday, citing people familiar with the matter.
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Oil falls as trade war concerns increase worries about fuel demand
Oil prices declined on Tuesday as concerns the brewing trade war between major crude consumers the U.S. and the European Union will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 52 cents, or 0.75 per cent, to $68.69 a barrel by 0325 GMT. U.S. West Texas Intermediate crude was at $66.69 a barrel, down 51 cents, or 0.76 per cent. Both benchmarks settled slightly lower on Monday. The August WTI contract expires on Tuesday and the more active September contract was down 54 cents, or 0.82 per cent, to $65.41 a barrel. "Broad demand concerns continue to simmer amid escalating global trade tensions, especially as markets eye the latest tariff threats between major economies and Trump's potential announcements ahead of August 1 deadline," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "Investors are also eyeing the ripple effects of fresh U.S. sanctions on Russian crude," she added. Supply concerns have largely been alleviated by major producers raising output and since a ceasefire on June 24 ended the conflict between Israel and Iran. However, investors are increasingly worried about the global economy amid U.S. trade policy changes. A weaker U.S. dollar has provided some backing for crude as buyers using other currencies are paying relatively less. Prices have slipped "as trade war concerns offset the support by a softer (U.S. dollar)," IG market analyst Tony Sycamore wrote in a note. Sycamore also pointed to the possibility of an escalation in the trade dispute between the U.S. and the EU over tariffs. The EU 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. The U.S. has threatened to impose a 30 per cent tariff on EU imports on August 1 if a deal is not reached. There are also signs that rising oil supply has entered the market as the Organization of the Petroleum Exporting Countries and their allies unwind output cuts.
CNA
6 hours ago
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Australia's Champion Iron secures $179.1 million from Nippon Steel, Sojitz for Canada project
Australia's Champion Iron Ltd said on Tuesday Japan's Nippon Steel and Sojitz Corp will invest an initial C$245 million ($179.11 million) in its Kami iron ore project in Canada for an aggregate 49 per cent interest. The investment follows an agreement that the three companies entered into in December 2024 for the project, which Champion Iron acquired in 2021. Following the initial closing, Champion will hold a 51 per cent interest in the project, while Nippon Steel and Sojitz will have 30 per cent and 19 per cent stakes, respectively. Nippon Steel, Japan's largest steelmaker, recently closed its $14.9 billion acquisition of U.S. Steel after an 18-month-long pursuit. Champion expects the initial closing of the deal to occur in the second half of 2025. Shares of Champion Iron rose as much as 4.6 per cent to A$5.04 in early trade. ($1 = 1.3679 Canadian dollars)
