News

Growth in sponsorships comes on the heels of the NBA’s landmark $77 billion media rights deal, which begins next season.

Beijing has confirmed that the phone call with Trump is ongoing in a brief statement:

So far, we haven’t heard from Trump, who is likely to be the first person to send a message when it’s over. Keep an eye on Truth Social.

The Australian and New Zealand dollars are the top performing currencies today, up around 50 pips each. Both are at the highs of the day and the Australian dollar is challenging the May peak. If that breaks, it will take us to the best level since November and I’d expect some buy stops.

I fear we could get a ‘sell-the-fact’ trade on the readout. The market has been rallying on the Trump-Xi call since Monday and particularly since Tuesday after it was confirmed that diplomats spoke.

Of course, if we get a true climb-down on trade from both sides and the seeds of an actual deal then there is immense room to the upside for risk assets.

This article was written by Adam Button at www.forexlive.com.

The company also boosted its share buyback plan by $800 million to $1 billion.

The euro is continuing higher and now up 67 pips on the day, with a portion of that as USD weakness that’s broad based.

• I’m not confirming a pause

The market is only priced for one further 25 bps cut.

This article was written by Adam Button at www.forexlive.com.

Silver’s surge helped close the performance gap between the two precious metals this year.

For all the attention on U.S.-China AI competition, new studies point to China’s rapid rise in biotechnology, especially for drug and agricultural development.

President Donald Trump held a phone call with China President Xi Jinping, Chinese media outlet Xinhua reported.

• Survey data points to some weaker prospects in the near term
• Higher tariffs, stronger euro to make exports harder
• Defense and infrastructure investment to bolster growth
• Boost in defense and infrastructure would raise inflation over the medium term
• Risks to growth tilted to the downside
• Not pre-committing to particular rate path
• In a good position to navigate uncertain conditions coming up
• There was one dissenter

I will update as headlines cross.

This article was written by Adam Button at www.forexlive.com.

U.S. Treasury yields held steady Thursday as investors weigh the state of the economy following a slate of disappointing U.S. data.

Trump and Xi held a phone call today, according to Xinhua.

That should be good news as the topics on calls like this are almost always pre-cleared and scripted.

It’s not exactly clear when the call was held or if it’s ongoing now but expect Trump to write about it on Truth Social soon after it’s over.

It’s tough to say exactly what’s priced in regarding any actions coming out of this. I don’t think the market is expecting tariff rates to drop but that would be an upside risks. At minimum, we’d expect them to undo some of the rare earth/chip curbs lately.

This article was written by Adam Button at www.forexlive.com.