Source: CNBCTV18
A new line of yield-chasing crypto funds is forcing the Securities and Exchange Commission to confront unresolved gaps in its regulatory framework, just as the Trump administration eases oversight of digital assets.
The immediate dispute centers on two proposed funds from ETF firms REX Financial and Osprey Funds that would allow investors to earn rewards by deploying Ether and Solana tokens to help validate blockchain transactions, a process known as staking.
The firms said they had cleared an initial SEC registration hurdle last week, but agency staff took the unusual step of objecting that very same evening. Staff warned the products may not meet standards to qualify as investment companies under federal law, raising broader questions about regulation of a hot corner of the crypto-investment world.
Earth imaging company Planet Labs PBC’s shares soared as profit beat expectations following Europe’s defense spending hike in response to the United States pulling back from the continent.
Shares gained as much as 48% in early trading in New York, the most since Planet Labs went public in 2021, after the company’s CEO said European demand for satellite data is higher now than it was at the outset of the war in Ukraine.
“With the changed dynamic with the US, they are trying to pick up more of that capability themselves and they’re trying to do that quickly,” Chief Executive Officer Will Marshall said in an interview.
From the moment Donald Trump and Elon Musk joined forces, betting in Washington held that the president’s bond with the First Buddy who bankrolled his comeback election win wouldn’t last. It didn’t.
A relationship that blossomed at the height of the 2024 presidential campaign and deepened as Musk joined the new administration to slash the federal bureaucracy unraveled this week in spectacular form, with the world’s richest man declaring his opposition to tax legislation that’s the centerpiece of Trump’s domestic agenda.
With posts on social media urging lawmakers to reject Trump’s “Big Beautiful Bill,” Musk exposed a rupture that had been growing between him and the president for weeks, fueled at first by clashes with cabinet members over agency cuts and differences with the administration’s sweeping tariff plans.
The European Central Bank is coming to the end of its campaign of interest-rate cuts following its eighth reduction in a year, according to President Christine Lagarde.
With the euro-zone economy suffering repeated blows from US tariffs, the deposit rate was lowered by a quarter-point to 2% on Thursday, as predicted by all analysts in a Bloomberg survey. The ECB described inflation as “currently at around” its 2% target.
“We are getting to the end of a monetary-policy cycle that was responding to compounded shocks — including Covid, the illegitimate war in Ukraine and the energy crisis,” President Christine Lagarde told reporters in Frankfurt. “At the current level of interest rates, we believe that we are in a good position to navigate the uncertain conditions that will be coming up.”
A Republican attempt to block states from enforcing new artificial intelligence rules over the next decade has drawn growing bipartisan objections, exposing tension in Washington over allowing for more unchecked AI development.
The proposal, buried on pages 278 and 279 in the sweeping tax bill passed by the House last month, has drawn sharp criticism from Republican Representative Marjorie Taylor Greene and Senator Marsha Blackburn, as well as Democratic Senators Ed Markey and Elizabeth Warren. More than 200 state lawmakers from both parties also urged Congress this week to scrap the measure.
Oil climbed as signs that the US and China may be ironing out their trade differences helped allay concerns with large OPEC+ output increases.
Brent futures extended gains after China’s official news agency reported that Presidents Donald Trump and Xi Jinping spoke over the phone. Still, prices have been largely bound to a narrow price range near $65 a barrel since the middle of May. Gains were contained in equity markets as traders await US jobs data due on Friday.
Saudi Arabia wants the Organization of the Petroleum Exporting Countries and its allies to continue to add at least 411,000 barrels a day of output in August and potentially September, according to people familiar with the matter. Rising fuel consumption during the summer, however, could help make up for those extra barrels.
Initial claims for unemployment compensation unexpectedly increased last week as angst over the jobs market accelerates, the Labor Department reported Thursday.
Claims totaled a seasonally adjusted 247,000 for the period ending May 31, up 8,000 from the prior week and higher than the Dow Jones estimate for 236,000. Continuing claims, which run a week behind, edged though the four-week moving average rise to its highest level since Nov. 27, 2021.
President Donald Trump held a phone call with Chinese President Xi Jinping, Chinese media outlet Xinhua reported Thursday. The White House did not immediately respond to CNBC’s request for comment on the report.
As a pioneer of low-cost air travel in Europe, Wizz Air Holdings Plc Chief Executive Officer Jozsef Varadi found himself in the uncomfortable position of having to explain to investors why his own company’s expenses are so high.
Facing the worst stock implosion Wizz has experienced in more than half a decade, Varadi spent more than an hour on Thursday explaining to analysts on a call why costs were rising. That disclosure earlier in the day in an earnings report caught investors expecting lower expenses off guard, sending the shares plummeting.
The European Central Bank on Thursday announced a 25-basis-point interest rate trim taking the deposit facility rate to 2%, down from a mid-2023 high of 4%.
Ahead of the announcement, traders had been pricing in an almost 99% chance of the quarter-point cut according to LSEG data.
“In particular, the decision to lower the deposit facility rate – the rate through which the Governing Council steers the monetary policy stance – is based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission,” the ECB said in its statement.
Vista Equity Partners’ Chief Executive Officer Robert F. Smith said he expects AI to have a seismic impact on jobs in the private market industry.
“We think that next year, 40% of the people at this conference will have an AI agent and the remaining 60% will be looking for work,” the company’s founder said in comments on Thursday at the SuperReturn International private capital conference in Berlin.
Thousands of private markets professionals have descended on Berlin for the annual event to discuss the biggest topics affecting their industry. Artificial intelligence has dominated conversations as firms look to create value in their portfolio companies.
Kimberly-Clark Corp. is forming a joint venture with Suzano SA that will see it sell a majority stake in its global Kleenex and tissue businesses outside of North America to the Brazilian pulp supplier.
Under the terms of the deal, the unit is valued at $3.4 billion, according to a statement. Kimberly-Clark will hold a 49% interest in the new venture. Shares were unchanged in premarket trading.
The transaction is seen as part of the Dallas-based consumer products giant’s ongoing transformation strategy to boost growth, Chief Executive Officer Mike Hsu said in the statement. Last year, sales shrank for the first time since 2019, with analyst currently projecting that sales will contract 2.8% this year.
Silver surged to its highest in 13 years, powered by a technical breakout, as investors broaden demand for the safety of precious metals beyond gold.
Spot silver rose as much as 4.2% above $35.90 an ounce, the highest level since February 2012. The rally was likely driven by a combination of technical momentum, improving fundamentals and broader investor interest, said Alexander Zumpfe, senior trader at German gold refiner Heraeus Group.
A cool, wet start to June in Northern Europe is set to give way to a summer of extreme weather, roiling energy markets that have become increasingly dependent on solar and wind power.
High-pressure systems are forecast to return later this month, bringing the risk of heat waves this summer following an unusually dry and sunny spring. That will drive up power demand for cooling, though the impact on gas prices will also depend on surging solar generation and nuclear output levels in France.
“This one looks to be quite an impactful summer on paper,” said Andrew Pedrini, a meteorologist with Atmospheric G2. “We will hear a lot about extremes.”
Following President Trump’s pointed rhetoric about Canada becoming the 51st state—and his implementation of steep tariff hikes—Canadians have started redirecting their vacation plans away from the US.
What’s missed in the punch lines prompted by Trump’s 51st state talk is that Americans’ northerly neighbors represent its largest international visitor market, representing some $20.5 billion in spending each year. It’s no surprise that other countries are extending a warm welcome to Canadian tourists with hopes of cashing in.
Canadians are traveling more this summer than they did last year—just not to the US. According to data from Statistics Canada, the government’s data-crunching agency, they have logged 10% more flights to overseas countries in the first five months of 2025 than they did in 2024. In that same period, they also curbed their flights to the US by 20%. Car trips across the border have declined by 35%, leaving US border towns ravaged.
Circle Internet Group has priced its initial public offering at $31 per share, exceeding its earlier target range of $27 to $28.
The pricing gives the stablecoin issuer a market valuation of $6.8 billion. Shares will be listed on the New York Stock Exchange under the ticker symbol “CRCL.”
Elon Musk has launched a sustained public campaign against a major tax-cut bill championed by US President Donald Trump, urging lawmakers to reject the proposal, which he claims would significantly increase national debt.
Writing on his social media platform X, Musk called on the public to pressure Congress, warning that the bill would push the US further into what he described as “debt slavery”. He criticised the legislation—dubbed by Trump as a “big, beautiful bill”—for potentially raising the debt ceiling by $5 trillion, and argued for an alternative that would not widen the fiscal deficit.
US Treasury yields remained largely unchanged on Thursday after falling sharply the previous day due to weaker-than-expected economic indicators. The 2-year and 10-year yields each rose by less than one basis point, while the 30-year yield was flat at 4.89%.
Wednesday’s decline followed data showing a surprise contraction in the services sector in May, with activity falling to 49.9%, below the 52.1% forecast. Additionally, private sector payrolls rose by just 37,000 in May, far below the expected 110,000, raising concerns about a cooling labour market.
Investors are now awaiting US trade data and jobless claims later on Thursday, with May’s non-farm payrolls and unemployment rate due Friday.
Wall Street had a rangebound and listless trading session on Wednesday after some disappointing macro data on the private payrolls and services PMI front.
The Dow Jones ended in the red but the outperformance in tech shares contributed to modest gains in the S&P 500 and the Nasdaq.
Oil held a drop on signs Saudi Arabia is seeking another big production increase at next month’s OPEC+ meeting, in a bid for market share that could worsen a glut expected later this year.
Brent traded below $65 a barrel after losing 1.2% in the previous session, while West Texas Intermediate was under $63. The kingdom wants the Organization of the Petroleum Exporting Countries and its allies to continue to add at least 411,000 barrels a day of output in August and potentially September, according to people familiar with the matter.
“Once Saudi Arabia takes the lead in accelerating output increases, historical experience suggests that the market could face the risk of a price war, which would be highly unfavorable for oil prices,” said Gao Jian, an analyst at Qisheng Futures Co.
Gold held gains, after weaker-than-expected US data reinforced expectations that the Federal Reserve will cut interest rates at least twice this year to prevent a recession.
Bullion traded near $3,375 an ounce, following a 0.6% increase on Wednesday, after separate reports showed a contraction in US service providers and a deceleration in hiring. Treasury yields fell after the prints, with swap traders pricing in two Fed reductions in October and December. Lower rates are typically a tailwind for gold, which doesn’t bear interest.
Elsewhere, fears about worsening friction between the US and some of its major trading partners resurfaced after President Donald Trump doubled steel and aluminum tariffs to 50%. Separately, he labeled Chinese counterpart Xi Jinping as “extremely hard to make a deal with”.
Wall Street had a rangebound and listless trading session on Wednesday after some disappointing macro data on the private payrolls and services PMI front.
The Dow Jones ended in the red but the outperformance in tech shares contributed to modest gains in the S&P 500 and the Nasdaq.
Futures on Wall Street are pointing towards a positive start to the trading session ahead of two important numbers that will be reported over the next two days.
The Dow futures are up 70 points, while the S&P 500 and Nasdaq are also trading just above the flat line.
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