व्यापार

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -Following the largest crypto liquidation in history last Friday, options market investors are bracing for more volatility and further declines in bitcoin and ether, aggressively positioning in trades that offer protection against another potential freefall. Market participants said the crypto sector on Friday saw more than $19 billion in liquidations across leveraged positions as panic selling and low liquidity triggered sharp swings. The plunge came after U.S. President Donald Trump announced late on Friday a 100% tariff on Chinese imports and threatened export controls on critical software.  Crypto analysts said this was the largest wipeout in a 24-hour period in the market's history, nine times larger than the February 2025 crash and 19 times bigger than the March 2020 meltdown and the FTX collapse in November 2022. Bitcoin fell as low as $104,782.88 during the October 10-11 period, down more than 14% from its high of $122,574.46 on Friday. It was last up 0.6% at $115,718.13. The world's largest cryptocurrency hit a record high above $126,000 on October 6. Ether, the second biggest digital currency, dropped 12.2% to a low of $3,436.29 on Friday. It last changed hands at $4,254, up 2.4% on the day.  Altcoins took an even bigger hit as HYPE (-54%), DOGE (-62%), and AVAX (-70%) all experienced steep drawdowns before recovering to post more modest losses. Trump over the weekend softened his rhetoric on China, however, noting that "it will all be fine" and the U.S. did not want to "hurt" China. That helped the crypto recovery. China on Sunday blamed the U.S. for the escalation, but did not roll out further countermeasures. "Last Friday, you saw volatility just jump across the board, not only for short-dated, but also for long-dated maturities. The sentiment around short-dated volatility is that more people are worried about downward turns," said Sean Dawson, head of research at Derive.xyz in Canberra. Data from Derive.xyz, a crypto options trading platform, showed heavy "put" buying from traders in bitcoin and ether, which suggested hedging against potential downside risks. In bitcoin, there were hefty purchases of puts conferring the right to sell bitcoin at strike prices of $115,000 and $95,000 for the October 31 expiry, according to Dawson. There was also a sharp reversal from call buying to call selling at the $125,000 strike for the October 17 expiry, suggesting a bearish short-term view.  Calls in the options market reflect expectations that the price will increase. For ether, Nick Forster, Derive.xyz co-founder, said traders focused on the $4,000 strike for the October 31 expiry and $3,600 strike for the October 17 expiry. He also noted substantial buying of $2,600 puts for the December 26 expiry. Those strikes, he said, are indicative of growing bearish sentiment through year-end. Despite the meltdown, Willy Woo, a leading onchain crypto analyst with more than a million followers on X, noted that bitcoin investor flows have been holding up well and may be the reason it fared better than expected against a sharp decline in stocks. In contrast, Woo said he saw a large drop in ether flows while Solana continued a decline. He believes that capital in altcoins is likely rotating into bitcoin rather than leaving the system. Altcoins, also known as alternative coins, refer to cryptocurrencies other than bitcoin, which are often treated as high-risk, high-reward investments. Some altcoins deliver massive returns, but many fail or lose liquidity. Bitcoin, on the other hand, is widely viewed as a "blue-chip" crypto asset, widely-held by institutions. "The good news is that this (crash) has cleaned out the excessive leverage and reset the risk in the market, for now," said Nic Puckrin, crypto analyst and co-founder of The Coin Bureau.  "However, bitcoin now faces another uphill battle to break past key resistance levels that will allow it to reach a meaningful new all-time high this year." ​ (Reporting by Gertrude Chavez-Dreyfuss; Additional reportinng by Michelle Price; Editing by Alden Bentley)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Tatiana Bautzer NEW YORK (Reuters) -Wall Street executives predicted that windfall earnings from investment banking in the third quarter would continue for the rest of the year, buoying profits at U.S. banking giants. At Goldman Sachs, investment banking revenue jumped 42% in the third quarter, while rival JPMorgan Chase's investment banking fees climbed 16%, the banks reported on Tuesday. Wells Fargo and Citigroup also had solid performances in investment banking. "Pipelines look good, the activity levels are good, and the conversations are constructive" with clients, Wells Fargo Chief Financial Officer Mike Santomassimo told journalists on a conference call. His counterpart at JPMorgan, Jeremy Barnum, said the investment banking environment is quite good after the bank saw its busiest summer in M&A for a long time. Conditions for equity capital markets and IPOs are also strong heading into the fourth quarter, Barnum added. HIGHER INVESTMENT BANKING FEES Global investment banking fees reached a four-year high in the first nine months of the year, underpinning earnings.    "What we've learned so far is that momentum continues across the majority of business lines with Wall Street remaining strong and the demand for consumer loans is very resilient," said Macrae Sykes, a portfolio manager at Gabelli Funds. Worldwide investment banking fees rose 9% to $99.4 billion so far this year, the highest since records were set in 2021, according to LSEG data. Dealmakers in mergers and acquisitions were standout performers in the third quarter, particularly in technology and financial M&A, where fees increased 55% and 34%, respectively, the data showed.   Multibillion-dollar deals have also resumed as tariff uncertainty subsided and the Trump administration sought to ease regulations. Megadeals in the third quarter tallied up to a stunning $1.26 trillion. The $55 billion acquisition last month of video game developer Electronic Arts by buyout group Silver Lake, Saudi Arabia's Public Investment Fund (PIF) and Affinity Partners was the largest leveraged buyout in history. The rebound in dealmaking has been spurred by stocks at historical highs, lower interest rates and lighter regulations under Trump, which offset the uncertainty from trade tensions that stalled activity earlier this year. Global mergers and acquisitions surged 40% in the third quarter versus the previous year, according to Dealogic data. While megadeals rebounded, a paltry 8,912 deals were signed, down 16% from last year, the worst third-quarter for deal volume in 20 years, the data showed.  The rebound in activity also led to a flurry of job-hopping by senior executives. Even the U.S. government is contributing to dealmaking, pursuing deals across up to 30 industries, involving dozens of companies deemed critical to national or economic security, Reuters reported this month.  Global investment banking fees: Bank 2025 YTD 2024 YTD 2024 Wallet Rank share (%) JPMorgan 7.7 1 7.8 Goldman Sachs 6.3 2 6.1 Morgan Stanley 5.2 4 4.8 BofA 5 3 5.5 Citi 4.2 5 3.9 Barclays 2.7 6 2.9 Wells Fargo 2.5 7 2.3 Source: LSEG ​ (Reporting by Tatiana Bautzer, additional reporting by Pritam Biswas, Nupur Anand, Saeed Azhar, Arasu Kannagi Basil, Editing by Lananh Nguyen and Nick Zieminski)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Elisa Anzolin MILAN (Reuters) -The Giorgio Armani Foundation, key to the Italian fashion house's future and eventual planned sale, will be led by the late designer's partner and close confidante Pantaleo Dell'Orco as chair, a document seen by Reuters on Tuesday showed. Dell'Orco was left the largest portion of the company and main voting share when Armani died last month. He will head the board along with one of Armani's nephews and three independent members, according to a foundation filing obtained via a freedom of information request. The foundation is key to Armani's succession plan. His will unveiled the shock order to gradually sell the firm he founded to potential buyers including LVMH, L'Oreal and EssilorLuxottica, or seek a market listing. The designer, known in the industry as "King Giorgio", died on September 4, aged 91. He left the company to his heirs and the Foundation, which was set up in 2016 and chaired by Armani himself until his death. The foundation controls 30% of the voting rights of his business empire. It was created to protect Armani's legacy. Armani's business and life partner Dell'Orco already controls 40% of the luxury group's voting rights. Alongside him on the board will be Armani's nephew Andrea Camerana, who holds 15% of the company's voting rights. However, the majority of the board is made up of non-family members: Rothschild banker Irving Bellotti – who was already a director – Legance lawyer Andrea Silvestri and Milanese notary Elena Terrenghi. KEY ROLE IN ARMANI'S FUTURE The Foundation will play a central role in shaping governance decisions and ownership changes at the fashion house, which will also require the agreement of the external advisors on the board. Under the foundation's bylaws, the five board members must unanimously approve key decisions, such as voting at extraordinary shareholders' meetings of the luxury group. Armani's will instructed the heirs to sell a 15% stake in the group, with priority given to luxury conglomerate LVMH, beauty heavyweight L'Oreal, eyewear leader EssilorLuxottica or another group of "equal standing" identified by the Foundation and with the agreement of Dell'Orco. The will directs heirs to sell the initial 15% stake within 18 months. Subsequently, they are to transfer an additional 30% to 54.9% to the same buyer within three to five years or, alternatively, pursue an initial public offering. The Foundation is also tasked with proposing the name of the fashion group's new CEO, the company's executive committee said last month. (Reporting by Elisa Anzolin, editing by Giulia Segreti and Susan Fenton)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Ateev Bhandari and Saeed Azhar (Reuters) -Goldman Sachs beat Wall Street expectations for third-quarter profit on Tuesday, as its investment bankers earned higher advisory fees and rallying markets boosted revenue from managing client assets. The bank's prediction for a banner year for dealmaking has materialized as corporations revive plans for mergers and listings.   Goldman's investment banking fees surged 42% to $2.66 billion in the quarter ended September 30 from a year ago. Analysts were expecting a 14.3% increase, according to the average estimate compiled by LSEG. A Goldman executive said the firm advised on $1 trillion in announced mergers and acquisitions year to date, $220 billion more than its next closest competitor. It advised Electronic Arts on its $55 billion sale to a consortium of private equity firms and Saudi Arabia's Public Investment Fund this year, and also advised Holcim on the spinoff of its North American business Amrize, now valued at $26 billion. Goldman also advised Fifth Third Bancorp, which this month agreed to buy regional lender Comerica in a $10.9 billion deal to create the ninth-largest U.S. bank. ADVISORY FEES JUMP The growth was fueled by a 60% surge in advisory fees, while debt and equity underwriting fees also increased. Rival JPMorgan Chase also reported robust investment banking numbers. Goldman shares fell 1.8% in premarket trading after the results. The shares have surged 37% year-to-date as of Monday, reflecting the dealmaking rebound. "This quarter's results reflect the strength of our client franchise and focus on executing our strategic priorities in an improved market environment," CEO David Solomon said in a statement. "We know that conditions can change quickly and so we remain focused on strong risk management," he said, echoing cautious optimism from JPMorgan CEO Jamie Dimon.  Global M&A volumes for the first nine months of the year crossed $3.43 trillion, with nearly 48% of it in the U.S., according to data from Dealogic.  The period also saw the highest average M&A volume globally and in the U.S. since 2015, in line with Solomon's prediction at last year's Reuters NEXT conference.  Goldman was among the joint book-running managers on marquee initial public offerings in the quarter, including design software firm Figma, Swedish fintech Klarna, and space tech firm Firefly Aerospace.  Overall quarterly profit was $4.1 billion, or $12.25 per share, exceeding Wall Street expectations of $11 per share. "The capital markets machine has clearly shifted into a higher gear, with robust stock prices, a reduced regulatory burden, and the prospect of lower interest rates likely to keep the momentum going," said Stephen Biggar, a banking analyst at Argus Research. Goldman executives have been increasingly optimistic about dealmaking in recent months, with Solomon saying in September it had one of its busiest weeks for IPOs in more than four years.  ASSET AND WEALTH MANAGEMENT FOCUS Revenue from asset and wealth management rose 17% to $4.4 billion, marking the first quarterly jump this year for the segment. This reflected record-high management fees, as well as private banking and lending revenue.  The business is a key priority for Goldman as it seeks steadier revenue from fees, which offset the volatility in its advisory and trading businesses. Goldman said last month it would take a stake worth as much as $1 billion in T. Rowe Price, as part of a partnership to tap the asset manager's retirement money for alternative assets. Assets under supervision climbed to $3.45 trillion, boosting management fees by 12%. Goldman set aside $339 million as provisions for credit losses, compared with $397 million a year ago. The provisions were mainly related to its credit card portfolio. SUSTAINED TRADING RESILIENCE  Wall Street trading desks have reaped rewards from record volatility as clients rejig portfolios to keep pace with changes in President Donald Trump's trade, foreign, and fiscal policies.      The third quarter, however, remained one of Wall Street's calmest quarters in nearly six years as an interest-rate cut from the Federal Reserve and robust AI investment pushed major U.S. stock indexes to record highs. Still, Goldman's equities trading revenue rose 7% to $3.74 billion, fueled by higher revenue in financing, which offset lower revenue from cash equities. Fixed income, currency and commodities hauled in $3.47 billion, 17% higher than a year ago.    (Reporting by Ateev Bhandari in Bengaluru and Saeed Azhar in New York; Editing by Lananh Nguyen, Arun Koyyur, Rod Nickel)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Howard Schneider PHILADELPHIA (Reuters) -Federal Reserve Chair Jerome Powell on Tuesday delivers his last scheduled remarks before the Fed's next meeting with the economy enjoying stronger-than-expected growth and a recent jump in productivity,  but still adjusting to tariff and immigration policies that economists worry could lead to both higher inflation and higher unemployment. Challenging for a central bank responsible for keeping inflation low and employment as high as possible, Powell and his colleagues are also facing a drought of official data amid a U.S. government shutdown that has delayed the September jobs report and other key statistics. An update on consumer prices is now scheduled for October 24, before the Fed's October 28-29 meeting. Investors expect the Fed to lower its benchmark interest rate by a quarter-of-a-percentage point to the 3.75%-to-4.00% range, and then lower it again in December. But the competing forces in the economy right now have become tangled, said EY-Parthenon Chief Economist Gregory Daco.  "There are conflicting forces that are affecting the US economy, in particular, with the US economy essentially being constrained by tariffs…Also by reduced immigration," Daco said at a meeting of the National Association for Business Economics conference, where Powell speaks on Tuesday. "At the same time, we're seeing a great deal of…investment on the AI front… These forces are offsetting one another, not necessarily proportionally, not necessarily at the same time, but I think it's a very interesting duel." How fast the tension resolves into a more consistent view of the economy will be crucial for coming Fed decisions. Policymakers are divided between those concerned that inflation remains above the Fed's 2% target and is expected to remain so through next year, and those who see the job market at risk of a fast slide.  "Something's got to give," Fed Governor Christopher Waller told CNBC last week. He noted the contradiction between economic growth estimates getting revised higher – nearing 4% for the third quarter, according to the Atlanta Fed's GDPNow model – and a job market that seems in the doldrums with a recent report from payroll processor ADP showing the economy lost jobs in September. "You can't have negative job growth and 4% GDP growth….Either the labor market rebounds to match the GDP growth, or GDP growth is going to pull back," said Waller, who favors further rate cuts to protect the job market, but says those should come in cautious, quarter-point moves to avoid a mistake. The Fed's quarter-point reduction in September was framed as a way to balance potential strains on the job market while still leaving rates high enough to maintain downward pressure on inflation. In the absence of the September jobs report, officials like Waller have noted that an array of private-sector indicators have pointed to weak hiring, even if none on their own is a perfect substitute for the Bureau of Labor Statistics' monthly surveys of businesses and households. At the same time, the last reported unemployment rate of 4.3% in August remained near what's considered full employment, and a Chicago Fed estimate of the September rate indicated it did not change much, if at all. But coming months could prove important in understanding the impact of President Donald Trump's policies, from still-evolving tariffs to immigration restrictions to tax changes. Surveys of corporate executives, company earnings reports, and other data have painted a consistent picture of an adaptation still underway. Firms may have absorbed much of the tariff impact so far by cutting costs or trimming profits, a dynamic economists said could be driving short-term productivity improvements while the longer-run payoff of AI investment is still developing, but also that price increases are in the pipeline for next year. Forecasters surveyed by NABE, for example, see inflation by the Fed's preferred measure remaining at 2.5% through next year, while analysts including Karen Dynan, a Harvard University economist and senior fellow at the Peterson Institute for International Economics, see it rising even higher – in her case to around 3.3% through 2026 as tariff costs are increasingly passed along to consumers. Given recent years of above target inflation, "I think there is a good chance inflation expectations become unanchored…and if that proves to be the case the Fed cuts – and I do expect several more – are going to be seen as a mistake," she said. The counterargument, of a budding productivity boom that could add to growth without rising prices, can't be discounted, Philadelphia Fed President Anna Paulson told the NABE conference. She said she is already concerned the aspects of the economy supporting growth have narrowed to a few, such as AI investment and spending among higher-income consumers. "I don't want to step on a productivity boom," said Paulson, who described the current outlook for two more quarter-point rate cuts this year as "appropriate."   Growth continues, but rests on "a relatively narrow base," she said. "Indeed, some business contacts are wondering where future demand will come from." (Reporting by Howard Schneider in Philadelphia; Editing by Dan Burns and Chizu Nomiyama )

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

PARIS (Reuters) -French luxury group LVMH on Tuesday said it named Maria Grazia Chiuri, the former Dior women's designer, the new creative director of Italian fashion label Fendi with a first collection to be presented in February. Chiuri this May showed her last Dior runway show in Rome, her home town. Jonathan Anderson took over the creative leadership of the French house in June. Her move is the latest in a string of high-profile designer appointments, with new creative directors also appointed at brands including Gucci, Balenciaga and Chanel. The Italian, 61, will take over the charge from Silvia Venturini Fendi, a granddaughter of the house's founders. At Dior, Chiuri often added feminist messages to her fashion shows. (Reporting by Tassilo Hummel; Editing by Makini Brice and GV De Clercq)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Oracle will offer cloud services using Advanced Micro Devices' upcoming MI450 artificial intelligence chips, the companies said on Tuesday, as they rush to tap the booming demand for infrastructure to support tools such as ChatGPT. The companies will first deploy 50,000 MI450 processors in the third quarter of 2026 and further expand in 2027 and beyond. The deal gives AMD another major client for its upcoming chips, while allowing Oracle to expand its processor offerings, at a time when businesses are rushing to secure compute capacity for developing AI. "Demand for large-scale AI capacity is accelerating as next-generation AI models outgrow the limits of current AI clusters," the companies said. AMD last week unveiled a deal to supply AI chips to OpenAI in a multi-year deal, giving the ChatGPT creator an option to buy up to roughly 10% stake in the chipmaker. AMD had worked with OpenAI to improve the design of its MI450 chips for AI work and the startup is building a one-gigawatt facility based on the processor next year. OpenAI is also reported to have signed one of the biggest cloud deals ever with Oracle, under which the ChatGPT maker is expected to buy $300 billion in computing power for about five years. The "AI superclusters" with AMD will be powered by the chipmaker's "Helios" rack design. AMD's larger competitor and the world's most valuable firm – Nvidia – now sells racks, or fully integrated systems which include GPUs and CPUs, with AMD rushing to follow suit. (Reporting by Arsheeya Bajwa in Bengaluru; Editing by Leroy Leo)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Anirban Sen and Prakhar Srivastava NEW YORK (Reuters) -BlackRock on Tuesday reported a higher third-quarter profit as a rally in global markets lifted fee income and pushed its assets under management to a record $13.46 trillion. BlackRock's assets under management rose to $13.46 trillion, up from $11.48 trillion a year earlier. Long-term net inflows totaled about $171 billion, led by continued strength in its ETF business, which remains the firm's key driver of organic growth. The world's largest asset manager reported adjusted earnings of $1.91 billion, or $11.55 per share, for the three months to September 30, up from $1.72 billion, or $11.46 per share, a year earlier.  Total revenue – most of which is earned as a percentage of assets under management – rose to $6.5 billion from $5.2 billion a year ago, driven mainly by the market rally and an 8% growth in organic base fee.   Analysts on average were expecting earnings of $11.24 per share on revenue of $6.2 billion. On a diluted basis, net income fell 19% to $1.32 billion, or $8.43 per share.  "Top organic base fee growth contributors included our systematic franchise, private markets, digital assets, outsourcing, cash and iShares ETFs, which saw record demand," said BlackRock CEO Larry Fink. “We’re entering our seasonally strongest fourth quarter with building momentum and a fully unified platform. One that’s anchored by a public-private investment model, backed by Aladdin technology, and united by a shared culture of performance and client service." Resilient consumer spending despite higher borrowing costs helped sustain the U.S. economic momentum, fueling gains in equity markets and prompting investors to pour money back into lower-cost index strategies. A cooling labor market and moderating inflation pushed the Federal Reserve to cut interest rates in September – its first reduction this year – while expectations of further easing later in 2025 fueled strong inflows into BlackRock's fixed-income exchange-traded funds (ETFs). "Overall, results were strong and benefitted from a favorable market backdrop," said Kyle Sanders, senior equity research analyst at Edward Jones. "BLK's three recent acquisitions of GIP, Preqin and HPS all made healthy contributions this quarter. In our view, BLK is entering into a new chapter in its growth story."  The New York-based firm's long-term net inflows grew to $171 billion during the quarter, up about 7% from a year ago.  DIVERSIFICATION STRATEGY  Large asset managers like BlackRock have in recent years been actively diversifying their revenue streams as they grapple with pressure from index strategies that typically generate lower fees compared to faster-growing areas such as private markets, real estate and infrastructure.  During the latest quarter, BlackRock's private markets drew inflows of $13.2 billion. Private assets generate significantly higher fees than exchange-traded funds, a core part of BlackRock's business through its iShares franchise. Its investment advisory performance fees rose 33% to $516 million in the reported period, after falling nearly 42.7% in the second quarter. Overall net flows came in at $205 billion, driven mainly by strength in its ETF business. Equity product inflow declined to $46 billion, compared to $74 billion a year ago, while fixed-income products saw inflows of $47.5 billion in the quarter. Investor demand for U.S. Treasuries remained solid as the Federal Reserve began cutting rates, though appetite for longer-dated Treasuries remained cautious, since yields are tied to growth and fiscal trends rather than Fed policy alone. Overall retail inflows for BlackRock rose to about $9.7 billion from $6.9 billion a year earlier, driven by investor enthusiasm during the quarter. Its total expenses rose to $4.6 billion from $3.2 billion last year, largely due to higher compensation expenses and acquisition-related costs. Technology services and subscription revenue rose 28% to $515 million, buoyed by its Aladdin platform and the newly acquired data business Preqin. (Reporting by Anirban Sen in New York and Prakhar Srivastava in Bengaluru; Editing by Maju Samuel and Chizu Nomiyama )

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Albertsons raised its annual profit and sales forecast on Tuesday, citing steady demand for essential groceries and pharmacy products despite tight consumer budgets. Shares were up 5% in premarket trading after the company also raised its share buy-back plan by $750 million. U.S. consumers are tightening their belts as inflation rises and the labor market weakens, boosting demand for lower-priced groceries and fueling sales at supermarkets such as Albertsons and Walmart.Albertsons expects annual adjusted earnings per share of $2.06 to $2.19, versus prior guidance of $2.03 to $2.16. It now sees identical sales growth between 2.2% and 2.75%, up from 2.0% to 2.75%, the company said. (Reporting by Prerna Bedi in Bengaluru; Editing by Tasim Zahid)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Rae Wee and Alun John SINGAPORE/LONDON (Reuters) -The Australian dollar tumbled on Tuesday, while the safe-haven Swiss franc and Japanese yen strengthened as renewed signs of strains in U.S.-China trade relations dented risk sentiment and left investors ducking for cover. Trade and tariffs have been the main focus since dramatic market moves on Friday when U.S. President Donald Trump threatened to slap additional 100% tariffs on goods from China, in response to Beijing's curbing of exports of critical minerals.  While a more conciliatory tone from Trump at the weekend helped fuel some optimism at the start of this week, Tuesday served as a stark reminder that ties between the two nations remain on thin ice. The United States and China on Tuesday will begin charging additional port fees on ocean shipping firms that move everything from holiday toys to crude oil. In addition, Beijing announced that it has taken countermeasures against five U.S.-linked subsidiaries of South Korean shipbuilding firm Hanwha Ocean and separately said it has launched an investigation into how a U.S. Section 301 probe affects its domestic shipping industry. The Australian dollar, often used as a liquid proxy for Chinese assets and broader risk sentiment given the two countries' close economic links, shed 1.1% to 0.6446, its lowest in nearly two months. The New Zealand dollar fell 0.7% to $0.5685, its lowest since April. "There's only one global story – the escalation of the trade war between the U.S. and China, and it's a good reminder that even if this de-escalates at some point, which is both consensus, and also our view, that uncertainty and tariffs are for the long run," said Samy Chaar, chief economist at Lombard Odier.  Safe haven currencies were going the other way, with the dollar down 0.15% against the Japanese yen at 152.0. It also fell on the Swiss franc, and even after a small recovery, it was last down 0.1% at 0.8035 francs.  However, political uncertainty in Japan capped the yen's gains. Sanae Takaichi's bid to become the nation's first female prime minister was thrown into doubt on Friday when her ruling party's junior coalition partner quit.  The Japanese currency, however, is still within sight of last week's eight-month low hit when markets were betting Takaichi would put pressure on the Bank of Japan to hold off on rate hikes. Markets were less clear what the global trade tensions might mean for the dollar more broadly or for the euro. The euro/dollar is the world's most traded currency pair.  Traders in Asia bid the euro higher, but those in Europe disagreed and the euro was last down 0.18% at $1.1549, its lowest in over two months.  French Prime Minister Sebastien Lecornu will address parliament on Tuesday to spell out his budget priorities, hoping to win over enough of the Socialist party to avoid losing a no-confidence vote, but the impact on markets so far has been limited. Chaar said while Japanese politics mattered for the yen, France's political deadlock mattered less for the euro, as it was hard to see any outcome to the current situation that would significantly change French, let alone broader European, fiscal or monetary policy.  Britain's pound was another big mover, off 0.5% on the dollar at $1.3268 after data showed British pay growth slowing and jobless claims ticking higher.  The pound also softened against the euro, with the common currency up 0.3% at 87.03 pence.  Elsewhere, cryptocurrencies were similarly caught in the broad selloff in risk assets, with bitcoin slumping 3.7% to $111,435. Ether tumbled 7.2% to $3,981. Market participants said the crypto sector on Friday saw more than $19 billion in liquidations across leveraged positions as panic selling and low liquidity triggered sharp swings. (Reporting by Rae Wee; Editing by Shri Navaratnam, Kim Coghill, Edwina Gibbs and Chizu Nomiyama )

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)