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JP Morgan has unveiled a tokenised private-equity fund for qualified investors as its ramps up its blockchain-based product push, the Wall Street Journal reported Thursday. The offering converts ownership in the fund to digital tokens that are issued on J.P. Morgan’s private digital ledger called Kinexys.

The product rollout comes as J.P. Morgan experiments with offerings based on blockchain technology amid a boom in alternative digital assets such as stablecoins and tokenised treasuries and equities.

Copper retreated from the previous session’s record high after the Federal Reserve tempered rate-cut expectations, helping to boost the US dollar.

Fed Chair Jerome Powell warned that investors need to rein in expectations for a December rate cut. The Bloomberg Dollar Spot Index rose as much as 0.6% on Thursday, the most in more than three weeks. A stronger greenback makes commodities priced in the currency less appealing.

Core Scientific Inc. shareholders rejected a takeover bid by CoreWeave Inc. that proxy advisers said undervalued the data center company, ending a contentious months-long saga.

At a special meeting of Core Scientific shareholders, the agreement failed to win the requisite number of votes, according to a statement Thursday. Core Scientific terminated the merger pact and said it would remain a publicly held company.

Following the vote, Core Scientific shares rose 6% to $22.02 in New York trading. CoreWeave dropped 6.8% to $130.47. CoreWeave had agreed to buy Core Scientific in July for $9 billion — part of an M&A spree for the AI infrastructure company. The two companies were already close partners, working together to supply data center capacity to AI providers.

US Vice President JD Vance is set to host a roundtable with aviation industry leaders at the White House on Thursday afternoon to discuss the impact of the government shutdown, according to people familiar with the matter, as the administration seeks to ramp up pressure on Democrats over the funding standoff.

Attendees slated to attend the event include United Airlines Holdings Inc. CEO Scott Kirby, American Airlines Group Inc. CEO Robert Isom, Transportation Secretary Sean Duffy, and former Republican New Hampshire Governor Chris Sununu, who is now chief executive officer of industry trade group Airlines for America. People familiar shared details about the event not yet made public on condition of anonymity. The roundtable was first reported by CNN. Reuters first reported plans for Kirby and Isom to attend.

Comcast Corp. shares fell after the cable and media company reported its 10th straight quarter of losses in broadband customers and said it doesn’t expect the trend to turn around in the near future.

Philadelphia-based Comcast shed 104,000 net broadband subscribers in the third quarter, though that was fewer than the loss of 140,000 predicted by analysts. In the connectivity unit that includes broadband, Comcast’s biggest by far, revenue fell 1.4% and adjusted earnings before interest, taxes, depreciation and amortization declined 3.7%.

“The broadband environment remains intensely competitive, which we do not expect to change anytime soon,” co-Chief  Executive Officer Mike Cavanagh said Thursday on a call with investors.

The shares slid 4% Thursday morning in New York. They are down 24% this year through the close on Wednesday.

Roblox Corp. shares fell after the company reported widening losses in the third-quarter as costs at the video-game company increased during a period of soaring user engagement.

The company reported a consolidated net loss of $257.4 million in the quarter, compared with a $240.4 million loss a year earlier.

Certain infrastructure and safety expenses grew 61% year-over-year, the company said, “largely driven by third-party cloud infrastructure expenses to support large increases in concurrent players during the quarter.”  The cost of revenue rose 45% to $296.5 million.

Roblox shares were down 10.8% to $119.25 at 9:44 a.m. in New York.

Apple Inc. has been on a tear in the stock market over the past few months, as iPhone optimism powers the shares to record highs. Investors will get a sense of whether that enthusiasm was warranted when it reports earnings after the bell on Thursday.

Since the beginning of August, Apple’s stock has been up more than 30% and its market capitalisation has risen from $3 trillion to $4 trillion. Shares rose 1.3% on Thursday.

Investors are encouraged by strong sales of the iPhone 17 as phone prices rise. An analysis from Counterpoint Research shows the iPhone 17 series outsold the iPhone 16 by 14% over their respective first 10 days on the market in the US and China.

Meta Platforms’ stock dropped more than 12% Thursday as skepticism about the payoff from its aggressive artificial intelligence spending plans overshadowed strong results.

The social media giant lifted its 2025 capital expenditures guidance as it races against competitors to build out advanced AI tools. Meta now expects capex to range between $70 billion and $72 billion, versus prior guidance of $66 billion to $72 billion. CEO Mark Zuckerberg defended the company’s ambitious spending plans during the earnings call on Wednesday.

Bitcoin edged toward the lower end of its recent trading range as record rallies in other risk assets falter amid a mixed outlook for global growth and interest rates.

The largest cryptocurrency fell as much as 3.1% to below $108,000 before trimming losses on Thursday. The retreat followed the Federal Reserve’s widely expected decision to lower its benchmark rate by a quarter percentage point to 3.75%-4% on Wednesday — its second straight reduction — while Chair Jerome Powell cautioned investors against assuming further cuts would follow.

The decline picked up pace after US President Donald Trump’s meeting with Chinese President Xi Jinping, but the selling quickly slowed. Trump said the pair had an “amazing meeting” resulting in a trade deal that would see the US halve fentanyl-related tariffs on Chinese goods effective immediately.

Alphabet Inc. reported a surge in demand for its cloud and artificial intelligence services last quarter, pleasing investors who sent its shares up even as the company said capital spending for the year would be higher than expected.

Third-quarter sales, excluding partner payouts, rose to $87.5 billion, Alphabet said in a statement Wednesday. That topped the $85.1 billion expected on average by analysts, according to data compiled by Bloomberg. Net income was $2.87 per share, compared with Wall Street’s estimate of $2.26.

Copper retreated from the previous session’s record high after US President Donald Trump and his Chinese counterpart Xi Jinping concluded pivotal trade talks.

The London Metal Exchange’s benchmark price fell as much as 1.8%, after climbing to an all-time high of $11,200 a ton on Wednesday and lifting this year’s surge to more than 25%.

Trump called the roughly 90-minute meeting with Xi “amazing,” and said that the US would halve fentanyl-related tariffs on Chinese goods immediately. China announced a halt to rare-earth export controls introduced on Oct. 9, and said the US will extend the suspension of a 24% reciprocal tariff.

Stocks struggled for direction as traders navigated a US-China trade truce, mixed technology earnings and a cautious Federal Reserve amid a host of moving parts shaping markets. S&P 500 futures were little changed after the index ended flat on Wednesday.

President Donald Trump hailed an “amazing meeting” with his Chinese counterpart, Xi Jinping, where the two sides agreed to roll back export controls and ease other trade barriers — steps that were largely anticipated by markets.

Meanwhile, shares of the Magnificent Seven tech heavyweights, the driving force behind the US stock rally, diverged widely in premarket trading. Meta Platforms Inc. slumped 8.5% as investors questioned whether the Facebook parent’s heavy spending on artificial intelligence infrastructure would pay off.

Alphabet Inc. jumped 7.7% after posting stronger-than-expected growth in its cloud unit, while Microsoft Corp. fell more than 2% as results failed to meet lofty expectations.

US Treasuries trimmed losses sparked by Federal Reserve Chair Jerome Powell’s pushback against a third consecutive interest-rate cut.

The 10-year yield fell one basis point to 4.06% after surging 10 basis points on Wednesday. While the Fed delivered a quarter-point rate reduction as expected, Powell said another by year-end is not a given.

That comment served up a reality check for traders, who had been betting on an increased easing after the Fed stood pat for much of this year.

Oil dipped after a summit between US President Donald Trump and Chinese counterpart Xi Jinping that yielded progress on many sticking points, while prices remain pressured by a backdrop of elevated supplies.

Brent dropped toward $64 a barrel, while West Texas Intermediate was near $60. After the leaders of the two largest economies wrapped up their meeting in South Korea — during which they discussed issues including the war in Ukraine — Trump said that Beijing had agreed to make large purchases of US energy from Alaska, including oil.

The European Central Bank is set to keep interest rates unchanged for a third meeting, awaiting year-end projections that will offer greater clarity on harm caused by trade tensions and France’s fiscal crisis.

The deposit rate will be held at 2% on Thursday, according to all respondents in a Bloomberg survey. Analysts expect borrowing costs to remain at that level through 2027 — unless December’s updated outlook reveals a significant undershoot in inflation.

Futures on Wall Street cooled off after the recent recovery was sold into. The much awaited meeting between US President Donald Trump and Chinese President Xi Jinping has ended in Busan after 90 minutes of talks, without any significant conclusions other than some rare earth settlements and tariffs on Fentanyl being brought down by the US to 10% from 20%.

Futures on the Dow Jones now down 200 points after rising as much as 110 points, while those on the S&P 500 and Nasdaq are down 16 and 60 points respectively.

China hopes that the US will earnestly abide by and respect its obligations under the Comprehensive Nuclear Test-Ban Treaty and its commitment to suspend nuclear testing, and take concrete actions to safeguard the international nuclear disarmament and non-proliferation system and maintain global strategic balance and stability.

China has agreed to continue the flow of Rare Earth, Critical Minerals, Magnets, etc., openly and freely. Very significantly, China has strongly stated that they will work diligently with us to stop the flow of Fentanyl into our Country. They will help us end the Fentanyl Crisis.

China also agreed that they will begin the process of purchasing American Energy. In fact, a very large scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska. Chris Wright, Doug Burgum, and our respective Energy teams will be meeting to see if such an Energy Deal can be worked out.

– US Extends Suspension Of 24% Reciprocal Tariff For 1-Yr

– US To Suspend 50% Entity List Export Controls For A Year

– China To Suspend Export Control Announced On Oct 9 For 1 Year

– China To Work With The US To Properly Resolve Tiktok Issues

Bitcoin continued to lose ground after hawkish remarks from Federal Reserve Chair Jerome Powell dampened expectations for another interest-rate cut this year.

The largest cryptocurrency fell as much as 3.1% to below $108,000 before trimming losses on Thursday. The retreat followed the Fed’s widely expected decision to lower its benchmark rate by a quarter percentage point to 3.75%-4% on Wednesday — its second straight reduction — while Powell cautioned investors against assuming further cuts would follow.

The decline picked up pace after US President Donald Trump’s meeting with Chinese President Xi Jinping, but the selling quickly slowed. Trump said the pair had an “amazing meeting” resulting in a trade deal that would see the US halve fentanyl-related tariffs on Chinese goods effective immediately.

Standard Chartered Plc lifted its income and return outlook as it reported third-quarter profit that beat analyst estimates, boosted by a record quarter for wealth solutions.

Adjusted pretax profit rose to $1.99 billion, beating the $1.79 billion consensus analysts’ estimate compiled by Bloomberg. The performance was largely a result of the bank’s wealth management unit and global banking.

“We now expect to deliver an underlying return on tangible equity of around 13% in 2025, hitting our target a year earlier than planned,” Chief Executive Officer Bill Winters said in a statement on Thursday.

Washington will delay discussions with Beijing over the roll-out of higher port fees on Chinese ships visiting the US, a move that was aimed at challenging the Asian nation’s shipbuilding dominance.

“We’re going to postpone that while we negotiate with them about that issue,” US Trade Representative Jamieson Greer said in response to a question on whether President Donald Trump and Chinese leader Xi Jinping had agreed on port fees at their meeting in Busan on Thursday. “We’re trying to rebuild shipbuilding,” he said aboard Air Force One.

Beijing hasn’t yet commented on the outcome of the discussions between Trump and Xi.

Gold jumped after a run of losses as traders digested comments from President Donald Trump following his closely watched meeting with Chinese leader Xi Jinping, which produced a trade deal that may stop short of a sweeping agreement.

Bullion rose as much as 1.3% to near $3,982 an ounce, after falling almost 5% over the previous four sessions. Trump said he had an “amazing meeting” with Xi and would immediately halve fentanyl tariffs to 10% in a deal that will see China restart soybean imports and pause rare-earths licensing for a year.

“This looks like an early attempt to reset the US–China narrative by re-engaging selective trade channels to restore confidence,” said Saxo Capital Markets Pte strategist Charu Chanana. “Gold is, however, still sniffing out uncertainty — pricing a soft easing bias from the Fed and lingering geopolitical risk.”

US President Donald Trump said China pledged to purchase “tremendous” amounts of American soybeans following a meeting to hammer out a wide-ranging trade deal with his Chinese counterpart Xi Jinping.

Beijing will start buying the oilseed immediately, Trump said after talks with Xi in South Korea on Thursday, without providing any further details. Soybean futures in Chicago tumbled as much as 2.2% following the remarks.

The US soy trade with China was worth more than $12 billion last year. The lack of buying from the Asian nation has hurt American farmers and given Beijing a key bargaining chip during trade talks. Just a day before the summit, China signaled some goodwill by making its first purchases of US supplies this season.

Despite speculation that Trump might make additional concessions — including the US opening access to Nvidia Corp.’s most advanced Blackwell line or changing its policy toward Taiwan — the president indicated that the issues had not been part of the discussions. Trump and Xi did discuss access to some of the chipmaker’s other products, however.

Trump said he planned to travel to China in April, with Xi visiting the US later next year.

The leaders also agreed to work together on Ukraine, and said they would remove shipping tariffs and fees.

“We have — it was an outstanding group of decisions, I think, that was made,” Trump said.

Robert Lighthizer, the architect of President Donald Trump’s trade war in his first term, called on the US to maintain “substantial” tariffs on China, even as the world’s two biggest economies appear to have a deal that includes a rollback of some duties.

“We are transferring enormous amounts of wealth overseas, but specifically to China,” Lighthizer, Trump’s former trade representative, said on Thursday in a Bloomberg Television interview with Haslinda Amin. “We need substantial tariffs to get that back in the direction of balance.”

While it’s not clear if such hawkish views will carry enough weight to sway Trump as he negotiates with Chinese President Xi Jinping in South Korea, Lighthizer said the key issues for him go beyond politically important items including fentanyl and soybeans.

“We have — it was an outstanding group of decisions, I think, that was made,” Trump said. “A lot of decisions were made.”

Trump also said he had discussed Chinese access for Nvidia Corp.’s chips but indicated that he would not offer access to their most advanced Blackwell line.

Donald Trump also spoke about not having “time” to speak to North Korean leader Kim Jong Un, but added that he would want to come back and speak to him.

Trump also said that the US is in talks with Russia with regards to denuclearization.

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