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Trrue, an Ireland-based blockchain company, has secured a $10 million investment from GEM Digital, a Bahamas-based alternative investment group specializing in digital assets. This investment will support Trrue's mission to develop a blockchain ecosystem that emphasizes transparency, accountability, and sustainable investment opportunities through its TRRUE utility token. The funds are earmarked for accelerating platform development, enhancing product offerings, expanding the ecosystem, and listing the TRRUE token on various exchanges. GEM Digital will receive TRRUE tokens in return for their investment, which is part of a broader strategy to promote ESG-aligned initiatives within the blockchain space. The TRRUE token is currently being offered at $0.10, with plans for listing on Dec. 27. This investment marks a significant step for Trrue in redefining how blockchain technology can support environmental, social, and governance goals.
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Treasury yields experienced a slight retreat on Tuesday following a peak in the 10-year yield the previous day. The 10-year Treasury yield dropped by approximately 2 basis points to 4.786%, while the 2-year yield saw a decrease of 1 basis point to 4.392%. This movement comes as investors prepare for the upcoming producer price index (PPI) release, which is expected to show a 0.4% increase in headline figures and a 0.3% rise in core readings, excluding food and energy. The anticipation around these figures is heightened by last week's hotter-than-expected jobs report, which has led to expectations of a slower pace in Federal Reserve interest rate cuts. The next Federal Reserve meeting is scheduled for January 28-29, with markets currently predicting a high probability of maintaining current rates.
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The U.S. stock market showed mixed results on Monday, with the S&P 500 and Dow Jones Industrial Average gaining while the tech-heavy Nasdaq Composite fell due to a broad sell-off in technology stocks. The decline in tech stocks was highlighted by significant drops in Nvidia and Palantir, reflecting a broader investor shift towards securing profits from last year's winners and seeking new investment opportunities. This rotation was also influenced by rising borrowing costs in the U.K., which raised concerns about public spending cuts or tax increases. Additionally, Cleveland Cliffs and Nucor are reportedly considering a bid for U.S. Steel, following the blockage of its acquisition by Nippon Steel. Meanwhile, India's inflation slowed, providing potential for rate cuts by the RBI. Quantum computing stocks also faced a downturn after comments from Meta's CEO and Nvidia's CEO suggested that practical applications of the technology are still far off. Despite these shifts, the AI sector remains robust, as evidenced by strong earnings from TSMC and Foxconn, indicating sustained interest in AI-related products.
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Asia-Pacific markets experienced a mostly positive trading session on Tuesday, following a mixed performance on Wall Street where the Dow Jones Industrial Average soared while the Nasdaq Composite slipped due to a rotation out of tech stocks. Hong Kong's Hang Seng index and mainland China's CSI 300 saw significant gains, with the latter marking its largest one-day increase since November 7. Conversely, Japan's Nikkei 225 and Topix indices continued their downward trend, marking a four-day losing streak. South Korea's Kospi and Australia's S&P/ASX 200 managed to close higher, breaking their recent losing streaks. Meanwhile, investors are keeping an eye on India's rupee, which hit a record low against the U.S. dollar, and Thailand's upcoming consumer confidence index. In the U.S., the Dow Jones rose significantly, driven by gains in non-tech sectors, while the tech-heavy Nasdaq experienced a decline, reflecting broader market rotations away from technology stocks.
