\u200b\u200b\u200bBitcoin hits record high<\/p>\n
Bitcoin<\/a>\u00a0joined the global \u201crisk-on\u201d party on Thursday, climbing to a record alongside equities as growing confidence in imminent US interest-rate cuts buoyed sentiment and pressured the US dollar<\/a>.<\/p>\n \u200bThe world\u2019s largest cryptocurrency drew support from expectations of easier policy, a friendlier regulatory backdrop and steady institutional inflows.<\/p>\n \u200bEther<\/a> also advanced, hovering near its highest since November 2021 and extending its year-to-date gain to about 42%, outpacing Bitcoin\u2019s roughly 32% rise as investors sought higher-beta exposure.<\/p>\n \u200bAsian markets pause ascent as FTSE 100 flatlines<\/p>\n \u200bIn equities, Asian markets paused after a blistering run, with Japanese shares easing from fresh records and tech-heavy Taiwan and South Korea slipping after recent highs.<\/p>\n \u200bUnlike its European peers, the\u00a0FTSE 100<\/a> found Thursday morning hard going despite positive growth data, trading mostly flat as\u00a0Rio Tinto<\/a> (-4%) and\u00a0Diploma<\/a> (-3%) weighed on the UK blue chip index, undoing some of the strong post-earnings gains by\u00a0Admiral<\/a> (+6%) and\u00a0Aviva<\/a> (+4.7%) amongst others.<\/p>\n \u200bUK growth data better-than-expected<\/p>\n \u200bIn the UK, preliminary data showed\u00a0gross domestic product (GDP) grew 0.3% quarter-over-quarter (QoQ) in the second quarter (Q2), beating expectations as services and construction offset weaker production. It has to be noted, though, that some activity was brought forward ahead of April stamp duty changes and US tariff announcements.<\/p>\n \u200bUK industrial production rose 0.7% month-on-month (MoM) in June, snapping a three-month lull as manufacturing and utilities rebounded.<\/p>\n \u200b50 basis point US rate cut in the pipeline by year-end?<\/p>\n \u200bMoney markets now see the Federal Reserve (Fed) resuming cuts as soon as next month – some traders even toying with a 50 basis point move after remarks from US Treasury Secretary Scott Bessent – while softer US inflation and signs of cooling labour demand reinforced the dovish tilt.<\/p>\n \u200bBessent also argued the Bank of Japan (BoJ) is behind the curve on inflation risks, helping the yen strengthen to around \u00a5146.50 per dollar, its firmest in three weeks, even as Governor Kazuo Ueda maintained that \u201cunderlying inflation\u201d remains below the BoJ\u2019s 2% target and faced pressure to rethink gauges tied to domestic demand and wages.<\/p>\n \u200bEuropean market open muted but then rally<\/p>\n