0759 GMT - Bitcoin rises to a three-and-a-half-month high after news that the U.S. and China have agreed to lower tariffs substantially. U.S. Treasury Secretary Scott Bessent said the two sides had reached a deal for a 90-day pause on tariffs. Reciprocal tariffs are now at 10% each. The news boosts appetite for risky assets including cryptocurrencies. Bitcoin rises to a high of $105,716, according to LSEG. ([email protected])

0759 GMT - The magnitude of U.S.-China tariff reductions is larger than expected, according to Tai Hui, APAC chief market strategist at J.P. Morgan Asset Management in a commentary. "This reflects both sides recognizing the economic reality that tariffs will hit global growth and negotiation is a better option going forward," Tai says. The 90-day period may not be sufficient for the two sides to reach a detailed agreement, but it keeps the pressure on the negotiation process, he says. The immediate market reaction has been positive and Tai expects market to get back to a "risk-on sentiment" in the near term. Pressure on the U.S. Fed to cut rates may also ease for the time being, he says. ([email protected])

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