Actualités financières en direct

Gate has announced a collaboration with Visa to launch a crypto-linked card, further expanding the use of digital assets in everyday spending and global commerce. The product is expected to launch across 40+ markets …

Gate has announced a collaboration with Visa to launch a crypto-linked card, further expanding the use of digital assets in everyday spending and global commerce. The product is expected to launch across 40+ markets globally, allowing users to make payments with digital assets online and in-store wherever Visa is accepted and more conveniently connect their Gate accounts with real-world spending. When users make payments with the crypto-linked Visa card launched by Gate, the relevant crypto assets will be automatically converted into fiat currency at the point of sale, allowing digital assets held in their Gate accounts to be used for everyday shopping, dining, travel, and other expenses. Users can also apply for and manage the card through the Gate app and access related payment services within a familiar platform environment. Details regarding supported markets, eligibility requirements, supported assets, and service availability can be found on the product page. Visa has an extensive global digital payments acceptance network spanning more than 175 million merchant locations across more than 200 countries and territories. Through this partnership, Gate is connecting its digital asset capabilities with Visa’s payments infrastructure, enabling users to use digital assets across a broader range of commercial scenarios and further expanding their application in everyday payments. More than 160 stablecoin-linked Visa card programmes are now live globally, with payment volume up nearly 200% year-over-year, demonstrating the rapid expansion of crypto card adoption. This partnership builds on Gate’s existing global user base and multi-asset service capabilities. Founded in 2013, Gate now serves more than 61 million users, supports trading across 5,300+ crypto assets and 12,800+ stock assets, and provides access to TradFi products spanning metals, stocks, indices, forex, and commodities. The platform was among the first to implement 100% Proof of Reserves and has built a diversified product and ecosystem portfolio. Its broad user base, multi-asset product offering, and platform capabilities provide the foundation for Gate to extend the use of digital assets into everyday payment scenarios. Gate has officially launched Gate Money, a globally integrated financial services application. Gate Money brings digital assets, fiat currencies, stocks, ETFs, gold, bank accounts, and payments together in the Gate app. Eligible users can also apply online for a global bank account held in their own name and manage fund receipts, transfers, asset conversions, and payments in one place. Gate’s crypto-linked Visa card further connects assets held in Gate accounts with global payment scenarios, extending Gate Money’s financial services into more everyday spending use cases and giving users greater flexibility in how they use their assets. Currently, users can update the Gate App to v8.39.0 to enable Gate Money. Gate Founder and CEO, Dr. Han, said: “Digital assets are gradually becoming part of everyday financial life. This partnership with Visa connects the digital asset accounts Gate users already know with a broad range of commercial scenarios, making digital asset payments more intuitive and better aligned with everyday needs. As the service launches across more than 40 countries and territories, we aim to give users greater flexibility in how they use their assets and further expand the practical use of digital assets in global commerce.” Nischint Sanghavi, Head of Digital Currencies, APAC, said: “Consumers want payment methods that are flexible, convenient, and widely accepted. Visa is committed to working with partners to expand payment choices and connect new forms of value to established digital payments infrastructure. Through our partnership with Gate, we look forward to enabling more users to use digital assets wherever Visa is accepted, further enriching their everyday payment experience.” In recent years, digital assets have increasingly expanded into practical use cases such as payments, consumption, and cross-border commerce. By connecting digital asset accounts with Visa’s payments network, crypto cards offer users a more intuitive way to use digital assets and serve as an important gateway to integrating them into everyday economic activity. Learn more: https://www.gate.com/announcements/article/102107 About Gate Gate, founded in 2013 by Dr. Han, is one of the world’s leading cryptocurrency and integrated financial services platforms, spanning financial and everyday use cases including asset management, trading and payments. Serving over 61 million users globally, it supports trading across 5,300+ digital assets and 12,800+ stock assets, while providing access to a comprehensive range of TradFi assets, including metals, stocks, indices, forex, and commodities to meet users’ end-to-end needs across asset holding, trading and spending, trading and spending. As an industry benchmark, Gate was among the first platforms to implement 100% Proof of Reserves. Its ecosystem includes Gate Money, Gate Wallet, Gate Ventures, Gate for AI Agent, and a wide range of products and services. For more information, please visit: Website | X | Telegram | LinkedIn| Instagram | YouTube Disclaimer: This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Note that Gate may restrict or prohibit certain services in specific jurisdictions. Card services are not intended for, and should not be accessed by, those in any jurisdictions where such services are prohibited by law. For more information, please read the User Agreement.

Introduction Defence budgets across Europe are rising. Russia’s war on Ukraine, combined with doubts over the future of US security guarantees, have prompted European governments to invest more in defence. According to EUISS calculations …

Introduction Defence budgets across Europe are rising. Russia’s war on Ukraine, combined with doubts over the future of US security guarantees, have prompted European governments to invest more in defence. According to EUISS calculations based on EDA and NATO data, spending by EU Member States was 56% higher in 2025 than it was in 2022, after accounting for inflation. One challenge is sustaining and increasing this spending. Rebuilding Europe’s military capacity will require investment over many years. Yet many national budgets are under pressure from fiscal constraints, higher borrowing costs and competing domestic priorities. Europeans also need to spend more cooperatively to reduce costs and secure economies of scale. The feasibility of cooperation is influenced by many factors, including national threat perceptions, operational cultures, defence planning cycles and national industrial interests, but well-designed financial incentives can make cooperation more attractive. A second challenge is mobilising the investment needed for Europe’s broader defence ramp-up, in terms of expanding industrial capacity, investing in R&D and making European infrastructure more resilient and fit to withstand possible sabotage or attack. Europe’s defence financing instruments can all play a role in meeting these challenges. This landscape has grown increasingly more complex. National budgets remain the main pillar of defence expenditure, but they are increasingly part of a wider ecosystem of EU instruments, public financial institutions like the European Investment Bank (EIB) and increasingly also private capital. This piece maps the landscape of European defence financing and assesses the growing number of proposals to expand and solidify this ecosystem, such as a repeat of SAFE or multilateral borrowing mechanisms outside the EU framework. Ultimately, there is no silver bullet for Europe’s defence financing challenge. There is no alternative to sustained national spending, but it can and should be supplemented by additional sources of funding. While this will not remove the need for difficult fiscal choices, it will make higher defence spending easier to reach and help drive Europe’s broader defence ramp-up. Europe’s Defence Financing Ecosystem The Core: National Spending EU Member States have significantly increased defence expenditure since Russia’s annexation of Crimea in 2014. In nominal terms, spending rose by approximately €89 bn between 2014 and 2022, reaching €239.75 bn. Since then, spending has risen to €417.62 bn in 2025, an increase of 74%. Even after adjusting for inflation, spending increased by approximately 56% over this timespan. The current average level of spending represents 2.2% of the EU’s €18.8tn GDP. According to the EDA, spending will hit €454 billion in 2026, representing 2.4% of EU GDP. Spending is set to grow even further, with Member States that are also NATO allies pledging to increase spending to 3.5% of GDP by 2035, plus 1.5% for defence related expenditure. Raising ‘core’ defence spending to 3.5% of GDP would mean increasing annual spending to around €658bn. That means Europeans will need to find an additional €204bn EUR a year (in today’s money) by 2035. This will put public finances across Europe under strain. Beyond National Budgets: Four priorities to sustain Europe’s defence surge As defence expenditures have grown, so has the range of funding streams that is complementing national budgets. EU instruments, funding from public banks and private finance can all contribute to giving momentum and coherence to Europe’s defence ramp up. The rest of the piece sets out four priorities to sustain Europe’s defence surge: Fully exploiting the EU’s potential; Leveraging public financial institutions; Exploring joint borrowing beyond the EU; Mobilising private capital. Fully exploiting the EU’s potential The EU is the most important layer of defence financing beyond national budgets, and it already has a range of instruments to support defence. These are mapped below. In essence the EU can add value in three ways: by mobilising additional resources, by embedding defence priorities across the wider EU budget, and by using financial incentives to make cooperation more attractive for companies and Member States. The EU is already adding significant resources to European defence expenditure, both in terms of strengthening European defences and supporting Ukraine. The SAFE loan mechanism provides €150bn in low interest long-term loans to Member States. In essence it allows those with higher borrowing costs than the EU itself to invest more in defence at a lower cost than through national borrowing. The €90bn Ukraine Support loan , covering 2026 and 2027 is a major element of European defence spending. Around two thirds of the loan, which is financed via EU borrowing, is meant to support Ukraine’s defence, mainly through purchases of military equipment. The European Defence Fund ( EDF ) has a budget of €7.3bn for 2021-27 to finance co-operative R&D. In 2024, the EDF was worth an additional 9% on top of national defence R&D budgets. The Act in Support of Ammunition Production ( ASAP ) was a short-term €500mn programme to ramp-up ammunition production capacity in Europe between 2023 and 2025. It leveraged limited EU funding to support 31 projects in 15 Member States through targeted funding. It resulted in an investment of €1.5 bln in the supply chain and contributed to the six-fold increase in production capacity of 155mm shells since 2022. The European Defence Industry Reinforcement through Common Procurement Act ( EDIRPA ) provided €310 million to foster joint procurement between 2023 and 2025. It funded five cross-border procurement projects covering air and missile defence systems, ammunition, and armoured vehicles. The European Defence Industry Programme ( EDIP ) has a budget of €1.5bn for 2026 and 2027. It is taking forward the ASAP and EDIRPA funding logics, while also providing dedicated funding to support Ukraine and promote its integration with Europe’s defence-industrial base and for projects of common European interest. The European Peace Facility ( EPF ) is an off-budget EU instrument worth €17bn between 2021 and 2027. It aims to support EU military operations and/or assistance to partner countries, including lethal equipment and training. Beyond these defence specific instruments, other EU instruments are also indirectly contributing to providing additional resources. The Connecting Europe Facility ( CEF ) with a budget of €1.7bn in EU grants (2021-27) has been used to strengthen dual-use transport infrastructure and facilitate cross-border military mobility, supporting 95 dual-use transport infrastructure projects across 21 Member States. The European Innovation Council ( EIC ) is also involved in supporting defence. The EIC Accelerator, worth €634mn in 2026, supports start-ups, SMEs and small mid-caps developing disruptive technologies, including dual-use technologies. Meanwhile, in June 2026 the EIC’s Strategic Technologies for Europe Platform (STEP) Scale Up Scheme announced €100 million in funding for defence technologies including air and missile defence, artillery, and drones and counter drones. Finally, Cohesion funds can be used to support defence. In March 2026, the Commission reported that Member States had agreed to reprogram €11.9bn in 2021-2027 cohesion funds towards defence and dual-use investments. Aside from providing additional resources for defence, EU instruments can also make cooperation more attractive, helping make European defence spending more efficient. For example, the EDF has contributed to the creation of partnerships between European defence companies that would probably not have otherwise worked together. On the demand side, EDIRPA, EDIP and SAFE have the same purpose. EDIRPA showed the potential of targeted EU incentives on cooperation: the original budget leveraged €11 billion (36 times its envelope) in joint procurement orders, with each project involving an average of six Member States. While this volume reflected pre-existing national requirements, EDIRPA helped governments aggregate their national requirements into joint orders. SAFE is also meant to encourage joint procurement, although the degree to which it will do so remains to be seen, as it allows carve-outs for some national projects and cooperation will also depend on whether Member States’ capability needs and procurement timelines align. Meanwhile, EDIP is meant to carry forward the logic of EDIRPA, with €240 million to foster collaborative procurement carried out by at least 3 Member States across 5 capability areas (counter UAS, ammunition, missile, air and missile defence, ground and naval platforms, C5ISR and space); and €325 million for European Defence Projects of Common Interest, such as drones, protection of critical undersea infrastructure and air and missile defence. There is a strong case for expanding EU defence funding, and to use it more strategically by targeting funding at key capability priorities and at joint projects. First, the EU can provide cheap financing to Member States with limited fiscal space. This is valuable in itself as it takes some pressure off national budgets and will allow Member States to increase and sustain defence spending. Additional EU financing could take the form of loans or grants. An extension of the Ukraine loan past 2027 should be a priority. In terms of funding Europe's own defences, loan-based instruments are politically more practicable as individual governments are responsible for repayment. The 2028–2034 EU budget could be a sizeable source of defence funding. The Commission has proposed allocating €131 billion to defence, security and space, though this figure could be reduced. Much will also depend on how much of this envelope would go to defence specifically, and what funding logic it would follow. Looking beyond the MFF, the idea of EU defence bonds remains a harder sell. Repayments fall on all Member States, and for many it is cheaper to raise and spend money nationally. Nevertheless, these concerns could potentially be overcome through mechanisms to tightly target spending at agreed priorities with clear added value for all Member States. Second, EU funding can increase the efficiency of European defence spending by driving cooperation, reducing fragmentation and enabling projects that may otherwise not have been possible. A repeat of SAFE, if linked exclusively to joint rather than national procurement, could help drive cooperation more strongly. Other inducements aside from tightening eligibility criteria could include selecting fewer projects but with a higher financing rate and focusing funding on emerging areas where there are fewer established national industrial players. The key will be striking a balance between the criteria, the funding and the design of any future funding instrument. Forcing cooperation in large groups is likely to backfire, as modest financing cannot substitute for political alignment, shared threat perceptions and common capability priorities. Conversely, financing aimed at fostering the emergence of groupings with a shared vision is more likely to lead to concrete results. Third, looking beyond the EU’s defence instruments to the Union’s broader toolkit and budget, the priority should be embedding defence considerations horizontally across EU instruments as much as possible. For example, any defence elements of a proposal should be taken into account as fully as possible when evaluating projects in areas such as innovation, regional policy, energy, digital connectivity or transport. Leveraging the role of public financial institutions Harnessing the role of public financial institutions should be a second priority. In recent years these have taken a growing role in funding defence, above all the European Investment Bank, but also other national promotional banks. Historically, the EIB’s lending policy was limited to a “dual-use” framework. This began to change in 2022, when the EIB launched its Strategic European Security Initiative, and accelerated significantly from 2024, when the Bank broadened its eligibility criteria for security and defence investments. The EIB’s annual defence lending has rapidly grown, from €1.2 bn in 2024 to over €4 billion in 2025. The EIB is involved in defence investment in four ways. First, the EIB supports defence R&D, providing loans to defence companies. Second, the EIB finances defence-related and dual-use infrastructure, including projects such a military base in Lithuania. Third, it strengthens the defence industrial base by supporting supply-chain finance and providing capital for companies operating in the security and defence ecosystem. Fourth, the EIB invests in venture-capital and private-equity funds supporting defence start-ups and SMEs through its €175 million Defence Equity Facility. However, the EIB is not designed to finance ordinary defence procurement. Its shareholders also remain sensitive to maintaining the Bank’s AAA rating. While the EIB can help lower financing costs, it cannot replace national defence budgets or procure military equipment directly. National public institutions National public institutions could become a key source of support for Europe’s defence build-up. A key focus is R&D. For example, of the top-10 active investors in defence, security, and resilience in Europe in 2025 at (pre-)seed level, 6 were public entities. Beyond R&D, national public banks have also supported industrial production and military procurement. For example, Germany’s KFW has partnered with the EIB and other banks to support drone manufacturer Quantum Systems in scaling production. Poland’s BGK, which operates the Armed Forces Support Fund, has raised capital to support the purchase of Korean K2 tanks. Public banks also support dual-use infrastructure projects. For instance, in June 2025, the EIB agreed with France’s Caisse des Dépôts, Germany’s KfW, Italy’s CDP, Poland’s BGK and Spain’s ICO to explore potential joint financing for security and defence, including in infrastructure. Fully harnessing the EIB’s potential should be a priority. There are obstacles to greater involvement of the Bank in pure defence, not least in terms of the level of risk in some defence investments which could put at risk the EIB’s AAA rating. Nevertheless, there is a strong case for the Bank to further expand defence lending. For example the EIB could help derisk investments in joint production by Ukrainian and European companies in the EU. More broadly, the EIB could take on a larger role in financing upgrades to critical infrastructure, including to support military mobility. Explore joint borrowing mechanisms beyond existing frameworks There is growing discussion of borrowing mechanisms beyond the EU framework. One reason is that finding agreement between a small group of countries could be easier than at 27, and it would also be easier to include non-EU partners such as the UK or Norway. Some options are already being explored. In March 2026, Finland, the Netherlands and the UK have announced that they are exploring a new defence financing and procurement mechanism aimed at driving joint procurement. By July 2026, Poland had joined the initiative, now termed Multilateral Defence Mechanism (MDM) . However, borrowing outside of the EU would mean that using the Union’s tested borrowing infrastructure would not be possible, which would complicate the debt issuance. Countries that can borrow more cheaply nationally may continue to question the value of such collective borrowing. Another idea is the proposal to set up a Defence Security and Resilience Bank (DSRB) . Such a bank would have defence as part of its core mandate and would therefore be freer than the EIB. However, governments would have to pay in the initial capital, adding to overall debt levels. Moreover, the added value of a new Bank may not be evident when compared to existing defence lending mechanisms such as the EIB. Still, the DSRB should be taken seriously. Indeed, the idea is gaining ground: in July 2026, Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye and Ukraine announced their shared intention to establish the DSRB, with the aim of allowing it to begin operations as early as 2027. The DSRB could mobilise capital that may not otherwise be available, support projects outside the EIB’s comfort zone, and help bring together financing for defence-relevant infrastructure. The MDM and the DSRB pursue the same broad objective as EU instruments: mobilising additional resources for European defence and making cooperative projects easier to finance. EU institutions could be associated with both mechanisms, helping align projects with EU priorities. The EU could also be a co-investor when this aligns with its own priorities. For example, EU grants could provide targeted top-ups, and Member States participating in MDM projects could combine these with SAFE-style loans, if projects meet EU eligibility criteria. Mobilise private funding The private sector is playing a growing role in supporting Europe’s defence ramp-up. Venture capital is a particularly important source of financing for emerging defence players. European defence start-ups are set to raise over €9 billion in 2026, a fourfold increase over 2025. Data also suggests that the EU is attracting a larger share of defence venture capital funding, with the EU share across NATO, Canada, Australia and New Zealand rising from 13% in 2024 to 21% in 2026. Aside from venture capital, the traditional banking sector also contributes to expanding Europe’s defence production capacity. A number of European banks, such as ING, Deutsche Bank and Danske Bank, have expanded their defence financing activities by expanding lending or setting up dedicated offices. Banks are often working alongside public financial institutions to fund defence. For example, in 2026 Commerzbank and Deutsche Bank joined the EIB and KfW in providing a €150 million financing package for German drone manufacturer Quantum Systems, supporting investment in technology, industrial capacity and organisational growth. Demand for defence-focused ETFs has also increased sharply. Assets in European-listed defence ETFs more than quadrupled to $13.57 billion during the first half of 2025. Flows into defence ETFs support valuations of listed companies, allowing them to raise capital more easily. However, they do not benefit unlisted companies. NATO instruments are also helping to mobilise private investment. The NATO Innovation Fund is a standalone venture capital fund, backed by 24 countries in NATO. It has around €1 billion in committed capital, which it aims to invest over 15 years. The fund operates independently of NATO and its founding countries. It invests in cutting-edge science and engineering startups developing emerging and disruptive technologies (EDTs) in fields such as energy, materials science, AI, quantum computing, biotechnology, and space. In parallel, NATO’s Defence Innovation Accelerator for the North Atlantic ( DIANA ) provides defence start-ups with limited funding (€11 million in 2025), as well as highly valuable access to test centres and military users. The key challenge is mobilising private capital beyond venture funds with a high-risk appetite, looking for example to institutional investors such as pension funds, as well as private savers. Completing the Capital Markets Union would be an important step, as it would allow private savings across Europe to be more easily and smoothly mobilised for defence investment. Another priority is ensuring that the Commission’s December 2025 clarification of the EU sustainable-finance framework is consistently reflected in national practice, to ensure that there are no EU or national regulatory obstacles to large institutional investors such as pensions funds investing in defence. There are limits to what private capital can do. Private capital can provide additional resources and momentum for Europe's defence ramp up. It can help promising defence investments get off the ground by allowing promising companies that struggle to access financing to secure funding, building prototypes and paying contractors down their supply chains. Private capital may also have a role in defence-relevant infrastructure, especially where projects generate long-term revenues. However, these companies will still struggle to sustain and expand their operations unless they secure contracts from governments. Ultimately the most useful thing that governments can do to better harness private capital is focusing on creating demand through long-term demand signals. Conclusions Europeans face a major fiscal challenge in sustaining and increasing defence spending. In reality the challenge is dual: on one hand governments need to sustain and expand defence spending; on the other Europe needs to mobilise the investment to strengthen its defence and secure its critical infrastructure. When it comes to the first challenge, national budgets remain the core. However, they can be complemented by additional sources of finance. Additional EU level grants can provide genuinely new resources for defence. There is a strategic choice to be made in terms of how much grant style funding from the next EU budget goes to defence, and how much priority defence is given relative to other objectives. At the same time, new SAFE style loans can allow Member States to spend more by leveraging the EU’s collective credit rating to borrow more cheaply. Lending from the EIB and national promotional banks can finance specific projects and take some pressure off government budgets. Novel mechanisms such as the Multilateral Defence Mechanism and the Defence, Security and Resilience Bank could allow for cheaper government borrowing by harnessing the credibility of a broad group of governments and facilitate joint procurement. However, all loans taken out by governments will still add to government debt levels. Meeting the industrial and resilience challenge is different. If governments provide credible long-term demand, this can crowd in investment by public and private banks and private investors, allowing defence companies to invest in R&D, industrial expansion and so on. The surge in VC capitals shows that investors crowd in where they see a growing market. In the same way, government policy and public funding can also crowd in private investment to help make Europe’s infrastructure more resilient and fit to deter an adversary. All this is helpful to Europe’s broader defence ramp up, and takes some of the burden of defence investment off governments. However, private finance does not itself help governments maintain larger budgets or avoid difficult choices. Ultimately, Europe's defence surge will be sustained by national budgets. But Europeans should not shy away from drawing on the full range of defence financing tools at their disposal to reinforce national spending and amplify its impact.

The European Central Bank may have to keep raising interest rates given an abundance of upside inflation risks but the timing and size of any move remain far too uncertain to predict, ECB policymaker …

The European Central Bank may have to keep raising interest rates given an abundance of upside inflation risks but the timing and size of any move remain far too uncertain to predict, ECB policymaker Primoz Dolenc said. The European Central Bank may have to keep raising interest rates given an abundance of upside inflation risks but the timing and size of any move remain far too uncertain to predict, ECB policymaker…

Coinbase is set to broaden its services to traditional financial institutions, aiming to capture the burgeoning institutional adoption of cryptocurrencies. This expansion will see Coinbase developing its infrastructure to support banks and other financial …

Coinbase is set to broaden its services to traditional financial institutions, aiming to capture the burgeoning institutional adoption of cryptocurrencies. This expansion will see Coinbase developing its infrastructure to support banks and other financial firms, integrating crypto custody and financing into their operations. The company currently manages over $15.2 billion in institutional assets through its Coinbase Prime platform, which includes custody, financing, staking, and liquidity access services. This move is seen as an effort to position Coinbase as a central player in providing cryptocurrency-related services to established financial entities. Key Takeaways Coinbase’s strategic expansion appears to align with increasing institutional demand for cryptocurrency services. Market pricing suggests this development may indicate a potential increase in cryptocurrency adoption, particularly for Ethereum. The move is consistent with Coinbase’s efforts to integrate crypto services into traditional financial institutions’ operations. What to Watch Watch for Coinbase’s next steps in expanding its institutional services, as these could influence Ethereum’s price trajectory. Key indicators include additional partnerships with financial firms and any regulatory developments that could impact the integration of crypto services. Additionally, the response from other major players like BlackRock and Fidelity in the ETF market could further shape market dynamics.

India’s first RBI rate hike in four years may not stop record capital outflows or ease pressure on the rupee, which has fallen 7% this year. Foreign investors have withdrawn $30 billion from Indian …

India’s first RBI rate hike in four years may not stop record capital outflows or ease pressure on the rupee, which has fallen 7% this year. Foreign investors have withdrawn $30 billion from Indian equities, while rising hedging costs and narrowing India-US r… MUMBAI: India's first rate hike in four years is unlikely to slow or reverse record high capital outflows, leaving the central bank battling the vicious cycle of a weakening currency and higher infla…

Joachim Klement argues hyperscaler spending has outrun AI revenue and expects the boom to burst in 2027 or 2028 Joachim Klement thinks the AI party is running on borrowed time. The head of market …

Joachim Klement argues hyperscaler spending has outrun AI revenue and expects the boom to burst in 2027 or 2028 Joachim Klement thinks the AI party is running on borrowed time. The head of market strategy at Panmure Liberum is warning that the current AI investment boom looks like a bubble, and that it is likely to burst sometime between 2027 and 2028. His target for the S&P 500 is 5,000 by the end of 2027. With the index recently trading around 7,723, that implies a drop of more than 35%. The math behind the bearish call Klement laid out the projection in his latest forecasts, published in October 2026. The pessimism is not limited to Wall Street: he expects European and UK equities to suffer as well. His core argument is about cash. Free cash flow at the biggest hyperscalers is shrinking, according to Klement, while the debt costs tied to their capital spending keep climbing. The spending in question is concentrated in a handful of US giants: Amazon, Microsoft, Alphabet, Meta, and Oracle. Panmure Liberum’s analysis from May 2026 put their combined 2026 capex at $658 billion. Advertisement To justify that outlay, Klement estimates those five firms would need to add $2-5 trillion in annual revenue. Outside estimates point the same direction. Bloomberg Intelligence expects data-center spending to surpass $713 billion in 2026. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Bigger than the dotcom era The October call builds on that May 2026 analysis, which argued the AI boom is already 60% larger than the late-1990s dotcom bubble. That study warned of severe downturns if tech spending retrenches. AI-related market gains have reached $28.6 trillion since April 2025, a 31% increase in just six months. That pace has only shown up three times before in modern market history: 1987, 1999, and 2009. The Shiller P/E ratio sits near 40x, well above its historical average. Klement has been consistent about where he stands. During an August 2026 appearance on CNBC, he described himself as “very bearish” on AI capex. Scenarios: a pullback versus a full crash A pullback of 4.5-6% in tech spending could send the S&P 500 down 20%, by his estimate. European and UK markets could fall more than 30% in the same scenario. The more dramatic case is a full dotcom-style crash. In that scenario, Klement warns tech hardware stocks could plunge by more than 70%. What this means for investors The key variable to watch is the revenue gap. Klement’s thesis rests on capex continuing to outpace AI-generated income while borrowing costs rise. Quarterly earnings and capex guidance from Amazon, Microsoft, Alphabet, Meta, and Oracle become the scoreboard here.

Tribulnation SDK Fully-typed, async Python SDK for crypto trading and data. Market , Wallet , Earn , and Report are abstract interfaces implemented per exchange and chain. Code written against MarketSDK runs unchanged on …

Tribulnation SDK Fully-typed, async Python SDK for crypto trading and data. Market , Wallet , Earn , and Report are abstract interfaces implemented per exchange and chain. Code written against MarketSDK runs unchanged on dYdX, Hyperliquid, MEXC, or any other supported venue. Installation pip install tribulnation-sdk [ dydx,hyperliquid,mexc ] See the support matrix for details on extras. Standalone gateway Install tribulnation-sdk[gateway] for tn gateway and the remote ProxySDK . Venue adapters are installed separately on the server. See the gateway guide for configuration, supported operations and migration details. Trading Quick Start from dotenv import load_dotenv from tribulnation.sdk import MarketSDK , accounts load_dotenv () # load credentials from .env file sdk = MarketSDK ( { 'mexc_account1' : accounts . Mexc ( api_key = '$MEXC_API_KEY' , api_secret = '$MEXC_API_SECRET' ), # 'dydx', 'hyperliquid', and 'mexc' are available by default, even without listing them here } ) mexc = await sdk . market ( 'mexc_account1:spot:BTCUSDT' ) dydx = await sdk . market ( 'dydx:perp:BTC-USD' ) async with mexc . trades_stream () as my_trades : async for my_trade in my_trades : print ( f 'Hedging { my_trade } ' ) await dydx . place_order ( { 'type' : 'LIMIT' , 'qty' : - my_trade . qty , 'price' : my_trade . price , } ) accounts.<Venue>() reads credentials from environment variables named after each field ( accounts.Mexc() reads $MEXC_API_KEY / $MEXC_API_SECRET ) — pass explicit values or other $VAR names to override. Market IDs & Scoping <account_id>:<exchange_id>:<market_id> , e.g. mexc_account1:spot:BTCUSDT . account_id is the key you registered in accounts — not necessarily the venue's own name — so you can run several accounts on one venue side by side. Equivalent ways to reach a market: await sdk . depth ( 'mexc_account1:spot:BTCUSDT' ) venue = await sdk . venue ( 'mexc_account1' ) await venue . depth ( 'spot:BTCUSDT' ) exchange = await venue . exchange ( 'spot' ) await exchange . depth ( 'BTCUSDT' ) market = await exchange . market ( 'BTCUSDT' ) await market . depth () Hold a Market reference in hot loops; use the scoped one-shot calls otherwise. Market Interface Public data: depth() -> Book depth_stream() -> AsyncContextManager[AsyncIterable[Book]] rules() -> Rules : tick/step size, fees, min/max, rounding helpers candles(interval, start, end) -> PaginatedResponse[Candle] : trade candles opening in [start, end) , with timezone-aware bounds and no ordering guarantee; CANDLE_INTERVALS says which widths a venue serves User data: query_order(id) -> OrderState | None open_orders() -> Sequence[OrderState] trades_history(start, end) -> AsyncIterable[Sequence[Trade]] trades_stream() -> AsyncContextManager[AsyncIterable[Trade]] position() -> Position available_notional() -> Decimal : max. notional you could open now Trading: place_order(order) -> OrderResponse place_orders(orders) -> Sequence[OrderResponse] cancel_order(id) cancel_orders(ids) cancel_open_orders() Perpetual markets: index() -> Decimal next_funding() -> FundingRate funding_rates(start, end=None) -> AsyncIterable[Sequence[FundingRate]] : market-wide rate history funding_payments(start, end) -> AsyncIterable[Sequence[FundingPayment]] : your own settled cashflows perp_position() -> PerpPosition : includes entry price Full reference: docs/market/index.md, with per-venue notes for dYdX, Hyperliquid, and MEXC. Mutating methods also take an optional settings dict for venue-specific options, keyed by venue: await dydx . place_order ( { 'type' : 'LIMIT' , 'qty' : 0.01 , 'price' : 60_000 , }, settings = { 'dydx' : { 'order_flags' : 'SHORT_TERM' , 'short_term_gtb' : 2 }}, ) Other SDKs Same account-mapping shape as MarketSDK : WalletSDK : deposit/withdrawal methods — docs/wallet.md : deposit/withdrawal methods — docs/wallet.md EarnSDK : yield instruments — docs/earn.md : yield instruments — docs/earn.md ReportSDK : balance/position history, with provenance — docs/report.md Every SDK object is an async context manager: call methods on it directly, or enter it with async with to close its connections at a point you choose. Details: Async Usage. Error Handling All errors subclass Error : NetworkError , ValidationError , ApiError ( BadRequest , AuthError , RateLimited ), LogicError . Context, Logging & Retries SDK calls are plain by default — no logging, no retries. Wrap them in a Context to add both: from tribulnation.sdk import Context , NetworkError , RateLimited ctx = Context () . retried ( NetworkError , RateLimited , max_retries = 5 ) . logged () with ctx . use (): await sdk . place_order ( 'mexc_account1:spot:BTCUSDT' , { 'type' : 'LIMIT' , 'qty' : 0.01 , 'price' : 60_000 } ) Retries back off exponentially and only wrap plain async calls, not streams or paginated history. Nested SDK calls each re-apply the active context, so retries can compound across scoping layers. Details: Context, Logging & Retries. License MIT

The post Bitcoin’s Next Move: Will It Hit $98,000 or Drop to $77,000 First? appeared first on 24/7 Wall St.. Bitcoin (CRYPTO: BTC) is trading about $300 above a critical threshold, Jesse Marre of …

The post Bitcoin’s Next Move: Will It Hit $98,000 or Drop to $77,000 First? appeared first on 24/7 Wall St.. Bitcoin (CRYPTO: BTC) is trading about $300 above a critical threshold, Jesse Marre of the Hilbert Group noted as of October 8, 2026. This level could… The post Bitcoins Next Move: Will It Hit $98,000 or Drop to $77,000 First? appeared first on 24/7 Wall St..Bitcoin (CRYPTO: BTC) is trading about $300 above a critical threshold, Jesse Marre of the H…

BANGKOK, Oct 8 : Thailand's central bank chief said on Thursday there is no rush to raise interest rates and monetary policy could not address structural issues constraining economic growth. • The central bank …

BANGKOK, Oct 8 : Thailand's central bank chief said on Thursday there is no rush to raise interest rates and monetary policy could not address structural issues constraining economic growth. • The central bank left its key interest rate unchanged at 1.00 per cent in August and its next monetary policy review is on October 28. • Addressing a business forum on Thursday, Bank of Thailand Governor Vitai Ratanakorn said the economy was still seen growing about 2.3 per cent this year, driven by investment. • Flooding is expected to have some impact on GDP, although the full impact is still being assessed as the disruption has lasted longer and spread wider than initially expected, he said. • Early assessments assumed the impact would be largely confined to Bangkok, but the broader extent of flooding could result in a larger economic hit, Vitai said. • Late last month, Bangkok's governor declared the capital a disaster-affected zone after nearly 300 mm (12 inches) of rain swamped the city in just three days, as much as it typically receives in the whole of September. • Inflation would slow to around 2 per cent in 2026, from June's forecast of 2.8 per cent, meaning there is no urgency to raise interest rates, unlike in other countries, he said. • Annual headline inflation averaged 1.54 per cent in the first nine months of 2026, within the central bank's target range of 1 per cent to 3 per cent. • Exports are expected to grow 17 per cent to 18 per cent this year, up from the 14 per cent expansion seen earlier, Vitai said. • Export gains are partly offset by rising imports, limiting their overall contribution to GDP growth, he said.

FXT, the global online trading platform for forex and CFD traders, has been named an official nominee in seven Global categories at the prestigious Finance ... Sydney (ANTARA/PRNewswire)- FXT, the global online trading platform …

FXT, the global online trading platform for forex and CFD traders, has been named an official nominee in seven Global categories at the prestigious Finance ... Sydney (ANTARA/PRNewswire)- FXT, the global online trading platform for forex and CFD traders, has been named an official nominee in seven Global categories at the prestigious Finance Magnates Awards…