Default will not have wider implications for country’s bonds

Donald Trump’s ‘big, beautiful’ budget bill could make or break the market trend

Rightwing party says cryptocurrencies will be allowed as a form of tax payment if it wins power

And South Korea looks cheap

Authorities are jailing people for throwing cash at parties after 70% fall in naira’s value over two years

Plus, Evercore signs up for SaaS analysts and on the ground at the Maga-filled crypto conference in Las Vegas

Leading industry figures say some act more like passive funds that track benchmark indices

US company benefits from double subsidy on biofuels as surge in imports threatens to wipe UK ethanol industry

What happened when a journalist asked President Donald Trump about chickening out

Opportunity for expansion comes as big investors reassess allocations to US and the buyout sector

Trump’s cuts in foreign aid and global tariffs have created opportunity for Beijing

Legislation would erode the appeal of US financial assets, warn banks and investors

Trump family’s enthusiasm for digital assets creates a glaring conflict of interest

Without its own industry, the continent will be forced to depend on foreign firms that could cut off supplies

Also in today’s newsletter, US says it will ‘aggressively’ revoke Chinese student visas

Finance minister tells FT the kingdom’s priority is to avoid long-running ‘trap of booms and busts’

Acróstica? We hardly even…

Encouraging banks to buy Treasuries has downsides

‘This is a sensitive trade-off that has not always been well managed in the banking industry’

Trump’s election helped revive loans that once threatened to hit banks with big losses