Dubai Telegraph - Stocks diverge as bitcoin hits record high

Most European equity indices climbed after major Asian peers ended lower.

Bitcoin hit a new peak at $124,514.59 in Asian trading, before cooling to around $121,500.

The world's biggest cryptocurrency is benefitting from expectations that the Federal Reserve will cut US interest rates before 2026, which is weighing on the dollar.

Bitcoin is also winning investor support thanks to strong backing for the cryptocurrency sector from Trump.

"An accommodative stance from the Trump administration combined with expectations of a September Fed rate cut have helped to propel gains for bitcoin," Victoria Scholar, head of investment at Interactive Investor, noted Thursday.

The pound won some support thanks to expectations that the Bank of England may not follow up its interest-rate cut last week with another reduction this year.

The currency's rise weighed on London's FTSE 100 index of top companies, some of which earn in dollars.

Britain's economy performed better than expected in the second quarter as it weathered the impact of US tariffs and a higher UK business tax, official data showed Thursday.

On Friday, Putin and Trump are to discuss ways to settle the Ukraine conflict during a summit in Alaska, the Kremlin said.

The meeting will be the first between sitting US and Russian presidents since 2021, and comes as Trump seeks to broker an end to Russia's nearly three-and-a-half year offensive.

"It is probably obvious to everyone that the central topic will be the resolution of the Ukraine crisis," Kremlin aide Yuri Ushakov told reporters.

Oil prices edged higher Thursday, with market watchers waiting to see if the meeting's outcome affects trading of crude, of which Russia is a major supplier.

- Key figures at around 1100 GMT -

London - FTSE 100: DOWN 0.1 percent at 9,156.32 points

Paris - CAC 40: UP 0.3 percent at 7,826.19

Frankfurt - DAX: UP 0.4 percent at 24,286.34

Tokyo - Nikkei 225: DOWN 1.5 percent at 42,649.26

Hong Kong - Hang Seng Index: DOWN 0.5 percent at 25,489.59

Shanghai - Composite: DOWN 0.5 percent at 3,666.44

New York - Dow: UP 1.0 percent at 44,922.27 (close)

Euro/dollar: DOWN at $1.1693 from $1.1704 on Wednesday

Pound/dollar: UP at $1.3586 from $1.3577

Dollar/yen: DOWN at 146.54 yen from 147.40 yen

Euro/pound: DOWN at 86.12 pence from 86.21 pence

Brent North Sea Crude: UP 0.1 percent at $65.72 per barrel

West Texas Intermediate: UP 0.1 percent at $62.72 per barrel

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A.El-Sewedy--DT