Global Markets Surge Ahead of Trump’s Inauguration
As the world awaits the inauguration of President-elect Donald Trump, Asian shares are on the rise, with bitcoin reaching a record high. The cryptocurrency’s price skyrocketed to $109,134, a significant increase from $99,563, according to CoinDesk. This surge is largely attributed to investors’ optimism about Trump’s stance on cryptocurrencies.
European Markets Gain Momentum
European benchmarks are also experiencing a boost, with Britain’s FTSE 100 edging 0.1% higher to 8,515.80, and the CAC 40 in Paris rising 0.2% to 7,729.06. Germany’s DAX remains relatively unchanged at 20,902.00. The futures for the S&P 500 and the Dow Jones Industrial Average are up 0.1%, indicating a positive start to the week.
Asian Markets Soar
Hong Kong’s Hang Seng jumped 1.8% to 19,925.81, following China’s central bank’s decision to keep its key lending rates unchanged. The Shanghai Composite index edged 0.1% higher to 3,244.38. Tokyo’s Nikkei 225 index climbed 1.2% to 38,902.50, driven by expectations that Japan’s central bank might raise its key interest rate later this week.
Currency Market Updates
The dollar slipped against the Japanese yen, trading at 156.17 yen, down from 156.31 yen. The euro rose to $1.0309 from $1.0281. In other currency markets, the Australian dollar strengthened, while the South Korean won and Indian rupee remained relatively stable.
Commodity Prices Dip
U.S. benchmark crude oil shed 19 cents to $77.20 per barrel, while Brent crude, the international standard, gave up 23 cents to $80.56 per barrel.
US Markets Close on a High Note
On Friday, the S&P 500 climbed 1%, and the Dow rose 0.8%. The Nasdaq composite rallied 1.5%, driven by strong performances from the “Magnificent Seven” – Alphabet, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. These tech giants, which have been under pressure recently, saw a significant boost due to an encouraging report on U.S. inflation, raising hopes for further interest rate cuts by the Federal Reserve.
Leave a Reply