Global Markets Surge Ahead of Trump’s Inauguration
As the world prepares for the inauguration of President-elect Donald Trump, Asian shares are experiencing a significant upswing, with bitcoin reaching a record high. Meanwhile, U.S. markets will be closed for a holiday, but European benchmarks are already showing gains in early trading.
Bitcoin Soars to New Heights
The price of bitcoin has surged to an unprecedented $109,134, up from $99,563, according to CoinDesk. This remarkable increase is largely attributed to investors’ optimism about Trump’s potential support for cryptocurrencies.
European Markets See Gains
Britain’s FTSE 100 has edged 0.1% higher to 8,515.80, while the CAC 40 in Paris has risen 0.2% to 7,729.06. Germany’s DAX remains nearly unchanged at 20,902.00. The futures for the S&P 500 and the Dow Jones Industrial Average are also up 0.1%.
Asian Markets Experience Significant Gains
Hong Kong’s Hang Seng has 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 has edged 0.1% higher to 3,244.38. Tokyo’s Nikkei 225 index has climbed 1.2% to 38,902.50.
Currency Markets See Shifts
The dollar has slipped against the Japanese yen, trading at 156.17 yen, down from 156.31 yen. Expectations are building that Japan’s central bank might raise its key interest rate in a monetary policy meeting later this week. The euro has risen to $1.0309 from $1.0281.
Other Markets Experience Mixed Results
In South Korea, the Kospi has slipped 0.1% to 2,520.05. Australia’s S&P/ASX 200 has risen 0.5% to 8,347.40. Taiwan’s Taiex has picked up 0.5%, and India’s Sensex has surged 0.7%. Bangkok’s SET has gained 0.1%.
Oil Prices Dip
U.S. benchmark crude oil has shed 19 cents to $77.20 per barrel, while Brent crude, the international standard, has given up 23 cents to $80.56 per barrel.
U.S. Markets See Gains on Friday
On Friday, the S&P 500 climbed 1%, and the Dow rose 0.8%. The Nasdaq composite rallied 1.5%. SLB led the market after delivering bigger profit and revenues for the end of 2024 than analysts expected.
Big Tech Stocks See Gains
All the Big Tech companies, including Alphabet, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla, have seen gains. These massive companies carry significant weight on the S&P 500 and other indexes, making their movements crucial to the market’s overall performance.
Inflation Concerns Ease
The market has received a boost from an encouraging report on U.S. inflation, which has raised hopes that the Federal Reserve may deliver more cuts to interest rates this year. Lower inflation concerns have sent Treasury yields down and stocks up, while worsening worries about inflation have triggered the opposite reaction.
Leave a Reply