Date: 11th November 2024.


Bitcoin Skyrockets to $81k; Asian Stocks Down; Markets weigh the risk of “Trump-tariffs”.


Asia & European Sessions:


*Bitcoin surged past $81,000 for the first time (94% higher for 2024), fueled by President-elect Donald Trump’s decisive victory, winning all seven US battleground states, including Arizona. The digital-asset industry, which invested over $100 million in pro-crypto candidates, celebrated the outcome.
*Trump pledged to make the US a hub for digital assets, including plans for a strategic Bitcoin stockpile and appointing crypto-friendly regulators.
*Dogecoin skyrocketed to highest price since 2021 (promoted by Trump supporter Elon Musk).
*Japanese indexes rallied as discussions at the last BoJ meeting focused on a cautious approach to additional rate cuts.
*Asian shares fell following concerns that China’s debt swap program may not be adequate, alongside data indicating ongoing deflationary pressures in the world’s second-largest economy. Investor sentiment is also dampened by declining foreign direct investment especially after Donald Trump’s presidential victory injected fresh uncertainty over tariffs.
*China’s inflation reports were weak, reflecting further deflation in wholesale prices. China’s trade surplus is poised to reach a new record this year. If the gap between exports and imports keeps expanding at its current rate, it could approach $1 trillion, based on Bloomberg’s calculations. These are ominous signs for the economy that continues to struggle.


Financial Markets Performance:


*European stock markets are mostly higher, with DAX and FTSE100 posting gains of 1.0% and 0.6% respectively.
*Bond markets are closed in the US and Canada today and while equity markets are open, trading conditions are likely to be quieter than usual.
*US equity futures are currently higher, led by a 0.4% rise in the NASDAQ.
*The USDIndex climbed back above 105.
*EURUSD drifts to 1.069 and GBPUSD retests once again a break below 1.2900.
The USDJPY rebounds and extends again to 153.60 for the first time since July.
*Oil prices steadied at $70 lows following their largest drop in nearly 2 weeks, pressured by a weak outlook in China. Crude traders are considering global demand prospects for 2025, potential impacts from Donald Trump’s presidential win, and geopolitical tensions between Israel and Iran. A global surplus is expected next year, and influential outlooks, including OPEC’s report on Tuesday, are anticipated.
*Gold remains under pressure, as the US election outcome boosted the US Dollar and prompted a reversal of haven flows. The precious metal is currently trading at $2669 per ounce, slightly above the lows seen in the aftermath of the election and before the Fed cut rates.


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Please note that times displayed based on local time zone and are from time of writing this report.


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Andria Pichidi
HFMarkets

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