Markets Surge as Trump Re-Elected, Dollar and Bitcoin Hit Record Highs

Published

2 months ago

November 6, 2024

RTX

Wall Street shares soared to record levels, and the U.S. dollar marked its largest gain in eight years after Donald Trump’s historic re-election victory to the White House. Investors responded swiftly, with major U.S. indexes rallying and Bitcoin hitting an all-time high as markets anticipated a policy shift focused on tax cuts, higher tariffs, and a pro-crypto agenda.

Trump’s election campaign promised to establish the U.S. as a global hub for Bitcoin and other cryptocurrencies, which, combined with anticipated fiscal policies, has driven a surge in digital assets. The value of Bitcoin jumped by $6,000 to reach a record high of $75,371.69.

Investors are betting that Trump’s proposed tax cuts and increased tariffs will spur inflation, which may prompt the Federal Reserve to keep interest rates higher for an extended period. Higher rates would yield better returns on dollar-denominated assets, creating additional demand for the currency. As a result, the dollar rose by about 1.75% against major currencies, including the pound, euro, and Japanese yen.

Global Market Movements

Trump’s re-election has had a sweeping impact on global financial markets and currencies:

U.S. Stock Market: Key U.S. indexes jumped as trading opened, with banking stocks performing exceptionally well, buoyed by expectations of regulatory easing.
Dollar Gains: The dollar rallied by approximately 1.75% against a range of currencies.
Pound and Euro: The pound dropped 1.41% against the dollar, hitting its lowest level since August, while the euro fell 2.24% to its lowest point since June.
FTSE 100: The UK’s FTSE 100 index rose by 0.1% on Wednesday afternoon.
Asian Markets: In Japan, the Nikkei 225 index closed 2.6% higher, and Australia’s ASX 200 rose by 0.8%, while in China, the Shanghai Composite Index dipped slightly by 0.1%, and Hong Kong’s Hang Seng was down by around 2.23%.

Bitcoin’s Record Surge

Bitcoin’s value surged following Trump’s pledge to make the U.S. the “Bitcoin and cryptocurrency capital of the world,” contrasting sharply with the previous administration’s more stringent stance on digital assets. During his campaign, Trump signaled potential changes at the U.S. Securities and Exchange Commission (SEC), including a plan to dismiss Chair Gary Gensler, who has been criticized by the crypto community for his strict regulatory approach. Trump’s willingness to scale back crypto oversight is seen as a positive move by investors, helping push Bitcoin to record highs.

Elon Musk, a long-time cryptocurrency advocate and supporter of Trump, could also play a central role in this new policy direction. Trump suggested that Musk would lead a government audit to identify wasteful spending, a move that is expected to further stimulate support for cryptocurrencies. Tesla, Musk’s electric vehicle company, famously invested $1.5 billion in Bitcoin in 2021. On Wednesday, Tesla’s Frankfurt-listed shares surged by over 14% in early trading.

Broader Economic Implications

Analysts anticipate that Trump’s tax cuts and tariffs could push up inflation, leading to fewer rate cuts and potentially higher rates for longer. “Investors are bracing for tariffs… which will push up the price of imported goods for American shoppers,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Meanwhile, Trump’s immigration policies could raise wage costs for U.S. companies if restrictions reduce labor availability, potentially increasing inflationary pressures. These policy shifts may have ripple effects across the global economy as other nations respond to U.S. tariffs with measures of their own, affecting trade flows and potentially stoking global inflation.

With U.S. and global markets reacting swiftly to Trump’s victory, financial analysts will continue monitoring the administration’s first moves, especially regarding fiscal and trade policies, as the world adjusts to Trump’s second term.

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Sushi Restaurateurs Pay $1.3 Million for Bluefin Tuna at Tokyo Auction

Published

19 hours ago

January 5, 2025

RTX

Sushi restaurateurs in Tokyo have spent a record sum of 207 million yen ($1.3 million, £1 million) for a bluefin tuna, making it the second-highest price ever paid at the prestigious New Year auction held at the Toyosu Fish Market.

Onodera Group, which placed the winning bid, purchased the tuna, which weighs a hefty 276 kg (608 lbs) and is roughly the size and weight of a motorbike. The fish was caught off the coast of Aomori, located in northern Japan.

Shinji Nagao, a representative of Onodera Group, shared the group’s excitement after securing the prized catch, saying that the tuna would be served at its Michelin-starred Ginza Onodera restaurants, as well as at Nadaman restaurants across the country. “The first tuna is something meant to bring in good fortune,” Nagao said, adding that he hoped customers would enjoy the meal and “have a wonderful year.”

Onodera Group has been the top bidder in the Ichiban Tuna auction for five consecutive years, with the latest purchase setting a new high for the group. Last year, the group paid 114 million yen for the winning tuna.

The highest auction price recorded since 1999 was 333.6 million yen, which was paid in 2019 for a slightly larger tuna weighing 278 kg. This record was set by sushi restaurant owner Kiyoshi Kimura, who is known as Japan’s “Tuna King.”

Toyosu Fish Market, which opened in 1935 and claims to be the largest fish market in the world, is renowned for its early-morning tuna auctions. The auction typically attracts high-end sushi restaurateurs and fishmongers who are eager to secure top-quality tuna to serve at their restaurants.

While the bluefin tuna dominated headlines, it was not the only prized catch at the auction. Hokkaido sea urchins also fetched a record-breaking 7 million yen, highlighting the market’s diverse offerings.

The annual auction is more than just a business event; it has become a symbol of Japanese culture, particularly in the world of sushi, where the first tuna of the year is seen as a good-luck charm for the coming months.

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Fate of Two Killer Whales Uncertain as Marineland Antibes Closes

Published

19 hours ago

January 5, 2025

RTX

The future of two killer whales at Marineland Antibes, located near Cannes on the French Riviera, remains unclear following the closure of the marine zoo on Sunday. Campaigners and the zoo’s management are in disagreement over the whales’ relocation, with the French government already blocking one proposed rehoming option.

Marineland, which houses Europe’s largest collection of marine animals, announced it would close permanently on January 5 due to new animal welfare laws. The legislation, passed in 2021, bans the use of dolphins and whales in marine zoo shows, and will come into effect next year. The zoo currently holds two killer whales: Wikie, a 23-year-old female, and her 11-year-old son, Keijo.

The zoo’s management argues that shows featuring these orcas are a major draw for visitors, accounting for 90% of the park’s attendance. Without such shows, they claim, the business would not be viable. However, efforts to find new homes for Wikie and Keijo have sparked debate.

Experts agree that releasing the whales into the wild would not be viable. Both orcas were born in captivity and lack the necessary survival skills to thrive in the ocean. Marine biologist Hanne Strager compares the scenario to “taking your dog out of the house and sending him into the woods to live freely as a wolf.” Strager, who authored The Killer Whale Journals, stresses the deep bonds these orcas have formed with their human caretakers over the years.

A controversial deal to send the orcas to a marine zoo in Japan was blocked by the French government last November. Authorities cited concerns over animal welfare standards in Japan and the potential stress caused by the 13,000 km (8,000-mile) journey.

Another option is Loro Parque in the Canary Islands, which adheres to European animal welfare standards. However, campaigners fear Wikie and Keijo would continue to be forced into performances. Loro Parque has faced scrutiny after several orca deaths in recent years, including the November death of 29-year-old Keto and three others between 2021 and 2022.

Katheryn Wise of World Animal Protection (WAP) expressed concern, stating, “It would be devastating for Wikie and Keijo to end up in another entertainment venue like Loro Parque – from one whale jail to another.” WAP advocates for the orcas’ relocation to a sanctuary, such as the Whale Sanctuary Project (WSP) in Nova Scotia, Canada. This sanctuary would offer the whales a large, enclosed bay to live out their lives in a more natural environment with human support.

While sanctuary proponents argue this could offer the orcas a better quality of life, Strager raises concerns about how they would adjust to such a drastic change. The proposed sanctuary, she notes, might feel as alien to them as the open ocean.

As Marineland closes its doors and the search for a new home for Wikie and Keijo continues, the debate over the ethics of keeping killer whales in captivity grows ever more pressing.

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Prince William Expresses Shock and Sadness Over Death of Former Nanny’s Stepson in New Orleans Attack

Published

2 days ago

January 4, 2025

RTX

Prince William and his wife, Catherine, have expressed their deep sorrow following the tragic death of Edward Pettifer, the 31-year-old stepson of his former nanny, Alexandra Pettifer, in a deadly vehicle attack on New Year’s Day in New Orleans.

Edward Pettifer was among the 14 victims killed when a 42-year-old U.S. Army veteran drove a pick-up truck into a crowd along the city’s famed Bourbon Street. The attack, which occurred early on January 1st, also left at least 39 people injured. Pettifer’s death has deeply impacted his family, including his stepmother, Alexandra Pettifer, formerly known as Tiggy Legge-Bourke, who cared for Prince William and Prince Harry during their childhood in the 1990s.

In a statement, Prince William and Catherine said they were “shocked and saddened” by the news, offering their thoughts and prayers to the Pettifer family and others affected by the horrific incident. “Our thoughts and prayers remain with the Pettifer family and all those innocent people who have been tragically impacted by this horrific attack,” Prince William stated.

King Charles also expressed his grief over the loss, with palace sources revealing that he had been in contact with the Pettifer family following the attack.

The suspect, identified as Shamsud-Din Jabbar, was shot dead by police after the attack. According to the FBI, Jabbar acted alone in what was described as a “premeditated and evil act.” Investigators found a flag of the Islamic State group inside the vehicle, along with two improvised explosive devices nearby. The coroner confirmed that Pettifer’s cause of death was “blunt force injuries.”

The attack took place in New Orleans’ French Quarter, a popular area for both locals and tourists. Along with Pettifer, other victims included a well-known American college football player, a young aspiring nurse, and a mother of a young child. Several victims remain in the hospital, with some in critical condition.

Pettifer’s family described him as a “wonderful son, brother, grandson, nephew, and friend to so many.” They expressed their devastation at his loss and requested privacy as they grieve. Foreign Secretary David Lammy also expressed his condolences, stating that the UK stands with the US against terror threats.

Alexandra Pettifer became a close companion to Princes William and Harry after their mother, Princess Diana, passed away in 1997. Her role as a maternal figure to the young princes and her marriage to Charles Pettifer in 1999 added to her personal connection to the royal family.

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