Bitcoin appears to be consolidating after the major move up. Volume is slowly dropping and price is chopping. This usually is considered bullish and is the calm before the next storm. I have no concerns right now with Bitcoin.
Legacy Markets
Markets are off to an eventful start this week. US stock futures edged higher, with S&P 500 contracts showing small gains and Nasdaq 100 futures rising 0.4%, driven by Tesla’s premarket rally on speculation that the Trump administration might ease self-driving car regulations. Bitcoin rebounded to surpass $90,000 after recovering from its largest two-day retreat since the US election. Gold also climbed over 1%, with Goldman Sachs projecting it could hit a record $3,000 per ounce by December 2025, supported by central-bank buying and potential US interest rate cuts.
Investors are focusing on key developments, including Trump’s pick for Treasury Secretary and Nvidia’s earnings report on Wednesday, which will test the sustainability of AI-driven stock gains. Morgan Stanley’s Mike Wilson predicts the S&P 500 could rise 11% by the end of 2025, citing improved economic growth and further Federal Reserve rate cuts. Meanwhile, Europe’s Stoxx 600 fell 0.2% amid concerns over potential US tariffs and ongoing economic weakness in China. Inflation data from the Eurozone and the UK, due Tuesday and Wednesday respectively, will provide further insights into ECB and BOE policy directions.
In Asia, traders are closely watching a speech by Bank of Japan Governor Kazuo Ueda for hints about potential interest rate adjustments, especially as the yen weakened to 155.14 against the dollar. With inflation concerns, geopolitical uncertainty, and fluctuating market dynamics, this week’s developments across regions are likely to play a pivotal role in shaping investor sentiment.
Key events this week:
1. Group of 20 Summit in Brazil begins, Monday
2. European Union foreign ministers meet in Brussels, Monday
3. RBA meeting minutes, Tuesday
4. Eurozone CPI, Tuesday
5. Canada CPI, Tuesday
6. China loan prime rates, Wednesday
7. Indonesia rate decision, Wednesday
8. South Africa retail sales, CPI, Wednesday
9. UK CPI, Wednesday
10. Nvidia earnings, Wednesday
11. ECB President Christine Lagarde and Vice President Luis De Guindos speak, Wednesday
12. ECB issues financial stability review, Wednesday
13. Fed Governor Lisa Cook, Fed Governor Michelle Bowman speak, Wednesday
14. BOE Deputy Governor Dave Ramsden speaks, Wednesday
15. RBA Governor Michele Bullock speaks, Thursday
16. Japan CPI, Friday
17. India HSBC Manufacturing & Services PMI, Friday
18. Eurozone HCOB Manufacturing & Services PMI, Friday
19. UK retail sales, S&P Global Manufacturing & Services PMI, Friday
20. US University of Michigan consumer sentiment, S&P Global Manufacturing & Services PMI, Friday
