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Stock markets around the world saw strong rallies once again last week as trade tensions continued to thaw. The pause on tariffs between the US and China has certainly done a lot to smooth things over with investors, while lower than expected inflation figures have also done their bit. The Dow Jones rose another 3.4% last week, while the S&P 500 climbed 5.3% and the Nasdaq Composite soared to a 7.1% weekly close. The former two indices are now in the green in 2025. Interestingly, the Magnificent Seven have actually weighed down the S&P 500 so far this year, leaving the remaining 493 companies to drag the index into positive territory.
As impressive as the rally in precious metals has been thus far, gold has come off the boil in recent weeks and is barely hanging on to $3,200 at the time of writing. Bitcoin on the other hand appeared to soak up some of the outflows, allowing prices to rise above $106k late last night. The move seems to have already lost steam however, with Bitcoin dropping back down to $103k early this morning. Nevertheless, Bitcoin remains poised just under its record peak while Bitcoin dominance remains near historic highs. In the latest legal milestone, the US congress will debate a bill relating to the issuance of stablecoins later today, further entrenching cryptocurrencies within the American financial framework. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, failed a previous attempt to pass the senate earlier in the month but is now expected to do so following a number of amendments.
Very little on the economic calendar this coming week. The Reserve Bank of Australia is expected to lower rates on the Aussie Dollar tomorrow by another 25-bps to 3.85%. On Thursday meanwhile, S&P Global will release a number of manufacturing and services PMI figures for various parts of the world, providing the latest clues as to which way the wind is blowing with regards to global demand. A number of Fed board members will take to the stage over the coming days, although by and large they are expected to deliver much of the same message as their Chairman Jerome Powell. In the absence more substantive economic data, attentions will likely turn back to developments on the tariff front.
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