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Charot FXMart · Guru

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Charot FXMart · Guru

India: economic growth is possible up to 8%

The head of the Reserve Bank of India, Shaktikanta Das, expressed confidence in the country's ability to achieve sustainable economic growth in the region of 7.5-8% in the medium term.

This statement was made against the background of published data on the slowdown in India's GDP growth to 6.7% in the second quarter of this year, compared with 8.2% in the same period last year. This dynamic has increased the pressure on the RBI to lower interest rates.

Das stressed that steady growth of 7.5-8% is realistic for the largest country in the world. Although the International Monetary Fund previously called India the «fastest growing major economy in the world,» growth has slowed in recent quarters and the IMF forecasts a decline to 6.5% in 2025.

The head of the RBI also noted that the influence of external factors, such as the actions of the Fed, is taken into account, but internal factors remain decisive. The question of a possible reduction in the RBI rate in October remained open. Das stated that the decision will depend on the monthly dynamics of inflation and growth.

Charot FXMart · Guru

Oil growth is held back by concerns about weakening demand

Yesterday, Brent oil prices rose to $73.30 per barrel, supported by expectations of lower interest rates and supply disruptions caused by Hurricane Francine.

However, this growth was held back today by concerns about declining demand, especially in China, amid weak economic data released over the weekend. The current Brent quote is $72.50 per barrel. North American WTI crude is trading near $68.96.

Supply disruptions due to Hurricane Francine

After Hurricane Francine, oil production in the Gulf of Mexico decreased by 12%, and natural gas production by 16%. These disruptions may contribute to further price increases, although oil companies have been actively restoring production in recent days as the hurricane weakens.

Awaiting the Fed's decision

Investors are waiting for the meeting of the US Federal Reserve System, which will be held on Wednesday. The central bank may lower rates, which will support oil prices. Expectations of a more significant rate cut of 50 basis points put pressure on the dollar and stimulate the growth of oil prices.

Concerns about demand

However, the increase in oil prices is limited by concerns about slowing economic growth in China. The recent weak economic performance of China, the world's largest oil importer, has increased concerns about demand for black gold. An additional negative was brought by the forecasts of OPEC and the IEA, which lowered expectations of oil demand for the coming years.

Charot FXMart · Guru

Inflation in the eurozone has slowed to 2.2%

Inflation in the eurozone slowed to 2.2% in annual terms in August, according to the final report of Eurostat. This decrease compared to July's 2.6% inflation coincided with the preliminary estimate and forecasts of analysts. On a monthly basis, prices in the region increased by 0.1%.

The CPI Core index (core inflation), which does not take into account volatile prices for energy, food and alcohol, showed an increase of 2.8% year-on-year.

Prices for food, alcohol and tobacco products increased by 2.3%, similar to the July figure. Energy prices, on the contrary, decreased by 3% after rising by 1.2% in July. Services have risen in price by 4.1%. In the 27 EU countries, the annual price increase was 2.4% after 2.8% in July.

The lowest inflation was recorded in Lithuania (0.8%), Latvia (0.9%), Ireland, Slovenia and Finland (1.1%). The highest growth in consumer prices was recorded in Romania (5.3%), Belgium (4.3%) and Poland (4.0%).

In Germany, annual inflation fell to 2.0% from 2.6% in July, in France — to 2.2% from 2.7% a month earlier, in Italy — to 1.2% from 1.6% in July, in Spain — to 2.4% after 2.9% a month earlier.

Charot FXMart · Guru

Kiyosaki: Bitcoin, gold and silver will soar in price

Robert Kiyosaki, author of the book «Rich Dad, Poor Dad», predicts significant growth of bitcoin against the background of easing monetary policy of the US Federal Reserve System.

In his opinion, lower interest rates will force investors to move away from "fake assets" such as bonds and invest in real assets such as bitcoin, gold and silver.

In his post on the social network «X», Kiyosaki stressed that those who argue about the advantages of gold or bitcoin will lose when the Fed continues to cut rates and prices for real assets begin to rise. The author criticized the debate about which is better, gold or bitcoin, comparing them to people «arguing about a Ferrari or Lamborghini while on the bus.»

After the Fed's rate cut on Wednesday evening, bitcoin continued its recent rise. On Thursday morning, the main digital coin rose to 3-week highs at $62,645. Subsequently, the quotes partially rolled back – the current BTC/USD quote is $62,093.

Charot FXMart · Guru

The consumer confidence index in the UK in September fell to the lowest in 6 months

The UK consumer confidence index in September 2024 fell to the lowest value in the last six months, amounting to -20 points, which is significantly lower than in July and June, when it was at the level of -13 points.

For comparison, in September 2023, the index was at -27 points (previously reported at -21 points). All five components of the indicator showed a decrease compared to July.

The subindex, reflecting consumers' assessment of their financial situation over the past year, fell to -9 points (in August it was -7), which is better than a year earlier, when it was -18 points. Personal finance expectations for the next 12 months also worsened, falling to -3 points from +6 in the previous month. A year earlier, this indicator was at the level of -6 points.

Consumers' assessment of the overall economic situation over the past year has dropped to -37 points compared to -35 a month earlier. The forecast for the next 12 months deteriorated even more: to -27 points from -15 in August.

The willingness of the British to spend money on large purchases also decreased, the subindex fell to -23 points from -13 points in August. In September last year, this indicator was at the level of -28 points.

The average index of consumer confidence for the period from 1981 to 2024 is -10.9 points. The record value of 10 points was recorded in June 1987, while at least (-49 points) was recorded in September 2022.

Charot FXMart · Guru

Gold updated the record in anticipation of fresh signals from the Fed

Gold prices have reached a new historical high in Asian markets due to the optimistic sentiment caused by lower interest rates in the United States. Additional support for the market was provided by the expectations of speeches by representatives of the Federal Reserve System, which may shed light on the further steps of the regulator.

After the Fed lowered the rate by 50 basis points, gold has updated its records and continues to hold its positions confidently. The spot price of gold rose 0.3% to reach $2,631.19 per ounce, while futures rose 0.4% to $2,655.80 per ounce. The weakening of the dollar and the decline in Treasury bond yields also contributed to the strengthening of the metals market.

Experts expect further easing of the Fed's monetary policy, which may lead to a reduction in rates by an additional 125 basis points during the year. A number of key Fed officials, including Chairman Jerome Powell, are scheduled to speak in the coming days, which may provide additional signals for the markets.

Another important event will be the publication on Friday of a report on the PCE index, the main indicator of inflation for the Fed, which may affect further decisions by the regulator on rates. In addition, investors' attention is focused on the meetings of the central banks of Switzerland and Sweden, where interest rates are also expected to decrease.

Other precious metals, however, are showing a decline. Platinum futures fell 0.6% to $974.10 per ounce, while silver contracts fell 0.2% to $31.43 per ounce.

Charot FXMart · Guru

The Central Bank of China reduces a number of rates as part of a large-scale economic stimulus program

The People's Bank of China has announced a package of measures to stimulate the economy. The head of the regulator, Pan Gongsheng, announced a reduction in the reserve requirement ratio (RRR) for large banks by 0.5 percentage points to 9.5%, which will release about 1 trillion yuan ($142 billion) of liquidity. There will be no changes for small and rural banks. It is expected that during the year the RRR may be reduced by another 0.25-0.5 percentage points.

The NBK also lowered the rate on seven-day reverse repo transactions from 1.7% to 1.5%, which will reduce the cost of borrowing under the medium-term lending program (MLF). For the first time in 10 years, the bank simultaneously lowered the RRR and the interest rate.

In addition, it is planned to reduce the base interest rate (LPR) by 0.2-0.25 percentage points, which will affect the cost of corporate, consumer and mortgage loans. Interest rates on mortgages already issued will be reduced by 50 bps, affecting borrowings worth about $5.3 trillion. The initial payment for the purchase of a second home has been reduced to a record low of 15%.

The NBK also plans to refinance mortgage loans and has increased guarantees on bank loans for unsold housing to 100%. Beijing is considering the creation of a stabilization fund for the stock market with support in the amount of at least 800 billion yuan. As part of the program, it is planned to exchange illiquid assets for government bonds and provide a 300 billion yuan re-loan for share repurchase.

Charot FXMart · Guru

Oil may rise in price due to a drop in production in the United States

Analysts believe that after the recent decline in crude oil prices, the situation may soon change due to the expected slowdown in oil production in the United States.

For most of 2024, oil showed positive dynamics, but in recent months the yield has turned negative: the cost of Brent decreased by 3.5%, and WTI – by 0.4% year-on-year.

According to experts, fluctuations in oil prices are caused by both demand and supply factors. The global economy is slowing down, which is holding back demand, and market participants are concerned about a possible increase in oil production by the largest producers — OPEC+ and the United States. However, a number of experts believe that these expectations have already been taken into account in current prices, and in fact the situation may turn out to be different.

«Although oil demand was low in 2024, its decline is not accelerating, which is important against the background of rising global liquidity and lower interest rates,» Wells Fargo Bank said.

In addition, the bank assumes that with prices in the range of $60-70 per barrel, OPEC+ and the United States will reduce rather than increase production, which will help strengthen the market.

Special attention is paid to the statements of OPEC+ on the postponement of the increase in production scheduled for October 2024, as well as the fact that production growth in the United States may also slow down, as the cost of opening new wells reaches $ 64 per barrel. As a result, oil prices are projected to start rising again in the coming months.

Charot FXMart · Guru

The market is waiting for the ECB to cut rates after inflation in France and Spain fell below 2%

The probability of a reduction in key interest rates by the European Central Bank in October increased significantly after the publication of data on slowing inflation in France and Spain.

According to traders, the chances of a 25 basis point rate cut at the ECB meeting on October 17 have increased to 80%. Analysts at major banks such as BNP Paribas and HSBC share similar expectations.

Consumer prices in France, harmonized according to EU standards, increased by 1.5% y/y in September, which is significantly lower than the August figure of 2.2%. A similar trend is observed in Spain, where inflation slowed to 1.7% – this is the lowest growth rate since June 2023, while in August the price increase was 2.4%.

Both of these indicators have reinforced expectations that inflationary pressures are easing, which may lead to a change in the ECB's monetary policy. Currently, the ECB deposit rate is 3.5%, the rate of basic refinancing operations is 3.65%, and the rate on margin loans is 3.9%.

Charot FXMart · Guru

The Fed will cut the rate by another 50 bps in 2024 while maintaining the stability of the economy

The US economy remains strong, and the Federal Reserve System (Fed) intends to maintain it in this state, Federal Reserve Chairman Jerome Powell said at the annual meeting of the National Association for Business Economics (NABE).

Powell also noted that the Fed is trying to reduce inflation, while preventing a significant increase in unemployment.

The Fed's recent decision to lower the interest rate by 50 basis points (bp) reflects confidence that the adjustment of monetary policy will maintain the stability of the labor market with moderate economic growth and a reduction in inflation to the target 2%. This is what is called a «soft landing» of the economy.

According to the median forecasts of the Fed's management, the base rate will be reduced by another 50 bps by the end of 2024, from the current level of 4.75-5% per annum.

«If the economic situation develops according to our forecasts, we will cut the rate twice by 50 bps,» Powell said, stressing that further decisions will depend on incoming economic data. The main goal is to bring the rate to a neutral level, which, according to the Fed's estimates, is about 3%.

Charot FXMart · Guru

The dollar is strengthening, the euro is falling: all attention is on the US labor market

The DXY dollar index soared to a 3-week high of 102.05, bringing the EUR/USD pair to strong support at 1.10. The dollar's recovery is driven by strong data on the US economy and labor market, as well as expectations of a slowdown in the Fed's rate cuts.

On Thursday, the dollar index reached a six-week high, supported by indicators of the service sector and a positive picture on the labor market. The probability of a Fed rate cut by 50 bps in November fell to 32%, which led to a 1.5% strengthening of the dollar over the week.

At the same time, the euro is losing 1.2% amid the likelihood of an ECB rate cut this month to 90%. The slowdown in inflation and the deterioration of the economic situation in the eurozone may force the regulator to soften the PREP.

On Friday, all attention will be focused on the Non-farm payrolls report on the US labor market. The number of employees is expected to increase by 150 thousand. High indicators can strengthen the growth of the dollar.

Against the background of geopolitical tensions in the Middle East, the USD/JPY pair is also strengthening, reaching 147.0. The Japanese authorities are not planning new currency interventions yet.

In the UK, the index of business activity in the service sector slowed down, but remained steady. The GBP/USD pair is trading around 1.315.

Charot FXMart · Guru

Investor concerns are slowing down the growth of the Brazilian economy

The easing of the monetary policy of the US Federal Reserve and China's intention to stimulate its economy create favorable conditions for Brazil.

Despite this, Moody's, which upgraded Brazil's rating to the highest junk level, could not convince investors. The Brazilian real and the country's stock market are showing weak results.

Experts note that rating agencies are focused on past events, and markets are looking to the future. Since the beginning of 2024, the Brazilian real has lost about 11% of its value, and the benchmark Bovespa Brazilian stock index has declined by 1.9%.

Despite the positive external factors, the Brazilian real continues to fall. Investors fear that the Brazilian economy is overheated, which could lead to a tightening of monetary policy. Last month, the Brazilian Central Bank raised the rate by 0.25% to 10.75% per annum, which also does not inspire optimism.

Charot FXMart · Guru

Oil returned to below $80 after a sharp rise

On Tuesday, oil declined from the area of local highs, as investors began to take profits after a significant increase the day before.

Yesterday, Brent reached new highs since the end of August, breaking the $81 per barrel mark. The current quote of the asset is $79.20 per barrel. North American WTI crude is trading near $75.40 after yesterday's rise to $77.70 per barrel.

Last week, oil strengthened amid geopolitical tensions in the Middle East, where traders fear possible Israeli attacks on Iran's oil facilities. An additional risk arose in the Gulf of Mexico, where Chevron temporarily stopped work on its Blind Faith oil and gas platform due to the hurricane.

The API report on oil and petroleum products reserves in the United States is expected to be released today, preceding the official data of the Ministry of Energy. However, traders are now primarily focused on geopolitics, which has a greater impact on market sentiment.

Charot FXMart · Guru

Bank of America: inflation will remain moderate in September

Bank of America forecasts moderate growth in both the core and core consumer price index in September, indicating stable core inflation without alarming signals.

The bank expects a monthly increase of 0.1% for the main index and 0.3% for the base index. Lower energy prices will soften the growth of the main indicator, while higher rents and used car prices will support the growth of the base indicator.

On an annual basis, Bank of America forecasts a decrease in core inflation to 2.3%, while the core CPI will remain at 3.2%. BofA analysts, based on data on inflation forecasts by component, expect core inflation at 0.18% on a monthly basis.

Despite the fact that inflation continues to move in the right direction, the upcoming report is likely to have no significant impact on the central bank's rate. The findings confirm the possibility of further rate cuts, but do not give grounds for concern about the current inflation rate.

If the report shows an acceleration in the pace of price growth in September, this could be a positive for the dollar, which has been strengthening for eight consecutive sessions at Wednesday's auction.

Charot FXMart · Guru

British economy: growth after two months of stagnation

According to operational data from the Office for National Statistics, published on Friday, the British economy grew by 0.2% in August compared with the previous month.

After stagnating in June and July, following modest but steady growth at the beginning of the year, the UK emerged from a mild recession earlier this year.

The release of economic growth data coincided with the upcoming autumn budget, which Treasury Secretary Rachel Reeves will present at the end of the month. The budget, expected by many, will include tax increases and spending cuts aimed at eliminating the estimated deficit in public finances, estimated at 22 billion pounds ($29 billion). However, the Conservative Party, which ruled the country before the snap elections, denies there is a deficit.

Reeves also did not rule out the possibility of revising the rules on the country's debt obligations in order to attract more investment.

The government claims that these measures are part of its «national renewal» program aimed at restoring optimism in society after warnings about the state of the economy.

Charot FXMart · Guru

Bitcoin at $70,000: market expectations against the background of elections

On Monday, the price of bitcoin reached a three-month high, exceeding $69,500. This growth is associated with increased speculation about the likely victory of Donald Trump in the upcoming elections.

Recent polls and forecast markets show an increase in Trump's chances of winning, which causes increased interest in bitcoin. Trump has repeatedly expressed support for cryptocurrencies, promising to build «the future of bitcoin in America,» even accepting donations in cryptocurrencies during his campaign.

If he wins, traders expect more loyal regulation of cryptocurrencies in the United States, which can be a powerful incentive for the growth of the bitcoin exchange rate.

Experts also note that breaking the $70,000 mark will be a key bullish signal for bitcoin.

At the same time, there are only two weeks left before the vote, which creates instability in the markets. Investors in search of «safe havens» prefer gold and the dollar, which reached a record high on Monday. Despite this, the latest capital movement data shows that institutional investors resumed buying cryptocurrencies last week.

Charot FXMart · Guru

The euro is weakening, the dollar is rising amid the upcoming elections in the United States

The dollar index continues to grow, reaching two-month highs and approaching 104.0.

This growth is due to investors' expectations that the US Federal Reserve will maintain a cautious position on lowering interest rates. Recent economic data show the stability of the American economy, and inflation is decreasing smoothly.

At the same time, the euro continues to weaken after the recent decision of the European Central Bank to cut key interest rates. The situation is aggravated by weak inflation data in Germany, indicating a slowdown in economic growth in the eurozone. The Chinese yuan also weakened against the dollar, returning to 1.5-month highs at 7,125.

Against the background of the upcoming US elections, investors predict a different dollar exchange rate depending on the results of the US elections. Historically, the Republican presidency is associated first with a strong and then a weakening dollar, while Democratic presidents, on the contrary, usually start with a weak dollar, which then strengthens.

In the near future, attention will be focused on the publication of preliminary business activity indices (PMI) for the eurozone, which will provide updated information on economic indicators in October.

Charot FXMart · Guru

Investors are leaving thematic ETFs en masse: AI, video games and other topics are losing popularity

There is a change of favorites in the global investment market. Investors are increasingly moving from exchange-traded funds (ETFs) specializing in certain topics to traditional ETFs linked to stock indexes.

Analyst data indicate that the outflow of funds from thematic ETFs has continued for the third year in a row. This year, $5.8 billion has been withdrawn so far, which already exceeds the outflow for the whole of 2023 ($4.8 billion).

The growth of stock indexes, which are near record highs, is one of the reasons for this phenomenon. The five largest ETFs tracking the S&P 500 and Nasdaq 100 indices have received inflows of $170 billion this year.

Experts believe that investors may prefer the stability and broad diversification offered by index ETFs. They also point out that thematic investing itself involves risks. Choosing the right topic, the stocks that will benefit most from this topic, and accurately determining the time of purchase of the fund — all this requires high qualifications and experience.

This trend may indicate that investors are becoming more conservative in their investments. But it's worth noting that thematic ETFs can return to favor if certain topics, such as AI or the metaverse, show strong growth.

Charot FXMart · Guru

Oil ends the week with growth amid geopolitical uncertainty

The oil market ended the week with growth, recovering some of the losses on Monday and Tuesday. Brent crude futures rose 0.77% to $75.15 per barrel, while U.S. WTI rose 0.85% to $70.79, despite continued uncertainty in the Middle East.

Traders are closely monitoring the development of the situation in the Gaza Strip, where ceasefire negotiations are expected to resume. Tensions in the Middle East caused by Iran's missile attacks and the expected Israeli reaction are putting pressure on oil prices. Some analysts predict that possible strikes on Iran's oil infrastructure could lead to higher prices.

At the same time, expectations regarding China's stimulus policy have a restraining effect on the market. Despite hopes for an increase in oil demand, experts do not expect that Chinese measures will have a significant impact on prices.

Goldman Sachs confirmed its forecast for oil prices at $70-85 per barrel for Brent in 2025, citing that the impact of Chinese incentives will be modest compared to other factors such as the supply of oil from the Middle East.

Charot FXMart · Guru

Oil has fallen in price after Israeli strikes on Iran

On Monday, oil prices fell by more than 5% after Israel's retaliatory actions against Iran did not affect key oil and nuclear facilities. Trading on the oil market began with a sharp decline, and Brent futures fell 5.5% to $71.05 per barrel. WTI contracts also fell by almost 5.8%, trading around $67.20.

Last week, oil prices showed significant volatility, increasing by 4%. The growth was driven by expectations of a wide range of Israeli responses to the Iranian missile attack on October 1.

On Saturday, the Israeli Air Force launched three waves of strikes against military installations near Tehran and in western Iran. However, the absence of strikes on oil and nuclear facilities has led to a decrease in geopolitical tensions and, as a result, to a decrease in the «risk premium» embedded in oil prices.

Analysts note that the market will now focus on negotiations on a cease-fire between Israel and the Hamas group. Some financial institutions, such as Citi, are already revising their oil price forecasts, lowering target levels due to reduced geopolitical risk.

Charot FXMart · Guru

The United States will limit investments in Chinese technology

In an effort to protect its technological interests and contain China's military potential, President Biden's administration took a decisive step. On October 28, the U.S. Treasury Department unveiled new rules that significantly limit investments and technical assistance from American companies in the development of key sectors of the Chinese economy.

The focus turned to technologies that are important for future military, cybersecurity and intelligence operations: semiconductors and microelectronics, quantum computing and artificial intelligence.

The introduction of these rules, which take effect on January 2, is part of a broader U.S. strategy to limit China's access to technologies that can be used to pose a threat to national security.

The Biden administration stresses that the purpose of these measures is to prevent China from receiving «intangible benefits» from US financial support, including improving its reputation, market access and attracting highly qualified personnel.

Charot FXMart · Guru

The European economy grew in the third quarter

In the third quarter, the eurozone economy showed unexpectedly strong growth, reaching 0.4%. France and Spain became the key drivers of this growth, and Germany, which was previously under threat of recession, increased GDP by 0.2%. In Italy, the production level remained at the level of the previous quarter.

Inflation in Spain accelerated slightly to 1.8%, remaining within the ECB's target range of 2%. Consumer prices in Germany rose by 2.4% y/y in October.

Germany still faces challenges such as loss of competitiveness due to high energy costs and a shortage of qualified personnel. Nevertheless, growth in the third quarter was supported by consumer and government spending.

The growth of the French economy is associated with the Olympic Games, as well as with increased government spending, despite the difficult financial situation. Although the increase in French GDP has brought some relief to the government, weak investment figures and a slowdown in consumer spending continue to negatively affect the budget.

Austria also showed growth of 0.3%, while Portugal and Lithuania have seen an acceleration in GDP growth.

Charot FXMart · Guru

Oil soared amid Iran's threats

Tensions in the Middle East have brought the market's attention back to the escalation of hostilities, which has led to a sharp rise in oil prices. Reports of a possible Iranian attack on Israel from Iraq in the coming days forced investors to pay attention to geopolitical risks.

On Friday, Brent and WTI recorded significant growth, exceeding $74.80 and $70.2, respectively. At the beginning of the week, prices fell after a limited Israeli attack in response to rocket fire from Iran, but experts warned that the market «relaxed too quickly.»

Despite some encouraging signals, including the American proposal for a cease-fire in Lebanon and Israel's stated willingness to respond decisively, market participants continue to anxiously observe the growing tensions in the region.

The oil market will be under the close attention of investors in the near future, as a number of key events may significantly affect prices. Next week, the United States will hold presidential elections and a meeting of the highest legislative body in China. Also, the decision of OPEC+ to gradually resume production from December will have significant weight for the price trend.

Charot FXMart · Guru

German industry is looking for salvation abroad

A study conducted in September 2024 among the top managers of 115 industrial companies in Germany revealed alarming trends.

Almost half of the respondents (45%) plan to expand abroad. And only a few companies (13%) are interested in new branches within the country. Moreover, 29% of enterprises reported readiness to transfer jobs from Germany, and only a tiny part (4%) is considering the reverse process of returning immigrated employees.

The results of the study confirm the fears of managers that more than two thirds of the survey participants are confident that the number of jobs in Germany will decrease in the coming years. Only about half expect the situation to improve in five years, while the rest are skeptical about the prospects for the development of the German economy.

Experts point to a number of reasons underlying the current trend. The majority of respondents consider excessive bureaucracy to be the main obstacle to economic recovery. «Wrong policy decisions,» according to almost half of the respondents, also play a significant role in slowing growth. «Insufficient management efficiency» is considered a problem by every fourth participant in the survey.

Charot FXMart · Guru

Copper rises in price on positive signals from China

Copper futures are rising for the third day in a row on the back of positive economic news from China and expectations of new support measures from Beijing.

Activity in the service sector in China increased last month at the fastest pace since July, and recent data also showed an increase in business activity in the industry. These indicators suggest that China's efforts to stimulate the economy are beginning to have an effect.

According to forecasts, at a meeting of the Standing Committee of the National People's Congress, the Chinese government may announce additional support measures.

Metals, including copper, had previously declined in price as initial optimism about China's stimulus measures gave way to doubts. However, this week the markets will also be watching the results of the US elections, which may add volatility. According to Citigroup, copper on election day has typically grown in nine of the last ten election cycles and may temporarily rise in price to $10,000 per ton amid monetary easing in China and the United States, as well as possible changes in tariffs depending on the outcome of the election.

Copper rose 0.43% on the London Metal Exchange and is trading at $9,724.50 per tonne. Aluminum also rose 0.78% to $2,641 per tonne after reports of a decline in inventories in China to the lowest level since February, according to Shanghai Metals Market.

Iron ore futures rose 1.39% to $103.91 per tonne on the Singapore Stock Exchange, continuing a similar rise since Monday.

Charot FXMart · Guru

Bitcoin has updated the historical record amid Trump's victory

On the night of November 6, the bitcoin exchange rate reached a new historical high, exceeding the $75,000 mark.

According to Coinmarketcap, the cost of one bitcoin was $74,909, after which the exchange rate decreased slightly and began to grow again, stopping at $74,500.

On the Binance exchange bitcoin was briefly trading at exactly $75,011.

The growth of bitcoin occurred against the background of the US presidential election held yesterday, as a result of which Donald Trump, known for his support of cryptocurrencies, won. This has caused optimism among investors who expect positive changes for the digital asset market.

Bitcoin set the previous record in March 2024, when its exchange rate reached $73,777.