Bitcoin breaks through on Wall Street 💥
- NexxtGen Markets
- 3 days ago
- 2 min read
Good morning, here's the latest Global Financial Markets news from Steve Halls at NexxtGen Markets here in the City of London...
Bitcoin continues to cement its role in mainstream finance. In a stunning reversal, JPMorgan Chase—whose CEO Jamie Dimon once dismissed it—is now offering clients access to Bitcoin investments (though notably without direct custody).
This shift comes as Bitcoin’s total market cap surges past $2 trillion, leapfrogging Alphabet to become the sixth-largest asset globally. With prices now firmly above $100,000, the case for crypto as a legitimate long-term investment continues to strengthen.
Global economic landscape 🌍
🇺🇸 Moody’s downgrade rattles US markets
Moody’s has officially downgraded the US credit rating from Aaa to Aa1, citing rising fiscal deficits and a lack of long-term debt reform. This could have long-lasting implications for global investors and bond markets.
🇦🇺 RBA cuts rates as inflation cools
The Reserve Bank of Australia trimmed interest rates by 0.25%, bringing the benchmark rate to 3.85%. With inflation finally moderating, the decision is viewed as a potential tailwind for stocks and commodities in the region.
🇨🇳 Xiaomi bets big on chips
Chinese tech giant Xiaomi is investing $7 billion over the next decade to boost its chip-making capabilities. This long-term play aligns with Beijing’s push for tech sovereignty and may open doors in the crypto and AI sectors.
Corporate spotlight 🔎
🏠 Home Depot earnings due today
Home Depot is set to release Q1 earnings. Analysts expect an 8% rise in sales, but margins will be closely scrutinised as higher wages and input costs weigh on operations.
🛠️ Lowe’s to follow tomorrow
Lowe’s is on deck next with earnings expected to show a 2% dip in sales. Market focus will be on whether this signals broader weakness in US housing or merely a short-term correction.
🏘️ Toll Brothers results ahead
Luxury homebuilder Toll Brothers has surged 13% this month. Its upcoming report will shed light on the housing market’s resilience amid higher mortgage rates.
🛡️ Palo Alto Networks to post Q3
Palo Alto Networks will report after the bell. Strong results are expected, especially in AI-driven cybersecurity solutions. Investors will be looking for guidance into Q4 and the fiscal year.
🍔 McDonald’s AGM takes centre stage
McDonald’s holds its annual general meeting today. Key discussion points include global expansion, digital strategy, and navigating labour market pressures.
Market movers 📊
Company | Move | Summary |
🔼 +8% | Profit fell 16%, but summer demand and low fares boosted sentiment. | |
➡️ Flat | Sales rose 5.9% in Q3; company announced $500M in cost cuts and possible asset sales. | |
🔼 +2.65% | Shares rose following major chip investment and product launch. | |
🔽 -2.46% | Pulled back after a strong run; mirrors broader tech selloff post-US downgrade. |
Key economic events to watch ⏰
Event | Forecast |
🇨🇦 Canada CPI (April) | 2.5% YoY (vs 2.3% prior) |
🇪🇺 Eurozone Consumer Confidence | -16.0 (vs -16.7 prior) |
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