Blue Monday, Martin Luther King Day, or Donald Trump's inauguration—where do we start? At midday, Donald J. Trump becomes the 47th President of the United States, with speculation that he may swiftly implement policies ranging from lower taxes to higher tariffs and tighter immigration controls. The inflationary impact of these policies has kept the dollar strong and Treasury yields elevated. However, recent conversations between Trump and Xi Jinping have raised hopes for easing U.S.-China tensions, with TikTok's services restored on Sunday.
Shifting focus away from the U.S., the Bank of Japan is anticipated to raise rates at its first gathering of 2025 on Friday. Elsewhere, the World Economic Forum in Davos begins, and in Canada, the CPI is set for release on Tuesday. On Thursday, we’ll see Eurozone consumer confidence data, rate decisions from Turkey and Norway, and domestically, the UK PMIs will be in focus on Friday.
Overnight, Bitcoin climbed to $108,445.56, the yield on 10-year Treasuries opened at 4.63%, West Texas Intermediate crude rose 0.2% to $78.03 per barrel, and spot gold edged up 0.1% to $2,706.98 an ounce.
We wish you a good week—watch out for the fireworks today!
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