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Global markets plunged as the US confirmed a staggering 145% tariff on Chinese imports, escalating the trade war despite initial optimism from President Trump's softer stance on other international tariffs. While Asian and European markets initially surged, US indices fell sharply, with the Dow dropping 1,746 points. Amidst the turmoil, international leaders expressed cautious optimism for negotiations, while oil prices also declined in response to the heightened tensions.
President Trump is poised to impose reciprocal tariffs on nations that tax US goods, a move he claims will revitalize American manufacturing and create jobs. However, this strategy risks raising consumer prices and could exacerbate economic instability, as market confidence wanes amid fears of recession. The potential for opt-outs and the uncertain long-term effects of these tariffs add to the unpredictability of his leadership.
Leading cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced significant sell-offs as economic data dampened rate cut expectations. Bitcoin fell to $96,200, while Ethereum dropped nearly 9% to $3,880, contributing to a $559 million liquidation in the crypto market.The global cryptocurrency market cap decreased by 5.29% to $3.39 trillion, mirroring declines in major stock indices. Analysts suggest that Bitcoin's support at $97,000 is crucial; a break below could lead to further declines, while a rebound may follow if support holds.
U.S. inflation rose slightly in October, with the personal consumption expenditures price index increasing by 0.2% month-over-month and 2.3% year-over-year. Despite a dip in U.S. stock markets, investors remain optimistic, with many stocks above their 200-day moving average, indicating a solid market trend. Meanwhile, South Korea unexpectedly cut interest rates amid disappointing economic growth, and forecasts suggest the offshore yuan may hit a record low against the dollar by 2025.
U.S. inflation rose slightly in October, with the personal consumption expenditures price index increasing by 0.2% month-over-month and 2.3% year-over-year, while core inflation hit 2.8%. Despite a dip in U.S. stock markets, investors remain optimistic, with many betting on a potential rate cut by the Federal Reserve in December. The market shows resilience, as over three-quarters of S&P stocks are above their 200-day moving average, indicating a solid upward trend.
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