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U.S. stocks are poised to recover some losses after a significant selloff, with futures for the Dow Jones Industrial Average up 121 points, or 0.3%. This comes after Federal Reserve Chair Jerome Powell indicated that persistent inflation means deep rate cuts are unlikely next year, contributing to a 1,100-point drop in the Dow on Wednesday, marking its longest losing streak in 50 years.
Binance’s liquid staking token, BNSOL, has surpassed $1 billion in Total Value Locked (TVL), capturing over 10% of Solana’s liquid staking market. Launched in September 2024, BNSOL has integrated with over 20 Web3 projects, enhancing its utility for trading and lending while offering low gas fees and zero staking fees through 2024. Binance plans to further expand BNSOL’s ecosystem with additional airdrops and protocol integrations, reflecting a growing demand for accessible staking solutions.
David Roche, strategist at Quantum Strategy, analyzes the Bank of Japan's recent decision to maintain unchanged interest rates. He also shares insights on the bank's outlook for 2025, highlighting the implications of this monetary policy stance.
AUD/USD, EUR/USD, and GBP/USD have sharply declined following hawkish comments from the Fed. AUD/USD has reached a 13-month low of $0.62, with support at $0.6171. EUR/USD has dropped to a November low, while GBP/USD slid to a three-week low of $1.2562, facing resistance at $1.2608 to $1.2617.
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UBS's global equity strategy team recommends investors shift from cyclical stocks to growth-oriented defensive stocks, citing high valuations and concerns over profitability amid a predicted global economic slowdown from 2024 to 2026. Defensive sectors like pharmaceuticals, software, and utilities are expected to thrive, with companies such as Microsoft and SAP highlighted for their strong growth potential and resilience during downturns.
The global economy in 2025 is marked by diverging trends, with the US showing resilience and growth, while Europe faces stagnation and uncertainty, particularly in the industrial sector. Switzerland's economy is expected to grow moderately at 1.3%, driven by a strong chemical and pharmaceutical industry, despite challenges from a strong franc and weak industrial demand. Political instability and delayed reforms in Europe hinder recovery, raising risks of a downward spiral in industry.
The Federal Reserve's hawkish stance following a 25 basis point rate cut has unsettled key risk assets, including the AUD/USD and Bitcoin, leading to a surge in the US dollar and yields. The AUD/USD plummeted to a two-year low of 0.6199, while Bitcoin fell to $99,997, reflecting weakened risk sentiment. Analysts suggest that both assets need to reclaim critical support levels to counter ongoing downside risks.
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Market participants anticipate minimal surprises from the central bank, expecting rates to remain steady while hinting at gradual hikes in 2025. The Fed's recent 25 basis point cut has shifted projections, now favoring two cuts in 2025 and two in 2026, amid rising inflation and growth forecasts.The hawkish tone from the FOMC meeting led to a sell-off on Wall Street, with Treasury yields surging and the US dollar reaching its highest level since November 2022. Asian markets followed suit, with the Nikkei 225 testing key support levels as traders await the Bank of Japan's upcoming meeting.
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UBS forecasts gold prices will surge to $2,900/oz by the end of 2025, driven by central banks' increased gold purchases and rising demand for safe-haven assets amid geopolitical uncertainties. The firm anticipates 982 metric tons of gold will be bought in 2024, significantly above the post-2011 average. Additionally, a weaker dollar and ongoing investments in transition metals are expected to further boost market dynamics.
El Salvador will make Bitcoin payments voluntary as part of a $1.4 billion loan deal with the IMF, which aims to reduce the country's debt-to-GDP ratio. The agreement includes unwinding government involvement in the Chivo wallet and limiting public sector engagement in Bitcoin activities. Despite the IMF's concerns about Bitcoin's risks, a recent survey revealed that 92% of Salvadorans do not use Bitcoin for transactions.
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