Dow closes above 45,000 as turmoil envelopes France
2024 has been a stellar year for US equities, and the Dow's first close above 45,000 seems to mark the culmination of a two-year rebound. Hints of another rate cut this month, plus continued strong earnings and GDP growth, mean that investors see little alternative but to keep putting money to work in the world's largest economy.
Meanwhile, European instability was underscored by the expected collapse of the Barnier government in France. A new caretaker will be appointed swiftly, but there seems no way out of the budget impasse. Markets remain calm for now, but if the Far Left and Right succeed in eventually toppling Macron as president then we can expect a fresh round of jitters in French yields, the CAC40 and the euro.
New milestone for Bitcoin
Bitcoin's move above $100K will dominate chatter across dealing rooms today. The move comes hours after Powell put gold and bitcoin in the same speculative category; bitcoin aficionados will view this as a sign that the upstart asset finally has the recognition they believe it deserves.
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