As markets brace for the inauguration of Donald Trump later today, London’s FTSE 100 (^FTSE) and European stocks saw cautious gains in early Monday trade. Notably, US markets will remain closed for Martin Luther King Jr. Day.
Early Market Performance
London’s leading index, the FTSE 100, opened 0.1% higher. This follows a week of strong performance that saw the index rally to record highs. Among the standout performers was EasyJet (EZJ.L), which climbed 0.9% in anticipation of its quarterly report scheduled for release on Wednesday.
Meanwhile, the FTSE 250 (^FTMC), which focuses more on domestic companies, mirrored the FTSE 100’s modest gain with a 0.1% rise.
Across Europe, Germany’s DAX (^GDAXI) hovered just above the flatline, while France’s CAC 40 (^FCHI) inched up by 0.2%. The pan-European STOXX 600 (^STOXX) also managed a slight 0.1% increase.
Currency and Cryptocurrency Movements
The pound (GBPUSD=X) strengthened by 0.3% against the dollar in early trading, crossing the $1.22 threshold. This modest rebound follows weeks of underperformance linked to concerns over UK government debt and sluggish GDP growth.
In the cryptocurrency space, Bitcoin (BTC-USD) surged by 3.2%, reaching fresh all-time highs. Optimism about a more favourable regulatory environment under the incoming Trump administration fuelled the rise. Notably, the past week saw the launch of a Trump-branded memecoin, spearheaded by CIC Digital LLC and Fight Fight Fight LLC, with the latter holding an 80% stake in the tokens.
Trump’s Inauguration
With unseasonably cold weather gripping Washington, DC, the president-elect’s inauguration will take place indoors rather than at the traditional location on the steps of the US Capitol. This change underscores the unpredictable conditions facing markets and politics alike as the new administration takes the reins.
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