Market Snapshot – Markets Buoyant as US Ends Shutdown

Markets Move Higher

The global stock markets have been buoyant during the course of the day today as the risk sentiment has improved all around. Yesterday, we saw the US end the shutdown that it has been dealing with over the past 3 days and this has acted as a boost to the stock markets. This led the US stock indices higher and we have seen the other global indices also follow suit in a very close manner. The DAX has also been trading in a very strong manner during the last 24 hours as the economic summit in Davos today and tomorrow attracts the top leaders of the world. The market does not seem to be having any impact from the meeting or the statements from the leaders there as the market waits for the ECB later in the week.

Crypto Markets Undecided

The crypto industry continues to trade in a weak manner as the South Korean regulators continue their crackdown on the industry. After having banned the use of virtual accounts and also stopped foreign clients trading in their crypto exchanges, they have then decided to tax the crypto exchanges. The market is still a bit confused on whether it needs to be happy that they have not banned the exchanges as yet or whether they should feel bearish due to all this crackdown. It is a combination of both right now with the bears having the upper hand and that is why we are seeing the prices moving lower in the short term. The bitcoin prices trade just above the $10000 region as of this writing while the ethereum prices have dropped below the $1000 region and it remains to be seen what would be the reaction of the markets to all these developments in the days to follow. This is likely to determine the direction in the short term.