President Donald Trump is hosting the inaugural White House crypto summit on Friday, convening over 25 key figures from both the crypto industry and government. Chaired by David Sacks and Bo Hines, the event aimed to advance his vision for a U.S. crypto strategic reserve under Executive Order 14178. Trump was expected to unveil reserve details, with Commerce Secretary Howard Lutnick highlighting a special status for Bitcoin alongside other major cryptocurrencies. The summit came at a time with high volatility in Bitcoin, where prices bounced back and forth in the measures of billions triggered by unusual market speculation and Trump’s pro-crypto stance. Trump touted the gathering as a move toward establishing the U.S. as the "crypto capital of the world," countering previous administration policies.
EQUITY
Wall Street is scratching its head as the White House announced a one-month exemption from 25% auto tariffs for Mexico and Canada, benefiting major automakers like General Motors, Ford, and Stellantis. Sector performance diverged, with materials and tech stocks leading gains, while energy lagged with falling oil prices. The Federal Reserve’s Beige Book stated slight economic improvement but flagged concerns over tariff-related risks. CrowdStrike fell on an earnings miss while Moderna rallied on drug approval hopes.
GOLD
Gold prices rise slightly to near-record highs even with the U.S. dollar trading at a four-month low. Safe haven demand was supported by a decline in U.S. job growth, per the ADP report, and President Trump’s tariffs are still a big risk. Analysts highlight stagflation risks, central bank bullion purchases, and earlier Fed rate cuts given slowing growth, with gold now hovering above $2,900 per ounce.
OIL
Crude oil prices are stabilising after a multi-day plunge that sent both Brent and WTI to multi-year lows, with Brent trading around $69.70 and WTI around $66.70. The market has been pressured by multiple factors, including U.S. crude stockpiles rising 3.6 million barrels, OPEC+ planning to boost production for the first time since 2022, and concerns over economic slowdown from U.S. tariffs. Some relief was served as President Trump may exempt Canadian energy imports from the 10% tariff, and automakers received a temporary exemption from the 25% tariff.
CURRENCY
The dollar index fell to a four-month low on Wednesday, dropping 1.19%, projecting tariffs to negatively impact the American economy. Inversely, the euro hiked to a 4-month high against the dollar, gaining more than 4% this week on dollar weakness and Germany's proposed €500 billion infrastructure fund and plans to overhaul borrowing rules. The yuan fell from a four-month high as fears of further US tariffs on China outweighed the brief relief given to Canada and Mexico.
