European Indices Record Remarkable | Bitcoin Holds 9K

European Indices Record Remarkable YTD Performance |
Bitcoin Holds 9K Level | Irish Border Control Presents
Challenge

December is here and
investors are going to look for the traditional Santa rally.
The trading volume would start to fall as we move closer to
the holiday season because traders and investors would start
participating in the celebration of the festival season.
This particular year we have seen some remarkable gains for
the European indices and FTSE MIB takes the medal with a YTD
gain of 16.29% and DAX is up 13.44%.

Thanks to the
ECB’s monetary policy which enabled good times for smaller
companies. Hence, there is no surprise that European
economic data consistently showing signs of strength.
Smaller businesses make the backbone of the euro-zone
economy and the earning season confirmed that small and
medium-sized firms have once again picked up steam.
Countries like Greece, which were facing hurdles in igniting
the growth have also started to show more encouraging signs.
The SMEs are optimistic about the future which is backed by
their turnover.


The dollar bulls had a setback yesterday
and the outcome of the US tax bill wasn’t what they were
hoping for. The US decided to delay the vote and hold Donald
Trump from celebrating his victory by another day. The
collapse of the voting process took place due to the failure
of a compromise, something which we are used to. The points
of disagreement included changes in the tax cut expiration.
The dollar index could reverse its losses if the US tax
reform bill finally sees the sunlight today.

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When it
comes to the Brexit negotiations, the Irish border issue
remains very active without any solutions. Theresa May would
have to utilise the weekend and think outside the box to
find a solution for this. The solution must be in the form
of dessert which the EU’s Jean Claude could enjoy during
his lunch meeting with May on Monday. The agenda for May is
to make her decision on the control points in Northern
Ireland, and if she decides to go with no border option, it
would make matters tough for her given her relationship with
the DUP party.

Bitcoin had another volatile session
yesterday which makes many in the industry to question if it
has the ability to act like a currency. For now, we are
holding the level of 9K but it does look likely that bitcoin
may break this level and that would create another headline.
The daily moves are just mammoth and if Bitcoin is going to
become a form of currency, first it needs to show stability.
Institutions are supporting and adopting the blockchain
technology without any doubt, however, the concept of
cryptocurrency under the current circumstances is something
which is making them nervous and not many are on board with
this idea.

© Scoop Media

 

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