World Street | Bitcoin below $100K, US bond yields retreat, oil prices surge, and more
2024-11-25

Bitcoin paused just below $100,000 as traders evaluated the sustainability of optimism driven by President-elect Trump’s pro-crypto stance, while the US bond market showed signs of stabilization after a two-month selloff. Oil prices hovered near two-week highs amid escalating geopolitical tensions, and US business activity reached a 31-month high, buoyed by hopes for pro-business policies under Trump. Meanwhile, Nvidia shares fell over 3 percent after disappointing revenue growth projections, and the SEC summoned Gautam Adani over bribery allegations. All this and more on the November 25 edition of World Street.
Bitcoin Pauses Below $100K
Bitcoin stabilized after narrowly missing the $100,000 milestone, as traders weighed the sustainability of optimism sparked by President-elect Donald Trump's pro-crypto stance. The cryptocurrency dipped to $95,776 on Sunday, recovering to $98,065 by today morning in Singapore, buoyed by global market sentiment following Trump's selection of hedge fund executive Scott Bessent as Treasury Secretary.
US Bond Yields Retreat from Highs
The US bond market is showing signs of stabilising after a two-month selloff, as investors step in whenever yields hit new highs. Donald Trump's presidential victory, persistently high inflation, and robust economic data have driven 10-year Treasury yields sharply higher since mid-September, leaving uncertainty about their next move.
However, after the benchmark yield surpassed 4.5 percent on November 15, a surge of buying quickly pulled it back, and it hasn’t crossed that threshold since.
Oil Near Two-Week Highs
Oil prices lingered near two-week highs on November 25, building on last week's 6 percent surge as escalating geopolitical tensions involving Russia, Iran, and Western powers fueled concerns over potential supply disruptions. Brent crude rose 13 cents or 0.2 percent to $75.30 a barrel, while US West Texas Intermediate (WTI) gained 14 cents or 0.2 percent to trade at $71.38 a barrel.
US Business Activity Hits 31-Month High
US business activity surged to a 31-month high in November, fueled by optimism over potential interest rate cuts and pro-business policies expected under President-elect Donald Trump's administration next year. S&P Global reported on Friday that its flash US Composite PMI Output Index, which measures activity across the manufacturing and services sectors, rose to 55.3 in November, up from 54.1 in October and marking the highest level since April 2022. A reading above 50 indicates expansion in the private sector.
Trump's Plans Risk Chaos in US Manufacturing
Donald Trump's proposed rollback of Joe Biden's manufacturing tax credits and increased tariffs would spark a "period of chaos" and lead to sharp price hikes, according to Lael Brainard, the director of the National Economic Council. Speaking to the Financial Times, Brainard warned that gutting key Biden-era policies like the Inflation Reduction Act and the Chips and Science Act would significantly undermine US manufacturing capabilities.
Nvidia shares fall over 3 percent
Nvidia shares dipped over 3 percent after the company projected its slowest revenue growth in seven quarters, falling short of high investor expectations. Despite this, the stock has nearly quadrupled this year and surged over ninefold in two years.
US SEC summons Gautam AdaniThe US Securities and Exchange Commission (SEC) has summoned Indian billionaire Gautam Adani over allegations of bribery linked to a federal indictment, according to a court filing. The SEC accuses Adani, head of the Adani Group, and his nephew Sagar Adani of orchestrating hundreds of millions of dollars in bribes to benefit an Adani company, while allegedly misrepresenting the firm's compliance with anti-bribery laws during a $750 million bond offering.