U.S. President Joe Biden today made his first appearance at the G-7 (virtual) meeting, making a strong statement towards China in the process.
A week after the Finance Ministers from the U.S, Canada, UK, Italy, Japan, Germany and France met; this week was the turn of the countries’ leaders.
Boris Johnson who was chairing the meeting opened by stating that, “Jobs and growth is what we’re going to need after this pandemic”. As many, if not all the G-7 nations suffered record economic setbacks in 2020.
Whilst echoing these sentiments, President Biden also brought China’s influence on the world to the agenda, stating that, “We have to push back against the Chinese government’s abuses and coercion that undercut the foundations of the international economic system”.
This comes after it was announced that China had recently overtaken the U.S. in being Europe’s biggest trading partner.
Dow Jones rises as Yellen calls for “big” stimulus
The Dow Jones ended a choppy week of trading in the green, boosted by comments from Janet Yellen, calling for a big stimulus package.
Yellen, who has been strongly endorsing the proposed $1.9 trillion package stated that, “We think it’s very important to have a big package [that] addresses the pain this has caused – 15 million Americans behind on their rent, 24 million adults and 12 million children who don’t have enough to eat, small businesses failing”.
In her comments to CNBC, the former chair of the Federal Reserve added that, “I think the price of doing too little is much higher than the price of doing something big. We think that the benefits will far outweigh the costs in the longer run”.
As of writing the Dow Jones was up 0.22% with the S&P 500 down 0.16% and the tech heavy NASDAQ index up slightly by 0.19%.
Bitcoin market cap reaches $1 trillion
Bitcoin continues to flourish in capital markets, as the world’s largest cryptocurrency today reached a market capitalization of over $1 trillion.
With many reputable names now publicly endorsing Bitcoin, the once shadowy investment, has now solidified itself as a mainstay in the markets, with many labelling it digital gold.
BTCUSD rallied to an intraday high of $54,869 on Friday, after trading as low as $52,616 earlier in today’s session.
Many now wait to see if the cryptocurrency can sustain this growth in upcoming weeks.
Quote of the day – “Short-term volatility is greatest at turning points and diminishes as a trend becomes established.”George Soros
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Senior Market Analyst