More records for markets, while France faces political turmoil

Chris Beauchamp IG

Dow closes above 45,000 as turmoil envelopes France

2024 has been a stellar year for US equities, and the Dow's first close above 45,000 seems to mark the culmination of a two-year rebound. Hints of another rate cut this month, plus continued strong earnings and GDP growth, mean that investors see little alternative but to keep putting money to work in the world's largest economy.

Meanwhile, European instability was underscored by the expected collapse of the Barnier government in France. A new caretaker will be appointed swiftly, but there seems no way out of the budget impasse. Markets remain calm for now, but if the Far Left and Right succeed in eventually toppling Macron as president then we can expect a fresh round of jitters in French yields, the CAC40 and the euro.

New milestone for Bitcoin

Bitcoin's move above $100K will dominate chatter across dealing rooms today. The move comes hours after Powell put gold and bitcoin in the same speculative category; bitcoin aficionados will view this as a sign that the upstart asset finally has the recognition they believe it deserves.

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Chris Beauchamp

Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.

AUD/USD hits eight-month lows below 0.6850 amid bullish USD

AUD/USD stays defensive below 0.6850, hitting an eight-month low in the Asian session on Thursday as the possibility of a steeper Fed rate hike in December helps the US Dollar hold near its highest level since April 2025. Geopolitical uncertainty also supports the safe-haven buck, while the RBA’s cautious, on-hold stance limits the Aussie.

USD/JPY eases from near 160.00 amid looming intervention risks, BoJ hike bets

USD/JPY retreats slightly from an over two-month high as the recent surge back to the 160.00 psychological mark prompted verbal warnings from Japanese authorities and sparked fears of direct FX intervention. Moreover, data showed that Japan’s wholesale inflation picked up again in October, strengthening the case for a BoJ hike in December and lifting the Japanese Yen. However, a bullish US Dollar, bolstered by odds of a jumbo Fed rate hike in December, could cap the pair's downside.

Gold falls below $4,000 as traders weigh a half-point Fed rate hike

Gold (XAU/USD) slips back below $4,000 on Thursday, giving up most of last week’s gains as bets on more aggressive Federal Reserve (Fed) interest rate hikes lift the US Dollar (USD) to a fresh year-to-date high.

Top Altcoins Price Forecast: Ripple, Cardano and Solana halt decline amid signs of exhaustion

Top altcoins, Ripple (XRP), Cardano (ADA), and Solana (SOL), hold steady on Thursday, halting the prevailing decline linked to hot US inflation data and the post-US midterms period.

What are the long-term implications of the Nvidia scandal for AI and markets

The main question for investors today is whether or not Jensen Huang will leave the role of CEO at Nvidia after a crucial board meeting that was held to discuss his fate late on Wednesday. A leadership scandal at one of the world’s biggest companies is enough to bring the tech stock rally to a halt.

What the US CPI headline doesn’t tell you about inflation

Brent crude has fallen about a third since mid-October on hopes the Iran war is ending, but diesel, freight and fertiliser costs haven't followed. Those costs reach US consumer prices in stages through 2027 and could keep inflation high after gasoline gets cheaper.