The US stock indices were not traded yesterday due to the Martin Luther King Jr. holiday. However, the US stock futures continued to rise on Monday. The rise followed a WSJ report that the president plans to direct federal agencies to review trade policy and assess US trade relations with China and neighboring countries. Contrary to earlier concerns, no new tariffs are expected to be imposed on his first day in office.

Bitcoin retreated towards the $100,000 mark on Tuesday after hitting a record high of $109,000 in the previous session as volatility persists following the inauguration of Donald Trump as the 47th president of the United States. Investors are expecting Trump to issue an executive order declaring digital assets a “national priority,” but it has yet to be issued. Trump is also expected to create a digital assets’ advisory board and increase deregulation to support the sector. Over the weekend, Trump unveiled his own digital token, which trades under the ticker “Trump” on the Solana blockchain. Melania Trump also joined the wave of digital assets by launching her own memecoin, further emphasizing the administration’s growing involvement in this space.

Equity markets in Europe were mostly up on Monday. Germany’s DAX (DE40) rose by 0.42%, France’s CAC 40 (FR 40) closed 0.31% higher, Spain’s IBEX 35 (ES35) Index gained 0.23%, and the UK’s FTSE 100 (UK100) closed 0.18% higher. On Monday, the FTSE 100 closed at 8521, a new record high. Traders were reassured by news that the incoming Trump administration will refrain from imposing trade tariffs for now.

WTI crude oil prices held below $76.9 a barrel on Monday as markets reacted to US President Donald Trump’s pledge to boost domestic oil production, including plans to invoke emergency powers to boost energy production immediately after taking office. In addition, his decision to delay the imposition of tariffs against China, Canada, and Mexico brought temporary relief, easing fears of supply disruptions, especially from Canada, the largest supplier of oil to the US.

Silver (XAG/USD) rose to $30.34 an ounce on Monday amid supply concerns and narrowing price discrepancies between New York and London markets. The threat of tariffs, especially after President Trump’s inauguration, initially raised premiums on silver futures as traders braced for potential disruptions. Geopolitical factors, including a reduction in tensions between the US and China following a positive conversation between Trump and Xi, are also boosting silver’s appeal as an asset.

Platinum (XPT/USD) prices fell below $950 per ounce, a sharp retreat from the two-month high of $982 reached on January 10, and continued last year’s lagging performance against other precious metals amid weaker demand for platinum for industrial use. The World Platinum Investment Council (WPIC) said slowing demand for internal combustion engines, which use platinum as a raw material for a catalyst, had pressured prices throughout the year due to a slowing Chinese economy and a growing preference for electric vehicles.

Asian markets were predominantly rising yesterday. Japan’s Nikkei 225 (JP225) added 1.17%, China’s FTSE China A50 (CHA50) gained 0.69%, Hong Kong’s Hang Seng (HK50) rose by 1.75% and Australia’s ASX 200 (AU200) was positive 0.45%. Hong Kong’s stock market rose by 142 points on Tuesday morning, marking its sixth session of gains and holding at its highest level in three weeks. The bullish momentum came after Donald Trump steered clear of China in his inauguration speech on Monday and did not immediately impose previously threatened tariffs. Meanwhile, Chinese President Xi Jinping urged policymakers to pursue more active macroeconomic policies this year to support growth.

In Japan, investors remain cautious ahead of the Bank of Japan’s upcoming monetary policy decision this week as BoJ officials hinted at the possibility of a rate hike. Such a move would push up Japan’s short-term borrowing costs to 0.5%, the highest level since the 2008 global financial crisis.