The US government shutdown was officially ended by President Trump signing the 2-week spending package yesterday.

Bitcoin (BTC/USD) dropped below the $73,000 mark, hitting its lowest levels since November 2024, following stern statements from the US Treasury. Treasury Secretary Scott Bessent explicitly stated that the department has no authority to purchase Bitcoin or support the digital assets market as a whole, fueling investor fears regarding the lack of a government “safety net.” The digital assets have lost more than 40% from their autumn peak, and market sentiment remains fragile. Michael Burry warned of the risk of an intensifying sell-off, noting the vulnerability of companies that aggressively accumulated Bitcoin last year.

European equity markets traded without a unified trend on Wednesday. The German DAX (DE40) fell by 0.72%, the French CAC 40 (FR40) closed up by 1.01%, and the Spanish IBEX 35 (ES35) edged down by 0.09%. The British FTSE 100 (UK100) closed up 0.85%, hitting a new all-time high. The standout performer was the British pharmaceutical giant GSK, whose shares surged following strong quarterly results and the reaffirmation of long-term guidance that exceeded market expectations. The UK100 was further supported by oil giants Shell and BP amid continuing oil price gains, while mining companies faced pressure due to falling quotes for precious and industrial metals.

On Thursday, silver prices (XAG/USD) collapsed, losing 16.5% and dropping to around $73.5 per ounce, ending its recent short-term correction. Volatility in the precious metals market has surged once again, and the failed recovery attempt has heightened expectations for further declines, despite hopes for demand at lower levels. Additional pressure came from a strengthening dollar amid hawkish signals from the Fed and a revision of expectations regarding the pace of US rate cuts.

WTI crude oil prices rose toward $65 per barrel on Wednesday, approaching late-January highs as geopolitical risks spiked. Escalating tensions between the US and Iran brought the risk premium back to the market: prospects for nuclear program negotiations are deteriorating, and a recent incident involving the interception of Iranian drones has raised fears of escalation in the Middle East. Possible tightening of sanctions against Iran and risks to shipping in the Strait of Hormuz are adding to supply anxieties. The supply side also supported quotes: US crude inventories fell by 3.5 million barrels, confirming a downward trend, albeit slightly weaker than expected.

The US natural gas prices (XNG/USD) jumped nearly 5% on Wednesday to $3.46 per MMBtu, driven by increased fuel deliveries to export LNG terminals. In February, average daily gas flows to the eight largest liquefaction facilities rose to 18.3 billion cubic feet, nearing the December record and exceeding January figures. This surge in export demand highlights the structural role of the US in the global gas market: following the energy crisis of 2022, the country has solidified its status as the world’s largest LNG exporter.

Asian markets mostly rose yesterday. The Japanese Nikkei 225 (JP225) declined by 0.78%, the FTSE China A50 (CHA50) rose by 1.32%, Hong Kong’s Hang Seng (HK50) gained 0.05%, and the Australian ASX 200 (AU200) posted a positive result of 0.80%.

The Australian dollar held near $0.70 on Thursday, remaining close to its three-year highs thanks to a combination of hawkish rhetoric from the Reserve Bank and strong foreign trade statistics. The trade surplus in December rose to AUD 3.37 billion, exceeding market expectations as commodity exports recovered while imports fell to multi-month lows. The currency found further support from the RBA’s February rate hike to 3.85%, accompanied by signals of potential further policy tightening.