July 19, 2024
Market Update 19-07-24
Happy Friday everyone! 👋
Another week has passed and we are back to talking about the world of alternative assets! Remember, alternative assets are anything other than stocks or bonds 📰
Fact for the week 🤔:
🗳 Last weekend Donald Trump survived an assassination attempt, and he may well be grateful for such an event since his odds on winning the election jumped to 69%. And what does this likely mean for alternative assets? Given Trump’s stance on several topics, at first glance his potential victory could be bullish for crypto, oil and coal. Conversely, the renewable energy sector might suffer in the next 4 years of his - more than likely - presidency. 🔋
Onto this week’s updates 🚦
🔴 Pernod Ricard Exits Wine 🍷
Pernod Ricard, world's second-largest wine and spirits seller, is selling most of its wine brands, including Jacob’s Creek and Campo Viejo. The company justified this decision with the decreasing consumption of wine worldwide, which reached a 27-year low. However, premium wines, such as champagne and high-end spirits, remain unaffected and continue to be a focus for growth. 🍾
🟡 Historic Fossil Investment 🦕
Well, talking about alternative investment assets can often be surprising. This time it was a dinosaur that delighted its owner. Found by paleontologist Jason Cooper on his private land in 2022, he decided to put it up for auction, with an expected sale of 6 million USD. However, yesterday Sotheby's announced that this piece was acquired for 45 million USD (!) making it the most valuable fossil ever sold at auction. 💰
🟢 Crypto Prices Surge 📈
A positive momentum is bearing down on crypto again, with Bitcoin and Ethereum making significant gains. Bitcoin surged again to $ 65,000 due to increased investors confidence - with Blackrock even recommending to buy the asset - while Ethereum is in a hot moment with the anticipation of the listing of ETH ETFs by the end of July, which will - predictably - bring enormous buying pressure to the asset, with experts predicting a value above 5,000 USD by the end of the year. Crypto is showing again strong potential. 🔥
🎬 News surrounding Trump's assassination attempt dominated financial news this week and it is no surprise because decisions in the largest economy in the world - also issuer of the world's reserve currency - have huge impact on world economies. US elections could dictate the path that the markets will follow, and investors are already positioning themselves with strong conviction that the seat will have a new - former - owner, Donald J. Trump.
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Talk next week 👋
