Market Update 26-07-24

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Happy Friday everyone! 👋

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We’re back with our weekly news recap 📰

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Fact for the week 🤔:

🏃♂️ The Paris 2024 Olympics starts today and we have gathered some interesting data for you. The summer games will host more than 32 different sports events, and athletes coming from 206 different nations. Also more than 10,500 athletes will be competing for 329 medals, so no wonder why this is considered for many the most important worldwide sports event. 🥇

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Onto this week’s updates 🚦

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🔴 Eurozone Confidence Drops 💶

New data in Europe is showing business owners are worried and confidence is dropping sharply. This week we had news coming from French and German business owners with confidence even hitting the lowest level since 2021 in the former, while minimums since February with the later. Of course this reflects fear of an economic crisis, but it’s not all bad news since this negative shift in confidence could prompt central banks to lower interest rates, a thing everyone with banking loans would appreciate. 💶
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🟡 Luxury Market Shift 👜

News came out on lower than expected growth for LVMH Group (owner of Louis Vuitton brand) in the Asia-Pacific market. While Louis Vuitton is showing a weak sales growth in the Chinese market, there is a substantial increase in Japan, marking a shift in consumer behavior in two of its main markets in Asia. However, brands appealing to the wealthiest consumers, such as Hermès, continue to thrive robustly, indicating a mixed outlook for this luxury market. 🌏
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🟢 Ethereum ETF Debut 📈

2024 will go down in history as a remarkable year for the cryptocurrencies sector. Following the Bitcoin ETF debut in January - the most successful ETF launch to date (!) - this week Ethereum had its own IPO moment. Ethereum's first trading day saw over $1 billion of volume, with BlackRock (as usual) leading the inflows at $266.5 million. Everyone in the crypto space is now betting on who will be the next to get to the big boys club, Wall Street. 🏦

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🎬 August is around the corner so we expect markets to be on vacay mode next few weeks. But you know, we'll be here next week to let you know what happened.

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Find us at lympid.io ✅

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