Marketmind: New year, old plot

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02 Jan 2015

The 2024 trading year kicked off in Asia with bitcoin surging, gold prices climbing and Chinese markets sliding yet again — all of which point to the fact that even in the New Year, the narrative for markets had not changed at all.

Trading was thinned in Asian hours with Japan out on a holiday, though expectations that 2024 could mark the start of a global easing cycle remained the dominant market driver, and investors continued to find every reason to latch on to the optimism.

Financial markets also didn't seem too rattled by a powerful earthquake which struck central Japan on New Year's Day.

In a fresh boost to risk appetite, the world's largest cryptocurrency bitcoin rose above $45,000 on Tuesday for the first time since April 2022, extending its strong run from last year where it jumped more than 155% — its best year since 2020.

With the data calendar relatively scant for the day, it seems there is little in the way to sway investors betting on a slew of rate cuts beginning