Stocks rise, bitcoin hits record as Trump returns

European and Asian stock markets rose on Monday and bitcoin soared to a new high as Donald Trump prepared to re-enter office as president of the world’s biggest economy. The dollar slid more than one per cent versus the euro and lost similar ground against the pound after The Wall Street Journal reported that Trump would not immediately impose tariffs upon his inauguration. The dollar shed 1.4pc against the European single currency, with one euro buying $1.0419. It slid 1.1pc versus sterling, with the pound buying $1.2314. Oil prices also fell more than 1pc. Kathleen Brooks, research director at XTB, suggested a second Trump term could prove to be less volatile than his first, noting that “Treasury Secretary Scott Bessant has spoken out against tariffs and is said to be a moderating influence on the President.” Noting forecasts of a flood of executive orders, Brooks said that there were signs that “a programme of tariffs is still under debate by Trump and his team.” Bitcoin hit a record above $109,000 before easing as Trump, who has signalled plans to deregulate the cryptocurrency sector, prepares to be sworn in as US president.