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HomeCryptoChina's NPC Disappoints, Risk Assets Pause; Bitcoin Bucks the Trend
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China’s NPC Disappoints, Risk Assets Pause; Bitcoin Bucks the Trend

The start of China’s week-long National People’s Congress (NPC) yielded an underwhelming outcome, with Beijing maintaining its 2024 growth target at 5% and refraining from substantial fiscal stimulus. This, coupled with a weak Wall Street close, kept risk assets mostly subdued on Tuesday, excluding the notable exception of bitcoin.

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Hong Kong’s Hang Seng index fell over 2%, reflecting the subdued sentiment after China’s NPC announcement. However, shares in the mainland, particularly those tracking the blue-chip CSI 300 index, experienced gains amid suspected state-backed buying of exchange-traded funds.

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Japan’s Nikkei regrouped after reaching an all-time peak earlier in the week, showcasing resilience in the face of broader market uncertainties.

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The upcoming week is marked by significant events, including Fed Chair Jay Powell’s semi-annual testimony to Congress, a series of top-tier U.S. data releases culminating in the monthly payrolls report on Friday, the ECB policy decision on Thursday, and the UK budget on Wednesday.

Bitcoin surged to a two-year high at $68,828, nearing its all-time peak, fueled by the latest rumblings about delayed rate cuts from the Fed. Atlanta Fed President Raphael Bostic’s comments about no pressure to ease amid inflation risks contributed to this shift. Additionally, bullion reached its highest close ever overnight.

Traditional currencies, on the other hand, remained subdued, with the dollar maintaining stability against the euro, pound, and yen.

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