World Street offers sneak peak into top global news developments

Some of the top global developments include Bitcoin reaching a record high, President Trump starting his second term with key policy changes, and Canada's stock market rising after tariff fears dissipated. Dive into this January 20 World Street edition for more details!

World Street offers a concise overview of the latest global news developments, keeping you up-to-speed on the most impactful stories.

In this January 20 edition, we delve into several noteworthy events.

Bitcoin Surges to Record High

Bitcoin soared past $109,000 to reach a new all-time high of $109,241 on Monday, driven by heightened cryptocurrency market activity just hours before Donald Trump's inauguration as the 47th US President.

Over the weekend, Trump unveiled his own cryptocurrency, $TRUMP coin, a meme coin that spurred bullish buying and pushed its market capitalization into the billions.

The surge in Bitcoin prices comes amid a broader rally in the crypto market, with several other coins also posting significant gains.

However, the rally also coincided with reports of increased regulatory scrutiny on the crypto industry, with the US Securities and Exchange Commission (SEC) reportedly preparing to launch an investigation into Binance over its role in facilitating the trading of unregistered securities.

Dollar Plunges as Tariff Fears Ease

The dollar plunged on Monday after an incoming U.S. administration official revealed that President-elect Donald Trump would hold off on imposing new trade tariffs on his first day in office, calming fears of an immediate trade war.

Trump had previously vowed tariffs of 10% on global imports, 60% on Chinese goods, and a 25% surcharge on Canadian and Mexican products—policies that could disrupt trade, inflate costs, and trigger retaliation.

However, the official stated that Trump would instead focus on measures to strengthen domestic industries and reduce the trade deficit, without specifying the exact actions.

The dollar fell against a basket of currencies, with the dollar index slipping 0.2% to 92.03, while the euro rose to $1.23 and the yen strengthened to 103.03 per dollar.

TSX Hits Five-Week High on Tariff Relief

Canada's main stock index surged to a five-week high on Janaury 20, driven by strength in energy and industrial shares, as relief spread among investors over the absence of immediate U.S. trade tariffs under President Donald Trump.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) rose 103.66 points, or 0.4%, to close at 25,171.58, marking its fifth consecutive session of gains and the highest close since December 13.

Energy stocks climbed as oil prices rebounded from last week's decline, supported by optimism over a potential recovery in fuel demand and supply disruptions in the North Sea. The TSX energy subindex rose 1.2%, while المواد الخام subindex advanced 0.7%.

Among the energy gainers, Imperial Oil (IMO.TO) and MEG Energy (MEG.TO) both rose about 3%, while Canadian Natural Resources (CNQ.TO) and Suncor Energy (SU.TO) added 1.5% and 1.1%, respectively.

Industrials also advanced, with Bombardier (BBDb.TO) surging 8.4% after the company announced a deal to sell its business jet operations to Textron (TXT.N) for $400 million.

Financials were mixed, with the TSX bank subindex slipping 0.2%, while the insurance subindex rose 0.6%. Among the financials, Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO) both edged lower, while Manulife Financial (MFC.TO) and Sun Life Financial (SLF.TO) rose 1.1% and 0.8%, respectively.

Trump Weighs Tariffs on Canada, Mexico

President Donald Trump announced on Monday that he is considering 25% tariffs on imports from Canada and Mexico, citing border crossings and fentanyl issues. He indicated the decision could be made by February 1.

Trump stated that he is considering tariffs on السيارات and auto parts from both countries, and that the decision will depend on whether Canada and Mexico cooperate on移民 and drug trafficking.

"We're talking about putting tariffs on Canada, we're talking about putting tariffs on Mexico. Both of those will go into effect probably January 31st, February 1st," Trump said during a meeting with auto executives at the White House.

The announcement comes amid ongoing trade tensions between the U.S. and its North American partners, with Trump previously threatening to withdraw from the North American Free Trade Agreement (NAFTA) if it is not renegotiated to his satisfaction.

However, the incoming administration officials have stated that Trump is open to keeping NAFTA if it is substantially improved, and that he is particularly concerned about the trade deficit with Canada and Mexico.

Trump Pardons Capitol Rioters

President Donald Trump issued pardons