Key Takeaways
- JPMorgan (JPM) analysts predict Bitcoin (BTC) could surge to $170,000 within the next 6-12 months, citing completed deleveraging in perpetual futures and its historical undervaluation compared to gold.
- The Riksbank acknowledges October inflation was "a little higher than expected" but maintains its view that overall inflation is easing and transitory, keeping its policy rate unchanged at 1.75%.
- China's Vice Premier Ding Xuexiang called for the removal of trade barriers hindering the global green transition at the COP30 climate summit, emphasizing multilateralism and the free flow of green technologies.
- Canada's Ivey Purchasing Managers' Index (PMI) for October sharply declined to 52.4 from 59.8, missing forecasts and signaling a notable slowdown in business activity.
- The U.S. Geological Survey (USGS) has added copper, silver, and potash to its 2025 Critical Minerals List, underscoring their strategic importance for national security and economic stability.
JPMorgan Sees Significant Upside for Bitcoin
JPMorgan Chase & Co. (JPM) analysts are forecasting a substantial rally for Bitcoin (BTC), predicting the cryptocurrency could reach $170,000 over the next six to twelve months. This optimistic outlook is attributed to the belief that the deleveraging phase in perpetual futures markets is largely complete, following significant liquidations on October 10 and November 3. Analysts, led by Nikolaos Panigirtzoglou, also highlight Bitcoin's historical undervaluation compared to gold, particularly as its volatility ratio to gold has fallen below 2.0, making it a more attractive asset on a risk-adjusted basis. The recent market corrections, including a nearly 20% drop from recent highs, are viewed as technical events rather than fundamental shifts, paving the way for significant upside.
Riksbank Signals Easing Inflation Despite October Blip
Riksbank Deputy Governor Per Jansson indicated that the overall impression is that inflation is easing, even though October inflation figures were "a little higher than expected." The Swedish central bank anticipates a continued decline in inflation over the next six months, reinforcing its assessment that the current elevated inflation is transitory. The Riksbank recently decided to keep its policy rate unchanged at 1.75%, a level it expects to maintain for some time, effective from November 12, 2025. This decision aligns with their September forecast, which projected a gradual return to the 2% inflation target.
China Calls for Removal of Green Trade Barriers at COP30
During his address at the COP30 climate summit in Brazil, China's Vice Premier Ding Xuexiang urged global leaders to remove trade barriers that are impeding the worldwide green transition. Ding emphasized the necessity for "true multilateralism" and enhanced international cooperation in green technology and industry to ensure the free flow of quality green products. He also reiterated China's stance on "common but differentiated responsibilities," calling on developed nations to take the lead in reducing emissions and providing financial support for climate initiatives.
Canadian Business Activity Slows as Ivey PMI Declines
Canada's economic landscape showed signs of cooling as the Ivey Purchasing Managers' Index (PMI) SA for October registered 52.4, a notable drop from September's 59.8. This figure also fell short of the anticipated 55.2. The Ivey PMI is a key indicator of Canadian business activity, with readings above 50 generally suggesting economic expansion and below 50 indicating contraction. The unexpected decline points to a slowdown in overall business conditions, which could have implications for the Canadian dollar (CAD) and future monetary policy decisions.
USGS Designates Copper, Silver, and Potash as Critical Minerals
The U.S. Geological Survey (USGS) has officially added copper, silver, and potash to its proposed 2025 Critical Minerals List. These additions are part of a broader update that includes lead, rhenium, and silicon, bringing the total number of critical minerals on the draft list to 54. The designation is aimed at strengthening the national security supply chain and highlights the essential role these minerals play in the U.S. economy, particularly for building infrastructure, supporting renewable energy systems, and manufacturing electric vehicles. The USGS also recommended the removal of arsenic and tellurium from the list.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.