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Well, that was all very exciting wasn’t it?
After the frenzy that was the US election results, we can take a bit of a step back and look at the business reaction.
Donald Trump’s (re)ascension to the White House received a rapid response from financial markets – with the US dollar, cryptocurrencies and US stock markets all surging.
We’ve already looked at the biggest possible risk of a Trump presidency to Ireland’s economy – namely, that US multinationals stop shifting profits here, leading to a massive drop in our corporate tax take.
But that’s still just a hypothetical. Here’s a quick rundonw of how businesses reacted to yesterday’s dramatic election results.
The key takeaway here was the jump in the value of…well, everything.
US stocks hit record highs and the dollar surged following Donald Trump’s re-election as president.
The dollar gained almost 2% in value against many major currencies, while Bitcoin reached a new all-time high of nearly $76,000.
Investors were essentially betting on Trump following through on his stated priorities, which he has said will include tax cuts and increased tariffs.
Tariffs are essentially taxes which are placed on goods or services which are imported or exported by a country. It is expected that Trump could place tariffs on goods coming into the US economy in an effort to lower competition for American businesses from foreign companies.
The eurozone, Mexico and China have all been mentioned as potential targets for tariffs.
Investors anticipate that these moves could lead to higher US economic growth, but also a rise in inflation. US shoppers could end up paying higher prices, whether due to lower competition raising prices or importers passing along the cost of those higher taxes to consumers.
While this concern has frequently been raised by economists, it’s one Trump himself has dismissed, stating of his first term in the White House, starting in 2016: “I had tariffs, and yet I had no inflation”.
However, if higher inflation did materialise, it would reduce the ability of the US Federal Reserve to cut interest rates.
While this would keep borrowing costs higher for consumers, it would also likely keep the value of the dollar higher compared to other currencies.
This was why the value of the dollar rose.
The price of Bitcoin jumped by over 8% before falling back slightly as of the time of writing.
This is because Trump has come out with multiple pro-cryptocurrency statements in recent months, in particular talking up Bitcoin.
Stock markets also jumped. The S&P 500, which is a list of the 500 biggest companies operating in the US, rose by 2.5% – the biggest post-election day rise in its history.
Alongside his policies, which favour domestic growth, Trump is also viewed as supporting lower corporate tax rates and deregulation.
Investors think all of these are likely to further boost corporate profits – hence the market jump.
However, while US investors rejoiced, there were mixed feelings elsewhere.
The pan-European Stoxx 600 dipped by 0.6% yesterday, although it then rose by 0.4% today.
The choppy trading comes because investors think Trump’s re-election could be bad news for Europe, particularly for the likes of Germany. The country is heavily reliant on exports, which could take a hit if Trump follows through on his tariffs plan.
Asian stocks were also up and down, dropping yesterday before making somewhat of a comeback today. China trended more towards the latter, with the value of its yuan currency compared to the dollar dropping by as much as 0.9% at one point yesterday.
Figures closer to home also raised similar concerns. A report published yesterday by a think tank called the National Institute of Economic and Social Research painted a bleak picture for the UK economy.
Even without Trump’s tariff plan, it predicted that UK economic growth will range between a lacklustre 1% and 2% in the coming years.
However, the think tank warned that this already mediocre rate could be more than halved if Trump follows through with introducing more taxes for overseas products.
The Irish stock exchange followed the broad European trend, dropping yesterday before rising by 0.7% today as of the time of writing.
Domestic banks are viewed as being particularly vulnerable to any dialling back of US multinational activities, with shares in AIB and Bank of Ireland dropping by 1% and 5% respectively. Today, shares in AIB dipped further, while Bank of Ireland rebounded.
It perhaps reflects some of the uncertainty Irish investors and businesses feel about what Trump’s win means for them.
Given Ireland’s close trading ties with the US, talk of tariffs has created uneasiness. Dan O’Brien, chief economist at the Institute of European Affairs, said tariffs represent “one of the biggest near-term risks to the Irish and European economies”.
That was broadly in line with what comments from most other Irish economists and analysts.
The broad sentiment was that while it’s still early days, any talk of protectionism in the US should set off alarm bells in Ireland.
Of course, during Trump’s last presidency between 2016 and 2020, concerns about the same thing proved unfounded, as US multinationals grew their presence in Ireland and shifted increasing amounts of money here.
But the mood music has changed since then, and most observers feel that Ireland would do well to ride its luck a second time.
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Who cares I was in France last year nothing open on a Sunday I did not going around complaining and I manage to survive the day
Dave , same here ! Nothing you can do about it , just have to accept it .
Davy Boy..you’re telling me France closes on a Sunday..if it did who would be out to listen..everyone would be at home
Or, we could just open the bars in Dublin? Then, those who don’t wish to drink can abstain and those who wish to drink…well, can drink. Do you think that might work…?
I learned the hard way about supermarkets being closed on Sundays in France when we moved there years ago – I ran out of nappies for my 18-month-old son on a saturday night!!
That sounds pretty shitty
Bit of a handful..
They were better off anyway…..1 less day for them to get ripped off in Temple Bar.
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Temple bar, Dublin. What a cess pit
You seem to know a lot about them.
Go away!
Did she meet the bouncers? She’d definitely be disappointed then
This is the 5th year in a row the journal has run this story of tourists confused by pub’s closed
Would that be because good Friday happens every year?
Had a big steak washed down with whiskey and a slab of Dutch gold . God will be angry with me!
Conor you are a true irish hero up there with Collins and De Valera…. ( I assume that’s response you were looking for to your comment)
Conor _ I think your lavatory will be angry with you. and anyone within a five mile radius.
Conor, stop making me hungry, all I had was haddock today.
Did you mix in pepper sauce in that steak!
The alcohol ban is killing me. Drinking cans at home watching the Ireland game.Oh God,I ate meat today too. I’m having an awful time.
What channel the game on? Not the tv licence paid ones anyway
It’s on Setanta Ireland
No Stuart it’s on setanta Ireland but I’m watching it on tablet through mobdro
Were did you get the mobdro alwaysrightokay I dont have an up to date on
Just Google it Michael.its not available in play store.you’ll have to disable a safety thing in settings but it’ll direct you to it.
Go to many countries and you won’t get shops open on Sundays, let alone pubs. Drove across the USA few years ago and they have several dry counties within states where you cannot get alcohol. I knew about this before I went and even if I hadn’t it wouldn’t have put me off going. Go without alcohol for a day? Oh the horror. Maybe you could run another poll just to be sure what people think? And maybe a poll tomorrow on whether we should scrap daylight saving time?
Sean..how would you fell if restaurants closed on Sundays
Feel
Obviously a lot of people here like the idea of keeping the sabbath holy..but still like to eat out on Sundays..hypocrisy..
I would feel hungry.
How many articles on this do we need?
Saturation point at this stage.
I really do feel the Journal should be more responsible in its approach to the matter of alcohol related public health in a country riven apart by alcoholism, domestic violence, intoxicated road deaths, suicide and mental illness.
One could be forgiven for thinking some of these were propaganda pieces on behalf of the Alcohol Industry.
Enough is enough.
No one ever died from abstinence from alcohol.
Did anyone ever die from replying to themselves…?
Dr. Jekyll.
Actually abstinence from alcohol can be fatal in certain circumstances.
Pubs should be closed for at least one day per week IMO.
Trolling too…
Ah james let’s not go nuts here
I bet quite a few of yous dont know what holy hour was when pubs had to close for 2 hours every sunday, 2-4pm. You know what, it never did any harm. But , and I might sound old fashioned now, that was also the time where shops weren’t allowed to open on sundays. It was a family day and families spent it together. Roll on the hustle bustle today..no day is a family day. Parents have to book days off just to spend time together, let alone kids.
Thanks Kirk…..don’t know what happened me then, of course I meant the pubs should be closed altogether and permanently!!!!!
@jennie, I do remember. Rural shops used to close half day on Wednesday also.
I’d vote to go back to that .
You are right jennifer. We lost our way by Sunday opening of shopping centres/shops. In Germany just odd coffee shop restaurant open on Sunday. It’s a day for families to spend time together.
The man from Sweden … is from a country where you can only buy most alcohol (other than watered-down beer) from government owned shops, most of which close in the afternoon or early evening on weekdays, and which are closed for almost the entire weekend.
But ours is religious based
Of course it’s a stupid law, and it should be changed. But at the end of the day, it’s not a big deal. One day in the year you can’t buy alcohol, calm down. The fact that people are so desperate to get rid of it is ridiculous, these people are just bitter towards the Catholic church and hate the fact that the church still has power over their lives.
This is the THIRD article about this today from the journal.
By the way I am an atheist. But these people sicken me.
It’s enough to drive ya to drink.
Eh yeah, I am bitter towards the Catholic church (they’ve done some baaaad stuff ya know) and damn straight I’m pissed off that they still have power over my life. Let people who believe in, and are members of, a group, follow the diktats of said group (and much respect to those that do). As a citizen of a republic however, religious doctrine should not affect my day to day life unless I wish it to.
It doesn’t really though, unless you let it. I’d say you get very upset about an awful lot very easily Kate. Here’s my attempt at a cock drawing which you can feel offended and outraged about B====D
Not being able to buy drink or go to the pub on Good Friday has nothing to do with the church, it’s an old government law. So your “pint” is invalid
Sure. It’s just a coincidence that the only two days in Ireland that pubs are closed are Good Friday and Christmas. It’s nothing to do with religion though.
:)
By the way all of our laws are government laws.
It whether they’re influenced by the church that is the point.
Neither offended or outraged Niall, just sick of it. And your cock looks crap. (Also, btw, if you’ve a school-going child in this country you’ve no choice but to let if affect your life – have you heard how difficult it is for non-religious children to find school places?)
Maybe next year the Journal could visit an Accident and Emergency unit and interview the happy faces of the staff.
Probably still just as bad. A lot if people respond to the closures by buying more than enough the night before
Get over yourselves
Hahaha and the drinks spokesman on the news saying with a straight face that the country is down 24 million. No they are not the pubs and their owners are but don’t despair they will put a few cent on a yanks or German drink tomorrow. One day people one day
The country was founded on catholics. Why can’t people do without drink for 2 days of the year.
What catholics would they be? We were here long before the church was
What?? Founded…on …Catholics…??
Christ Jenni you must be old as fu€k. So. Fairplay for keeping up with technology. My folks are only in their late 70s. But they couldn’t post on Journal.
Ha ha ha tree hugger
Founded on Catholics? are you an idiot?? there were people living here in Ireland LONG before the CAtholic religion became dominant. Newgrange ring any bells??? or even a recent archaeology research which showed that people were living in Ireland nearly 2,500-3,000 YEARS BEFORE NEWGRANGE!! Ireland is 8,000 years OLDER than Ancient Egyptian civilisation, older than STONEHENGE! Catholics in Ireland only really became dominant after 1921.
The Good Friday alcohol law was established in 1927!!
It was founded on St. Patrick’s knee. XD
The man from Sweden saying Ireland is a deeply religious country? …has he been to malmostan or gotenburgstan recently? …..makes Ireland almost normal
Should of told them all to take a spin with Irish Rail, they are licensed to sell on good Friday!
So is the hotel bar, theatres and a few early houses. Think the airport is safe too
I was talking a number of publican’s yesterday who were look forward to today off.
Ha ha your man “I believe you can drink at the greyhound races tonight, so if you want a drink that badly hoo on a train to cork and drink on the train” or go to the races and save yourself a trip to cork
I think its mad. I go for a pint most friday evenings and my town is like a ghost town. Might have a few about but defo not on a bank holiday Friday as everybody is saving their pennies for Sunday night. Yet facebook today is full of people who do go out any night of the week complaining.
It’s one day build a bridge
The 1916 commemorations are being held at Easter weekend rather than the actual anniversary date so as to attract tourists. The tourists duly arrive and what? They can’t get a drink in a pub? Can’t go to a theatre for a show? There must be thousands of tourists twiddling their thumbs in hotels across the country tonight.
If you’re in a hotel then you have access to the bar.
Yes but not a pub, like I said in my comment.
I was in a pub Good Friday maybe 3 years ago. You could only get a drink in your room, they wouldn’t open the bar.
**Sorry in a hotel that should say
Tourists are well aware in advance of our cultural traditions.
If drink is the purpose of the visit then best go elsewhere.
Anyway, the majority of those interviewed in the clip were quite happy to respect our laws regarding alcohol today.
Can’t see any problems really.
banning alcohol sales on good Friday isn’t a cultural tradition. Its an annual reminder of how beholden our lawmakers still are to the catholic church.
You don’t want to go out for a drink on good Friday, fine stay at home a change in the law would be unlikely to mandate consumption; but please don’t inflict your prejudices on the rest of us.
In Navan and maybe a lot of other small towns, some of the pubs only open for 4 days (thurs – sun) and bank holidays due to the poor volume of trade mid week. Barmen are temporary/part time and would rather have the extra hours on Good Friday. 100′s of pub have closed in the last 7 years… http://www.dailyedge.ie/derelict-pubs-dublin-1729993-Oct2014/
Scrap the ban. If you don’t want to drink don’t…. those that do have stocked up yesterday.
I’m cringing with embarrassment.
Hi guys….any reason as to why there are no captions/subtitles to go with this video? There are thousands of people hard of hearing/deaf on this country who are missing out/being left out of these news items
I normally go to a pub (for a drink) once per week. I want to freely choose that day.
I go to the pub for 3 hours a week. I want to choose those hours, I would rather go at 7 in the morning.
There are a few early houses in Cork, Charlie’s on Union Quay I think…
And there you have it, Frank goes for a drink once per week and everything should be ordered to accommodate Frank’s big day out. Jesu wept.
I survived
Did the girl who keeps nodding drive anyone else crazy, or was it just me??
If they are staying in a hotel, they have residents bar. And I doubt they are in Ireland for one day. If they have saved their money to come over here and fall into the stereotypical ideals of sipping Guinness or Whiskey in Dublin while listening to traditional music. They are missing the beautiful architecture, museums and sight seeing that our beautiful country has to offer
Boo Hoo
It’s on setanta
Only two more hour’s
That blonde one though
Sure at least the tourists were free, from been robbed at some of Temple bars prices €7.00 per pint ,€2.50 per packet of Tayto crisps
Marc hope they ask the same guy that question Monday morning and we’ll see if he gives the same answer
This is a copy and paste from last years almost identical article and video compilation. There must be a list of prerequisite articles that must be covered each year posted on the journal staff notice board.
This day 6 years ago,I married the love of my life…went to sicily on our honeymoon… Guess what… Every where was opened for neck oil,s…happy camper,s…all around……..
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