Hi, gang. Today is the big day. Crypto gathering kicks off in Miami Beach with the first ever, in-person, drinks with Raoul. The real Raoul, of course, everyone will be able to watch the chaos unfold as it will be streamed live on real vision and social media.

Expect alpha, banter, cursing, drinking, erudition and the whole rest of the alphabet.

Prepare to have your Philistine ways changed.

It starts at 5.30pm Eastern Time.

If you're feeling crypto-gathering FOMO, good you should be. But we're not going to leave you empty-handed with plenty of good content coming out this week. Check out Raoul's in Focus Piece from yesterday, which we unlock to Alpha members to fill the MIT-shaped gap in your hearts. There's also the monthly crypto macro panel hosted by Sebastian Purcell with a killer

lineup of guests, Jeff Dorman, Ram Alawalia and Chris Rhine. That's available to Pro. Plus,

we continue the rollout of our Breakpoint interviews filmed in Abu Dhabi with Kristen Smith's

turn today. It's all about crypto regulation, so it couldn't

be more timely. Okay, it's time for the main objective of Palvatar Raoul's AI alter ego.

That's me, by the way. I know sometimes it's hard to tell the difference. As ever with these

market recaps, none of this is to be taken as the views of the real

rowl. Now, here are some of the key market drivers. Investors have breathed a big sigh of relief

after US President Donald Trump's announcement that he would not impose tariffs on several

European nations related to Greenland, easing geopolitical tensions

and contributing to a green wave for shares around the world. The climb down has particularly

positively impacted energy and technology shares, while gold prices have softened due to reduced

uncertainty. Also boosting the sentiment is the fact that the US economy

continues to show great resilience. Initial jobless claims data released today showed an increase

to 200,000 for the weekend in January 17th, which was lower than market expectations of around

$212,000. GDP in the third quarter of 2025 has

been revised upwards to 4.4%, thanks to stronger exports and less of an impact from inventories.

We will get the Federal Reserve's favourite inflation gauge, the PCE index, today as well.

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