In a surprising turn of events at the 97th Academy Awards, 25-year-old Mikey Madison emerged victorious in the Best Actress category. Her portrayal of a Brooklyn sex worker in the film Anora garnered critical acclaim and ultimately surpassed expectations, beating out seasoned actress Demi Moore, who was widely anticipated to win for her role in The Substance. Madison's acceptance speech highlighted her connection to the sex worker community and her commitment to advocating for them. The win marks a significant milestone as Madison becomes the first Gen Z actor to claim an Oscar in an acting category.
Madison's journey to this moment has been nothing short of remarkable. Growing up in Los Angeles, she felt that Hollywood remained distant and unattainable. However, her performance in Anora, where she portrayed a complex character who marries into a powerful Russian oligarch family, brought her unprecedented recognition. During her heartfelt speech, Madison acknowledged the challenges faced by sex workers and pledged her ongoing support for their community. She emphasized the importance of understanding and honoring the experiences of those she represented on screen.
Madison's preparation for the role involved extensive conversations with individuals from the sex worker community. These interactions provided her with invaluable insights into the physical and emotional demands of the profession. Speaking at The Hollywood Reporter’s actress roundtable, she shared how these encounters shaped her approach to the character. She described the mental and physical endurance required, noting the need to connect instantly with people and the stamina needed to perform in challenging conditions.
Despite being overshadowed by more established actresses like Demi Moore, Madison's win was not entirely unexpected. Her triumph at the Screen Actors Guild (SAG) Awards earlier signaled her growing prominence. Other nominees in the Best Actress category included Cynthia Erivo, Karla Sofía Gascón, and Fernanda Torres. While Moore had previously secured the Golden Globe for best actress, it was Madison who ultimately clinched the coveted Oscar.
The 97th Academy Awards, hosted by Conan O'Brien at the Dolby Theatre, celebrated exceptional talent across various categories. Madison's victory underscores the emergence of fresh faces in the industry, highlighting the diversity and depth of contemporary filmmaking. Her win serves as an inspiration to aspiring actors and emphasizes the importance of authentic representation in cinema.
In early trading, the euro demonstrated resilience against Eastern European currencies as regional leaders rushed to support Ukraine. This movement came in response to concerns over a potential US pullback from the region. The common currency saw a 0.4% increase against the dollar, reversing some of last week's losses. Meanwhile, Asian stocks opened higher, unaffected by Trump's plans for tariffs on Canada, Mexico, and China. European defense spending promises have also sparked optimism in the market, leading to gains in shares of major defense companies.
Market Reactions to Increased European Defense Spending
The prospect of heightened defense expenditures across Europe has significantly impacted financial markets. Shares of defense contractors like Germany’s Rheinmetall AG and the UK’s BAE Systems Plc surged following announcements of increased military budgets. Investors are cautiously optimistic about the economic benefits that could arise from these investments, including innovations with civilian applications. However, experts warn against excessive enthusiasm, noting that such changes come with risks, particularly concerning rising debt issuance within the bloc.
Increased defense spending by European countries has led to a notable rally in the stock prices of companies involved in the sector. For instance, German firms and British giants have seen substantial gains. Analysts point out that while this surge reflects a structural shift towards greater European autonomy, it also raises concerns about mounting public debt. Christopher Dembik from Pictet Asset Management highlights the potential for positive economic ramifications but cautions against over-optimism. Innovations from increased military spending can benefit civilian sectors, much like how the internet evolved from military technology. Yet, the rise in defense budgets has also caused bond futures to drop, reflecting worries about future debt levels.
Geopolitical Dynamics Shape Market Trends
Markets began the week with a series of geopolitical developments. European leaders pledged to boost defense spending and form alliances to secure Ukraine, responding to tensions between the US and Russia. These moves signal a significant shift in European policy, aiming to reduce dependency on American security guarantees. The geopolitical landscape is further complicated by ongoing negotiations and potential tariff increases on Chinese goods, adding layers of uncertainty to global trade relations.
The week started with a flurry of geopolitical events that influenced market trends. European leaders committed to increasing defense budgets and assembling coalitions to support Ukraine, reflecting a strategic shift towards greater self-reliance. This change was partly triggered by the Oval Office meeting between Trump and Ukrainian President Volodymyr Zelenskiy, where discussions centered on achieving a ceasefire without American security assurances. Additionally, investors await news on potential negotiations to prevent further US tariffs on Chinese goods. The interplay of these factors has created a complex environment, with traders closely monitoring fiscal policies and economic indicators from key regions. In Asia, there is hope for increased government spending at China’s National People’s Congress to stimulate domestic demand and counterbalance the risks posed by US tariffs. The strengthening yuan and robust performance of Chinese equities underscore the region’s resilience amid global uncertainties.
On Sunday, U.S. President Donald Trump revealed plans for a strategic cryptocurrency reserve, highlighting XRP, Solana (SOL), and Cardano (ADA) as the initial assets to be included. This announcement marks a significant shift in the U.S.'s approach to digital currencies. The inclusion of these cryptocurrencies aims to revitalize an industry that has faced challenges under previous administrations. Trump's statement on his social media platform Truth Social emphasized the importance of advancing the crypto sector, positioning the U.S. as a global leader in this emerging field.
The president later clarified that Bitcoin (BTC) and Ethereum (ETH), two of the largest cryptocurrencies by market capitalization, would also form the core of the reserve. This clarification came after some initial surprise from BTC and ETH supporters. Trump's vision is to establish the United States as the "Crypto Capital of the World," underscoring his commitment to fostering innovation and economic growth in the digital asset space. Following the announcement, there was a notable surge in the prices of XRP, SOL, and ADA, with ADA experiencing a remarkable 63% increase within two hours.
The strategic crypto reserve initiative has been part of Trump's agenda since his 2024 presidential campaign. Upon taking office in January, he issued an executive order directing a working group to assess the feasibility of establishing such a reserve. The order instructed the group to evaluate the potential creation and maintenance of a national digital asset stockpile. A summit involving crypto industry and government representatives is scheduled for Friday to further discuss the implementation of this plan. Senator Cynthia Lummis has previously introduced legislation to create a strategic bitcoin reserve, advocating for the U.S. Treasury to acquire one million bitcoins over five years.
This development reflects a broader trend of integrating cryptocurrencies into national financial strategies. Several U.S. states have also proposed bills to establish their own crypto reserves, although most efforts have not yet gained traction. David Sacks, the White House crypto and AI czar, supports this move, noting its alignment with Trump's early executive orders. Additionally, Ripple, involved in a long-standing legal dispute with the U.S. Securities and Exchange Commission, has intensified its lobbying efforts in Washington. The establishment of a strategic crypto reserve signifies a pivotal moment for the U.S., promoting innovation and economic resilience in the digital age.