Trump nominates Bessent to be US treasury secretary
President-elect Donald Trump picked prominent investor Scott Bessent to take on the role of U.S. treasury secretary.
Major stock markets around the world rallied on Wednesday, while bitcoin hit a record high and the dollar was set for its biggest one-day jump in four years as Donald Trump was elected U.S. president
Major stock markets around the world rallied on Wednesday, while bitcoin hit a record high and the dollar was set for its biggest one-day jump in four years as Donald Trump was elected U.S. president.
Small cap U.S. stocks in particular were boosted by expectations that a Trump presidency would offer tax cuts and support domestic companies.
Though bond investors dumped long-dated Treasuries, betting that accompanying tariff hikes would increase the deficit and inflation, causing the Federal Reserve to cut rates by less than they otherwise would have, and potentially raising fears about the United States' fiscal position.
Trump, 78, recaptured the White House in Tuesday's election following a campaign that deepened the polarization in the country.
U.S. S&P and Nasdaq futures jumped more than 2% ESc1, 1YMc1, and those tracking the small cap Russell 2000 RTYcv1 soared 6%. The dollar index =USD rallied 1.4% and was set for its best day since March 2023.
The rally in U.S. stock futures and signs of a decisive result cheered equity markets, with European shares up 0.9% .STOXX as stock investors put aside worries about the impact of potentially higher tariffs for now.
It was a different story in emerging markets, where Mexico's peso sank to its weakest level in over two years.
"The market is definitely moving in line with the Trump playbook; stocks and small caps, in particular, are higher on the idea that Trump will be good for U.S. companies," said Seema Shah, chief global strategist for Principal Asset Management in London.
"Across emerging markets, you can see China and Europe are struggling with the idea that they could face higher tariffs, and U.S. bond yields higher with expectations for a higher fiscal deficit and inflation."
Aid groups in Myanmar’s worst-hit areas urgently need shelter, food, and water after a devastating 7.7 magnitude earthquake killed over 2,700 people. Rescue efforts face challenges due to ongoing civil war, damaged infrastructure, and restricted aid access, with the toll expected to rise.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
The Armenian armed forces attempted three reconnaissance drone flights over Azerbaijan Army positions near Gerenzur, but all were successfully intercepted. Meanwhile, Armenian units repeatedly fired on Azerbaijani positions from multiple regions, escalating tensions in the area.
Apple marked its 49th anniversary by reaching a market capitalization of $3.3 trillion. Despite recent tech stock volatility, Apple's shares surged 28% in 2024.
U.S. President Donald Trump’s inner circle is advising him against speaking with Russian President Vladimir Putin unless Russia commits to a full ceasefire in Ukraine, NBC News reported on Thursday, citing administration officials.
Kirill Dmitriev, Russian President Vladimir Putin’s investment envoy, is visiting Washington this week for talks with members of the Trump administration, sparking fresh speculation over behind-the-scenes diplomacy between Moscow and Washington.
A Russian drone strike hit residential buildings in Kharkiv late on Thursday, killing at least two people and injuring 32 others, Ukrainian officials said, as nightly attacks on the country's cities continue to mount.
In Sydney’s Bennelong, where Chinese Australians make up a large share of the electorate, the fight for votes is playing out on unexpected turf: Xiaohongshu.
The United States is relapsing into an old identity. In 2025, President Donald Trump revived the strategy that once defined the American economy — tariffs. For more than a century, from 1789 to 1913, tariffs powered U.S. government revenues and protected domestic industry.
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