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."
Fertiliser shipments through the Strait of Hormuz have begun to recover following an interim U.S.–Iran agreement aimed at stabilising the waterway a...
Tens of thousands of people are still unaccounted for after two powerful earthquakes struck Venezuela. At least 589 people have been confirmed dead a...
Russia has expanded its restrictions on fish imports from Armenia, temporarily suspending certification for additional Armenian companies over alleged...
The UN's International Maritime Organization has paused escort operations through the Strait of Hormuz after a cargo ship was reportedly attacked near...
Pakistan is seeking to revive economic ties with Iran by reopening transport links and reassessing imports of discounted Iranian crude oil, as recent ...
Thousands of revellers packed Berga's main square as fire-devil performers showered the crowd with sparks during Catalonia's UNESCO-listed La Patum festival.
U.S. President Donald Trump is approaching one year in office in his second term. These are some of the highlights of the returning president's first year.
Donald Trump told reporters on Friday that he plans to take the BBC to court, accusing the broadcaster of altering his remarks in a way he says caused serious reputational harm.
Start your day informed with AnewZ Morning Brief: here are the top news stories for October 20th, covering the latest developments you need to know.
Russia has called for clarification on whether U.S. President Donald Trump has changed his position on the war in Ukraine following remarks made at the recent G7 summit in Evian-les-Bains.
An earthquake of magnitude 6.9 struck Japan's northeast coast on Thursday, but no tsunami warning was issued, no injuries were immediately reported and no irregularities were found at nuclear facilities, the authorities said.
As Western Europe battles a deadly heatwave that has shattered temperature records, disrupted transport and power supplies, and forced the closure of schools and cultural landmarks, attention is turning to whether El Niño is playing a role in the extreme conditions.
Israel's defence minister said on Wednesday Israeli troops will not withdraw from southern Lebanon, highlighting a hurdle to Iran-U.S. peace talks, as the top U.S. diplomat tours the Middle East to win over allies sceptical about a proposed deal.
The U.S. Senate rejected a resolution on Wednesday that would have directed President Donald Trump to remove U.S. forces from hostilities against Iran unless Congress formally authorised military action.
Fertiliser shipments through the Strait of Hormuz have begun to recover following an interim U.S.–Iran agreement aimed at stabilising the waterway after months of disruption during conflict, industry data shows.
Tens of thousands of people are still unaccounted for after two powerful earthquakes struck Venezuela. At least 589 people have been confirmed dead and hundreds are believed to be trapped under rubble, as emergency crews and international rescue teams race to respond.
Russia has expanded its restrictions on fish imports from Armenia, temporarily suspending certification for additional Armenian companies over alleged regulatory violations, according to the country’s agricultural watchdog.
South Korea's former first lady Kim Keon Hee was sentenced to seven years in prison on Friday (26 June) after a court found her guilty of accepting luxury gifts in return for political favours.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 26 June, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment