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."
XPeng Motors plans to mass-produce flying cars by 2026, becoming the first company globally to do so. CEO He Xiaopeng also highlighted advancements in autonomous driving and humanoid robotics as part of the company’s future tech initiatives.
World leaders welcomed the 30-day ceasefire proposal that Ukraine has agreed to, calling it a step toward ending the conflict with Russia.
In Tuesday’s closely watched parliamentary election, Greenland’s pro-business opposition Demokraatit party took a commanding lead after over 90% of the ballots were counted.
BioNTech forecasts a revenue decline for 2025, expecting between 1.7 billion and 2.2 billion euros, down from 2.75 billion euros last year. This drop is due to Pfizer write-downs and stable vaccination rates. BioNTech also plans significant job cuts and new hires.
Regarding the Armenia-Azerbaijan process, we cannot forget the years of occupation, and we will not forget them, President Ilham Aliyev said in his speech at the opening ceremony of the 12th Global Baku Forum.
Bosnia and Herzegovina’s Serb entity, Republika Srpska (RS), adopted a new draft constitution, along with a law on protecting the constitutional order. The legislation expands RS's decision-making powers, challenging the authority of the country’s central government.
Cuba’s power grid has collapsed, causing a nationwide blackout and internet disruptions.
Mark Carney is Canada’s new prime minister, taking office amid a trade war with U.S. President Donald Trump.
A blast at a mosque in northwestern Pakistan injured four people, including two children and a local Islamist party leader, as authorities investigate the attack.
Italy’s Tuscany and Emilia-Romagna regions are grappling with severe flooding and landslides, prompting a red weather alert as heavy rains inundate streets and homes.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment