The Fort Worth Press - Most stocks rise, bitcoin hits record as traders weigh Trump 2.0

USD -
AED 3.672985
AFN 68.129336
ALL 91.668649
AMD 386.64471
ANG 1.800607
AOA 912.499323
ARS 992.754602
AUD 1.511008
AWG 1.8
AZN 1.69797
BAM 1.824806
BBD 2.01727
BDT 119.396719
BGN 1.821245
BHD 0.376911
BIF 2948.380024
BMD 1
BND 1.334422
BOB 6.903437
BRL 5.679803
BSD 0.999072
BTN 84.541209
BWP 13.465136
BYN 3.269625
BYR 19600
BZD 2.013911
CAD 1.38937
CDF 2868.000312
CHF 0.87534
CLF 0.034916
CLP 963.439576
CNY 7.1749
CNH 7.119295
COP 4413
CRC 512.215261
CUC 1
CUP 26.5
CVE 102.879775
CZK 23.591002
DJF 177.916486
DKK 6.94314
DOP 60.187626
DZD 133.543028
EGP 49.198598
ERN 15
ETB 119.896903
EUR 0.93093
FJD 2.24725
FKP 0.765169
GBP 0.773565
GEL 2.724953
GGP 0.765169
GHS 16.315772
GIP 0.765169
GMD 71.501353
GNF 8616.466922
GTQ 7.710502
GYD 209.034461
HKD 7.77431
HNL 25.201413
HRK 6.88903
HTG 131.453603
HUF 381.032503
IDR 15777
ILS 3.725497
IMP 0.765169
INR 84.339744
IQD 1308.807957
IRR 42104.999437
ISK 138.050273
JEP 0.765169
JMD 158.265729
JOD 0.709204
JPY 154.114999
KES 128.889711
KGS 86.208373
KHR 4060.515868
KMF 458.625015
KPW 899.999774
KRW 1396.514972
KWD 0.30681
KYD 0.832606
KZT 492.558899
LAK 21815.535475
LBP 89469.1665
LKR 292.534556
LRD 191.335016
LSL 17.764985
LTL 2.95274
LVL 0.60489
LYD 4.841411
MAD 9.873156
MDL 17.869089
MGA 4647.300582
MKD 57.483544
MMK 3247.960992
MNT 3398.000028
MOP 8.000448
MRU 39.504756
MUR 46.589951
MVR 15.395699
MWK 1732.404682
MXN 20.148032
MYR 4.410958
MZN 63.904996
NAD 17.764985
NGN 1676.179821
NIO 36.770777
NOK 11.048345
NPR 135.262149
NZD 1.671785
OMR 0.385015
PAB 0.999081
PEN 3.769622
PGK 4.0092
PHP 58.8285
PKR 277.60178
PLN 4.049683
PYG 7767.343568
QAR 3.642895
RON 4.631099
RSD 108.938962
RUB 97.226344
RWF 1356.776652
SAR 3.756685
SBD 8.333912
SCR 13.608046
SDG 601.500054
SEK 10.833175
SGD 1.329275
SHP 0.765169
SLE 22.702165
SLL 20969.496802
SOS 570.999389
SRD 34.83404
STD 20697.981008
SVC 8.74218
SYP 2512.530268
SZL 17.755261
THB 34.367498
TJS 10.640567
TMT 3.51
TND 3.130665
TOP 2.3421
TRY 34.20501
TTD 6.774553
TWD 32.277296
TZS 2724.999739
UAH 41.421807
UGX 3677.043437
UYU 41.575503
UZS 12778.682292
VEF 3622552.534434
VES 43.72745
VND 25415
VUV 118.722039
WST 2.801184
XAF 612.011513
XAG 0.029645
XAU 0.000367
XCD 2.70255
XDR 0.74855
XOF 612.017223
XPF 111.272317
YER 249.825013
ZAR 17.58169
ZMK 9001.20406
ZMW 27.076073
ZWL 321.999592
  • CMSC

    -0.1700

    24.51

    -0.69%

  • CMSD

    -0.1900

    24.85

    -0.76%

  • RBGPF

    63.1700

    63.17

    +100%

  • AZN

    -2.4200

    63.85

    -3.79%

  • RELX

    -0.2000

    47.71

    -0.42%

  • SCS

    0.7400

    13.06

    +5.67%

  • RIO

    -0.1700

    65.33

    -0.26%

  • RYCEF

    0.0800

    7.38

    +1.08%

  • GSK

    -1.1200

    35.9

    -3.12%

  • BTI

    0.1800

    35.64

    +0.51%

  • BP

    0.2000

    30.16

    +0.66%

  • JRI

    -0.0200

    13.25

    -0.15%

  • BCE

    -0.1000

    28.74

    -0.35%

  • VOD

    -0.1000

    9.31

    -1.07%

  • BCC

    3.2700

    141.76

    +2.31%

  • NGG

    -1.3500

    64.12

    -2.11%

Most stocks rise, bitcoin hits record as traders weigh Trump 2.0
Most stocks rise, bitcoin hits record as traders weigh Trump 2.0 / Photo: © AFP

Most stocks rise, bitcoin hits record as traders weigh Trump 2.0

Asian equities mostly rose Thursday, while the dollar held gains and bitcoin hit a fresh record as markets try to ascertain the consequences of a second Donald Trump presidency after he pledged to cut taxes and ramp up tariffs with an eye on China.

Text size:

The Trump Trade went into overdrive Wednesday as it emerged the tycoon would return to the White House after beating Democrat Kamala Harris, while his Republican Party gained control of the Senate and looked set to hold the House of Representatives.

The decisive win is expected to pave the way for a series of business-friendly measures such as tax cuts and deregulation, though analysts warn that such moves -- along with the pledge to impose duties on imports -- could relight inflation.

The prospect of higher inflationary pressure could complicate matters for Federal Reserve boss Jerome Powell as he tries to guide the economy to a soft landing while bringing prices under control.

The central bank is expected to announce a 25-basis-point interest rate reduction on Thursday, but there are now questions over the chances of another next month, and the outlook for the new year.

"Those discussions might have to wait (until) a subsequent meeting and encompass four issues," said National Australia Bank's Tapas Strickland.

"Does the election result lead to meaningful changes for economic demand or inflation that warrant a different policy path?; have jitters about job-market deterioration been overstated?; where is inflation headed?; and what is the right level for rates, anyway?"

Still, economists at Citi wrote in a client note ahead of Election Day: "The December rate cut decision will depend on labor market data and we expect a further softening to lead to a 50-basis-point rate cut."

With Trump expected to once again set his sights on trade, observers said that will be a key issue for Asian governments, and particularly China after Washington and Beijing butted heads on numerous occasions during his first term.

"The primary concern will be around tariffs and trade restrictions, which will have some impact but have been somewhat factored in," said Joshua Crabb and Colin Graham at asset manager Robeco.

"The offset to this will likely be a more aggressive policy response in Asia, both fiscally and monetarily.

"The first indication of this will be stimulus in China, with the (National People's Congress) scheduled to finalise on 8 November."

Traders are awaiting the end on Friday of a Chinese government meeting to hammer out a stimulus for the world's number two economy, with expectations for hundreds of billions of dollars to help local authorities and support for banks to boost lending.

Hopes for a pick-up in growth were boosted Thursday by data showing a forecast-busting jump in exports for October -- hitting a more than two-year high -- that offset more below-par import figures.

The news comes after Beijing started unveiling a raft of support measures in September aimed at bringing the post-Covid economic malaise to an end.

After a mixed day on Wednesday, Asian stock investors fought to push markets up.

The latest readings out of China and hopes for more policy support pushed Shanghai more than two percent higher and Hong Kong more than one percent higher.

There were also gains in Sydney, Singapore, Seoul, Taipei and Bangkok.

Tokyo pared morning losses to end slightly lower, with Wellington, Manila, Mumbai and Jakarta also off.

The broad gains came after a blockbuster day on Wall Street, where all three main indexes hit new highs, led by a 3.6 percent spike in the Dow.

On currency markets, the dollar held its gains against its peers after surging on the back of Trump's victory as rate cut bets are pared back and Treasury yields rise.

Bitcoin touched a new high just above $76,475 on optimism about the outlook for cryptocurrencies after the president-elect said on the campaign trail that he would make the United States the "bitcoin and cryptocurrency capital of the world".

- Key figures around 0710 GMT -

Tokyo - Nikkei 225: DOWN 0.3 percent at 39,381.41 (close)

Hong Kong - Hang Seng Index: UP 1.7 percent at 20,894.36

Shanghai - Composite: UP 2.6 percent at 3,470.66 (close)

Dollar/yen: DOWN at 154.07 yen from 154.62 yen on Wednesday

Euro/dollar: UP at $1.0747 from $1.0732

Pound/dollar: UP at $1.2932 from $1.2880

Euro/pound: DOWN at 83.10 pence from 83.30 pence

West Texas Intermediate: UP 0.3 percent at $71.91 per barrel

Brent North Sea Crude: UP 0.4 percent at $74.24 per barrel

New York - Dow: UP 3.6 percent at 43,729.93 (close)

London - FTSE 100: DOWN 0.1 percent at 8,166.68 (close)

P.Navarro--TFWP