Dubai Telegraph - Equities swing, bitcoin hits record as traders weigh Trump 2.0

EUR -
AED 3.849459
AFN 71.267446
ALL 97.489194
AMD 407.131662
ANG 1.888724
AOA 957.395732
ARS 1052.23996
AUD 1.608928
AWG 1.889106
AZN 1.778344
BAM 1.94835
BBD 2.115818
BDT 125.236374
BGN 1.954483
BHD 0.394975
BIF 3036.718353
BMD 1.048048
BND 1.408315
BOB 7.241313
BRL 6.09607
BSD 1.047898
BTN 88.544945
BWP 14.307296
BYN 3.429786
BYR 20541.735881
BZD 2.112523
CAD 1.463185
CDF 3007.896896
CHF 0.929362
CLF 0.036978
CLP 1020.337634
CNY 7.58493
CNH 7.60312
COP 4601.977666
CRC 532.714856
CUC 1.048048
CUP 27.773265
CVE 110.700038
CZK 25.368204
DJF 186.258433
DKK 7.459213
DOP 63.305535
DZD 140.00766
EGP 52.060203
ERN 15.720716
ETB 129.012117
FJD 2.380379
FKP 0.827242
GBP 0.832233
GEL 2.855918
GGP 0.827242
GHS 16.611978
GIP 0.827242
GMD 74.41137
GNF 9044.651585
GTQ 8.090067
GYD 219.261645
HKD 8.157359
HNL 26.384543
HRK 7.475996
HTG 137.593904
HUF 411.299528
IDR 16692.832925
ILS 3.893576
IMP 0.827242
INR 88.571355
IQD 1373.466575
IRR 44128.050457
ISK 146.100754
JEP 0.827242
JMD 166.433635
JOD 0.743174
JPY 162.013521
KES 135.723264
KGS 90.648567
KHR 4244.593516
KMF 489.959968
KPW 943.242577
KRW 1467.528958
KWD 0.322411
KYD 0.873361
KZT 519.70306
LAK 23009.888592
LBP 93905.078447
LKR 304.924111
LRD 189.120651
LSL 18.979788
LTL 3.094612
LVL 0.633954
LYD 5.119731
MAD 10.475264
MDL 19.084031
MGA 4894.383123
MKD 61.499953
MMK 3404.018207
MNT 3561.266195
MOP 8.401216
MRU 41.822309
MUR 48.632961
MVR 16.203073
MWK 1818.362584
MXN 21.399862
MYR 4.679553
MZN 67.022637
NAD 18.97998
NGN 1768.213504
NIO 38.557204
NOK 11.607569
NPR 141.67231
NZD 1.787898
OMR 0.4035
PAB 1.047993
PEN 3.977374
PGK 4.219178
PHP 61.802851
PKR 291.409517
PLN 4.343765
PYG 8225.236565
QAR 3.81568
RON 4.976446
RSD 116.993815
RUB 106.1678
RWF 1435.825416
SAR 3.934914
SBD 8.756995
SCR 14.316445
SDG 630.380512
SEK 11.596769
SGD 1.410704
SHP 0.827242
SLE 23.659663
SLL 21977.042238
SOS 598.917452
SRD 37.106106
STD 21692.472405
SVC 9.169938
SYP 2633.251262
SZL 18.980071
THB 36.391332
TJS 11.161424
TMT 3.668167
TND 3.317061
TOP 2.454635
TRY 36.149672
TTD 7.1138
TWD 34.1281
TZS 2779.798908
UAH 43.266431
UGX 3872.047297
USD 1.048048
UYU 44.65797
UZS 13498.85466
VES 48.210488
VND 26643.9939
VUV 124.426335
WST 2.925721
XAF 653.458476
XAG 0.033959
XAU 0.000393
XCD 2.832401
XDR 0.799443
XOF 649.260344
XPF 119.331742
YER 261.933367
ZAR 18.957858
ZMK 9433.687606
ZMW 28.899502
ZWL 337.470948
  • CMSC

    0.0700

    24.59

    +0.28%

  • SCS

    0.1450

    13.215

    +1.1%

  • BCC

    2.3200

    139.73

    +1.66%

  • AZN

    0.7050

    63.905

    +1.1%

  • GSK

    0.2500

    33.6

    +0.74%

  • RIO

    0.1000

    62.49

    +0.16%

  • BP

    0.3450

    29.425

    +1.17%

  • RBGPF

    -0.5000

    59.69

    -0.84%

  • CMSD

    0.1900

    24.45

    +0.78%

  • JRI

    -0.0100

    13.22

    -0.08%

  • RYCEF

    0.1800

    6.79

    +2.65%

  • BCE

    -0.3970

    26.603

    -1.49%

  • BTI

    -0.0750

    37.005

    -0.2%

  • VOD

    -0.0950

    8.845

    -1.07%

  • RELX

    0.5550

    45.665

    +1.22%

  • NGG

    -0.2100

    63.06

    -0.33%

Equities swing, bitcoin hits record as traders weigh Trump 2.0
Equities swing, bitcoin hits record as traders weigh Trump 2.0 / Photo: Anthony WALLACE - AFP

Equities swing, bitcoin hits record as traders weigh Trump 2.0

Asian equities fluctuated 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 so-called Trump Trade went into overdrive Wednesday as it emerged that 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 onto 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."

After a mixed day on Wednesday, Asian stock investors continued to tread carefully.

Tokyo edged down with Hong Kong, Sydney, Seoul, Wellington and Manila, but Shanghai, Singapore and Taipei rose.

That 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.

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.

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 $77,475 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 0230 GMT -

Tokyo - Nikkei 225: DOWN 0.4 percent at 39,321.87 (break)

Hong Kong - Hang Seng Index: DOWN 0.1 percent at 20,525.33

Shanghai - Composite: UP 0.2 percent at 3,391.22

Dollar/yen: DOWN at 154.40 yen from 154.62 yen on Wednesday

Euro/dollar: DOWN at $1.0727 from $1.0732

Pound/dollar: UP at $1.2889 from $1.2880

Euro/pound: DOWN at 83.23 pence from 83.30 pence

West Texas Intermediate: UP 0.4 percent at $71.96 per barrel

Brent North Sea Crude: UP 0.5 percent at $74.29 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)

H.Yousef--DT