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

EUR -
AED 3.865039
AFN 71.961868
ALL 97.885367
AMD 409.705534
ANG 1.898038
AOA 960.733931
ARS 1055.061215
AUD 1.613881
AWG 1.894109
AZN 1.787029
BAM 1.951539
BBD 2.126437
BDT 125.855234
BGN 1.956342
BHD 0.396578
BIF 3110.579445
BMD 1.052283
BND 1.414399
BOB 7.293078
BRL 6.086683
BSD 1.053191
BTN 88.848028
BWP 14.387453
BYN 3.446543
BYR 20624.740218
BZD 2.122845
CAD 1.469502
CDF 3014.78969
CHF 0.929776
CLF 0.037101
CLP 1023.776253
CNY 7.619996
CNH 7.625593
COP 4626.455438
CRC 534.824751
CUC 1.052283
CUP 27.885491
CVE 110.024795
CZK 25.350861
DJF 187.538784
DKK 7.458788
DOP 63.520417
DZD 140.573397
EGP 52.274979
ERN 15.78424
ETB 131.306162
FJD 2.388363
FKP 0.830585
GBP 0.832524
GEL 2.883571
GGP 0.830585
GHS 16.7185
GIP 0.830585
GMD 74.71233
GNF 9078.051459
GTQ 8.13025
GYD 220.338958
HKD 8.189863
HNL 26.613518
HRK 7.506205
HTG 138.346648
HUF 411.186809
IDR 16734.714279
ILS 3.929639
IMP 0.830585
INR 88.911049
IQD 1379.588093
IRR 44293.214291
ISK 145.520299
JEP 0.830585
JMD 166.933965
JOD 0.746386
JPY 162.676061
KES 136.007134
KGS 91.02957
KHR 4249.68174
KMF 491.94202
KPW 947.053999
KRW 1471.222726
KWD 0.323672
KYD 0.877684
KZT 523.167824
LAK 23125.51255
LBP 94319.785398
LKR 306.411046
LRD 190.622024
LSL 19.101997
LTL 3.107117
LVL 0.636515
LYD 5.138732
MAD 10.521031
MDL 19.167154
MGA 4930.189594
MKD 61.546561
MMK 3417.773046
MNT 3575.656436
MOP 8.443666
MRU 41.866002
MUR 48.839087
MVR 16.268296
MWK 1826.195708
MXN 21.380416
MYR 4.698412
MZN 67.293799
NAD 19.101997
NGN 1768.455747
NIO 38.755022
NOK 11.613586
NPR 142.154623
NZD 1.792324
OMR 0.40513
PAB 1.053101
PEN 3.996674
PGK 4.239684
PHP 62.126243
PKR 292.773138
PLN 4.342422
PYG 8247.914831
QAR 3.840515
RON 4.977085
RSD 117.020141
RUB 106.281009
RWF 1452.315514
SAR 3.95054
SBD 8.79238
SCR 14.332083
SDG 632.944958
SEK 11.610939
SGD 1.413951
SHP 0.830585
SLE 23.75528
SLL 22065.84631
SOS 601.88026
SRD 37.282669
STD 21780.126598
SVC 9.214882
SYP 2643.891613
SZL 19.091139
THB 36.458458
TJS 11.216013
TMT 3.682989
TND 3.324243
TOP 2.464553
TRY 36.27081
TTD 7.130433
TWD 34.270209
TZS 2791.031424
UAH 43.426878
UGX 3886.514989
USD 1.052283
UYU 45.021709
UZS 13526.469111
VES 48.861031
VND 26751.65603
VUV 124.929112
WST 2.937543
XAF 654.521833
XAG 0.033884
XAU 0.000395
XCD 2.843846
XDR 0.801343
XOF 654.521833
XPF 119.331742
YER 262.991742
ZAR 19.064031
ZMK 9471.810193
ZMW 29.146091
ZWL 338.834589
  • RBGPF

    -0.5000

    59.69

    -0.84%

  • CMSC

    0.1200

    24.64

    +0.49%

  • RYCEF

    0.1800

    6.79

    +2.65%

  • AZN

    0.5950

    63.795

    +0.93%

  • RELX

    0.5150

    45.625

    +1.13%

  • NGG

    -0.2150

    63.055

    -0.34%

  • GSK

    0.2610

    33.611

    +0.78%

  • SCS

    0.1250

    13.195

    +0.95%

  • RIO

    0.0500

    62.44

    +0.08%

  • BTI

    -0.1250

    36.955

    -0.34%

  • BP

    0.2950

    29.375

    +1%

  • BCC

    2.1800

    139.59

    +1.56%

  • VOD

    -0.1100

    8.83

    -1.25%

  • BCE

    -0.3750

    26.625

    -1.41%

  • CMSD

    0.1150

    24.375

    +0.47%

  • JRI

    0.0300

    13.26

    +0.23%

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: Anthony WALLACE - 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)

A.El-Ahbaby--DT