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US Stocks, Bitcoin Gain as Trump Surges in Election Race
Economy |Today,
Economy |Today,
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Baghdad Today - Follow-up
The US dollar on Wednesday (November 6, 2024) posted its biggest gain since March 2020 as early results from the US presidential election showed Donald Trump ahead in some key states, sending Treasury yields higher amid speculation his policies will keep US interest rates high.
The MSCI emerging market currency index fell as much as 0.6%, its biggest drop since March, as the latest vote tallies showed Trump ahead of Kamala Harris in the presidential race. The Mexican peso led the losses, falling more than 3% to a two-year low, while Eastern European currencies also fell.
Japan's blue-chip index rose 3%, while the yen fell to its lowest level since July, after preliminary results from the US presidential election encouraged some traders to bet on Donald Trump beating his rival Kamala Harris.
Investors expect losses to worsen if Trump wins, given his economic policy, which they see as more expansionary and could lead to more inflation, reducing the likelihood that the Federal Reserve will cut interest rates sharply.
Asian stocks excluding Japan fell in early trade, led by losses in Hong Kong-listed Chinese technology shares after Donald Trump's lead in the U.S. presidential election. The MSCI Asia Pacific ex-Japan index fell about 1%, with Alibaba Group Holding Ltd. among the biggest decliners in the index.
The Hang Seng China Enterprises Index fell about 3%, leading losses across Asia. The decline in Hong Kong stocks, which are closely linked to external events and global money flows, reflected international investors’ concerns about a second Trump term, which could lead to escalating trade tensions and political surprises. Shares listed in mainland China performed relatively better amid expectations of more stimulus measures.
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