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Trump's Trading Gains Momentum... Markets and Stocks Rise Strongly
Wednesday 06 , November 2024 09:13 | EconomicNumber of readings: 121
[rtl]Baghdad / NINA / Global markets witnessed a wave of deals linked to the rising chances of Donald Trump winning the US presidential elections, as stocks recorded continuous gains, Treasury yields jumped, and the dollar rose to its highest level since March 2020.
Standard & Poor's futures rose by 1.3 percent, and 10-year Treasury yields rose by 18 basis points to reach their highest level in four months at 4.46 percent, and the price of Bitcoin jumped to a new record high above $75,000.
These movements reflect growing expectations that Trump will win the US elections, with the chances of Vice President Kamala Harris diminishing.
A number of Wall Street investors have bet that Trump's pro-growth stance on industrial policy, corporate tax cuts, and tariffs would boost stocks but could fuel inflation - which would stimulate bond yields and the US dollar to rise.
The Bloomberg Dollar Index rose by 1.5 percent. The Mexican peso fell 2.8 percent, while the Japanese yen and the euro fell at least 1.6 percent.
The Russell 2000 index of small companies in the U.S. rose 2.4 percent, with shares in Japan and Australia rising while those in Hong Kong fell. A stronger dollar dragged down copper, along with most metals and commodities.
Oil prices fell more than 1 percent in early trade on Wednesday, with the dollar strengthening on market bets that the U.S. presidential election could swing to Republican Donald Trump, even though the race remains very close, and as U.S. crude inventories rose more than expected.
“The early signs are leaning toward the Republicans, and while it’s early, U.S. bond yields and the dollar are rising, which in turn is weighing on crude prices, which have performed well in the past few sessions,” Tony Sycamore, an analyst at IG Markets, told Reuters.
In contrast to Tuesday’s relatively quiet session, Wall Street had been expecting big moves regardless of the outcome of the election.
Goldman Sachs Group Inc. said a Republican win could lift the S&P 500 by 3 percent, while the index would likely fall by a similar amount if Democrats won both the presidency and Congress. The moves would be half that size in a divided government.
Any outcome other than a Democratic sweep could send stocks higher, according to JPMorgan Securities’ Andrew Tyler, according to Bloomberg. A
Morgan Stanley note said risk appetite could decline in a Republican sweep, due to higher yields driven by financial concerns, but growth-sensitive cyclicals could rally if bond markets respond positively.
In the event of a Harris victory with a divided Congress, the note expects renewable energy and tariff-exposed companies to rise, while housing-related sectors would benefit from lower yields. /End9 To receive more news, subscribe to our channel on Telegram[/rtl]
Standard & Poor's futures rose by 1.3 percent, and 10-year Treasury yields rose by 18 basis points to reach their highest level in four months at 4.46 percent, and the price of Bitcoin jumped to a new record high above $75,000.
These movements reflect growing expectations that Trump will win the US elections, with the chances of Vice President Kamala Harris diminishing.
A number of Wall Street investors have bet that Trump's pro-growth stance on industrial policy, corporate tax cuts, and tariffs would boost stocks but could fuel inflation - which would stimulate bond yields and the US dollar to rise.
The Bloomberg Dollar Index rose by 1.5 percent. The Mexican peso fell 2.8 percent, while the Japanese yen and the euro fell at least 1.6 percent.
The Russell 2000 index of small companies in the U.S. rose 2.4 percent, with shares in Japan and Australia rising while those in Hong Kong fell. A stronger dollar dragged down copper, along with most metals and commodities.
Oil prices fell more than 1 percent in early trade on Wednesday, with the dollar strengthening on market bets that the U.S. presidential election could swing to Republican Donald Trump, even though the race remains very close, and as U.S. crude inventories rose more than expected.
“The early signs are leaning toward the Republicans, and while it’s early, U.S. bond yields and the dollar are rising, which in turn is weighing on crude prices, which have performed well in the past few sessions,” Tony Sycamore, an analyst at IG Markets, told Reuters.
In contrast to Tuesday’s relatively quiet session, Wall Street had been expecting big moves regardless of the outcome of the election.
Goldman Sachs Group Inc. said a Republican win could lift the S&P 500 by 3 percent, while the index would likely fall by a similar amount if Democrats won both the presidency and Congress. The moves would be half that size in a divided government.
Any outcome other than a Democratic sweep could send stocks higher, according to JPMorgan Securities’ Andrew Tyler, according to Bloomberg. A
Morgan Stanley note said risk appetite could decline in a Republican sweep, due to higher yields driven by financial concerns, but growth-sensitive cyclicals could rally if bond markets respond positively.
In the event of a Harris victory with a divided Congress, the note expects renewable energy and tariff-exposed companies to rise, while housing-related sectors would benefit from lower yields. /End9 To receive more news, subscribe to our channel on Telegram[/rtl]
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