Equity markets mostly on front foot, as bitcoin rally stutters

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Equity markets mostly on front foot, as bitcoin rally stutters

ECONOMY 25.11.2024

Major stock markets mostly rose Monday as traders welcomed Donald Trump's pick for Treasury secretary, while bitcoin's push to $100,000 ran out of steam after coming within a whisker of the mark last week.

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The equity gains came before key US data over coming days that could provide fresh clues about the Federal Reserve's plans for interest rates.

This came amid expectations the next president's planned tax cuts and tariffs will reignite inflation, tempering bets on reductions to borrowing costs.

The dollar was down against main rivals Monday after recent strength caused by interest rates staying high for longer.

Equity investors gave the thumbs-up to news that billionaire investor Scott Bessent would lead the Treasury, with optimism he will take a considered approach to the economy.

Bessent, CEO of hedge fund manager Key Square Group, has called for an extension of tax cuts from Trump's first term.

He also wants to reassert American energy dominance and believes it is necessary to deal with the budget deficit.

"US president-elect Donald Trump's pick for Treasury secretary got a warm reception from the market," noted AJ Bell investment director Russ Mould.

This week sees the Fed's preferred gauge of inflation, minutes from the bank's most recent policy meeting, economic growth, and jobless claims.

Bitcoin sat at around $98,000, having set a record high of $99,728.34 Friday.

The digital currency has soared about 50 percent in value since Trump's election at the start of the month, with hopes he will usher in measures to ease regulation on the sector.

Oil prices dipped after a recent run-up fuelled by concerns over Israel's wars with Hamas and Hezbollah.

Support had come also from the decision by major fossil-fuel producer Russia to hit Ukraine with a new-generation intermediate-range missile that ramped up tensions with the West.

On the company front, shares in Anglo American gained 1.7 percent in London morning deals after the mining group agreed a multi-billion dollar deal to offload its remaining coal mines used for steel production.

Italy's second-largest bank Unicredit dropped 3.4 percent after bidding 10.1 billion euros ($10.6 billion) in an all-share deal for rival Banco BPM, which won 1.8 percent in midday Milan deals.

- Key figures around 1045 GMT -

London - FTSE 100: UP 0.2 percent at 8,276.64 points

Paris - CAC 40: UP 0.2 percent at 7,267.42

Frankfurt - DAX: UP 0.4 percent at 19,392.54

Tokyo - Nikkei 225: UP 1.3 percent at 38,780.14 (close)

Hong Kong - Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)

Shanghai - Composite: DOWN 0.1 percent at 3,263.76 (close)

New York - Dow: UP 1.0 percent at 44,296.51 (close)

Euro/dollar: UP at $1.0489 from $1.0418 on Friday

Pound/dollar: UP at $1.2578 from $1.2530

Dollar/yen: DOWN at 154.44 yen from 154.83 yen

Euro/pound: UP at 83.41 pence from 83.11 pence

West Texas Intermediate: DOWN 0.4 percent at $70.97 per barrel

Brent North Sea Crude: DOWN 0.3 percent at $74.38 per barrel

F.Santana--PC

Portugal Colonial - Equity markets mostly on front foot, as bitcoin rally stutters

Equity markets mostly on front foot, as bitcoin rally stutters

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