Trumpforia

Economic

Summary:

Bitcoin added another 10% yesterday and came just shy of the $90K per coin, while Ethereum flirted with the $3400 mark.

Bitcoin added another 10% yesterday and came just shy of the $90K per coin, while Ethereum flirted with the $3400 mark. The crypto-friendly Donald Trump – who says that the US should become the center of the digital assets – will probably remove the crypto-sceptics of the government institutions from their position and replace them by crypto-friendly regulators who will let the crypto industry ‘thrive’ in the US. And when there is a comprehensive and solid policy ground, the banks could more comfortably integrate cryptocurrencies on their platforms and attract more institutional money on board. More demand should push the price of Bitcoin – which has a limited supply – higher. Eyes are on the $100K mark and above. High volatility will be on the menu for Xmas.

Elsewhere, the S&P 500 consolidated gains near ATH level, while small caps extended rally by 1.5% despite the rising US yields – which should become a challenge for the US small caps as the post-election euphoria settles.

In the traditional currencies, the US dollar index is pushing higher along with the US yields on expectation that Trump’s pro-growth policies and tariffs would lead to higher inflation and softer-than-otherwise policy easing from the Federal Reserve. That’s in contrast with the worsening economic and political outlook for the Eurozone, with Germany preparing for a snap election on government’s inability to tackle the financial difficulties and revive growth. The euro tanked to 1.0628 against the US dollar, and to 0.8260 against the pound yesterday. The German and the Eurozone economic sentiment indicators are due this morning and are somehow expected to print a slight improvement in November, but a slight improvement per se won’t be enough to lift mood in Europe while Trump’s tariff threat is taking a toll. The Stoxx 600 rebounded yesterday, probably on the expectation that a softer European Central Bank (ECB) policy could boost valuations, but the ECB will probably remain more cautious than many expect when it comes to easing policy because a rapid appreciation of the US dollar will have a boosting effect on global (and euro area) inflation and could eventually limit the ECB’s ability to cut wholeheartedly.

In Japan, the likelihood of further policy normalization is melting by the day. There is still hope – for the yen bulls – that the Bank of Japan (BoJ) will deliver another rate hike in December or January, but to me, the December meeting is probably off the table, and January is on a very slippery ground. One of the new PM Ishiba’s closest allies, Economic Revitalization Minister Akazawa, attended the BoJ meeting for the first time and he said that it’s important for the BoJ to continue monetary easing to ensure a complete end of deflation. Of course, this man is responsible for Economic Revitalization, and of course he has appetite for favourable monetary policy, but the BoJ has more doves on board than hawks, and the rising global uncertainties look increasingly supportive of the yen bears until a new FX intervention is triggered. Soft yen, combined with the government’s pledge to support growth – especially in tech space – remain supportive of the Nikkei.

In energy, the barrel of US crude kicked off the week on a negative note. Trend and momentum indicators have turned negative and the RSI suggests that there is room for further selloff before the market hits the oversold conditions. Next natural target for the bears stands at $65pb. As such, it’s probably just a matter of time for the USDCAD to reach the 1.40 psychological mark.

Elsewhere, the AUDUSD is bearing the brunt of falling iron ore prices on sluggish Chinese growth outlook and the energy and mining heavy FTSE 100 was better bid yesterday and should benefit from a broad-based USD strength, but a softer pound alone won’t enough to keep the FTSE 100 in the actual bullish trend. The prospects of higher-than-otherwise global yields – as the US is expected to exports its Trumpflation – look unpromising. The major support to the past year’s rebound stands a few points above the 8000p psychological mark.

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Warren Takunda

Economic

The gains follow a selloff in the Euro, which occurred amid German political uncertainty and expectations that the Eurozone would be particularly exposed to a second Donald Trump presidency.

"The USA is Europe’s largest trading partner. The Trump 2.0 era promises higher tariffs on imports into the U.S. The euro weakened sharply given the U.S. is Europe's largest export market," says Joe Tuckey, Head of FX Analysis at Argentex.

GBP/EUR spiked to a new multi-month best at 1.2103 on Monday, and the EUR/USD started the new week by recording a 0.54% dip to close at its lowest level since April at 1.0649.

GBP/EUR has pulled back from the highs by the time of writing on Tuesday, hinting that some technical resistance might be layered around 1.21, arguing for some near-term consolidative trade.

The driving force in GBP/EUR at present seems to be the weakness in the EUR, which will remain vulnerable to the 'Trump trade'.

"European countries are potentially most vulnerable to Trump's tariffs and reshoring," says Julian Jessop, an independent economist and an IEA Economics Fellow.

Pound to Euro Rate Exchange Rate Hits 1.21 Landmark, Resistance Prompts Pull-back_1

Investment bank consensus forecasts update: The end-2024 and 2025 guide from Corpay has been released. It shows a sizeable uplift was made to the consensus forecasts for GBP/EUR.

"Trump's inauguration is not until late January 2025, and details of the new, higher tariffs are still some way off, but markets are eager to jump on this as a negative theme," says Tuckey.

Also, uncertainty about Germany's political stability are rising, with current Chancellor Olaf Scholz under pressure to call a snap election before year end.

This is after his ruling coalition effectively collapsed last week after he fired the finance minister.

The uncertainty could not come at a more inopportune time, with the economy in a period of stagnation and the prospect of a trade war with the U.S. rising.

Disagreements and lack of policy cohesion in Germany can be seen as a general headwind for the euro, as France also grapples with its budget. Will German corporates see this as a headwind to activity or will business confidence be raised in hopes for meaningful policy changes? Time will tell, but for now euro sentiment remains heavy, with little sign of this changing any time soon," says Tuckey.

Source: Poundsterlinglive

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Danske Bank

Economic

In focus today

Today will be light on the data front, with the German ZEW indicator for November only. It will be interesting to see if the improvement in expectations recorded in October continued in November.

Economic and market news

What happened overnight

In Sweden, the Public Employment Service (PES) released their latest unemployment statistics at 06:30 CET which showed an increase in the unemployment rate to 6.9%. According to PES’s figures, the unemployment rate has been increasing for the past year, but the pace of said increase is less dramatic than what is implied by the often officially quoted figures from LFS. Still, the PES press release note that the labour market is clearly weak.

What happened yesterday

In Denmark, inflation increased to 1.6% y/y in October from 1.3% y/y in September, with higher electricity prices in particular driving the uptick. While inflation increased slightly, underlying price pressure remains modest, with the substantial wage growth not acting as an inflationary force in Denmark.

In Norway, October core inflation dropped to 2.7% y/y (cons: 2.7%), while the monthly figure fell to 0.2% m/m (cons: 0.3%). Details reveal a broad-based fall with lower price pressure in all main components apart from clothing/shoes – albeit much of it is base effects. Heading into this print it was widely expected that inflation once again would undershoot Norges Bank’s projections at 2.9% y/y (September monetary policy report). That said, at this point, markets have widely understood Norges Bank’s revealed preferences for waiting until March 2025 before delivering the first rate cut – also reiterated at last week’s interim meeting last week. Given their preferences, the bar for a December cut has seemed high for some time, and we would likely have to see the real economy, particularly capacity utilisation, turn over sharply before a cut could come back into play. Hence, yesterday’s print changed nothing in that regard.

In China, the credit data came in yesterday, showing a moderate improvement in October, but data remains soft in general. At the same time, money supply growth also rebounded (M1 from -7.4% y/y to -6.1% y/y, M2 from 6.8% y/y to 7.5% y/y), though coming from weak levels. With the stimulus taking hold, we project credit growth to pick up in the coming quarters. The big uncertainty now, however, is when and how much the impact will be of Trump’s expected tariffs hikes on Chinese products – and the tit-for-tat trade war that may follow.

In Japan, the Lower House convened on Monday to select a new prime minister. As expected, the LDP retained power, re-electing PM Ishiba despite his scandal-hit coalition losing its parliamentary majority in last month’s election. We will keep an eye on what the DPP’s (whose support is critical to Ishiba) opposition to rate hikes might mean to the government’s stance on monetary policy.

In commodities space, Oil prices were down almost 3% in yesterday’s session amid China’s stimulus plan disappointing investors hoping for stronger Chinese demand growth, a stronger USD and expectations of increased supply due to Trunp’s pro-drilling stance. Later today, OPEC publishes its Monthly Oil Market Report, which includes major issues affecting the oil market and an outlook for oil market developments for the year to come.

In crypto space, Bitcoin continued its journey north. As of this morning, the world’s biggest crypto currency is hovering around USD 88,600.

Equities: Global equities were higher yesterday; however, it is worth highlighting the calmness in the markets and the massive drop we have seen in implied volatility measures such as the VIX and Move indices. Yesterday was also devoid of significant fundamental events, with no important key economic figures or monetary policy developments. Therefore, it was a day when investors had the opportunity to reflect thoroughly following the immediate reaction to the US election. The largest disturbance was the US Veterans Day holiday, which meant that there was no trading of treasuries. In terms of sector rotation, we observed precisely what we anticipated, with cyclicals performing exceptionally well, led by financials, consumer discretionary, and industrials. That being said, one should not expect Tesla’s post-election frenzy to continue. We even argue that there is a risk of it backfiring if Trump initiates a tariff war against Europe and Europe begins to retaliate. Materials underperformed, which we attribute to the disappointing messages emanating from China. Style-wise, small caps performed excellently yesterday, particularly in the US.

In the US yesterday: Dow +0.7%, S&P 500 +0.1%, Nasdaq +0.1%, Russell 2000 +1.5%.

Markets in Asia are lower this morning. China H-shares, along with Taiwan, are experiencing declines. The two major drivers here are the post-US election effects and the disappointing Chinese stimulus measures. In Taiwan, TSM, accounting for more than one-third of the main index, is leading the index lower after reportedly being ordered by the US to stop shipping chips used for AI to Chinese customers. Futures in Europe and the US are also lower this morning, with the Euro Stoxx 50 down by almost 1%.

FI: Yesterday, European government bond yields declined and extended the rally from Friday. 10Y German government bond yields have declined almost 20bp from the peak last week and are back below levels before the US election. The US bond market was closed yesterday, but we have seen a modest rise in US yields this morning in Asian Trade after a solid decline last week, where 10Y US Treasuries fell some 13bp on Thursday and Friday. Furthermore, after a long period with curve steepening the curves are flattening once again.

FX: Limited activity after the European close due to US holiday (Veteran’s Day), but EUR/USD held on to the move below 1.07 from earlier in the session. The EUR was one of yesterday’s biggest losers, not only vs USD but also against Scandies. The Brent oil price fell close to 3% but NOK/SEK barely moved, currently trading just above 0.98.

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SAXO

Economic

The US election is over and proved the pollsters once again disastrously wrong and the mid-to-late October betting odds predicting a strong Trump victory remarkably right. The result comes as a shock as many, including this author, were misled by sudden changes in Harris’ winning odds just ahead of the election.

And rather than the nail-biting, closely contested election that so many feared would be the case based on the extremely tight polls up to Election Day, we instead have a clear and resounding victory for Trump and the Republican party, which will control both houses of Congress.

This week, we consider three major implications of Trump 2.0 as we attempt to assess the full impact of this historic event on global financial markets, and on world history in general.

Trump 2.0: The largest US political revolution since Ronald Reagan

There are decades where nothing happens; and there are weeks where decades happen. – Vladimir Ilyich LeninThe historic 2024 US Election gave Donald Trump a resounding victory and the Republicans full control of Congress. This amounted to a political revolution that was a stinging rejection of the establishment and gives Trump and the Republicans a potent political mandate. It will mean enormous changes and possibly even a wholesale reshaping of the US- and global economy. That’s our focus below. But first, a brief look at a big winner and a big loser in the wake of the election.

US Election Aftermath: Trump 2.0 is here, What Now?_1

Chart: JP Morgan (red) and Denmark’s Vestas Wind Systems (blue), with US Election Day marked with the vertical dotted line.

The election brought a sharp reaction in global markets, with US stocks rallying sharply, and small caps the broad market category doing best, as smaller US companies are mostly domestically based and will get the most out of any new Trump tax reforms and as some small-cap companies could enjoy protection from foreign competition via Trump’s tariffs. Performing even better than the US small cap stock indices, which jumped around 6% the day after the election last week, were the major banks and financial services companies like JP Morgan, the largest US bank and shown in the chart above, which jumped more than 11% last Wednesday on the election result, adding more than USD 60 billion to the company’s value.

Investors swarmed into banks because of Trump’s stance against regulation. A Trump administration is seen not only reducing corporate taxes, but just as importantly looking to unwind some of the post-global financial crisis regulations and other planned regulations on banks, freeing up more of their capital that could increase their profitability, although that would also raise their risk levels. Elsewhere, many non-US equity markets put in mixed results at best after the election, with European markets some of the weakest on the combination of fears for European security under a Trump presidency and the impact on exports from those same tariffs. Also performing poorly were any US-exposed stocks in the alternative energy space. Take Danish wind turbine maker Vestas, which is shown in the chart above, was blasted lower the day after the election last week as investors know that a Trump 2.0 administration will see the US pulling out of the Paris climate agreement and likely removing nearly every subsidy for wind- and other alternative energy sources.

Trump 2.0: Three major implications

A revolution means enormous scope to shape policy

This was by far the most significant political revolution since the election of Ronald Reagan in 1980, when Reagan slashed taxes and started a massive deregulation push, one that peaked later in the Clinton presidency, when his Treasury secretary supercharged the big US banks aggressive risk-taking by orchestrating the unwinding of the Depression-era Glass-Steagall Act.

What the second election of Trump might bring is not fully clear, but an overwhelming victory for a totally anti-establishment party means that Trump has the mandate, should his team prove skillful enough in using it, to completely transform US government. This means everything from slashing spending and reducing taxes to enacting new widespread deregulation measures and of course, imposing massive tariffs that disrupt the globalized economy. In relations with other nations, Trump will enjoy the immense power that a US President has always had in foreign relations.

It’s important to point out that Trump 2.0 will look very different from Trump 1.0. In his first administration, he had no political experience, got less of the popular vote than Hilary Clinton, and chose many establishment figures for key posts that told him what he could and could not do. There were notable policy moves, but also plenty of noise and confusion in his policy-making. He has learned from that experience and has a vastly more experienced and professional team this time around, one that is more consistently anti-establishment. And as we will hopefully look at next week, he also has access to powerful billionaires offering their “services” for shaping policy.

The market has reacted, but things don’t move in a straight line. Ahead of the election, many had sketched out scenarios of how the market would react in the event of a Trump 2.0 outcome. The initial reaction largely proved them right: equities celebrated, small cap stocks and bank stocks roared higher, the US dollar rose sharply, and US treasury yields remain quite high, all on the assumption that we’ll see a rip-roaring US economy on Trump's pro-business agenda.

But will it be so simple? What if we have Trump moving quickly on tariffs, which are inflationary and bad for growth, and slower or not at all on corporate tax cuts because some in Congress are concerned that the US can’t afford even larger budget deficits? What if US treasury markets rebel at Trump’s intended policies and interest rates spike higher, which slows the economy as credit markets seize up? In short, there are many dynamics at work that could move markets in both directions and investors should take a careful approach when we don’t yet know what the famed “first 100 days” of a new presidency will – and won’t – bring.

This election will echo around the globe. The US is the world’s largest economy and shifts in demand from American consumers are felt far and wide, as are any moves in its stock and bond markets – both by far the world’s largest. On the economic front, Trump tariffs have the potential to impact global inflation (higher for the US, possibly lower elsewhere), global economic growth. And if Trump policies continue to send US treasury yields and the US dollar spiking higher, that will tighten global financial conditions as well.

On top of that, there are the traditional direct geopolitical impacts from a US president, who enjoys considerable freedom in foreign policy moves. The war in Ukraine and the Middle East are the most urgent issues where Trump’s decisions will have huge impact, as will whether he singles out China for especially large tariffs. Would China retaliate or try to convince Trump to make some kind of deal that somehow makes him look good but avoids the worst of the feared impacts? All in all, this Trump 2.0 scenario brings the maximum potential for US policy to change the rules for the global economy and geopolitics because of Trump’s powerful mandate and because he goes against much of the traditional neo-conservative agenda of the Biden administration.

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Warren Takunda

Stocks

Economic

Asian stocks tumbled on Tuesday dragged by Chinese markets and chip shares as investors worried about U.S. President-elect Donald Trump's policies, while bitcoin hit a record peak on bets on assets that are set to benefit from the new administration.

Investors anticipate Trump's second four-year term in office will bring equities-boosting tax cuts and looser regulations, lifting the world's biggest and best-known cryptocurrency, bitcoin , to an all-time high of $89,637.

But the threat of possible tariffs from the new White House administration has put the euro and China's yuan under pressure. The single currency touched a near seven-month nadir of $1.0687 overnight and was last at $1.064075, while the onshore yuan slipped to an over 3-1/2-month low.

The dollar on the other hand is expected to benefit from some of the policies that will likely keep U.S. interest rates relatively higher for longer. The dollar index , which measures the greenback versus six peers, was at 105.59, just shy of the 4-month high hit on Monday.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.7% to its lowest since Sept. 25, with Taiwan shares sliding over 2% and South Korean stocks 1% lower.

Chip stocks in the region have been reeling this week after Reuters reported that the U.S. ordered Taiwan Semiconductor Manufacturing Co to halt shipments of advanced chips to Chinese customers that are often used in AI applications.

That is a giant drop. That's a 30% drop indicating markets feel pretty comfortable about what's going on and pretty optimistic about the future.'

Chinese shares slid while Hong Kong stocks tumbled 2.65%. Sentiment remained largely downbeat after Beijing's latest stimulus package failed to deliver the direct spending aimed at consumers that investors have been expecting.

Analysts also pointed to reports of Trump tapping U.S. Senator Marco Rubio to be his secretary of state, arguably the most hawkish option.

"The market is now worrying that there will be more rapid negative China policy emerging from the Trump administration with his new cabinet picks," said Steven Leung, executive director of institutional sales at UOB Kay Hian in Hong Kong. "Their hawkishness could be more than expected."

Futures indicate European markets are set for a lower open, with pan-European STOXX 50 futures down 0.8%.

Data provider DDHQ projected on Monday that Trump's Republican Party had won a majority in the U.S. House of Representatives, signalling a majority for Republicans in both chambers of Congress.

Vasu Menon, managing director of investment strategy at OCBC, said the decisive win by Trump and the Republican party removes the overhang of an unclear or a contested U.S. election outcome.

"The medium-term outlook could become cloudier if Trump pursues aggressive tariff hikes ... This could fuel inflation eventually and stop the Fed from cutting rates. Tariffs also carry the risk of retaliation from the major trading partners."

"But this is a story for another time and Trump’s victory has unleashed the animal spirit in markets for now," Menon said.

Overnight, Wall Street's main indexes notched record high closes, with gaining around 9% after touching $1 trillion in market value on Friday on bets that the automaker would benefit from CEO Elon Musk's backing of Trump.

Trump's victory and the election of pro-crypto candidates to Congress have supercharged a bitcoin rally to record highs closer to 90,000, and targeting $100,000 next. It was last at $88,516.

"After such a performance, one could ask whether the Trump trades are already played out? Our take is 'No', as we think these trades still have plenty more legs," said Manish Kabra, lead U.S. equities & multi-asset strategist at Societe Generale in a note.

On the macro side, investor focus will be on U.S. consumer price inflation data on Wednesday, with a parade of Federal Reserve speakers also due to speak this week, including Fed Chair Jerome Powell on Thursday.

Markets are pricing in 87% chance of the Fed cutting rates in December by 25 basis points.

In commodities, oil prices slid as China's stimulus plan and oversupply concerns took the wind out of markets in prior sessions.

Brent crude futures was at $71.60 a barrel, down 0.32% while U.S. West Texas Intermediate crude futures was 0.35% lower at $67.80 a barrel.

Spot gold was 0.5% lower at $2,606 per ounce, touching its lowest level in a month.

Source: Reuters

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ACY

Economic

The Federal Reserve’s recent decision to cut the federal funds rate by 0.25%, bringing it to a target range of 4.5%–4.75%, is a careful response to a persistently complex economic landscape. This rate cut reflects the Fed’s dual mandate of fostering maximum employment while managing inflation, which remains somewhat elevated even as it trends downward. The decision signals the Fed's confidence that a modest rate reduction can support the current economic momentum without risking a resurgence in inflation.

One of the immediate effects of this rate adjustment is a likely cooling of the U.S. dollar. Lower interest rates typically weaken a currency’s international appeal as investors seek higher returns elsewhere. A softer dollar can improve U.S. export competitiveness by making American goods more affordable in global markets. However, this shift could also impact trade dynamics globally, especially as other major economies like the Eurozone and Japan adjust their monetary policies in response to changes in the dollar, this would be the normal scenario as we had the elections things may vary.

In the financial markets, lower rates tend to bolster stock prices as companies benefit from reduced borrowing costs. This environment may particularly benefit sectors that rely heavily on financing, like technology and real estate, as investors anticipate stronger earnings. Bond markets, meanwhile, are likely to see increased demand as existing bond yields become more attractive in a lower-rate environment, driving bond prices up.

How the Fed's Rate Cut Reshapes Economic Prospects: A Global Perspective on Inflation, Employment, and the Dollar_2

Globally, emerging markets may benefit from this decision, as capital flows could shift toward these economies, which often suffer when the U.S. dollar is strong. With a slightly weaker dollar and a tempered Fed policy stance, borrowing pressures may ease in these regions, facilitating capital investment and debt management.

Looking forward, the Fed has signalled a commitment to a data-driven approach, assessing inflation trends and employment metrics to guide any future policy adjustments. This rate cut can be viewed as a tactical measure, giving the Fed flexibility in its response to unfolding economic data, both domestically and internationally. For more details on the Fed's insights, you can explore their recent press conference transcript here.

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Warren Takunda

Stocks

Asian shares were trading mostly lower Tuesday, despite a rally on Wall Street in stocks seen as benefiting the most from Donald Trump’s reelection as president.

Japan’s benchmark Nikkei 225 gained 0.6% in morning trading to 39,774.43. But the rest of the regional markets didn’t get much of a perk.

Australia’s S&P/ASX 200 lost 0.3% to 8,238.00. South Korea’s Kospi declined 0.5% to 2,520.34.

Chinese tech stocks have been declining lately, while investors also have their eyes on upcoming earnings reports out of China.

Hong Kong’s Hang Seng dropped 0.7% to 20,280.34, while the Shanghai Composite was little changed, inching up less than 0.1% to 3,470.83.

On Wall Street, the S&P 500 edged up by 0.1%, coming off its best week of the year following Trump’s victory and a cut to interest rates by the Federal Reserve to bolster the economy. The Dow Jones Industrial Average rose 304 points, or 0.7%, while the Nasdaq composite gained 0.1%.

Tesla was the strongest force pushing upward on the S&P 500 after rising 9.1%. Its leader, Elon Musk, has become a close ally of Trump’s, and its stock jumped nearly 15% the day after the election and has kept rising.

Several pieces of what’s known as the “Trump trade” also helped drive the market, as investors try to identify which companies will be winners under a second Trump term. JPMorgan Chase rose 1%, and financial stocks again helped lead the market on expectations for stronger economic growth, less regulation from Washington and an increase in mergers and acquisitions.

A White House more friendly to big tie-ups has helped Wall Street speculate about a merger between insurers Cigna Group and Humana, for example. It’s been so feverish that Cigna said Monday it isn’t pursuing a deal with Humana. Cigna’s stock rose 7.3%, and Humana’s sank 2%.

Stocks of companies more focused on the U.S. economy were also rising more than the rest of the market, including a 1.5% rally for the smaller stocks in the Russell 2000 index, because they’re seen as benefiting more from Trump’s America First policies than big multinational companies.

They helped offset a drop of 1.6% for Nvidia, which was the heaviest weight on the market.

Such Big Tech stocks have rocketed higher on excitement about artificial-intelligence technology, and they had been gaining almost regardless of what the economy was doing. Now, though, critics say their prices look too expensive, and investors are finding more interesting buys among companies that could benefit more from Trump’s second term.

A drop for Nvidia packs a particularly heavy punch because its massive value of nearly $3.6 trillion makes it one of the most influential stocks on the S&P 500 and other indexes.

Some of the sharpest swings were in the crypto market, where bitcoin rose above $87,000 for the first time. Trump has embraced cryptocurrencies generally and pledged to make his country the crypto capital of the world. Bitcoin hit a record of $87,491, according to CoinDesk.

Another Trump trade has been a rise in Treasury yields, as traders anticipate potentially higher economic growth, U.S. government debt and inflation because of Trump’s policies. But trading in the bond market was closed Monday in observance of Veterans Day.

Treasury yields have been generally climbing since September, in large part because the U.S. economy has remained much more resilient than feared. The hope is that it can continue to stay solid as the Federal Reserve continues to cut interest rates in order to keep the job market humming, now that it’s helped get inflation nearly down to its 2% target.

All told, the S&P 500 rose 5.81 points Monday to 6,001.35. The Dow gained 304.14 to 44,293.13, and the Nasdaq composite added 11.99 to 19,298.76.

In energy trading, benchmark U.S. crude declined 14 cents to $67.90 a barrel. Brent crude, the international standard, fell 14 cents to $71.69 a barrel.

In currency trading, the U.S. dollar edged up to 153.85 Japanese yen from 153.72 yen. The euro cost $1.0650, down from $1.0660.

Source: AP

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Trumpforia

Pound to Euro Rate Exchange Rate Hits 1.21 Landmark, Resistance Prompts Pull-back

Source: Poundsterlinglive

Will ZEW for November Match October’s Improvement?

In focus today

Economic and market news

US Election Aftermath: Trump 2.0 is here, What Now?

Trump 2.0: The largest US political revolution since Ronald Reagan

Trump 2.0: Three major implications

Asia Stocks Slip, Bitcoin at Record High as 'Trump Trade' Whipsaws Markets

Source: Reuters

How the Fed's Rate Cut Reshapes Economic Prospects: A Global Perspective on Inflation, Employment, and the Dollar

Stock Market Today: Asian Shares Mostly Decline, Shrugging Off Wall Street’s Overnight Rally

Source: AP

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