Asian markets rise on Wall Street momentum, Bitcoin

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MG News | November 25, 2024 at 10:04 AM GMT+05:00

November 25, 2024 (MLN): Asian markets gained on Monday, tracking a record close on Wall Street, as investors welcomed Donald Trump's pick for Treasury Secretary. Bitcoin, however, stalled just shy of the historic $100,000 mark after briefly nearing it last week, as APP reported. 

Traders are looking ahead to key U.S. data releases that could offer insights into the Federal Reserve’s plans for interest rates. Expectations of inflation fueled by Trump’s proposed tax and tariff policies have tempered hopes for further rate cuts.

Donald Trump’s choice of billionaire investor Scott Bessent as Treasury Secretary was met with optimism. Bessent, CEO of Key Square Group, advocates for extended tax cuts, deregulation, and addressing the budget deficit. His recent commentary on tariffs as a “negotiating tool” has reassured markets, with analysts describing his approach as balanced and gradual.

Wall Street’s rally on Friday, where the Dow closed at a record high, inspired Monday's Asian trading. Tokyo led the pack with over a 1% gain, followed by advances in Hong Kong, Shanghai, Sydney, and other regional markets.

Bitcoin remains steady around $97,600 after hitting a record $99,728.34 on Friday. The digital currency has surged 50% this month amid optimism over Trump’s potential easing of restrictions on cryptocurrencies.

Attention this week turns to Washington, where key economic data—including inflation metrics, GDP growth, and jobless claims—will guide the Federal Reserve’s December rate decision.

Meanwhile, oil prices dipped slightly after recent increases driven by geopolitical tensions in the Middle East and heightened conflict between Russia and Ukraine.

Investors remain vigilant as global events and U.S. economic policies continue to shape market sentiment.

Copyright Mettis Link News

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KSE30 48,340.67
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Name Last High/Low Chg/%Chg
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-3000.00
-3.79%
BRENT CRUDE 110.77 112.00
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USD RBD PALM OLEIN 1,191.50 1,191.50
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CRUDE OIL - WTI 102.82 104.37
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SUGAR #11 WORLD 14.69 14.95
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