Stocks rise as bond yields fall after Bessent chosen as Treasury secretary

From Investing.com: 2024-11-25 00:26:20

Asian stocks and U.S. equity futures rose as bond yields fell after Scott Bessent was chosen as the next U.S. Treasury secretary. MSCI’s Asia-Pacific index climbed 1.6%, with U.S. futures near a record high. The dollar dropped against the yen and euro, while Treasury yields slid 7 basis points to 4.341%.

Global markets reacted positively to Bessent’s appointment, with Japan’s Nikkei up 1.6% and South Korea’s Kospi climbing 1.5%. Chinese markets were weighed down by tariff threats from the incoming Trump administration. Hong Kong’s Hang Seng added 0.2%, while mainland blue chips eased 0.2%.

Bessent’s stance on tariffs and economic policies has been closely watched. He has recommended gradual tariff implementation and advocated for growth to reduce debts. The yen stood at 153.76 per dollar, while the euro rebounded from a two-year low. Sterling climbed to $1.2592 from a recent low.

Cryptocurrency Bitcoin hovered near record highs, reaching $97,511 on expectations of a pro-crypto regulatory environment under Trump. Geopolitical tensions between Western powers and oil producers Russia and Iran boosted oil prices, with Brent futures at $75.30 and WTI at $71.38 a barrel. Both benchmarks surged about 6% last week.



Read more at Investing.com: Stocks bounce, dollar slides with bond yields on Bessent pick By Reuters