Donald Trump’s victory at the just concluded US elections, has seen significant rise in value of Bitcoin, and lot of other market movements.
The prospect of higher prices as a result of planned tax cuts, import tariffs and an easing of regulations gave fresh impetus to the dollar, which has rallied since the Republican’s election win last week.
Awaiting the return of Donald Trump to the White House, Wall Street traders were digesting a big jump in bitcoin and a smaller one in inflation.
Key figures around 1645 GMT 13Th November 2024 Wednesday
New York – Dow: UP 0.4 percent at 44,101.90 points
New York – S&P 500: UP 0.2 percent at 5,997.42
New York – Nasdaq Composite: FLAT at 19,286.38
London – FTSE 100: UP 0.1 percent at 8,030.33 (close)
Paris – CAC 40: DOWN 0.1 percent at 7,216.83 (close)
Frankfurt – DAX: DOWN 0.2 percent at 19,003.11 (close)
Tokyo – Nikkei 225: DOWN 1.7 percent at 38,721.66 (close)
Hong Kong – Hang Seng Index: DOWN 0.1 percent at 19,823.45 (close)
Shanghai – Composite: UP 0.5 percent at 3,439.28 (close)
Dollar/yen: UP at 155.19 yen from 154.59 yen on Tuesday
Euro/dollar: DOWN at $1.0570 from $1.0625
Pound/dollar: DOWN at $1.2714 from $1.2748
Euro/pound: DOWN at 83.13 pence from 83.34 pence
Brent North Sea Crude: UP 0.1 percent at $71.99 per barrel
West Texas Intermediate: UP 0.1 percent at $68.20 per barrel
“It’s particularly pertinent given concerns that Trump’s tariff policies will be inflationary,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
“If prices are already looking unruly, expectations will rise for Trump’s threats to be watered down.”
For Srijan Katyal, global head of strategy and trading services at ADSS brokerage, “this (inflation data) reading has slightly disrupted the disinflationary pattern we have seen in the last few months but continues to remain stable around the targeted level”.
Yet, given Trump’s election victory, “inflation worries could return to markets,” Katyal said.
As inflation edged up, bitcoin, the world’s premier cryptocurrency, soared to fresh heights in topping $90,000, hitting an all-time peak above $93,400 before easing back slightly.
Trump has notably pledged to ease regulation around digital tokens.
With main European indices hardly budging — Frankfurt and Paris lost minor ground and London closed barely ahead — FOREX.com analyst Fawad Razaqzada suggested that “this week’s US inflation data may impact Wall Street but will likely have limited implications for European indices.
