Beijing, Nov. 13, 2024 – Asian markets fell again Wednesday as traders fret over the impact of Donald Trump’s presidency on the Chinese and global economies, with fears that his policies could also reignite US inflation.
The prospect of prices spiking again on the back of 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.
The selling came after a negative lead from Wall Street, where all three main indexes finished in the red as investors took a breather from a week-long rally to more record highs.
Bitcoin was sitting just above $88,404.
The dollar held gains against its peers, having tapped a one-year high versus the euro, while it was pushing back towards 155 yen.
The greenback has risen as dealers pare bets on Federal Reserve interest rate cuts after Trump’s win, with two seen through to June, compared with four forecast before the election, according to Bloomberg.
Focus is now on the release of key US October consumer price data due later in the day, with expectations for a slight uptick from the previous month.
The reading will be pored over for an idea about the central bank’s plans for borrowing costs when it meets again in December.
It cut rates 25 basis points last week, having slashed them by 50 points in September, the first since the start of the pandemic. (AP)
