Global Markets Climb as Investors React to Trump’s Treasury Pick

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Bangkok — Global stock markets rose on Monday, with European and Asian indices tracking gains from Wall Street, as investors welcomed President-elect Donald Trump’s nomination of billionaire Scott Bessent as Treasury secretary, viewing it as a market-friendly choice.

Bitcoin saw a slight dip, oil prices fell, and U.S. futures showed signs of continued optimism, according to the Associated Press.

European Markets Rally

Germany’s DAX climbed 0.7% to 19,461.11, while France’s CAC 40 advanced 0.9% to 7,322.70. The UK’s FTSE 100 rose 0.4%, reaching 8,291.83.

U.S. futures pointed to further gains, with the S&P 500 futures up 0.4% and Dow Jones Industrial Average futures gaining 0.6%.

Mixed Performance in Asia

In Asia, Tokyo’s Nikkei 225 led the gains, rising 1.3% to 38,780.14, while South Korea’s Kospi matched that with a 1.3% increase to 2,534.34. Australia’s S&P/ASX 200 edged up 0.3% to 8,417.60.

However, Chinese markets extended losses, with the Shanghai Composite slipping 0.1% to 3,263.76 and Hong Kong’s Hang Seng dropping 0.4% to 19,150.99. Technology stocks were among the hardest hit, as shares of Meituan fell 4%, and Tencent declined by 1.5%.

India’s Sensex rose 1.1%, buoyed by a 4.1% surge in Adani Enterprises despite ongoing protests demanding the arrest of billionaire Gautam Adani over allegations of fraud and bribery in the U.S. Meanwhile, Taiwan’s Taiex added 0.2%, and Bangkok’s SET index slipped 0.2%.

Spotlight on Scott Bessent

Investors have been closely monitoring Trump’s cabinet picks, with Bessent’s nomination seen as a potential stabilising factor. The 62-year-old hedge fund manager and founder of Key Square Capital Management is known for his Wall Street ties and is considered likely to advocate for balanced fiscal and economic policies.

“If confirmed, Bessent’s expertise and Wall Street alignment could signal a measured approach to tariffs and economic strategies, easing fears of abrupt policy shifts,” said Stephen Innex of SPI Asset Management.

Bessent, who would become the first openly gay Treasury secretary, has worked with Soros Fund Management since 1991. His nomination has bolstered hopes of moderation in Trump’s trade policies.

Focus on U.S. Inflation Data

The market’s attention is now turning to key inflation data due Wednesday, as the Federal Reserve prepares for its December policy meeting. The release of the personal consumption expenditures (PCE) index, the Fed’s preferred inflation gauge, is expected to shape expectations for interest rate adjustments.

Wall Street Wrap-Up

Wall Street ended last week on a high note, with the Dow Jones Industrial Average hitting a record 44,296.51, up 1%. The S&P 500 gained 0.3% to close at 5,969.34, and the Nasdaq composite added 0.2%, reaching 19,003.65.

Despite the broader gains, technology stocks lagged, reflecting ongoing investor caution in the sector.

Bitcoin and Oil Movement

Bitcoin hovered around $98,000, a slight retreat from its recent highs after surpassing the $99,000 mark last week. The cryptocurrency has more than doubled in value this year.

In energy trading, U.S. benchmark crude fell by 65 cents to $70.59 per barrel, while Brent crude, the international standard, dropped 65 cents to $73.98 per barrel.

Currency Markets

The U.S. dollar strengthened to 154.59 Japanese yen from 154.31 yen, while the euro edged lower to $1.0460 from $1.0475.

As the week unfolds, markets are expected to react further to macroeconomic indicators and Trump’s policy signals, setting the tone for the final stretch of the year.