Global Markets Surge Amid U.S. Election and China's Fiscal Moves
Global stock markets experienced their best week since August, largely driven by Donald Trump's U.S. election victory and China's new fiscal strategy. Despite some disappointments with China's stimulus, the U.S. stock market is set for a strong finish, bolstered by expectations of regulatory easing and tax cuts.
Global stock markets rallied towards their best week since August, fueled by Donald Trump's firm victory in the U.S. presidential election. The race for stocks was intensified further as China unveiled new fiscal measures aimed at supporting its struggling economy.
The offshore yuan experienced a dip, with U.S.-listed Chinese firm shares and China-exposed European sectors seeing declines. While U.S. stock futures slipped, the overall week remained robust with Wall Street leading. The S&P 500 enjoyed substantial gains, while MSCI's world stock index neared record highs.
Expectations of reduced regulation and tax cuts under Trump's leadership buoyed the markets, while China's debt package and promises of further fiscal support caused mixed reactions. Germany's DAX, after a stellar performance, saw losses, as European and Chinese stocks showed caution. U.S. Treasury yields fell, and Bitcoin climbed to record highs amid the volatility.
(With inputs from agencies.)