Global Markets Rally on Bessent's Treasury Nomination

Global equities climbed and the dollar weakened as investors reacted positively to President Trump's nomination of Scott Bessent as Treasury Secretary. With promises of tax cuts and fiscal caution, markets hit record highs. Bond yields fell, and oil prices dropped amid geopolitical developments.

Global markets experienced a boost as MSCI's global equities gauge rose, and the dollar fell, following news of Scott Bessent's nomination as U.S. Treasury Secretary by incoming President Donald Trump. Wall Street marked gains with the S&P 500 and Dow reaching record highs.

Investor sentiment was buoyed by Bessent's focus on tax cuts and fiscal prudence, which was highlighted in a Wall Street Journal interview. U.S. Treasury yields dropped, indicating a potential moderate fiscal path. Bessent's approach to tariffs also reassured investors.

Crude oil prices tumbled with Israel and Lebanon agreeing to end the conflict, while Bitcoin and gold saw declines influenced by market dynamics and geopolitical factors.

(With inputs from agencies.)