Asian stocks mixed as dollar up on Trump-win bets: Markets wrap
Asian stocks were mixed as the US dollar rose after the attempted assassination of Donald Trump reinforced bets that his chances of winning the presidential election have increased.
A Bloomberg gauge of the greenback’s strength against major peers climbed 0.2% in Asia while S&P 500 contracts were little changed. US Treasury futures fell, indicating yields will rise when cash trading begins in London. Cash trading of US bonds is closed in Asia due to a holiday in Japan.
Australian and South Korean shares rose while Hong Kong futures indicated an early loss when markets open. Australian bond yields edged lower. Bitcoin topped $60,000 in the wake of the attack.
“Not reacting may prove to be the smartest thing you can do,” said Oliver Pursche at Wealthspire Advisors. “Markets will find their equilibrium and get back to the things that matter from an investment perspective, which are economic growth, monetary and fiscal policy and corporate earnings.”
In the aftermath of Saturday’s attack, chances of him becoming president again increased, according to PredictIt data.
Trump’s support for looser fiscal policy and higher tariffs are generally viewed as likely to benefit the dollar and weaken Treasuries. Yields surged in the wake of Joe Biden’s poor debate performance last month, showing the sensitivity of Treasuries — particularly longer-dated securities.
To be sure, there’s still plenty of room for surprises with almost four months to go in the US election campaign.
Traders are also now grappling with how much of
