- Asian stocks may struggle in early trading after Chinese economic measures underwhelmed and the release of anemic inflation data over the weekend. Bitcoin topped $81,000 after President-elect Donald Trump took a clean sweep of the seven US battleground states.
Asian stocks may struggle in early trading after underwhelming Chinese economic measures and anemic inflation data over the weekend, while Bitcoin topped $81,000 after President-elect Donald Trump took a clean sweep of the seven US battleground states.
Australian shares fell and futures in Tokyo and Hong Kong signaled losses after China’s 10 trillion yuan ($1.4 billion) plan to help local governments deal with hidden debt stopped short of including new measures to boost domestic demand. US futures edged higher after the S&P 500 rose 0.4% on Friday to cap stocks’ best week this year in anticipation of Trump’s pro-growth agenda.
A softer start is expected in Asia after the region’s stocks jumped 2.4% last week amid improved sentiment following the Federal Reserve’s rate cut and hopes for more stimulus in China. Investors are now shifting to assess how quickly Trump will implement his fiscal and protectionist trade policies, including proposed tariffs on China.
“The market’s next move will hinge on whether Trump prioritizes cutting taxes or raising tariffs, each having vastly different impact,” Tony Sycamore, an IG Markets analyst in Sydney, wrote in a note. “This clarification may still be months away and it’s worth remembering that back in 2016, Trump’s first move was to cut taxes which sent stock markets surging before tariffs on China caused headwinds.”
Bitcoin surged past $81,000 for the first time in early Asia hours, after hitting a record $80,000 on Sunday, fueled by the incoming president’s support for digital assets and the election of pro-crypto lawmakers.
Meantime, sentiment toward China is faltering as foreign direct investment slumps amid geopolitical tensions, competition from domestic industries and concerns over the nation’s economic outlook. Consumer inflation eased closer to zero in October, suggesting the government’s latest round of stimulus is far from sufficient to free the economy from the grip of deflation.
“Many feel that China is keeping its tactical powder in play for such time as the Trump-China tariff negotiations build, and they can respond in a more targeted fashion to stem the likely economic fallout,” Chris Weston, head of research at Pepperstone Group in Melbourne, wrote in a note. “In the short-term, however, it does suggest downside risk to China/Hong Kong equity and the yuan.”
The dollar edged higher against major peers in early Asian trading, extending last week’s gain amid concerns that Trump’s fiscal policies will stoke inflation. While the US Treasury yield curve flattened Friday, firms including BlackRock, JPMorgan Chase, and TCW Group are warning that the bond market selloff is likely far from over. Cash Treasuries are closed Monday for a holiday.
Federal Reserve Bank of Minneapolis President Neel Kashkari indicated at the weekend the central bank could ease rates less than previously expected amid a strong US economy. Kashkari emphasized, however, that it’s too early to determine the impact of Trump’s policies.
Oil was little changed near $70 a barrel in early Asian trading after falling 2.7% on Friday amid disappointment over China’s stimulus measures. Gold was steady.
This week, traders will be parsing data from Australian jobs to Chinese retail sales and industrial production, inflation from the US and Eurozone as well as growth readings in the UK and Japan. A swath of Federal Reserve officials are scheduled to speak which may help indicate the central bank’s thinking following the election result.
Some of the major moves in markets:
Stocks
Nikkei futures fell 0.2%
Topix futures lost 0.1%
S&P 500 futures rose 0.1%
Nasdaq 100 futures gained 0.1%
Australian equities decreased 0.3%
Hong Kong futures declined 0.3%
Shanghai Composite down 0.1%
MSCI All-Country World Index futures were steady
Currencies
Dollar Index advanced 0.1% to 94.206
Bloomberg Dollar Spot Index rose 0.1%
Euro slipped 0.1% to $1.0866
Yen was flat at 113.81 per dollar
Offshore yuan gained 0.1% to 7.0108 against the dollar
Cryptocurrencies
Bitcoin soared 0.6% to $81,184.9
Ethereum gained 0.2% to $2,226.08
Bonds
Indicative 10-year Treasury yields were steady at 1.62%
Australia’s 3-year yield decreased two basis points to 0.85%
Commodities
West Texas Intermediate crude was at $70.03 a barrel
Brent crude steadied at $73.68 a barrel
Gold was at $1,768
The above is the detailed content of Asian Stocks May Struggle as China Measures Underwhelm, Bitcoin Tops $81,000. For more information, please follow other related articles on the PHP Chinese website!

Michael Saylor popular Bitcoin activist and co-founder of MicroStrategy, a business intelligence firm has dropped his latest prediction for Bitcoin price in the ongoing Bitcoin 2024 conference in Nashville.

The crypto world was abuzz this week with rumors that Kamala Harris, the newly declared Democratic presidential candidate, was in talks to speak at the Bitcoin 2024 conference in Nashville.

Shiba Inu price could potentially reach unprecedented heights if SHIB follows Bitcoin should the premier crypto asset hit $2.9 million as predicted by VanEck.

One of the most important points of focus in the US Presidential race has been the policy of both parties regarding Bitcoin and cryptocurrencies.

MicroStrategy's Chairman and CEO Michael Saylor is still uber-bullish on Bitcoin [BTC]. During his keynote addresss at the Bitcoin 2024 conference in Nashville

Many of the nation's leading cryptocurrency companies, executives, investors and fanatics are beginning to unite around former president Donald Trump's bid for the White House

Following CNF's earlier update that Ferrari is accepting Bitcoin, Ripple (XRP), and other cryptocurrencies as payment for its cars, it is now reported that Ferrari will expand its cryptocurrency payment option to European dealers by the end o

With the American President Joe Biden deciding not to run for re-election, Vice President Kamala Harris is now a top contender for the presidential race. Recently, she spoke about Bitcoin and cryptocurrencies, making her stance clear.

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

AI Hentai Generator
Generate AI Hentai for free.

Hot Article

Hot Tools

Dreamweaver Mac version
Visual web development tools

MantisBT
Mantis is an easy-to-deploy web-based defect tracking tool designed to aid in product defect tracking. It requires PHP, MySQL and a web server. Check out our demo and hosting services.

PhpStorm Mac version
The latest (2018.2.1) professional PHP integrated development tool

SublimeText3 Chinese version
Chinese version, very easy to use

mPDF
mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),
