BUSINESS-ECONOMY
Monday marked a good day for stocks across the us and Asia. US equities and treasuries advance, with traders welcoming Donald Trump’s pick of Scott Bessent for treasury secretary as a measured choice. They believe it would inject more stability into the US economy and financial markets. Bessent has stated that he will support Trump's efforts to lower taxes and impose tariffs, but investors anticipate that he will put market and economic stability ahead of political points. Concerns about the incoming president's protectionist policies, which threatened to increase market volatility, intensify trade tensions, and fuel inflation, have subsided as a result of the nomination. Meanwhile, a gauge of Asian stocks rose about 1 per cent, led by gains in Japan, South Korea and Australia. Indian stocks also reported gains, with Sensex surging over 1200 points. Market optimism and political outcomes in Maharashtra add to investor confidence. However, Chinese stocks have defied the regional trend, indicating that investors are still dissatisfied with the lack of more robust fiscal policies to boost the second-largest economy in the world. (With inputs from agencies) None
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