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Asian Shares Retreat on Inflation, Dollar Strength
Asian shares fell after a mixed US market close following a rise in US inflation. The stronger dollar is straining other economies.
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United States
EconomyUs PoliticsInflationMarketsStocksCurrency
Federal ReserveVolkswagen GroupRivian AutomotiveSpirit AirlinesCme Group
Donald TrumpElon MuskStephen Innes
- What caused the retreat in Asian markets?
- Asian markets retreated due to a lackluster Wall Street finish, following a report of increased US inflation. The stronger dollar, anticipated under the Trump administration, is putting strain on other economies.
- How did the cryptocurrency market perform?
- Bitcoin traded around $89,990 after exceeding $93,000, while Dogecoin also saw gains, influenced by Trump's pro-crypto stance and Musk's appointment.
- How did U.S. stocks perform after the inflation report?
- The S&P 500 was nearly unchanged, while the Dow Jones Industrial Average added 0.1%, and the Nasdaq composite slipped 0.3%. October's inflation increase to 2.6% fueled expectations of further interest rate cuts by the Federal Reserve.
- What is the impact of the stronger dollar on Asian economies?
- A stronger dollar is causing strain on other economies, particularly those with USD-denominated debt, as seen in the weakening Thai baht and Chinese yuan. This is expected to continue under the Trump administration's policies.
- What were the notable stock market movements for Rivian Automotive and Spirit Airlines?
- Rivian Automotive's stock jumped 13.7% due to details on its Volkswagen joint venture. Conversely, Spirit Airlines' stock plummeted 59.3% due to potential debt renegotiation wiping out stockholder equity.