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Asian Stocks Fall as Trump Trade Cools
Asian markets declined, mirroring Wall Street's downturn, as the "Trump trade" momentum waned. Treasury yields rose, inflation expectations increased, and Bitcoin reached a record high before retracting.
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- How did the price of bitcoin and oil perform?
- Bitcoin reached a new record high before retracting, influenced by Trump's pro-cryptocurrency stance. Oil prices saw mixed results, with U.S. crude increasing and Brent crude decreasing.
- What are the economists' predictions for U.S. inflation?
- Economists predict U.S. inflation to accelerate to 2.6% in October, but underlying inflation is expected to remain steady. This data will be released on Wednesday, offering insights into the economy's trajectory.
- What are some of the reasons behind the cooling "Trump trade"?
- The cooling "Trump trade" is attributed to several factors, including a jump in Treasury yields and profit-taking after recent market highs. The Russell 2000 index, representing smaller companies, fell significantly.
- What was the overall trend in Asian stock markets on Wednesday?
- Asian markets followed Wall Street's downturn, as the "Trump trade" momentum cooled. The Nikkei 225 fell 1.1%, Kospi dropped 1.5%, and Hang Seng declined 0.5%.
- How did the increase in Treasury yields affect the stock market?
- Increased Treasury yields, reaching 4.42% on Tuesday, put pressure on the stock market. This rise is partly due to expectations of higher inflation and government debt under Trump's policies.