ASX set to fall,
Trump trade cools
on Wall Street
ASX set to fall, Trump trade cools on Wall Street
By Stan Choe
November 13, 2024 — 5.17am
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US• Экономика » Финансы » Платежные средства » Доллар США stocks are slipping as some momentum comes out of the torrid “Trump trade”
that swept Wall Street following Donald Trump’s presidential victory.
The S&P 500• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Биржи » Биржевые индексы » S&P 500 was 0.5 per cent lower in afternoon trading, coming off its
latest all-time high. The Dow Jones• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Биржи » Биржевые индексы » Промышленный индекс Доу-Джонса
• Объект организация » Организации по алфавиту » Организации на Нь » Нью-Йоркская фондовая биржа » Промышленный индекс Доу-Джонса was down 348 points, or 0.8 per cent, and
the Nasdaq• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Биржи » Биржевые индексы » Nasdaq composite fell 0.5 per cent. The Australian sharemarket is set for
heavy losses, with futures at 5.02am AEDT pointing to a loss of 100 points, or
1.2 per cent, at the open. The ASX lost 0.1 per cent on Tuesday.
Wall Street retreated on Tuesday as the Trump trade lost steam. Credit:
Reuters
Stocks have been broadly rising on expectations that Trump’s preference for
lower tax rates and other policies will mean faster economic growth, as well
as bigger US government• Объект организация » Организации по алфавиту » Организации на Пр » Правительство США
• Соединённые Штаты Америки (США) » Государственное устройство США » Правительство США
• Государство » Государственное устройство США » Правительство США debt and higher inflation. Some areas of the market
have launched on particularly high-grade fuel, such as smaller US• Экономика » Финансы » Платежные средства » Доллар США. stocks seen
as benefiting the most from Trump’s America First ideas.
They gave back some of their big gains on Tuesday, and the Russell 2000 index
of smaller companies slipped 1.5 per cent. Even Tesla• Объект организация » Организации по алфавиту » Организации на Te » Tesla Motors, which is run by Trump’s
ally Elon Musk• Объект человек » Персоналии по алфавиту » Персоналии на Ма » Маск, Илон, sank. It fell 3.7 per cent and was on track for its first loss
since before Election Day last week.
The stock that’s become most entwined with Trump’s popularity, Trump Media
& Technology Group, fell 8.2 per cent.
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Helping to offset such losses was Live Nation Entertainment, which joined the
lengthening list of US• Экономика » Финансы » Платежные средства » Доллар США companies delivering stronger profit for the summer
than analysts expected. The company behind Ticketmaster said concert fans
around the world are spending more to hear artists, and it said trends are
already encouraging for 2025 stadium tours for Coldplay and others. Its stock
rose 4.5 per cent.
Tyson Foods jumped 8.6 per cent after likewise topping analysts’ forecasts for
profit. The producer of beef, chicken and pork also raised its dividend for
investors.
Home Depot• Объект организация » Организации по алфавиту » Организации на Ho » Home Depot pulled back 0.8 per cent despite beating analysts’ profit
expectations, as it continues to contend with a pullback in spending by
customers.
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Mosaic fell 8.2 per cent after the producer of crop fertilisers reported
weaker profit and revenue for the latest quarter than analysts expected. It
also named a new chief financial officer.
In the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin soared to another record before pulling back.
Trump has embraced cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта generally and pledged to make his country
the crypto capital of the world. Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin got as high as $US89,995 ($138,032),
according to CoinDesk, before dropping back toward $US87,000. It started the
year below $US43,000.
In the bond market, Treasury yields rallied as trading of US• Экономика » Финансы » Платежные средства » Доллар США. government bonds
resumed following Monday’s Veterans Day holiday.
The yield on the 10-year Treasury climbed to 4.42 per cent from 4.31 per cent
late Friday.
Treasury yields have climbed sharply since September, in large part because
the US• Экономика » Финансы » Платежные средства » Доллар США. economy has remained much more resilient than feared. The hope is that
it can continue to stay solid as the Federal Reserve continues to cut interest
rates in order to keep the job market humming, now that it’s helped get
inflation nearly down to its 2 per cent target.
Some of the rise in yields has also been because of Trump. He talks up tariffs
and other policies that economists say could drive inflation and the US• Экономика » Финансы » Платежные средства » Доллар США.
government’s debt higher, along with the economy’s growth.
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Traders have already begun paring forecasts for how many cuts to rates the Fed• Экономика » Экономика США » Макроэкономика США » Федеральная резервная система США
• Объект организация » Организации по алфавиту » Организации на Фе » Федеральная резервная система США
• Соединённые Штаты Америки (США) » Экономика США » Макроэкономика США » Федеральная резервная система США
will deliver next year because of that. While lower rates can boost the
economy, they can also give inflation more fuel.
The next update on inflation will arrive on Wednesday, when the US• Экономика » Финансы » Платежные средства » Доллар США. government
gives the latest reading on prices that US• Экономика » Финансы » Платежные средства » Доллар США. consumers are paying. Economists
expect it to show inflation accelerated a bit to 2.6 per cent in October from
2.4 per cent the month before. But they’re looking for underlying inflation
trends, which ignore prices for groceries and fuel that can jump sharply from
month to month, to stay steady at 3.3 per cent.
In stock markets abroad, indexes fell across much of Europe and Asia. Hong
Kong’s Hang Seng dropped 2.8 per cent for one of the worst falls. The Hang
Seng closed below the 20,000 level for the first time since China announced a
stimulus package in September.
AP
The Market Recap newsletter is a wrap of the day’s trading. Get it each we e
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