\n
The US dollar has surged as Donald Trump is now projected to have won the presidency and will re-enter the White House.<\/p>\n
Bitcoin has also hit a record high while traders bet on potential tax cuts, increased tariffs, and rising inflation under Trump’s second term.<\/p>\n
This election result will have a major impact on the global economy.<\/p>\n
The Republican Party is also set to take control of the Senate, although there are still votes left to count.<\/p>\n
The dollar has soared by about 1.4% against a host of different currencies, including the pound, euro and the Japanese yen.<\/p>\n
In Japan, the benchmark Nikkei 225 stock index ended the session up by 2.6%, while Australia’s ASX 200 closed 0.8% higher.<\/p>\n
The major US stock indexes also look likely to open sharply higher. That came after the Dow Jones Industrial Average, S&P 500 and Nasdaq all closed more than 1% higher on Tuesday.<\/p>\n
Why is Bitcoin going up?<\/b><\/p>\n
The value of Bitcoin has also jumped by $6,000 (\u00a34,645) to a record high of $75,371.69, surpassing the previous high of $73,797.98 seen in March this year.<\/p>\n
Trump has previously pledged to make the US the “bitcoin and cryptocurrency capital of the world”.<\/p>\n
His approach stands in stark contrast with that of the Biden administration, which led a sweeping crackdown on crypto firms in recent years.<\/p>\n
Trump had suggested that he would fire Gary Gensler, the chair of the Securities and Exchange Commission who has received a backlash online from advocates of the digital currency.<\/p>\n
This is due to Mr Gensler’s agency introducing new rules around environmental disclosures, which have been paused, as well as legal action against crypto companies.<\/p>\n
Trump has also said he plans to put billionaire Elon Musk in charge of an audit of governmental waste.<\/p>\n
Mr Musk has long been a proponent of cryptocurrencies and his company Tesla famously invested $1.5bn in Bitcoin in 2021, although the price of the digital currency can be very volatile.<\/p>\n
Tesla’s Frankfurt-listed shares rallied over 14% at the open on Wednesday. Mr Musk, Tesla’s top shareholder, has supported Trump throughout his electoral campaign.<\/p>\n
Experts predicted a turbulent day elsewhere on financial markets, however, as a response to global uncertainty and Trump’s potential plans for the economy.<\/p>\n
US bond yields, the return a government promises to pay buyers of its debts, also soared on Wednesday.<\/p>\n
A bond is essentially an IOU that can be traded in the financial markets and governments often sell bonds to investors when they want to borrow money.<\/p>\n
Analysts have suggested this could be down to traders expecting that some of Trump’s economic measures could lead to higher prices.<\/p>\n
Donald Trump has said, for example, he would dramatically increase trade tariffs, especially on China, if he became the next US president.<\/p>\n
Tariff impact<\/b><\/p>\n
Some economists have warned that Trump’s proposals around trade would come as a “shock” to the UK economy.<\/p>\n
Ahmet Kaya, principal economist for the National Institute of Economic and Social Research (Niesr), said it could be “one of the countries most affected” under such plans.<\/p>\n
It estimates that economic growth in the UK would slow to 0.4% in 2025, down from a forecast of 1.2%.<\/p>\n
Katrina Ell, director of economic research at Moody’s Analytics said: “Trump\u2019s global trade policies are causing particular angst in Asia, given the strong protectionist platform on which more aggressive tariffs on imports into the US have been pledged.”<\/p>\n
Trump’s more isolationist stance on foreign policy has also raised questions about his willingness to defend Taiwan against potential aggression from China.<\/p>\n
The self-ruling island is a major producer of computer chips, which are crucial to the technology that drives the global economy.<\/p>\n
In mainland China, the Shanghai Composite Index ended the day down 0.1%, while Hong Kong’s Hang Seng was down by around 2.23%.<\/p>\n
Trump’s tax-cutting agenda has been broadly welcomed by large corporates in the US.<\/p>\n
“We should see pro-business policies and tax cuts, in turn possibly driving up inflation and less rate cuts,” said Jun Bei Liu, portfolio manager at Tribeca Investment Partners.<\/p>\n
Investors also have other key issues to focus on this week.<\/p>\n
On Thursday, the US Federal Reserve is due to announce its latest decision on interest rates.<\/p>\n
Comments from the head of the central bank, Jerome Powell, will be watched closely around the world.<\/p>\n
On Friday, top Chinese officials are expected to unveil more details about Beijing’s plans to tackle the slowdown of the world’s second largest economy.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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