ECONOMY SERVICE
Created Date: November 26, 2024 04:00
Global markets gained positive momentum after Trump won the US Presidential election and nominated Scott Bessent as his candidate for treasury secretary. Bessent, a hedge fund manager and once a partner of famous investor Soros, gave ‘tax good news’ in his first statement. The increase in Borsa Istanbul was also over 1 percent.
The impact of Donald Trump, who won the election in America, on global markets continues. Finally, Trump’s nomination of Scott Bussent, a hedge fund manager, as his candidate for treasury secretary caused a positive atmosphere in global markets. Markets started the new week with an increase. On the first trading morning of the week, MSCI Asia Pacific Index increased by 1 percent, led by Japan, South Korea and Australian stocks. Bitcoin continued its rise this week after a correction at the weekend.
HE WAS SOROS’ PARTNER
The reason behind the positive buying by the markets by giving ‘high credit’ to Bessent is that the treasury minister candidate is a name from within the sector. Bessent, born in 1962, was among Trump’s biggest donors in the pre-election period. The candidate was also a partner at the renowned investment firm Soros Fund Management and the founder of Key Square Group, a global macro investment firm. Bessent, a Yale University graduate, taught as an assistant professor of economic history at Yale between 2006 and 2011, which is another feature perceived as positive for the markets.
TAX ANNOUNCEMENT DRAWED ATTENTION
ABD Treasury Secretary nominee Scott Bessent TrumpThe first statements he made after nominating himself were also remarkable. Bessent announced that he would focus on fulfilling the tax cuts and tariff commitments Trump made before the election.
In his speech to the Wall Street Journal, the Treasury secretary nominee said that imposing tariffs and reducing spending were also on his agenda, but did not go into detail on this issue. In the news, the experienced hedge fund manager also said that he would work to “maintain the dollar’s status as the world reserve currency.”
BORSA ISTANBUL IS ON THE RISE
Borsa Istanbul continued to differentiate positively from global stock markets. It started the morning of the first trading day with an increase of 0.7 percent. It rose above 1.3 percent during the day. Behind the positive divergence lies the Central Bank’s Inflation Report and PPK The fact that he opened the door for an interest rate cut in December played a big part in his statement. BIST 100 index closed the first day of the week at 9,659 points with a 1.15 percent increase in value.
On the other hand, the decline in foreign currency indexed deposits from historical peaks continues. The Central Bank, which uses real value TL as the most important instrument in the fight against inflation, increased investors’ interest in TL. According to BRSA data, the share of standard TL deposits reached an eight-year peak with 57.45 percent.
HARD DECLINE UNDER
Gold fell sharply on the first trading day of the week after making its highest jump in 20 months last week, as the escalation in the Russia-Ukraine war increased the demand for safe havens.
After gold prices increased by 6 percent last week, they turned downward and decreased by 1.65 percent. On the first trading day of the week in the spot market, ounce gold reached 2 thousand 670 dollars. According to the calculation made based on the Dollar/TL exchange rate and ounce of gold, gram gold is above 3 thousand 18 TL.
Source: bigpara.hurriyet.com.tr
