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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/nov/10/markets-rebound-investors-welcome-trump-plans-us-election-live
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| Version 17 | Version 18 |
|---|---|
| Stock markets rally as Trump bounce continues – live updates | Stock markets rally as Trump bounce continues – live updates |
| (35 minutes later) | |
| 10.26am GMT | |
| 10:26 | |
| Here’s confirmation that inflation expectations are rising, via analyst Arne Petimezas of AFS Group: | |
| Reflation trade is on pic.twitter.com/gmbUfq65VI | |
| 10.17am GMT | |
| 10:17 | |
| Higher inflation expectations drive UK borrowing costs to post-Brexit high | |
| Predictions that Donald Trump’s policies will drive US inflation higher are causing some dramatic moves in the financial markets today. | |
| The interest rate, or yield, on Britain’s 10-year government bonds just jumped over 1.31%, up from 1.23% on Wednesday night. That’s the highest level since 24th June, the aftermath of the Brexit referendum. | |
| Other European government bond yields are also rising. | |
| Investors are betting that Trump’s tax cuts and debt-fuelled spending plans, if enacted, would be inflationary. So they’re seeking a higher rate of return for holding government debt. | |
| https://t.co/WdZyqK7uMX pic.twitter.com/OVoZm0X9Ea | |
| Updated | |
| at 10.20am GMT | |
| 9.38am GMT | 9.38am GMT |
| 09:38 | 09:38 |
| The news overnight that Donald Trump doesn’t want to force Federal Reserve chair Janet Yellen to resign has also cheered the markets. | The news overnight that Donald Trump doesn’t want to force Federal Reserve chair Janet Yellen to resign has also cheered the markets. |
| Yellen’s first term expires in 2018, but there has been speculation that she might feel pressure to step down, given the attacks from Trump during the campaign. | Yellen’s first term expires in 2018, but there has been speculation that she might feel pressure to step down, given the attacks from Trump during the campaign. |
| Jim McCaughan, boss of Principal Global Investors, has told Bloomberg TV that market confidence will improve if Yellen stays, adding: | Jim McCaughan, boss of Principal Global Investors, has told Bloomberg TV that market confidence will improve if Yellen stays, adding: |
| If she goes, who knows, because that depends on who comes in next. | If she goes, who knows, because that depends on who comes in next. |
| 9.22am GMT | 9.22am GMT |
| 09:22 | 09:22 |
| China: We hope to maintain economic co-operation with the US | China: We hope to maintain economic co-operation with the US |
| Tom Phillips | Tom Phillips |
| China’s foreign ministry spokesperson has been giving some more reaction to Trump’s victory at a press conference in Beijing. Asked about Trump’s vows to introduce a 45% tariff on Chinese imports, spokesperson Lu Kang noted that economic ties were blossoming with trade increasing from $2.5bn in 1970 to $560bn last year.“Economic cooperation between China and the US is what has made our bilateral relations stable and has propelled our bilateral relation forward,” Lu said. | China’s foreign ministry spokesperson has been giving some more reaction to Trump’s victory at a press conference in Beijing. Asked about Trump’s vows to introduce a 45% tariff on Chinese imports, spokesperson Lu Kang noted that economic ties were blossoming with trade increasing from $2.5bn in 1970 to $560bn last year.“Economic cooperation between China and the US is what has made our bilateral relations stable and has propelled our bilateral relation forward,” Lu said. |
| “I hope US is able to view our economic trade relationship in an objective and unbiased manner and work with us so that we can move forward. I believe that if the US keeps the country’s interest and its people’s interests in mind, they will make the right decision”. | “I hope US is able to view our economic trade relationship in an objective and unbiased manner and work with us so that we can move forward. I believe that if the US keeps the country’s interest and its people’s interests in mind, they will make the right decision”. |
| Asked whether such protectionist measures would harm the US-China relationship the spokesperson said: | Asked whether such protectionist measures would harm the US-China relationship the spokesperson said: |
| “I will not comment on speculation. As I said I believe that the US’s leaders will make their decision based on the fundamental interests of their people. | “I will not comment on speculation. As I said I believe that the US’s leaders will make their decision based on the fundamental interests of their people. |
| 9.17am GMT | 9.17am GMT |
| 09:17 | 09:17 |
| The Dow Jones industrial average is on track to hit a new record high, when the US stock market opens in five hours. | The Dow Jones industrial average is on track to hit a new record high, when the US stock market opens in five hours. |
| Last night, the Dow closed near to its highest levels, and the future market is predicting a fresh spike today. | Last night, the Dow closed near to its highest levels, and the future market is predicting a fresh spike today. |
| The Trump honeymoon continues for U.S. stocks today. Dow futures are rallying 130 points, S&P futures are up 0.7% and Nasdaq is rallying 15 pic.twitter.com/V03ybEac6j | The Trump honeymoon continues for U.S. stocks today. Dow futures are rallying 130 points, S&P futures are up 0.7% and Nasdaq is rallying 15 pic.twitter.com/V03ybEac6j |
| Major moves in the out of hours index market: Dow currently 160 points higher than last night's close, trading at 18,750, an all-time high. | Major moves in the out of hours index market: Dow currently 160 points higher than last night's close, trading at 18,750, an all-time high. |
| Updated | Updated |
| at 9.39am GMT | at 9.39am GMT |
| 9.09am GMT | 9.09am GMT |
| 09:09 | 09:09 |
| The prospect of tax reforms and a government spending boost are pushing shares up, says Jeremy Cook of currency trading firm World First. | The prospect of tax reforms and a government spending boost are pushing shares up, says Jeremy Cook of currency trading firm World First. |
| He says the intial Trump slump has swiftly transformed into the Trump jump: | He says the intial Trump slump has swiftly transformed into the Trump jump: |
| The shortening of the timeframe between decline and rebound could be down to many things but issues around full Republican control of the Presidency and the possibility that changes in tax reform, investment and regulation will come through quicker may help. | The shortening of the timeframe between decline and rebound could be down to many things but issues around full Republican control of the Presidency and the possibility that changes in tax reform, investment and regulation will come through quicker may help. |
| Trump has also been called ‘an inflation time-bomb’ given his pledges to increase spending so we must now look at Fed policy through a new lens. Similarly, although he was elected yesterday he does not take the reins until January 20th. | Trump has also been called ‘an inflation time-bomb’ given his pledges to increase spending so we must now look at Fed policy through a new lens. Similarly, although he was elected yesterday he does not take the reins until January 20th. |
| World First Morning Update November 10th - Trump slump turns into Trump jump - https://t.co/iYXztyUTXq | World First Morning Update November 10th - Trump slump turns into Trump jump - https://t.co/iYXztyUTXq |
| 9.06am GMT | 9.06am GMT |
| 09:06 | 09:06 |
| Well quite: | Well quite: |
| If the market's going to rally every time Trump rows back on some ludicrous campaigning point, there's no limit to where we could end up. | If the market's going to rally every time Trump rows back on some ludicrous campaigning point, there's no limit to where we could end up. |
| 8.50am GMT | 8.50am GMT |
| 08:50 | 08:50 |
| Investors are hoping that taking on the presidency might provoke a change in Donald Trump. | Investors are hoping that taking on the presidency might provoke a change in Donald Trump. |
| Mike van Dulken of Accendo Markets says the market rally is based on: | Mike van Dulken of Accendo Markets says the market rally is based on: |
| ...an reassessment of views about Trump and belief that a more Presidential individual is already replacing the highly divisive candidate character he merely portrayed in order to appeal to American frustration and win the populist vote. | ...an reassessment of views about Trump and belief that a more Presidential individual is already replacing the highly divisive candidate character he merely portrayed in order to appeal to American frustration and win the populist vote. |
| Markets are demonstrating an impressive ability to digest significant political change and move on, even quicker than we saw in the immediate aftermath of the UK’s Brexit vote. | Markets are demonstrating an impressive ability to digest significant political change and move on, even quicker than we saw in the immediate aftermath of the UK’s Brexit vote. |
| Markets are looking to jump on any positives rather than negatives | Markets are looking to jump on any positives rather than negatives |
| Given some of Trump’s conduct during the election campaign (divisive comments about Muslims, Mexicans, those awful tape-recordings about women...), a transformation by Inauguration Day would be welcome. But is it realistic? | Given some of Trump’s conduct during the election campaign (divisive comments about Muslims, Mexicans, those awful tape-recordings about women...), a transformation by Inauguration Day would be welcome. But is it realistic? |
| 8.33am GMT | 8.33am GMT |
| 08:33 | 08:33 |
| Anyone who bought European shares during Donald Trump’s victory speech yesterday morning has made a decent profit. | Anyone who bought European shares during Donald Trump’s victory speech yesterday morning has made a decent profit. |
| The markets have now gained 4.6% since Wednesday’s opening tumble: | The markets have now gained 4.6% since Wednesday’s opening tumble: |
| Stoxx Europe 600 up about 4.6% from its post-election low right now. pic.twitter.com/flLRQRxBrE | Stoxx Europe 600 up about 4.6% from its post-election low right now. pic.twitter.com/flLRQRxBrE |
| Updated | Updated |
| at 8.39am GMT | at 8.39am GMT |
| 8.27am GMT | 8.27am GMT |
| 08:27 | 08:27 |
| European banks are also rallying, on speculation that the next president might unravel some of the regulations brought in since the 2008 crisis. | European banks are also rallying, on speculation that the next president might unravel some of the regulations brought in since the 2008 crisis. |
| During the campaign, Donald Trump promised to tear up Dodd-Frank -- the legislation brought in to protect consumers and prevent banks becoming too big to fail. | During the campaign, Donald Trump promised to tear up Dodd-Frank -- the legislation brought in to protect consumers and prevent banks becoming too big to fail. |
| Trump believes it is holding back the economy, and once told Fox News that: | Trump believes it is holding back the economy, and once told Fox News that: |
| “We have to get rid of Dodd-Frank. The banks aren’t loaning to people that need it. The regulators are running the banks.” | “We have to get rid of Dodd-Frank. The banks aren’t loaning to people that need it. The regulators are running the banks.” |
| But it’s not clear what Trump would replace Dodd-Frank with; simply ditching the law could create the conditions that caused the credit crisis in the first place. | But it’s not clear what Trump would replace Dodd-Frank with; simply ditching the law could create the conditions that caused the credit crisis in the first place. |
| EVERY European banks in the green today...hopes of higher rates & lower regulation post Trump pic.twitter.com/h2PFZ52MxV | EVERY European banks in the green today...hopes of higher rates & lower regulation post Trump pic.twitter.com/h2PFZ52MxV |
| 8.16am GMT | 8.16am GMT |
| 08:16 | 08:16 |
| Coper-producer Antofagasta is the top riser in London, with fellow miners Glencore and Anglo American close behind. | Coper-producer Antofagasta is the top riser in London, with fellow miners Glencore and Anglo American close behind. |
| Traders are betting that Trump’s programme of cutting taxes, a new debt-funded infrastructure programme, would push up inflation and raise demand for commodities. | Traders are betting that Trump’s programme of cutting taxes, a new debt-funded infrastructure programme, would push up inflation and raise demand for commodities. |