‘Trump trade’ surges as he claims victory: US dollar, bitcoin and stocks hit new highs

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Markets,Stocks,Us Dollar

NEW YORK, Nov 6 — Investors bought dollars, bitcoin and stocks, and sold bonds as Donald Trump claimed victory in the US presidential election and Republicans took control of at...

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“Not only are markets positioning themselves for a comfortable Trump victory in the electoral college, but the prospect of a Republican-controlled Congress,” said Matthew Ryan, head of market strategy at Ebury. Leading into Tuesday, polls showed a dead heat between the former president and the current vice president. But by 2am ET, Trump had won the swing states of North Carolina and Georgia and was leading in several others, according to Edison Research.Republicans also won control of the US Senate, ensuring they will dominate at least one chamber of Congress next year.

“A lot of this is based on investors’ view that Trump would cut taxes or at least keep tax rates low. Now that it’s likely to be looking like a red sweep — additional cuts are possible,” said Ken Peng, head of Asia investment strategy at Citi Wealth in Hong Kong. In Asia, exporters’ shares slid in Hong Kong, pulling the Hang Seng index down 2.7 per cent and leaving investors girding for a bumpy future.

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