Wall Street stocks hit a record high and the dollar surged the most in two years as Donald Trump’s historic US election victory sent investors around the world scrambling to price in a new regime of trade tariffs and tax cuts.
“‘America First’ means commodities second,” said Francisco Blanch, a commodities strategist at Bank of America. Meanwhile, the prospect of tariffs and looser US regulation knocked renewable energy stocks and European car manufacturers while lifting US banks. The broader Russell 2000 index was up 4.9 per cent as investors bet that a faster-growing UK economy would benefit a wider range of sectors beyond highly valued tech stocks.
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