Premarket: Stocks slip, bitcoin nears US$90,000 as ‘Trump trade’ whipsaws markets

Global stocks came under pressure on Tuesday from investor concern about U.S. President-elect Donald Trump’s policies, while bitcoin neared a record US$90,000 as traders piled into assets they believe could benefit from the new administration.

On the flipside, the likes of the euro and Chinese yuan have come under intense fire, as investors assess the risk of a steep rise in tariffs, as well as the risk of the Chinese economy continuing to struggle even with Beijing’s raft of multi-trillion dollar stimulus measures. “As we know more about the nomination process, we will know more if we’re going to have to erase the ‘more moderate’ path or if we can eventually dampen the a ‘less compromising’ path,” he said.

The MSCI All-World share index was down 0.4 per cent, under pressure from a near-1 per cent drop in Europe’s STOXX 600 and from weakness in U.S. stock futures, which were down 0.2 per cent. Data provider DDHQ projected on Monday that Trump’s Republican Party had won a majority in the U.S. House of Representatives, signalling a majority for Republicans in both chambers of Congress.

On the macro side, there is U.S. consumer price inflation data on Wednesday and a parade of Federal Reserve speakers also due to speak this week, including Fed Chair Jerome Powell on Thursday.

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