Markets boom after US presidential election results

Thanh Bình (Theo Le Monde) |

Many predictions were made about financial activities immediately after the Republican candidate was elected as President of the United States.

With an overwhelming majority of electoral votes, Republican candidate Donald Trump won against Democratic Vice President Kamala Harris in most of the battleground states. The event, which attracted worldwide attention, is expected to benefit the appreciation of the US dollar and bond yields.

The prospect of a new administration implementing a combination of tax cuts and deregulation is benefiting U.S. stocks, while the prospect of higher tariffs and a widening budget deficit is driving up Treasury yields and the dollar.

In the stock market, the S&P 500 is expected to open up about 1%, according to futures trading, and the Russell 2000, which includes small and midsize U.S. companies, is expected to rise more than 2%. In fact, small companies are the ones most likely to benefit from the corporate tax cuts promised by the Republican candidate.

The re-election of the former US President also brought excitement to the stock market. The Tokyo Stock Exchange, for example, was boosted by the yen's decline against the dollar, ending up 2.5%. European markets also started in the green. In Paris, the CAC 40 index rose 1.75% in early trading, while the London and Frankfurt stock exchanges rose 0.9% and 0.8%, respectively.

"European markets are being driven by the excitement of the US stock market," said Mabrouk Chetouane, Chief Market Strategist at Natixis IM.

Samy Chaar, Chief Economist at Lombard Odier (Geneve, Switzerland), commented: "Mr. Trump will do everything to support US interests, that is his identity. US stocks will therefore be very beneficial."

Regarding the gold market, the price of gold in the Asian and European markets in the early afternoon of November 6 (Vietnam time) plummeted, losing about 40 USD, at times approaching the threshold of 2,700 USD/ounce after reaching a record of 2,789 USD/ounce (equivalent to 86.4 million VND/tael) on October 30.

Gold prices fell due to the strong increase in the USD, many investors continued to take profits in gold to avoid risks before and right after the election.

Meanwhile, the USD increased in value as money flowed to this safe-haven asset, while many other currencies such as the Japanese yen and the CNY plummeted.

Thanh Bình (Theo Le Monde)
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Mr. Donald Trump received 277 electoral votes, 7 more than enough to win the 2024 US presidential election.

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November 5 is Election Day for the 2024 US presidential election. Nearly 75 million American voters have cast early ballots for this year's election, according to data released by the New York Times at 2:13 p.m. ET on November 3 (2:13 a.m. November 4, Vietnam time).

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Donald Trump, a candidate for the 2024 US presidential election, sued CBS over an interview with Kamala Harris on "60 Minutes".