Donald Trump Wins 2024 Presidential Election

Donald Trump has been elected as the 47th president of the United States, according to the Associated Press and major news outlets. He declared victory, citing a "powerful mandate" for his second term.

Key Battleground States

Trump's success is attributed to strong showings in critical states like Wisconsin, Pennsylvania, Georgia, and North Carolina. Coverage revealed that Republicans gained a Senate majority and were on track to win the House, hinting at a possible Republican sweep.

Impact on Financial Markets

US stock futures surged, with Dow futures rising by 1,012 points (2.4%), S&P 500 by 119 points (2.0%), and Nasdaq 100 by 341 points (1.7%). Investors anticipated volatility and closely monitored an upcoming Federal Reserve interest rate decision.

Trump Trades React

Alongside the surge in stock futures, "Trump trades," which reflect his economic policies, also rallied. The US dollar reflected its largest single-day gain since March 2020, particularly against the Mexican peso. Bitcoin reached a new peak of $75,060, influenced by Trump's pro-cryptocurrency stance.

Federal Reserve Meeting

The Fed began a two-day policy meeting, with expectations of a quarter-point interest rate cut. Traders have adjusted their predictions for future cuts in 2025, anticipating a gradual easing.

Oil Prices Fall

Oil prices slipped on concerns of rising US crude stockpiles. The Brent contract decreased by 1.8% to $74.20, and US crude (WTI) fell by 1.7% to $70.75 per barrel. This decline is partly attributed to a stronger dollar, which raises costs for non-dollar holders.