🗳️✨ Voting’s wrapped! All U.S. polls are officially closed, with the final ones just in from Alaska and Hawaii.(1) Now, let’s see if the markets are holding steady or bracing for a little post-election turbulence! 🌪️📉
amana’s take
U.S. dollar soars on Trump election momentum. The greenback rallied, poised for its biggest single-day jump since the early days of the pandemic, as markets priced in Trump’s potential comeback. With 247 electoral votes in his corner against Harris’s 210, the "Trump trade" roared to life, lifting the Dollar Index 1.63% to a four-month high of 105.04.
Bitcoin breaks records in "Trump Trade" frenzy, gaining 8.63% to a jaw-dropping $75,120, as traders embraced a wave of pro-Trump bets. The narrative? Trump's policies could turbocharge demand for alternative assets, and crypto enthusiasts wasted no time getting on board.
Global currencies brace for red wave? The dollar's surge left major currencies bruised, with the euro, sterling, and Aussie dollar all sliding amid fears of renewed trade friction and a hawkish fiscal path. Meanwhile, Republican wins in Congress have markets whispering about a potential "Red Sweep," giving the dollar even more ammo.
Stock Market Update
🚀📈 With election suspense in the air, U.S. stocks staged a Tuesday rally like they’re warming up for game day! The S&P 500 advanced 1.23% to 5,782.76, the Nasdaq 100 climbed 1.32% to 20,227.46, while the Dow added 1.02% to 42,221.88.(2) Looks like the market’s already voting… for gains. 🗳️🤑
⬆️⏫ Catching the same election fever, Gulf markets surged—Abu Dhabi rose 0.6% to 9,384 and Dubai gained 0.2% to 4,595.(3)
🚆📈 Markets Hitch Their Wagon to the Donald Trump Train!
Investors across the globe are bracing for the Trump effect, as the former president wins the high-stakes U.S. election.(4) Republican Donald Trump has already declared victory over Democrat Kamala Harris, saying “I want to thank the American people for the extraordinary honor of being elected your 47th president and your 45th president.” The markets are loving the rally, with stocks, the dollar, and even Bitcoin on the rise. Traders, it seems, have hitched their wagons to the Trump train, betting on his policies around tariffs, taxes, and industry regulation. 📉💸
📊🚀 Riding High with the Trump Trade:
Market Moves: U.S. stock futures soar as investors price in the Trump win.
Dollar Dynamics: The dollar index gains strength against 6 major peers (at one point reaching as high as 105.19, a four-month peak),
Treasury Yields and Peso Drop: Treasury yields climb, while the Mexican peso drops to a two-year low amid tariff concerns.
Bitcoin Boom:Bitcoin hints new high of over $74,000, and breaks records in Asia trading on hopes of a more lenient regulatory stance.
Bank Bump: Tokyo bank stocks spike 4.4% in anticipation of stronger earnings. 📈💵
🍾🎉 Election Night Energy!
On Wall Street, emotions are high . Watch parties are packed, with crowds cheering and chanting as results roll in. In New York, the Young Republican Club gathered in full force, and in Miami, Joe McCann of Asymmetric, a macro hedge fund that trades primarily in cryptocurrencies, has barely left his penthouse, tracking every twist and turn. With battleground states still hanging in the balance, all eyes remain fixed on the Trump train’s next station stop! 🚉📊
🏦 The UAE banking sector hit a milestone, crossing AED500 billion in capital and reserves for the first time—up 10.5% from AED 454.9B to AED 502.6B YoY in July 2024.(5) That’s what you call “interest” in growth. 💸
📉 Saudi Aramco’s Q3 profit slipped 15% YoY to $27.6B—turns out even giants can skid on oil! Lower oil prices and refining margins did the damage, but hey, they still beat analyst expectations of $26.64B!(6) 🛢️
🤝 UAE’s ADNOC’s teaming up with Abu Dhabi-based AIQ to unleash ENERGYai, an AI powerhouse built with 80 years of ADNOC’s know-how! This will supercharge decision-making and efficiency. Talk about a high-tech glow-up!(7) 🤖
What Else Is Trending
⛽ In other news, oil prices rose on Tuesday, stirred by a looming Gulf of Mexico storm set to rattle U.S. output. Brent gained 0.6% to $75.53 a barrel, while WTI added 0.7% to $71.99.(8) 📈
🪙 Bitcoin surged overnight as investors bet on former President Donald Trump gaining an edge in the U.S. election. Bitcoin was last up 7% at $74,392 and even brushed $75K! Looks like it caught the election fever, too.(9) 🚀
✨ Lastly, spot gold glimmered, up 0.2% to $2,740.96 an ounce, as investors braced for potential post-election drama with Trump and Harris neck and neck!(10) 🌟
💬Quote of the Day
“We are expecting a volatile night.” — Joe McCann, CEO of Asymmetric, a macro hedge fund that trades primarily in cryptocurrencies,
