Asian Shares Mostly Higher On Bessent Pick For US Treasury
(RTTNews) - Most Asian stocks rose on Monday, the dollar dipped, and bond yields declined after U.S. President-elect Donald Trump has chosen wealthy hedge fund manager Scott Bessent to be his Treasury secretary.
Bessent's reputation for stability and his past advocacy for gradual economic policies have calmed market nerves.
Oil prices traded lower in Asian trading and gold prices were down nearly 2 percent after reports emerged that Israel and Lebanon based Hezbollah militant group are on cusp of a ceasefire deal.
China's Shanghai Composite index slipped 0.11 percent to 3,263.76 after a choppy session as investors awaited the release of NBS PMI data this week for impacts on business conditions from recent stimulus and tariff worries.
Hong Kong's Hang Seng index ended down 0.41 percent at 19,150.99, giving up initial gains. China's central bank today left the rate on medium-term lending facility unchanged after cutting the rate in September.
Japanese markets posted strong gains on optimism around the U.S. economy. The Nikkei average climbed 1.30 percent to 38,780.14 ahead of November inflation numbers from the capital city of Tokyo, due to be released later in the week.
The broader Topix index settled 0.71 percent higher at 2,715.60, with tech giants SoftBank Group and Tokyo Electron rising 3.4 percent and 4 percent, respectively. Uniqlo owner Fast Retailing surged 3.5 percent.
Seoul stocks ended sharply higher ahead of Bank of Korea's interest-rate decision on Wednesday. The Kospi average rallied 1.32 percent to 2,534.34, led by tech and battery stocks. Samsung Electronics jumped 3.4 percent and LG Energy Solutions added 3.6 percent.
Australian markets eked out modest gains as falling yields boosted property, technology and consumer stocks.
The benchmark S&P/ASX 200 rose 0.28 percent to 8,417.60 ahead of inflation readings for October scheduled to be released on Wednesday. The broader All Ordinaries index ended up 0.33 percent at 8,661.20.
SG Fleet Group shares soared 18.4 percent after the vehicle fleet management and leasing group confirmed that it is in discussions regarding a A$1.2 billion ($785 million) buyout offer from private equity group Pacific Equity Partners.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index jumped 1.18 percent to 13,196.08 ahead of the Reserve Bank of New Zealand's interest-rate decision on Wednesday, with a 50-bps rate cut fully priced in by markets.
U.S. stocks rose on Friday and posted strong gains for the week, partly offsetting the sharp pullback seen in the previous week.
The Dow jumped 1 percent to reach a new record closing high and the S&P 500 rose 0.4 percent to extend gains for the fifth day running while the tech-heavy Nasdaq Composite edged up by 0.2 percent.