- New reality for US as Trump crushes Harris
- As Musk's big Trump bet pays off, US government faces 'hardcore' reform
- New Zealand's McKenzie and Aumua to start against Ireland
- German band in global 'mystery song' hunt stunned by late success
- Republicans hope Trump sweep will give party full power in Congress
- US states extend abortion rights; Florida, S.Dakota measures fail
- Hezbollah says tens of thousands of fighters ready to battle Israel
- Mexico girds for tariffs, migrant deportations after Trump win
- Olympic champion Zheng moves into last four of WTA Finals
- US Fed expected to look beyond Trump win and cut rates again
- Son of ex-global athletics chief Diack to face new trial
- Spain's young flood helpers smash 'snowflake' stereotype
- Wall Street smashes records, dollar soars as Trump wins
- Israelis in Jerusalem see Trump return as 'God's plan'
- 'We don't feel safe': Serbians lash out after fatal roof collapse
- Van Nistelrooy says no contact with new Man Utd boss Amorim
- Farrell recalls experienced trio for All Blacks Test
- Kremlin says will judge Trump by his 'actions' on Ukraine
- The MAGA galaxy that will follow Trump to the White House
- What impact will Trump have on the world economy?
- Cuba braces for Hurricane Rafael
- Chelsea are 'one team' despite rotations, says Maresca
- Robinson says upcoming Tests 'massive' for Feyi-Waboso's Lions' hopes
- 'Save us': Gazans want Trump to end war with Israel
- Pakistan's Punjab province shuts schools in smog-hit main cities
- Spain seizes largest-ever cocaine haul
- McIlroy hopes Trump election victory helps end golf rift
- Low taxes, high tariffs: What a Trump victory means for the US economy
- Germany's Scholz tells Trump: 'We're better off together'
- What's going wrong at Man City?
- Lebanon files UN complaint against Israel over pager attacks
- Man City told to pay majority of Mendy's unpaid wages
- 'Going to be rough': NATO braces for Trump's return
- UniCredit says needs a year to decide Commerzbank deal
- Madrid heading for crisis with Kroos gone and Mbappe floundering
- Dollar soars, stocks rally as Trump wins US election
- 'Worry' in Ukraine at Trump victory at critical moment in war
- Indian village proud as Trump claims victory
- Osimhen beginning to make mark for Galatasaray ahead of Spurs clash
- Americans must wait for their first woman president
- Hungary's Orban jubilant at Trump victory as he hosts EU leaders
- Trump's climate denial and green rollbacks poised to fuel warming
- Trump victory to bring unrestrained 'America First' to world
- Dutch court upholds e-cigarette flavour ban
- Trump may further test US military norms in second term
- Trump: political Houdini does it again
- Trump wins White House in stunning comeback
- Tesla shares soar pre-market as Trump hails 'genius' Musk
- Interpol says over 2,500 arrests in human trafficking crackdown
- PlayStation 5 Pro goes on sale, will gamers pay hefty price to play?
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Wall Street smashes records, dollar soars as Trump wins
Wall Street rallied into record territory, the dollar soared and bitcoin scaled a new peak Wednesday as the world gears up for another Donald Trump presidency.
The Republican candidate made a stunning political comeback as he defeated Vice President Kamala Harris to return to the White House, four years after losing it to Joe Biden.
The Dow jumped three percent while the S&P 500 and Nasdaq Composite added two percent in early deals.
"The rationale behind the US stock market rally is that Trump is seen as business-friendly and will be able to pass his tax cuts through easily without much resistance from the Democrats who have lost control of the Senate," said City Index and FOREX.com analyst Fawad Razaqzada.
Briefing.com analyst Patrick O'Hare said Trump's policies "which feature lower tax rates and deregulation among the cornerstones, are being heralded by the stock market as pro-growth policies that will be a boon for corporate profit growth".
But in a sign that investors are also nervous about the impact of Trump's protectionist policies, European stock markets gave up strong earlier gains to slip into the red in the afternoon.
Asian stocks diverged, with Chinese stocks hit by expectations that Trump would impose tariffs on Chinese imports.
Market focus was also on plans to stimulate China's economy, the world's second biggest after the United States.
Trump tax cuts, while good for corporate profits, are seen as inflationary and therefore leading to fewer interest-rate cuts by the Federal Reserve in the coming months.
That boosted the dollar against main rivals, with the greenback up around two percent against the euro.
The Fed announces its latest rate decision on Thursday.
"With the Federal Reserve expected to announce a likely 25 basis-point cut tomorrow, we are already seeing expectations reined in for the December meeting given the perception that Trump's policies are inherently inflationary," forecast Joshua Mahony, analyst at traders Scope Markets.
US Treasury yields also won support Wednesday.
"Investors are bracing for tariffs and a clampdown on (US) immigration, policies considered to be inflationary which are likely to mean interest rates may be more elevated in the years to come," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
She added that "expectations are high that a Trump presidency will mean fewer regulations on big tech and big finance".
Shares in Tesla soared nearly 13 percent after Trump praised the electric car maker's boss Elon Musk, a key campaign backer, as a "star" during his victory speech.
- Bitcoin record -
Bitcoin sprung $6,000 higher to a record $75,371.67, topping its previous peak of nearly $74,000 in March.
Trump has pledged to make the United States the "bitcoin and cryptocurrency capital of the world" and to put tech billionaire Musk in charge of a wide-ranging audit of governmental waste.
Elsewhere, oil prices slid "amid expectations that under Trump more crude will flow from US wells", Streeter added.
"Another Trump presidency is likely to place emphasis on energy independence and his policies are likely to favour fossil fuels, promoting deregulation in the oil, gas, and coal industries," she said.
- Key figures around 1435 GMT -
New York - Dow: UP 3.0 percent at 43,498.53 points
New York -S&P 500: UP 2.0 percent at 5,900.28
New York - Nasdaq Composite: UP 2.1 percent at 18,829.53
London - FTSE 100: UP 0.2 percent at 8,186.52
Paris - CAC 40: DOWN 0.1 percent at 7,398.15
Frankfurt - DAX: DOWN 0.5 percent at 19,154.15
Euro/dollar: DOWN at $1.0702 from $1.0930 on Tuesday
Pound/dollar: DOWN at $1.2842 from $1.3035
Dollar/yen: UP at 154.45 yen from 151.60 yen
Euro/pound: DOWN at 83.36 from 83.82 pence
Tokyo - Nikkei 225: UP 2.6 percent at 39,480.67 (close)
Hong Kong - Hang Seng Index: DOWN 2.2 percent at 20,538.38 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,383.81 (close)
West Texas Intermediate: DOWN 1.8 percent at $70.70 per barrel
Brent North Sea Crude: DOWN 1.8 percent at $74.17 per barrel
burs-rl/lth
C.Meier--BTB