By The Telegraph (World News) | Created at 2024-11-25 07:35:15 | Updated at 2024-11-25 09:35:43
2 hours ago
Global stock markets have rallied after Donald Trump announced his choice to be the next man in charge of America’s public finances under his administration.
Asian shares bounced and the FTSE 100 and European markets were poised to open higher after the selection of fund manager Scott Bessent as US Treasury Secretary.
Bond markets also rallied after the selection, with the benchmark 10-year Treasury yields - which moves inversely to its price - down more than five basis points to 4.36pc.
Bond yields are an indicator of the price of government borrowing.
Stephen Spratt, strategist at Societe Generale, said: “The market view (is) that Bessent is a ‘safe hands’ candidate.”
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