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Major U.S. indexes ended the week positively, with the Dow Jones up 2% and the Russell 2000 surging 4.5%, as investors shifted focus from large-cap tech to small- and mid-cap stocks. Despite Nvidia and Alphabet facing declines, Amazon's $4 billion investment in AI startup Anthropic highlights ongoing interest in the sector. At COP29, developed nations pledged $300 billion annually to combat climate change, significantly increasing their previous commitment.
The dollar declined as traders reacted to Donald Trump's selection of Scott Bessent for Treasury Secretary, viewing it as a cautious choice that moderated exuberant market expectations. Bitcoin's rally stalled, dropping below $97,000 before recovering slightly. Meanwhile, Australian shares and US equity futures rose, with Japanese futures indicating early gains and Hong Kong contracts remaining steady.
Scott Bessent, selected by Donald Trump as Treasury secretary, advocates for tariffs, a shadow Federal Reserve chair, and potentially a weaker dollar. If confirmed, he will oversee public financing, economic sanctions, and the IRS, while also engaging in international economic diplomacy and facilitating financial market operations. Bessent's role will be pivotal in advancing Trump's agenda, including the renewal of 2017 tax cuts and the easing of financial regulations.
Donald Trump has appointed hedge-fund executive Scott Bessent as treasury secretary, marking a significant decision for his administration. This choice, announced on November 22nd, provides insights into the economic direction expected during a potential second term for Trump.
President-elect Donald Trump swiftly appointed many Cabinet members but took his time selecting billionaire investor Scott Bessent as treasury secretary. Bessent, with a background in finance and a Yale education, is expected to help reshape the global trade landscape, implement significant tax cuts, manage national debt, and maintain market confidence. Trump emphasized Bessent's role in driving U.S. competitiveness and addressing trade imbalances while promoting economic growth through energy dominance.
Scott Bessent, head of macro hedge fund Key Square Group, has been nominated by President-elect Donald Trump to be the US Treasury Secretary, signaling a potential shift in fiscal policy. As bond investors await further insights into Bessent's economic strategies, the $28 trillion US Treasuries market remains closed until trading resumes in Asia.
Scott Bessent, a prominent figure in finance, has pushed for tax reform and deregulation to enhance bank lending and energy production. He noted that the market's rise following Trump's election reflected investor optimism for growth and a revitalized economy. Michael Oliver Weinberg, a former portfolio manager under Bessent, praised him as a sharp investor, likening his foresight to that of George Soros.
President-elect Donald Trump has nominated Scott Bessent, head of macro hedge fund Key Square Group, as the next US Treasury Secretary. Trump highlighted Bessent's strong support for the America First Agenda, aiming to strengthen the US economy as the nation approaches its 250th anniversary.
Investor Scott Bessent has built a notable career in finance, having worked alongside macro investment billionaire George Soros and renowned short seller Jim Chanos. He also has experience running his own hedge fund, showcasing his diverse expertise in the investment landscape.
Trump has appointed hedge fund manager Scott Bessent as Treasury Secretary, leveraging his investment expertise to navigate a slowing global economy and the dollar's status. Bessent advocates for bank deregulation and supports a friendlier approach to cryptocurrency, earning praise from Republicans and Wall Street figures, while facing criticism from Democrats and progressive groups for his ties to the financial elite.

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