Most markets experienced an uptick on Monday following a record-setting close on Wall Street, as traders reacted positively to Donald Trump's selection of Scott Bessent as Treasury Secretary. Meanwhile, bitcoin's momentum toward the $100,000 mark faltered after nearly reaching it at the end of the previous week.

These market gains occurred just before the release of significant U.S. economic data, which could shed light on the Federal Reserve's interest rate strategy. There are growing concerns that the incoming president's tax and tariff policies may reignite inflation, which could dampen expectations for rate cuts.

Additionally, investors are closely monitoring the ongoing conflicts in Ukraine and the Middle East, which have contributed to rising oil prices in recent weeks.

The announcement of Bessent's appointment was met with approval from investors, who are optimistic about his measured approach to economic policy. As the CEO of Key Square Group, a hedge fund management firm, Bessent has advocated for extending the tax cuts initiated during Trump's first term. He also emphasizes the importance of reestablishing American energy leadership and addressing the budget deficit.

Recently, he has called for tax reform and deregulation as essential measures to stimulate economic growth, asserting in a Wall Street Journal op-ed that these steps are crucial for "restarting the American growth engine" and controlling inflation.

In a recent opinion piece for Fox News, he referred to tariffs as "a negotiating tool with our trading partners," asserting that they serve as a way to advocate for American interests.

Despite his hawkish stance, the markets opened positively. Brian Jacobsen, chief economist at Annex Wealth Management, noted on Bloomberg TV that Bessent's approach suggests a gradual transition in policy rather than abrupt changes. He remarked that the selection indicates an "America First" administration that does not lean towards isolationism.

Following a robust close on Wall Street last Friday, where the Dow achieved a record high, Asian markets exhibited widespread gains.

Tokyo saw an increase of over one percent, despite the yen strengthening against the dollar. Other markets, including Sydney, Seoul, Singapore, Taipei, Mumbai, Bangkok, Wellington, Manila, and Jakarta, also reported positive movements.

Conversely, after a promising start, markets in Hong Kong, Shanghai, and Bangkok shifted into negative territory.

European markets opened higher, with London, Paris, and Frankfurt all showing gains.

Bitcoin hovered around $98,000, having reached a record peak of $99,728.34 on Friday, as traders anticipated the next trigger to propel it beyond the $100,000 threshold.

The digital currency has surged approximately 50 percent since the beginning of the month, following Trump's election, with expectations that he may implement measures to relax existing restrictions.

This week, attention will focus on several key releases from Washington that could influence US central bankers ahead of their upcoming rate decision in December. Important data points include the Fed's preferred inflation measure, minutes from the latest policy meeting, economic growth figures, and jobless claims.

Oil prices experienced a decline after a recent surge driven by concerns regarding Israel's ongoing conflicts with Hamas and Hezbollah, along with Russia's recent missile actions against Ukraine, which have heightened tensions with the West.

Key figures around 0810 GMT:

  • Tokyo - Nikkei 225: UP 1.3 percent at 38,780.14 (close)
  • Hong Kong - Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)
  • Shanghai - Composite: DOWN 0.1 percent at 3,263.76 (close)
  • London - FTSE 100: UP 0.5 percent at 8,301.95
  • Euro/dollar: UP at $1.0464 from $1.0418 on Friday
  • Pound/dollar: UP at $1.2584 from $1.2530
  • Dollar/yen: DOWN at 154.15 yen from 154.83 yen
  • Euro/pound: UP at 83.15 pence from 83.11 pence
  • West Texas Intermediate: DOWN 0.9 percent at $70.59 per barrel
  • Brent North Sea Crude: DOWN 0.8 percent at $74.54 per barrel
  • New York - Dow: UP 1.0 percent at 44,296.51 (close)