NEW YORK/LONDON: Donald Trump’s victory in the US presidential election unleashed a massive rally in the dollar, drove stocks to record highs and punished bond prices as expectations of tax cuts and tariffs on imports drove optimism about economic growth while fueling worries about inflation.
US equity indexes soared, with the benchmark S&P 500 up 2.51 percent to a record high and huge gains in areas such as small-cap stocks and banks that are poised to benefit from Trump’s expected lighter regulatory touch.
The dollar hit its highest level in over four months. Bitcoin hit record highs and Treasuries were battered.
“Everywhere you look, there’s the thumbprints of these election results for markets,” said Paul Christopher, head of global investment strategy at the Wells Fargo Investment Institute.
Trump’s pledges to raise tariffs, cut taxes and slash regulations encouraged investors to dive into a range of assets that looked likely to benefit from such policies.
Markets that could suffer under tougher tariffs bore the brunt of the sell-off. The Mexican peso slumped to its lowest level in over two years while the euro was set for its largest daily drop since 2020.
Currency trading was intense. CME Group said by 10 a.m. CT, online trading of the Offshore Chinese Renminbi already had hit $33 billion in notional value, an all-time high. In the same time span, the traded notional value of futures contracts on the Mexican peso was 43 percent above the average daily volume.

Bolstering confidence in “Trump trades,” Republicans won control of the US Senate. Investors were still awaiting results in the House of Representatives, and Republican control would clear the path for Trump’s agenda.
The election could have far-reaching implications for tax and trade policy, as well as US institutions, affecting assets globally.

Interest rates seen higher
Investors sold US Treasuries, partly on the expectation that higher tariffs would inevitably filter through to consumer prices, but also because Trump’s promises on spending could boost government debt levels. The benchmark 10-year Treasury yield rose as high as 4.48 percent, its highest level in over four months but retreated slightly.
“If he’s able to fully implement his agenda, it means bigger deficits, bigger tax cuts, and also, because of tariffs, higher inflation,” said David Kelly, chief global strategist at JPMorgan Asset Management. “The higher inflation and the bigger deficits should push up long-term interest rates.”
In stocks, shares of Tesla, headed by Trump supporter Elon Musk, jumped 14.75 percent. The small-cap Russell 2000 rose nearly 6 percent, while the S&P 500 banks index jumped 10.68 percent.
Bitcoin surged to a record high, betting on a softer line on cryptocurrency regulation.
“Trump’s win likely means some deregulation, including rolling back banking regulations,” BlackRock Investment Institute said.
Investors started trading early. Retail trading platform Robinhood Markets had its largest-ever overnight trading session since it introduced that option in May 2023. The company said its total volume was 11 times a typical overnight trading session, with investors flocking to securities that pundits believe are likely to benefit from a second Trump presidency, ranging from Coinbase Global and the iShares Bitcoin Trust ETF to companies owned by Trump and his wealthiest fan, Elon Musk.

The results meant markets gained clarity about the presidency faster than in 2020, when Joe Biden was announced the victor some four days after election night.
“This is an economy that’s in good shape as we go into the next Congress and the next administration, and the stock market is reflecting that with the removal of this uncertainty overhang,” said Kurt Reiman, head of fixed income Americas and lead of the ElectionWatch at UBS Wealth Management.
Market attention is turning to the Federal Reserve’s monetary policy decision on Thursday, with Trump’s victory set to potentially put the central bank on a slower and shallower path for interest-rate cuts, should the Republican’s plans juice the economy.
“We now expect just one Fed cut in 2025, with policy on hold until the realized inflation shock from tariffs has passed,” economists at Nomura said in a note.
 

JEDDAH: Saudi Arabia’s real estate sector is poised for another major boost with an estimated SR180 billion ($48 billion) in deals expected to be signed at Cityscape Global 2024, taking place in Riyadh from Nov. 11-14.

The event will feature a global investment forum with representatives from 22 countries managing over $3.2 trillion in assets, further solidifying Riyadh’s position as a key capital hub.

Over 30,000 housing units from international developers will also be launched, marking a significant entry into the Saudi market.

Cityscape Global 2024, hosted at Riyadh’s Exhibition and Convention Center in Malham, stands as a major platform for innovation and growth. It underscores Saudi Arabia’s ongoing evolution in real estate, driven by Vision 2030, and its commitment to sustainable development in this vital sector.

The event will host nearly 200 international companies from 50 countries, along with 104 local developers and over 70 global real estate investors. This diverse representation will create a unique platform for shaping the future of real estate in the Kingdom. This year’s edition will span a remarkable 120,000 sq. meters — double the size of the previous edition.

Unprecedented growth

The Saudi real estate sector has seen exceptional growth, with local developers increasing from 48 to 104 in just one year and international developers rising from 54 to 69. This expansion is reflected in the sector’s performance in 2024, with over 280,000 real estate transactions worth more than SR636 billion.

According to the 2024 Global Real Estate Transparency Index, Saudi Arabia’s market ranks among the world’s most improved, raising expectations for Cityscape 2024 and attracting more attention to the Kingdom’s burgeoning real estate opportunities.

Championing the growth

Much of this progress is driven by Saudi Arabia’s Minister of Municipalities and Housing Majid Al-Hogail who has been instrumental in strengthening the sector’s regulatory framework.

Under his leadership, the real estate sector now contributes over 12 percent to Saudi Arabia’s non-oil gross domestic product.

Al-Hogail’s vision includes promoting sustainable urban development, enhancing homeownership rates, and creating smart cities through transformative projects like NEOM and The Line.

Cityscape’s role

Cityscape Global 2024 will showcase Saudi Arabia’s real estate advancements, offering an immersive experience for participants. A holographic map of future cities will allow attendees to explore designs, buildings, and street layouts that represent the Kingdom’s vision for sustainable urban development.

With Al-Hogail’s leadership, Cityscape 2024 is poised to pave the way for an innovative and sustainable real estate future in Saudi Arabia.

A global real estate leader

Cityscape Global 2024 is more than just an event; it is a testament to Saudi Arabia’s rapid development and commitment to excellence. As the Kingdom positions itself as a global leader in real estate, Cityscape will drive the sector to new heights, aligned with the country’s Vision 2030 and its pursuit of creating thriving, sustainable communities.