New US Treasury Secretary, ECB and Fed Rates, Company News and Geopolitics
Stock market news
• In Asia, market reaction to the choice of fund manager Scott Bessent as the next US Treasury Secretary dominated, with relief that he was a mainstream choice rather than an unknown. Bessent’s fiscal hawkishness was enough to send 10-year Treasury yields down 6 basis points, although it remains to be seen whether he can cut the deficit while extending expiring tax cuts. In various media appearances, he has talked of cutting the budget deficit to 3% of GDP and tackling the huge US national debt, presumably by cutting spending and boosting economic growth. Skeptics point...