Trump trade war ‘could push eurozone into full-blown recession’; UK and US expected to cut interest rates today – business live

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Wall Street and bitcoin soar to record highs as Trump wins US election

Mark Haefele, chief investment officer at UBS Global Wealth Management, predicts more market turbulence as Donald Trump’s policy proposals take shape:

Markets have started to digest Trump’s victory, with the initial response pointing to expectations of stronger growth, higher inflation, a slower pace of interest rate cuts, and trade tariffs.

As more detailed policy proposals emerge from the Trump transition team, investors should brace for further swings ahead. We advise investors to be ready to use any outsized market reactions to build stronger long-term portfolios.

The net worth of billionaires led by Tesla’s Elon Musk, the world’s wealthiest person, surged by $63.5 billion on Wednesday, according to the Bloomberg Billionaires Index.

Musk alone added $26.5 billion to his pot. Amazon.com’s Jeff Bezos and Oracle’s Larry Ellison were also among the top gainers. It’s the biggest daily increase since Bloomberg’s wealth index began in 2012.

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Latest in World

Sweden cuts its key rate by 0.5 percentage points to 2.75%, the largest reduction in over a decade

50 European leaders assess how Trump will affect their fortunes. German crisis adds to challenges

Typhoon Yinxing slams into a northern Philippine region still recovering from back-to-back storms

An 8-hour Russian drone barrage keeps Kyiv on edge as the war in Ukraine nears 1,000 days

A new law allows Israel to deport the relatives of attackers. Experts expect it to be struck down