Dollar falls while gold and US Treasury bonds rally as markets react to Democrats’ midterm election victory – business live
Summary
The dollar weakened while gold and U.S. Treasury bonds rose after Democrats won control of both chambers of Congress in the midterm elections. European shares gained, led by banks and clean-energy companies, while investors weighed possible changes to U.S. policy on technology, taxes and cryptocurrency oversight.Key Facts
- Spot gold rose 3% to $4,046 an ounce.
- U.S. Treasury bonds rallied as investors considered the prospect of lower government spending.
- The FTSE 100 rose 0.2%, and the pan-European Stoxx 600 gained 0.6%.
- European bank shares rose 2.8%, while clean-energy stocks also advanced.
- Vestas shares rose about 5%, Ørsted gained 7.4% and Nordex climbed 6.5%.
- European defence stocks fell, while European technology stocks rose 0.5%.
- Shares of Amazon, Alphabet, Microsoft and Meta declined on the Tradegate platform in Europe, according to Reuters.
- Investors assessed the possibility of tougher U.S. oversight of AI and cryptocurrencies, as well as higher taxes.
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