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Asian Markets Tumble Amid Trump Win, Anticipated Fed Rate Cuts

Most Asian stocks slid on Thursday as investors weighed the economic impact of Trump’s second presidency , particularly his promise of increased tariffs . In response, the dollar climbed , adding over 1% on Wednesday. Major indices fell in China, Australia, and South Korea , while Japan showed mixed results. This followed a record surge in the S&P 500, which climbed 2.5% on Wednesday, marking its best post-election day ever, with the Nasdaq 100 up by 2.7% . Many expect the Federal Reserve (Fed) to cut interest rates today, a move closely watched by global markets. US stock gains largely reflect expectations of Trump’s pro-business agenda , centered on tax cuts and lighter regulations , which could potentially bolster corporate profits. However, Treasury yields jumped 16 basis points as Trump’s fiscal and tariff plans are predicted to fuel inflation, complicating the Fed’s efforts to reduce borrowing costs. In China, the CSI 300 Index fell by 1% , marking its second consecutive d
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US Mortgage Rates Climb for Fourth Straight Week to 6.54%

Mortgage rates in the US rose for the fourth consecutive week, with the average rate for a 30-year fixed mortgage reaching 6.54%, up from 6.44% the previous week, according to Freddie Mac. This marks the highest borrowing cost since early August, further straining affordability for homebuyers.

At the current average rate, monthly payments on a $600,000 loan would be approximately $3,808, up significantly from $3,628 when rates dropped to 6.08% in late September.

Sam Khater, chief economist at Freddie Mac, attributed the rise in rates to economic data outperforming downbeat expectations, contributing to volatility in mortgage rates. Recent data, including a decline in initial jobless claims, has reinforced the strength of the economy ahead of the Federal Reserve's upcoming November meeting.

While affordability pressures continue to weigh on the housing market, with sales of previously owned homes slipping to a 14-year low in September, the new home market remains robust. Purchases of new homes jumped last month to the fastest pace in more than a year.

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