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BANGKOK (AP) — Asian stocks advanced early Monday and bitcoin rose to a record high ahead of President-elect Donald Trump’s inauguration.
US markets will be closed on Monday for a holiday.
According to CoinDesk, the price of bitcoin rose to $109,134 early Monday from $99,563. Cryptocurrencies have gained substantially since Trump was elected as investors bet for his favor for these goods.
European benchmarks gained in early trade, with Britain’s FTSE 100 rising 0.1% to 8,515.80, while Paris’ CAC 40 rose 0.2% to 7,729.06. Germany’s DAX was almost unchanged at 20,902.00.
Futures for the S&P 500 and the Dow Jones Industrial Average rose 0.1%.
Hong Kong’s Hang Seng rose 1.8 percent to 19,925.81 after China’s central bank kept key lending rates unchanged. The Shanghai Composite rose 0.1% to 3,244.38.
A Hong Kong court extended the deadline for troubled property developer Country Garden to reach a deal with its creditors until next month in the latest slow step towards recovery from a prolonged slump in the country’s property sector. china
Sentiment was also helped by optimistic comments by US and Chinese officials ahead of Trump inauguration later on monday Pledges from both sides to work to improve relations may have eased some concerns over trade tensions that have been building as companies prepare for a possible increase in tariffs on Chinese exports to the US
Tokyo’s Nikkei 225 rose 1.2% to 38,902.50. The dollar fell against the Japanese yen, trading at 156.17 yen, down from 156.31 yen. Expectations are growing that Japan’s central bank will raise its key interest rate at a monetary policy meeting later this week. Higher rates tend to increase the value of the yen against the dollar.
The euro rose to $1.0309 from $1.0281.
In South Korea, the Kospi fell 0.1% to 2,520.05. Australia’s S&P/ASX 200 rose 0.5% to 8,347.40.
Taiwan’s Taiex rose 0.5% and India’s Sensex rose 0.7%. The Bangkok SET gained 0.1%.
In other business early Monday, benchmark U.S. crude was down 19 cents at $77.20 a barrel and Brent crude, the international standard, was down 23 cents at $80.56 a barrel.
On Friday, the S&P 500 rose 1% and the Dow rose 0.8%. The Nasdaq composite recovered 1.5%.
SLB helped lead the market after the oilfield services provider reported higher profit and revenue by the end of 2024 than analysts expected. It rose 6.1% after it also raised its dividend by 3.6% and said it will return $2.3 billion to its investors by buying back its own shares.
