Global stock markets soar after Trump declares victory in presidential election

Global stock markets saw a significant surge on Wednesday after Donald Trump declared victory in the 2024 U.S. presidential election.

The Dow Jones Industrial Average skyrocketed to a record high, rising by over 3 percent. This marks the first time the Dow has seen a single-day increase of over 1,000 points since November 2022. The S and P 500 index also reached a historic high climbing more than 2 percent, while the Nasdaq Composite Index climbed more than 2.5 percent to its own record peak.

Some market analysts say that Trump's tax and trade policies will elevate inflation levels, reducing the Federal Reserve's room for interest rate cuts and bolstering the U.S. dollar.

The U.S. dollar index, which tracks the exchange rate of the dollar against a basket of major currencies, staged a strong rally with gains briefly exceeding 1.8 percent. The strengthening of the greenback weighed on dollar-denominated commodities, leading to a 1.5 percent drop in international oil prices during Asian trading hours.

Major European stock markets also opened higher on Wednesday, but London's FTSE 100 index, Germany's DAX and France's CAC 40 gave back those gains to close slightly lower. The significant devaluation of the yen against the dollar also drove an increase of more than 2 percent in the Japanese stock market on Wednesday.

Malaysian Prime Minister Anwar Ibrahim arrived in Beijing on Wednesday as he continued his four-day visit to China.

At the invitation of the Chinese side, Anwar is paying a working visit to China from Monday to Thursday.

According to Malaysia's ambassador to China, Anwar is expected to pay a courtesy call to Chinese President Xi Jinping, who will host a state dinner for him at the Great Hall of the People in Beijing. He will also meet with business leaders in the Chinese capital, and deliver a speech at Peking University.

Anwar arrived in Shanghai on Monday, his first stop in China, where he attended the 7th China International Import Expo (CIIE). Malaysia was designated as the "Country of Honor" at this year's event. Chinese Premier Li Qiang met with Anwar in Shanghai on Tuesday.