Oil prices rise as markets recover from Trump’s shock victory

Asian equities soared Thursday, joining a goldrush across world markets as the initial shock of Donald Trump’s election win was replaced by hopes his plan to kickstart the U.S. economy will succeed.

Most markets in Asia either wiped out or clawed back most of the previous day’s losses, while the dollar pushed higher.

The Mexican peso, which hit a record low 20.78 against the dollar on Trump’s win, also strengthened Thursday but it remains under pressure owing to fears about Trump’s policy plans.

Despite the rally Thursday, Daisuke Karakama, market economist at Mizuho Bank, sounded a note of caution.

He said that while there is talk Trump’s plans for large fiscal spending and tax cuts could boost the economy and dollar, that was only the positive scenario.

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