In in the present day’s e-newsletter:

• China’s newest stimulus package deal disappoints traders

• Ishiba wins vote to stay as Japan’s prime minister

• How Elon Musk might form Trump’s presidency

Good morning. Traders betting that Donald Trump’s incoming administration shall be a boon for the cryptocurrency business drove the worth of bitcoin to a brand new report yesterday, whereas the US greenback superior to a four-month excessive.

The world’s largest cryptocurrency, which has hit a collection of report highs since final week’s election, surged greater than 12 per cent to surpass $86,000 for the primary time.

Trump’s victory and the growing probability of Republican management of each chambers of Congress presents a possibility to “make America the world powerhouse for bitcoin and crypto”, mentioned David Bailey of BTC Inc, organiser of the Bitcoin Convention, the place the president-elect spoke earlier this yr.

The greenback was up about 0.5 per cent in opposition to a basket of its friends yesterday, taking it to its highest since July. 

“Markets are in euphoria territory proper now,” mentioned Drew Pettit, director of US fairness technique with Citi. “The optimists are successful by considering that Trump shall be market- and economy-friendly. They’re skipping the argument that unhealthy issues could occur.”

Learn extra available on the market’s exuberant response to the previous president’s return.

Right here’s what else we’re preserving tabs on in the present day:

• Financial information: India publishes October inflation information.

• Indonesia: Following his state go to to China, new President Prabowo Subianto will meet US counterpart Joe Biden on the White Home.

• Airshow China: The biennial aerospace commerce present opens in Zhuhai, which is able to showcase the most recent Chinese language and Russian fighter jets.

• Outcomes: SoftBank and Tokyo Electron report earnings.

5 extra high tales

1. Hong Kong shares fell yesterday after a fiscal stimulus package deal introduced by authorities final week to assist shore up China’s financial system underwhelmed traders. Right here’s why the $1.4tn plan did not excite.

2. Shigeru Ishiba has been confirmed as Japan’s prime minister, successful a vote in parliament regardless of a normal election defeat that leaves him as one of many nation’s weakest leaders in a long time. Ishiba’s Liberal Democratic celebration misplaced its parliamentary majority in October’s election, leaving it depending on the acquiescence of small opposition events to control.

3. Brussels is altering its spending insurance policies to doubtlessly redirect tens of billions of euros to defence and safety. The coverage shift comes as Russia’s conflict in Ukraine and Donald Trump’s return to the White Home heap strain on the EU to spice up funding.

4. A deal to launch multibillion-dollar carbon markets ruled by UN guidelines on emissions has been agreed on the COP29 local weather summit, which started yesterday in Azerbaijan’s capital Baku. The symbolic negotiating breakthrough got here as US President Joe Biden’s high local weather adviser conceded motion to restrict world warming “could also be placed on the again burner” after Donald Trump’s return to the White Home.

• China’s cleantech growth: The nation’s inexperienced vitality success is fuelling its confidence in local weather diplomacy and serving to Beijing push again in opposition to western political strain.

• Opinion: Ought to a petrostate be allowed to host a COP? Pilita Clark weighs in on the controversy because the local weather convention kicked off in oil- and gas-rich Azerbaijan.

5. Shares of gold producer Resolute Mining plunged yesterday after the corporate mentioned its chief govt Terence Holohan and two different staff had been detained in Mali. The executives have been within the capital Bamako to debate with officers “open claims made in opposition to Resolute” that the group “maintains are unsubstantiated”, mentioned Resolute, which is listed in Sydney and London. Listed below are extra particulars.

Information in-depth

Elon Musk has a singular likelihood to form the US presidency by putting his acolytes and allies contained in the incoming administration. Right now’s deep dive seems at how the world’s richest man is making ready to wield new energy in Washington.

We’re additionally studying . . . 

• Trump’s European allies: The continent’s populist nationalists suppose historical past is popping of their course. However there are tensions simply beneath the floor, writes Gideon Rachman.

• Weight reduction medicine: Hannah Murphy explains how adverts for anti-obesity drugs took over social media and why consultants are troubled.

• New titans of Wall Road: From cleansing up after Lehman Brothers to early bets on bitcoin, Chicago buying and selling agency DRW has develop into an business colossus.

Chart of the day

Lingering client anger over excessive costs is hurting governments in superior economies although inflation is subsiding to regular ranges, as a once-in-a-generation surge in prices leaves a poisonous legacy for incumbent politicians.

Take a break from the information

Lululemon’s “little black stretchy pants” turned the athleisure model into a standing image for ladies of a sure socio-economic tribe who drank matcha, practised yoga and had a excessive disposable earnings, writes Grace Cook dinner. However can Lulu win males over?