Australian stocks rose slightly as the market started the day on a risk-on note, according to Bloomberg. Bessent's deep understanding of the global financial system made him popular with investors.
Bessent, who Wall Street expects will prioritize economic and market stability, has expressed support for the president-elect’s tariff plans and efforts to extend Trump’s tax cuts.
Australia's 10-year bond yield followed U.S. Treasuries, falling 7 basis points in early trading on Tuesday. West Texas Intermediate crude was little changed after falling 3.2% on Monday.
Despite the S&P 500's strong performance this year, Cox warned against being too optimistic about year-end performance, saying December could serve as an economic reality check.