According to Bloomberg, the Australian stock market rose slightly, with the market starting off with a risk appetite. Bessent's deep understanding of the global financial system has made him popular among investors.
Bessent expressed support for the tariffs proposed by the presidential elect and is working to extend Trump's tax cuts. Wall Street anticipates that he will prioritize economic and market stability.
Australia's 10-year government bond yield followed U.S. Treasury trends, dropping 7 basis points in early trading on Tuesday. West Texas Intermediate crude oil showed little change after falling 3.2% on Monday.
Despite a strong performance from the S&P 500 this year, Cox warns against being overly optimistic about year-end performance, as December may serve as a reality check for the economy.