Asian markets begin week on front foot, bitcoin rally stutters

TOKYO

Asian markets rose Monday following a record close on Wall Street as traders welcomed Donald Trump's pick for Treasury Secretary, while bitcoin's push to $100,000 ran out of steam after coming within a whisker of the mark at the end of last week.

The gains came ahead of the release of key U.S. data that could provide a fresh idea about the Federal Reserve's plans for interest rates amid expectations the next president's tax and tariff plans will reignite inflation, tempering rate cut bets.

Investors gave the thumbs-up to news that Trump had nominated billionaire investor Scott Bessent to lead the Treasury, with optimism he will take a considered approach to the economy.

Bessent has called for an extension of tax cuts from Trump's first term, wants to reassert American energy dominance, and believes it is necessary to deal with the budget deficit.

He has called for tax reform and deregulation to spur growth and wrote in a Wall Street Journal opinion piece that this would be key to "restarting the American growth engine" and keeping prices in check.

He called tariffs "a negotiating tool with our trading partners" in an opinion piece for Fox News, adding it was "a means to finally stand up for Americans."

After a strong finish Friday on Wall Street—where the Dow ended on a fresh record—Asian markets followed suit.

Tokyo advanced more than one percent, even as the yen pushed up against the dollar, while Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington, Manila, and Jakarta also sat in positive territory.

Bitcoin sat at around $97,600, having set a record high of $99,728.34 on Friday, with traders awaiting the next catalyst to push it past the historic $100,000 mark.

Attention this week will be on a series of releases out of Washington that could sway U.S. central bankers ahead of their next rate decision in December.

Among the key points of interest are the Fed's preferred gauge of inflation, minutes from the bank's most recent policy meeting, economic growth, and jobless claims.

Oil prices dipped after a recent run-up fueled by concerns over Gaza war, as well as Russia's decision to hit Kiev with a new-generation intermediate-range missile that ramped up tensions with the West.