Official government announcements from major EU countries

U.S. Stock Market Hits Record Highs, Surging 2.5% After Trump's 2024 Win; EU Faces Pressure on Bank Capital Rules

Nov 9, 2024, 06:57 AM

The U.S. stock market experienced a significant surge following Donald Trump's victory in the 2024 presidential election, with the S&P 500 rising 2.5% to reach record highs. This marked the index's best one-day performance in nearly two years, igniting discussions about a potential economic revival reminiscent of the 'Roaring 2020s.' In the wake of Trump's win, there are growing calls within the European Union to relax bank capital rules, as the victory is expected to alleviate competitive pressures on U.S. financial institutions. Consequently, both the EU and the UK are likely to face mounting pressure to delay or soften planned increases in bank capital requirements, given the new dynamics introduced by Trump's administration. Analysts suggest that Europe may confront a period of political paralysis, compounded by external challenges from China and ongoing conflicts involving Russia in Ukraine.