Shares in Trump Media (DJT) skyrocketed by almost 70% in pre-market trading as traders ramped up bets on Donald Trump winning the US presidential race after the attempt on his life at the weekend.
Markets appear to be speculating that the assassination attempt makes a Trump victory in the November presidential election more likely, and that that would benefit TMTG, despite its financial struggles so far.
Charu Chanana, market strategist at Saxo Capital Markets, said: “With markets pricing in a greater possibility of Trump 2.0, the US dollar will likely get some tailwinds while the Mexican peso and Chinese yuan could suffer. Trump trades could be back in focus.”
Markets expect a Trump presidency to mean looser fiscal policy and higher tariffs on overseas goods.
Mark McCormick, global head of foreign-exchange and emerging-market strategy at Toronto Dominion Bank, commented: “For us, the news does reinforce that Trump’s the frontrunner,” said. “We remain US dollar bulls for the second half and early 2025.”
Trump Media & Technology Group describes its mission as ending Big Tech’s assault on free speech by opening up the internet and giving people their voices back.
