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• Hong Kong stocks fell 1.9% as Beijing's stimulus fell short of investor expectations, overshadowing Wall Street's record highs.
• Bitcoin reached an all-time high of $81,899.22, spurred by expectations of a light-handed regulatory environment under Trump's administration.
• Bernard Arnault, CEO of LVMH, surpassed Elon Musk in wealth rankings, with a net worth of $171 billion.

The global financial landscape has been marked by significant shifts recently. In Asia, Hong Kong stocks took a hit, falling 1.9% as Beijing's latest stimulus fell short of investor expectations. This overshadowed Wall Street's record highs from Friday and futures pointing to further strength at the reopen.

The Hang Seng, Hong Kong's primary index, sank 1.9% as of 0545 GMT, with a sub-index of mainland Chinese property shares tumbling 3.3%. Chinese blue chips were more volatile, trading 0.2% higher after earlier dipping 1.6%.

On Friday, after Chinese markets had closed, the National People's Congress Standing Committee unveiled a 10 trillion yuan ($1.39 trillion) debt package to ease local government financing strains and stabilize flagging economic growth. However, the stimulus steps lacked the direct injection of money into the economy that some investors had hoped to see, particularly amid the threat of massive tariffs under the incoming Trump administration.

The measures announced by China look more like an effort to repair government balance sheets rather than stimulate the economy directly, watering down hopes of a robust recovery, said Kyle Rodda, a senior financial market analyst at Capital.com. The stimulus disappointment overshadowed what should have been a positive lead from Wall Street, where the S&P 500 broke above 6,000 points for the first time before marking a record close slightly below that level.

Bitcoin's Record High and Trump's Victory

In contrast to the Hong Kong stocks, Bitcoin climbed to an all-time high as Donald Trump's victory in the U.S. presidential election along with pro-crypto candidates being voted to Congress spurred expectations of a light-handed regulatory environment. Bitcoin, which has been another prominent Trump trade, extended its record run to mark a fresh all-time high of $81,899.22. Trump has pledged to make the United States the crypto capital of the planet.

The dollar traded not far from last week's four-month peak versus major peers as traders prepared for a key reading of U.S. consumer inflation this week, as well as a parade of Federal Reserve speakers, including Chair Jerome Powell on Thursday. The dollar index, which measures the currency against six major peers, edged up slightly to 105.06 following Friday's 0.55% climb.

The Republican party is edging closer to sweeping both chambers of Congress, taking the Senate on election night and with Edison Research projecting it so far to have 214 seats of the 218 seats needed for control of the House, compared to 205 for Democrats. Investors expect that Trump's second term in office will bring equities-boosting tax cuts and looser regulations.

Global Economic Developments and Richest Man on Earth

In the US, the federal government spent far more than it collected in revenue, racking up a budget deficit of $1.8 trillion for fiscal year 2024, according to the Congressional Budget Office. This continued fiscal imbalance could make it more difficult for Congress to reach a spending deal for fiscal year 2025 and to address the debt ceiling, which returns on January 2.

In the world of luxury goods, Bernard Arnault, the chairman and CEO of the world's largest luxury products brand - LVMH Moët Hennessy Louis Vuitton - surpassed Elon Musk in both Forbes and Bloomberg rankings earlier this week. Arnault's net worth stands at $171 billion, according to the Bloomberg Billionaire Index.

The rise of Bitcoin, the fall of Hong Kong stocks, and the changing fortunes of the world's wealthiest individuals are all indicative of the ever-changing global financial landscape.