Donald Trump's pick for U.S. Treasury Secretary, Scott Bessent, has boosted the bond market and caused the dollar to follow yields lower. Bessent's nomination was seen as a relief as he understands markets and could reduce the severity of potential tariffs favored by Trump. The removal of uncertainty over the Treasury secretary position, combined with lower bond yields, has also boosted equities. However, Chinese shares fell amid concerns about a trade war hurting risk appetite.