(Bloomberg) -- Stocks in Asia are poised to extend Monday’s gains as Donald Trump’s pick of Scott Bessent for Treasury Secretary lifted US bonds and shares, with traders betting the hedge-fund manager will bring a Wall Street mindset to the role.

Most Read from Bloomberg

• New York City’s ‘Living Breakwaters’ Brace for Stormier Seas

• In Kansas City, a First-Ever Stadium Designed for Women’s Sports Takes the Field

• NYC's Underground Steam System May Be Key to a Greener Future

• NYC Gets Historic Push for 80,000 Homes With $5 Billion Pledge

Futures pointed to advances in Sydney, Tokyo and Hong Kong after the regional benchmark advanced 0.8% on Monday. Treasuries rallied across the curve, with the move led by longer maturities. The dollar fell the most in more than two weeks while Bitcoin slipped after a surge toward $100,000 fizzled just shy of the historic level. Oil sank as Israel moved closer to a cease-fire with Hezbollah.

Markets kicked off the week with a risk-on tone as Bessent has deep familiarity with global financial systems — a trait that made him palatable to investors. And while he’s indicated he’ll back the president-elect’s tariff plans and fight to extend Trump’s tax cuts, Bessent isn’t known as an ideologue, spurring Wall Street expectations that he will prioritize economic and market stability over scoring political points.

“Investors are viewing this nomination as one that will provide a Goldilocks scenario for Mr. Trump’s pro-business proposals,” said Matt Maley at Miller Tabak + Co.

The S&P 500 rose 0.3%. The Nasdaq 100 added 0.1%. The yield on 10-year Treasuries declined 13 basis points to 4.27%. The Bloomberg Dollar Spot Index fell 0.5%.

Australia’s 10-year yield tracked US bond moves, falling seven basis points in early trading Tuesday.

While the S&P 500 might be a long way away from fumbling a strong year, don’t get too optimistic about a strong, smooth finish to the year, according to Callie Cox at Ritholtz Wealth Management.

“Yields show that expectations have moved a lot over the past two months, yet we haven’t seen any sustained, clear momentum in economic data,” Cox said. “December could be a reality check for people convinced that the economy is firing on all cylinders again.”

US inflation figures this week that are seen showing stubborn price pressures will reinforce the Federal Reserve’s cautionary posture toward future interest-rate cuts.

The personal consumption expenditures price index excluding food and energy — the Fed’s preferred measure of underlying inflation — is projected to have risen by 0.3% in October from September, and by 2.8% from a year earlier, in what would be the largest advance since April.