This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Markets rally
U.S. stocks saw a broad rally on Monday, with major indexes hitting record highs. In contrast to Wall Street, Asia-Pacific markets mostly fell on Tuesday. Japan's Nikkei 225 slid 1.38%, while mainland Chinese and Hong Kong markets hovered around the flatline.

Wall Street likes Bessent
Scott Bessent, President-elect Donald Trump's pick for U.S. Treasury secretary, has got a big thumbs up from the stock as well as bond markets. Wall Street strategists heaped praise on Bessent; global analysts also think Trump's pick is favorable for markets.

More tariffs on more countries
Trump vowed on Tuesday to raise tariffs on Chinese imports into the U.S. by an additional 10%, according to a post on Truth Social. In another post, Trump said he would implement a 25% tariff on goods coming from Mexico and Canada. If that happens, Trump will end a trade deal between all three countries.

Safe haven appeal tarnished
Gold prices fell around 3% to $2,616.80 per ounce on Tuesday amid rising sentiment for stocks. Investors are in a risk-on mood because of Bessent's perceived friendliness to Wall Street and reports of Israel and Hezbollah moving closer to a cease-fire.

[PRO] Global stocks ripe for buybacks
Companies buy back stocks when they want to return excess capital to investors. Even though European equity markets have been "gloomy," focusing on stocks that have buyback potential has delivered "solid outperformance" over recent months, noted Barclays. For its buyback basket, the British bank listed 10 stocks that have significant upside potential.

The bottom line

The Trump rally appears to be shifting into high gear.

This time, it's revved up by Trump's Treasury secretary pick — Scott Bessent. Investors like Bessent because, as the founder of hedge fund Key Square Group, he brings to the job an understanding of Wall Street and is presumably supportive of markets.

Moreover, Bessent has expressed that he prioritizes controlling inflation even amid policies designed to support domestic growth. "I would recommend that tariffs be layered in gradually," Bessent told CNBC earlier this month before his nomination.

Unlike earlier Trump rallies, in which particular assets linked to Trump's policies — bank stocks, small-cap stocks and bitcoin — reaped disproportionate gains, yesterday's rise in markets was broad.

The S&P 500 rose 0.3%, in a move that saw more than 3 of 4 stocks in the index trading higher. The Dow Jones Industrial Average climbed 0.99%, extending its string of record highs, and the Nasdaq Composite added 0.27%.

It wasn't just large-caps that were lifted by Bessent's nomination. Small-cap stocks performed even better, probably because Bessent has expressed support for Trump's economic agenda, which would benefit smaller, domestically oriented companies. The Russell 2000 index of small- and mid-caps gained 1.47%, its sixth positive session in a row. It closed at a new high, exceeding its record set in 2021.

The bond market also reacted positively to the news. Yield on the 10-year Treasury fell more than 14 basis points.

"You can't ask for a better reception from the market," said Quincy Krosby, chief global strategist at LPL Financial. "This is the market applauding."

U.S. markets will be closed on Thursday for Thanksgiving. Bessent might be one of the things for which investors will be grateful.

— CNBC's Alex Harring and Hakyung Kim contributed to this report.