Asian markets climb, European stocks fall as US presidential race tightens

GulfToday Report

With all eyes tracking the US presidential election, Asian markets advanced on Wednesday.

Tokyo is leading the Asian market with gains jumping 1.7 per cent while Sydney piled on 0.9 per cent. Shanghai, Seoul, Mumbai, Wellington, Bangkok and Jakarta also advanced. Taipei gained one per cent and Manila rallied two per cent.

On the other hand, Hong Kong was flat and Sydney fell.

The gain didn’t ease the worry of the investors over the election outcome not going as hoped.

Traders have placed bets on Joe Biden winning due to the predictions of the opinion poll. That has aided in shares rallying up this week. 

The final result of the election might not be disclosed until later in the week and the possibility of challenging the result is in sight, this could affect the market negatively.  

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European Stock

European stock dipped on Wednesday as the race to the White House tightens.

Euro Stoxx 50 futures fell 0.9% at 06:56 GMT, while German DAX futures shed 0.7% and UK's FTSE futures lost 0.5%.

The New York’s S&P 500 futures gained 0.3% and tech-heavy Nasdaq advanced 2.0%.

 In a note by Chris Turner, ING’s global head of markets, he said one of the few obvious things we won’t be seeing is a Democrat landslide win as the polls suggested.

Earlier in the week, money managers speculated Biden’s win. The win would improve European equities, better trade relationship with Washington and make available more stimulus for the pandemic-hit economy.