Picture used for illustrative purpose. File
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.
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.
Japan's Nikkei 225 surged 1.9% to 24,794.44. Australia's S&P/ASX 200 added 1.6% to 6,291.10. In Europe, Stoxx 50 futures were up 1.5% by 06:40 GMT, while German DAX futures and London's FTSE futures gained 1.6% and 1.3%, respectively.
Tokyo and Sydney rose, on the other hand, Shanghai, Hong Kong and Seoul slumped, on Wall Street, the benchmark S&P 500 index jumped 1.9% higher while European stocks grapple for momentum.
Markets rose last week after unexpectedly strong U.S. jobs data despite some American states reporting record new coronavirus infections.
Fiat Chrysler and Peugeot SA sealed their long-awaited merger on Saturday to create Stellantis, the world’s fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen.
The benchmark KSE-100 index has given a 50 per cent return since March’s crash and experts predict the rally will continue this year (2021).
Customs transactions recorded by Dubai Customs (DC) saw a significant rise of 23 per cent to reach 16 million in 2020, despite the challenging global environment caused by the COVID-19 pandemic.
Pavilions Premiere bookings can be made from Jan.16 at https://expo2020dubai.com/en/pavilions-premiere with each visit costing Dhs25. Visitors are urged to book early as the experience will operate five days per week with limited operating hours...