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Gulf Today Report
Asian shares advanced on Monday after the US election results were announced making Joe Biden the president-elect.
Japan's Nikkei 225 surged 1.9% to 24,794.44. Australia's S&P/ASX 200 added 1.6% to 6,291.10. South Korea's Kospi added 1.1% to 2,444.13. Hong Kong's Hang Seng rose 1.3% to 26,037.96, while the Shanghai Composite gained 1.2% to 3,350.34.
Jingyi Pan, senior market strategist at IG in Singapore said for Asian markets, Joe Biden’s win eliminates some uncertainties.
If Congress is split between a Democratic-controlled House and a Republican-controlled Senate, it might be difficult for Biden to raise taxes.
European stock index gained on Monday in a three-week high as Joe Biden became the president-elect.
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.
Democrat Joe Biden win has raised prospects for better trade ties between Washington and Europe.
Tokyo is leading the Asian market with gains jumping 1.7 per cent while Sydney piled on 0.9 per cent. 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%.
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.
Equities bounced as dealers remain on edge due to the impact of coronavirus pandemic and delay in vaccine rollout.
The global oil market is rebalancing after damage to demand wrought by the COVID-19 pandemic was met with curbs on output by producers from the Organization of the Petroleum Exporting Countries (Opec), the group’s president said on Tuesday.
Global stock markets and Wall Street futures declined on Tuesday after a selloff in the US Treasury debt eased, helping to allay concern about a possible rise in interest rates.
India’s finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices, three government officials close to the discussions said.