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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.
Markets rose last week after unexpectedly strong U.S. jobs data despite some American states reporting record new coronavirus infections.
Asian shares rose on Wednesday after a strong lead from Wall Street fuelled by hopes for additional U.S. economic stimulus and a coronavirus vaccine, but trade was choppy as some investors booked profits.
Healthy off-take on the back of festive season accelerated major automobile players’ year-on-year sales during November. However, some companies reported a slower off-take on the sequential basis.
Fitch downgraded Sri Lanka’s sovereign credit rating to ‘CCC’, warning the country’s debt levels were set to soar past 100% of GDP and that it was increasingly at risk of default.