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Wall Street stocks futures were higher as the US presidential election was not yet resolved



Asian stocks rallied Thursday after stocks rallied on Wall Street as investors accepted the rise of more deadlock in Washington, sending the S&P 500 up 2.2% while the results of the US presidential election is still in limbo.

The Hong Kong benchmark led the region, up 2.6%, while shares also rose more than 1% in Tokyo and South Korea.

Overnight, the S&P 500 was up 2.2% for the best day in five months. The benchmark index rose 3.5% before the market lost some of its momentum at the end of the day.

NASDAQ, S&P 500 best after-vote search of any CHAOS description

The Nasdaq was the highlight, recording the biggest gain in over six months as traders doubled down on tech stocks that seemed immune to pandemic shocks bringing more and more activity online. .

Asian stocks rallied Thursday after stocks rallied on Wall Street as investors accepted the rise of more deadlock in Washington, sending the S&P 500 up 2.2% while the results of the US presidential election is still in limbo. (Photo by

The US dollar fell from 104.26 yen to 104.32 yen. The euro rose to $ 1.1743 from $ 1.1736.

Futures of the S&P 500 rose 0.8%, while the Dow industries’ futures rose 0.6%. Overnight, Dow futures were up 338 points (1.20%), while Nasdaq futures rose 308 points (2.56%) and S&P futures rose 55.50, or 1.59%.

The fate of the US presidency has yet to be decided as neither President Donald Trump nor Democratic challenger Joe Biden have reached the 270 Electoral College votes needed to win early Thursday. Year. So far, markets have been acting as if White House occupants may be a secondary concern.

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Mizuho Bank said in a commentary: “Notions that election uncertainty amid threats of a legal election for the White House and Congressional deadlock (Senate Democratic stalemate -The Republican Party) will make the market panic can not be further from the truth. “Instead, markets were happy to say that this White Democrat… the House of Representatives and the Republican Senate is the result of ‘Goldilocks’. In other words, it’s ‘Goldilocks Gridlock.’

With Republicans moving closer to maintaining control of the Senate, prospects for a tax increase are blurred and stricter regulations on businesses investors would expect if Democrats do. an election. However, a major stimulus effort that many economists and investors are pushing now seems less likely.

By taking additional stimulus measures less likely to happen, a divided US government could force the Federal Reserve to do more on its own to support the economy, which This can cause the dollar to lower against the euro and other currencies.

The Fed will meet this week and is expected to announce its latest decision on interest rate policy on Thursday. But it can be delayed in determining whether and how to extend the economic support it has provided through extremely low interest rates until final election results are confirmed.

Central banks have helped Wall Street soar since March by slashing interest rates to record lows and bolstering the bond market. The Fed now faces more pressure to support the economy as Congress does not provide additional aid to struggling individuals and businesses.

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US government bonds turned round, with 10-year Treasury yields rising from 0.88% to 0.94% on Tuesday as polls ended and then sinking after Trump announced early on. wins in several key states, Republicans hold Senate seats, and economic data are coming out weaker than expected. It was at 0.74% on Thursday.

It may take a few days for the winners in the White House to show up and professional investors say they are preparing for strong market moves in the meantime. Trump’s campaign on Wednesday filed lawsuits over voting in several battlefield states. Earlier, the president said he would participate in the election for the Supreme Court, although it was unclear exactly what he meant by that.

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Stocks tend to rise regardless of which party controls the White House. Fund managers say what happened to the coronavirus pandemic is likely to have a much greater impact on the market than the results of this election.

The news in that department was not encouraging. The United States reported a record of more than 86,000 confirmed new infections on Wednesday.

Record-setting cases and hospitalizations across the country as well as the holiday season and winter are approaching, suggesting the challenge that President Donald Trump or former Vice President Joe Biden will face in those next month.

In Asia on Thursday, Hang Seng in Hong Kong stood at 25,532.56 while Tokyo’s Nikkei 225 index rose 1% to 24,105.28. South Korea’s Kospi increased 2.1% to 2,405.99. In Australia, the S&P / ASX 200 increased 0.9% to 6,139.60. The Shanghai Composite Index rose 0.9% to 3,307.17.

Standard US crude oil lost 59 cents to 38.56 USD / barrel in electronic trading on the New York Mercantile Exchange. Overnight it rose $ 1.49 to $ 39.15 a barrel. Brent crude oil, the international standard, rose 62 cents to $ 40.61 a barrel.


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