Asian markets mixed as focus turns to US election | The Daily Star
05:43 PM, November 02, 2020 / LAST MODIFIED: 05:58 PM, November 02, 2020

Asian markets mixed as focus turns to US election

The Asian market was mixed on Monday following last week's painful global sellout, and attention was focused on the US presidential election against the backdrop of rising virus infections across the country and Europe.

After months of recovery from March's lows, new coronavirus cases surged again, forcing governments across Europe to impose strict blockades, disrupting a provisional economic recovery and crude oil prices. Stocks plunged in October as a result of the crash.

Britain's Prime Minister Boris Johnson is struggling to mitigate the second wave following similar steps by France, Portugal, Austria, Greece and Ireland over the weekend, making Britain the latest country to close its stores. Stated. Germany, Spain and Italy also have strict containment measures.

The move says companies are facing a "financial armageddon" and that many companies could go bankrupt, along with Michael Kill, CEO of the Nighttime Industries Association, which lobby for entertainment and hospitality. Fueled concerns about.

The disease is also widespread throughout the United States, which recorded world record infections last week, further damaging the hopes of Donald Trump for reelection on Tuesday.

The president continues to chase Joe Biden in national and battlefield polls, but the market is on the edge with memories of Trump's amazing victory in 2016 in mind, and severe results may be contested. There are also concerns.

"This week would have been chaotic for investors anyway, but as the Covid-19 rages in the west, it can cause turmoil when viewed through an intensifying pandemic lens," said Stephen Innes, a strategist at Axi. I am. "Post-election reflation transactions can even turn the big picture upside down.

"The latest evolution of the virus is complicated by a series of tighter blockades that pioneer concerns about the economic implosion in the fourth quarter and are devoted to global risk sentiment."

He added that Tuesday's results would have a significant impact on the scale of fiscal stimulus expected for the US economy.

Pollsters show that Biden's victory could be accompanied by a Democratic sweep in both houses, and Republicans' victory is expected to be much less in both races, but a huge spending package could pass. There is.

"Both perspectives will be big for the US and global markets this week," said Simon Ballard of First Abu Dhabi Bank Pjsc.

All three major Wall Street indices ended on Red Friday, with Nasdaq falling more than 2%, ending the worst week and month since March.

The Asian market got off to a good start on Monday, but the initial big rise was subdued.

Tokyo was up more than 1%, Hong Kong was up 0.8%, Seoul was up 0.9% and Singapore was up 0.7%.

Boris Johnson fueled fears of the company's survival over the weekend by announcing new blockade restrictions to contain the resurrected virus.

Shanghai rose 0.1%, with some support from data suggesting that China's manufacturing continued to improve in October.

But Taipei, Jakarta and Wellington all fell.

Oil prices fell by more than 3% as the reimbursement of the blockade raised concerns about demand. In addition, the increase in Libya's production fueled sales following a peace agreement to end the nearly 10-year civil war.

Tokyo-Nikkei 225: 23,303.42, 1.4% increase (rest)

Hang Seng Index: up 0.8% at 24,306.21

Shanghai-Comprehensive: 3,226.50, up 0.1%

Euro / Dollar: Fall from $ 1.1651 to $ 1.1644 on Friday 2050GMT

Dollar / yen: Fall of 104.65 yen from 104.67 yen

Pound / Dollar: Fall from $ 1.2954 to $ 1.2938

Euro / Pound: Rise from 89.90 Pence to 90.00 Pence

West Texas Intermediate: $ 34.56 / barrel down 3.4%

Brent North Sea Crude: $ 36.76 / Barrel Down 3.1%

New York-Dow: 26,501.60 down 0.6% (closing price)

London-FTSE100: FLAT at 5,577.27 (close)

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