Asian shares hold firm, shrug off U.S. election jitters
NEW YORK - Asian shares looked set to climb on Tuesday as investors shrugged off U.S. election jitters and took hope in strong factory output data in China, Europe and the United States, although the dollar and gold firmed on political uncertainty. The United States will hold its election later on Tuesday after a polarizing campaign where President Donald Trump and his Democratic rival, Joe Biden, have alluded to post-election disputes.
NEW YORK - Asian shares looked set to climb on Tuesday as investors shrugged off U.S. election jitters and took hope in strong factory output data in China, Europe and the United States, although the dollar and gold firmed on political uncertainty.
The United States will hold its election later on Tuesday after a polarizing campaign where President Donald Trump and his Democratic rival, Joe Biden, have alluded to post-election disputes.
No immediate winner in the presidential race could shake markets. Trump trails Biden in national opinion polls, but polls in the swing states that will decide the election show a closer race.
Some analysts said stock markets are finding solace in the fact that monetary policy worldwide would stay loose and support share prices, even if the election does not immediately produce clear results.
"Whatever the outcome, central bank policy is poised to remain extremely accommodative globally," analysts at ANZ Bank said in a client note. "Markets appear to have embraced that liquidity theme."
Australia's ASX 200 <.AXJO> jumped 1.17% in early trading, while Hong Kong's Hang Seng index futures <.HSIc1> rose 0.28%.S&P 500 futures
Factory output data released on Monday showed surprising resilience in manufacturing activity in large parts of the world.
U.S. manufacturing activity accelerated more than expected in October, with new orders jumping to their highest in nearly 17 years, while Chinese factory activity expanded the fastest in a decade and euro zone manufacturing also sped up.
The run of upbeat economic data helped oil prices. U.S. Brent crude futures
Still, the uncertainty of the U.S. election and a resurgence in COVID-19 cases in Europe and the United States supported the dollar and gold prices, as some investors sought safety.
A firmer dollar kept the euro
U.S. Treasury yields mostly drifted lower overnight as investors braced for an eventful week with central bank meetings by the Reserve Bank of Australia, the Federal Reserve and Bank of England, as well as the release of U.S. jobs data for October.
The Reserve Bank of Australia is meeting on Tuesday and the market expects Australia's central bank to expand its government bond-buying programme by about A$100 billion ($71.29 billion).
(Reporting by Koh Gui Qing; Editing by Christopher Cushing)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) - Taking a break from fighting the coronavirus crisis, the world's top central bankers will attempt to resolve the existential questions of their profession this week as they tune into the European Central Bank's annual policy symposium. Having struggled to lift anaemic inflation for years, officials including the heads of the ECB, the U.S. Federal Reserve and the Bank of England will attempt to figure out why monetary policy is not working as it used to and what new role they must play in a changed world - be it fighting inequality or climate change.
By Lawrence Delevingne BOSTON (Reuters) - Asian shares rose on Wednesday as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy, which would help the region's heavily trade-dependent markets.