Asian Shares Fluctuate With US Elections in Focus – Asia Market Wrap
Asian equities traded in a tight range as investors prepared for the US election and key economic data that will set the stage for the next Federal Reserve decision.
Shares gained in Tokyo and Australia while equities in China and South Korea retreated. US futures edged lower after most major groups in the S&P 500 gained at the start of the busiest week for corporate earnings. Treasury yields slipped.
Markets are bracing for the potential prospect of Donald Trump returning to the White House, with most major polls showing him locked in a tight race with Vice President Kamala Harris. Crypto companies surged, and Bitcoin rose past $71,000 for the first time since June, as the former president is seen as supportive of the digital tokens.
A victory for Trump would be more beneficial for stocks and Bitcoin relative to his Democratic opponent, while a Harris presidency would bring slightly more relief to housing costs, according to a survey. Some 38% of respondents see equities accelerating a year from now under the Republican candidate, versus 13% under the Democrat.
