Asian shares mostly fall on uncertainty over US election


A man walking past an electronic stock board showing Japan's Nikkei 225 and other Asian indexes at a securities firm in Tokyo Monday (Oct 26, 2020). Asian shares were little changed in muted trading Monday amid widespread uncertainty over what the US presidential election will portend for markets and economic policy. - AP

TOKYO, Oct 26 (AP): Asian shares were mostly lower in muted trading Monday amid widespread uncertainty over what the US presidential election will portend for markets and economic policy.

Investors remain worried over surging cases and deaths related to Covid-19, especially in parts of the U.S. and Europe, and the implications for trade, tourism and economic activity.

Japan's benchmark Nikkei 225 inched down 0.1% to 23,495.21, while South Korea's Kospi lost 0.5% to 2,348.54. Australia's S&P/ASX 200 fell nearly 0.2% to 6,155.60. The Shanghai Composite index declined 1.1% to 3,243.60. Markets in Hong Kong were closed for holidays.

"Asia markets remain pacing the floor awaiting the U.S. presidential election passage, commencing with muted moves going into the start of the week,” said Jingyi Pan, market strategist with IG in Singapore.

US stock indexes closed mostly higher last week.

They bounced between small gains and losses, a familiar pattern recently as traders keep an eye on negotiations between Republican and Democratic leaders in Washington over more economic aid.

House Speaker Nancy Pelosi said Sunday she’s not giving up on passing another coronavirus relief economic package before the Nov. 3 election. She said she sent a list of concerns to the Trump administration on Friday and was told she would get answers on Monday.

At issue is a huge virus relief bill that would send another US$1,200 direct payment to most Americans, restart bonus unemployment benefits, fund additional testing and vaccines, provide aid to schools and allocate money to state and local governments, a Democratic priority.

One major concern is that if the election's outcome is uncertain, that would further delay help for the economy as mounting numbers of coronavirus cases raise the likelihood of further disruptions for businesses.

On Friday, the S&P 500 rose 0.3% to 3,465.39, its second straight gain. The Dow Jones Industrial Average dropped 0.1%, to 28,335.57. The Nasdaq composite, which is heavily weighted with technology stocks, gained 0.4% to 11,548.28, while the Russell 2000 index rose 0.6% to 1,640.50.

In energy trading, U.S. benchmark crude lost 87 cents to $38.98 a barrel in electronic trading on the New York Mercantile Exchange. It lost 79 cents to $39.85 per barrel on Friday. Brent crude, the international standard, fell 89 cents to $40.88 a barrel.

The US dollar inched up to 104.88 Japanese yen from 104.71 yen late Friday. The euro cost $1.1833, down from $1.1861. - AP
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Aseanplus News

China's economic growth to be driven by consumption
Crowds in Orchard Road on Black Friday sales even as sales move online
Pig guts fly in Taiwan parliament protest
Biker dog Bogie cruises Philippine highways
Hong Kong, Singapore office REITs live on in post-virus world
Covid-19: Japan to start new round of tests on 15,000 people
Bangkok launches eco-friendly electric boats on canal
Chinese firm in Laos exports steel to Cambodia
Tokyo sees prices fall most in over eight years as Covid-19 pain persists
Covid-19: S.Korea braces for bed shortages as cases near nine-month high

Stories You'll Enjoy