Asian shares rise amid US midterm election

Published: November 07, 2018 11:35:52 | Updated: November 08, 2018 15:34:12

File Photo (Collected)

Asian shares were mostly higher Wednesday as investors awaited results from the US midterm elections, which could have an impact on the global economy and trade.

Japan’s benchmark Nikkei 225 added 1.3 per cent in morning trading to 22,428.20. Australia’s S&P/ASX 200 edged 0.1 per cent higher to 5,881.40. South Korea’s Kospi gained 0.5 per cent at 2,100.47.

Hong Kong’s Hang Seng jumped 0.6 per cent to 26,284.13, while the Shanghai Composite fell 0.1 per cent to 2,656.56, reports AP.

US futures were higher, with the contract for the Dow up 0.3 per cent at 25,721.00 and that for the S&P 500 adding 0.2 per cent to 2,764.30.

The S&P 500 index rose 17.14 points, or 0.6 per cent, to 2,755.45. The Dow Jones Industrial Average gained 173.31 points, or 0.7 per cent, to 25,635.01.

The Nasdaq composite picked up 47.11 points, or 0.6 per cent, to 7,375.96. The Russell 2000 index of smaller-company stocks added 8.59 points, or 0.6 per cent, to 1,556.10.

Oil prices have slipped after the US said it would allow a group of allies to continue buying oil from Iran as long as they continued to try to reduce their imports from that nation.

The US reinstated sanctions on Iran this month. Benchmark US crude oil fell 31 cents to $61.90 in electronic trading on the New York Mercantile Exchange. It fell 1.4 per cent to $62.21 a barrel in New York Tuesday. Brent crude dipped 9 cents to $72.04.

The dollar rose up to 113.38 yen from 113.18 yen late Tuesday in Asia. The euro climbed to $1.1441 from $1.1427.

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