Asian shares jumps after US midterm polls

Published: November 08, 2018 13:51:23 | Updated: November 09, 2018 11:46:59

Asian markets rose on Thursday after the US midterm elections went as expected, soothing fears of a sudden shift on trade and economic policies.

Japan’s benchmark Nikkei 225 rallied 1.9 per cent to 22,509.10, even as machinery orders slid a record 18.3 per cent in September from the previous month because of natural disasters.

South Korea’s Kospi rose 1.4 per cent to 2,107.90. Hong Kong’s Hang Seng added 0.7 per cent to 26,331.35 and the Shanghai Composite was up 0.6 per cent at 2,658.29.

Australia’s S&P/ASX 200 edged 0.5 per cent higher to 5,924.60. Shares were higher in Taiwan, Singapore and Indonesia but fell in the Philippines, reports AP.

Asian investors took the lead from a rebound on Wall Street. The S&P 500 index jumped 2.1 per cent to 2,813.89, its highest level in four weeks.

The Dow Jones Industrial Average was 2.1 per cent higher at 26,180.30 and the Nasdaq composite advanced 2.6 per cent to 7,570.75. The Russell 2000 index of smaller-company stocks added 1.7 per cent to 1,582.16.

Benchmark US crude oil gained 1 cent to $61.68 in electronic trading on the New York Mercantile Exchange. It fell 54 cents to $61.67 a barrel in New York.

Brent crude fell 10 cents to $71.97. The contract dropped 6 cents to $72.07 in the previous session.

The dollar rose to 113.66 yen from 113.57 yen late Wednesday. The euro strengthened to $1.1430 from $1.1426.

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