Asian shares fluctuate with focus on US election
US election and key economic data that will set the stage for the next Federal Reserve decision.
Shares rose in Sydney while Tokyo stocks were little changed and futures pointed to gains in Hong Kong. US futures were steady after most major groups in the S&P 500 gained at the start of the busiest week for corporate earnings.
Markets are bracing for the potential prospect of Donald Trump returning to the White House after his high-profile event in New York Sunday. Crypto companies surged, with Bitcoin rising past $70,000 for the first time since June in early Asian trading.
A victory for Trump would be more beneficial for stocks and Bitcoin relative to his Democratic opponent, while a Kamala Harris presidency would bring slightly more relief to housing costs, according to a Bloomberg Markets Live Pulse survey. Some 38% of respondents see equities accelerating a year from now under the Republican candidate, versus 13% under the Democrat.
“Markets have been extremely active over the past month as traders have juiced up the already ebullient scenario baked into equity valuations, adding improved odds of a Republican sweep to the list of goodies discounted,” said Lisa Shalett at Morgan Stanley Wealth Management.
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