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Asian markets higher as US election results unfold

Asian markets higher as US election results unfold

Asian stock markets were mostly higher Wednesday as early results from U.S. midterm elections showed the expected gains for Republicans and investors looked to the Fed's upcoming announcement on plans to stimulate the world's biggest economy.
Hong Kong's Hang Seng index climbed 1.7 percent to 24,073.95 while China's Shanghai Composite Index gained 0.1 percent to 3,047.39. Markets in Japan were closed for a public holiday.
Indexes in South Korea, Australia, Singapore and Indonesia were higher while Taiwan and Malaysia fell.
The attention of investors and businesses is mainly on U.S. midterm elections, which are expected to result in a Congress at least partially controlled by Republicans pitted against the Democratic administration of President Barack Obama.
Fights over taxes, deficits, health care and financial regulation could result in paralyzing uncertainty for the world's No. 1 economy though investors seem to have already factored that outcome into stock prices.
Stock market futures in the United States were little changed as election results began streaming in.
In a result widely expected by investors, Republicans gained at least 11 seats in the House of Representatives in early returns and are poised to gain control of that chamber of Congress. Democrat Joe Manchin III


Updated : 2021-03-09 00:01 GMT+08:00