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08 November, 2018 10:01 AM Source: CNBC
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Asian stocks pop after US markets cheer midterm elections
Stocks in Japan, South Korea and Australia were higher in morning trade.
The Greater China markets also advanced, with the Hang Seng index, Shanghai composite and Shenzhen composite all seeing gains.
Overnight on Wall Street, major averages hit their session highs after U.S. President Donald Trump indicated he is willing to work with Democrats on policy initiatives that would help the economy keep growing.
Stocks in Asia were higher in the morning after a stateside rally saw the Dow Jones Industrial Average and S&P 500 record their best post-midterm elections rally since 1982.
The Greater China markets advanced, with Hong Kong's Hang Seng index seeing gains of 0.99 percent while the Shanghai composite rose 0.38 percent and the Shenzhen composite tacked on 0.209 percent.
On the data front, China's October import and export data is tentatively set for release sometime during the day.
China's markets are being closely watched by investors following the U.S. midterm election results — even though experts predicted the outcome would have little impact on the two countries' ongoing trade war.
Japan's Nikkei 225 jumped 1.92 percent in morning trade while the Topix index also saw gains of 1.86 percent. South Korea's Kospi also advanced by 1.38 percent.
In Australia, the ASX 200 was 0.46 percent higher in morning trade, with most sectors seeing gains as energy stocks advanced 0.59 percent.
Shares of the largest gas pipeline company Down Under, APA Group, bucked the overall positive trend and fell 8.62 percent after the country's treasurer, Josh Frydenberg, announced his intention on Wednesday to block a takeover bid from Hong Kong's CK Infrastructure.
Frydenberg said in a media release on Wednesday that he had made his decision "on the grounds that it would result in an undue concentration of foreign ownership by a single company group in our most significant gas transmission business."
Despite the setback, shares of CK Infrastructure gained 0.26 percent in early trade.
Wall Street sees gains post-midterms
Overnight on Wall Street, the Dow Jones Industrial Average jumped more than 545 points to close at 26,180.30 while the S&P 500 gained around 2.12 percent to finish the trading day at 2,813.89. The Nasdaq Composite also advanced 2.64 percent at about 7,570.75.
The major averages had earlier hit their session highs after U.S. President Donald Trump indicated he is willing to work with Democrats on policy initiatives that would help the economy keep growing.
Democrats won control of the House of Representatives while Republicans retained their hold on the Senate, as the U.S. midterm election's outcome split Congress.
Investors expect Trump's pro-business policies to continue, while some expressed optimism about Congress providing a larger check on Trump's more disruptive market actions. Historically, equity markets see strong returns when Congress is divided.
"With trade tensions to the fore over recent months and risk currencies in the spotlight, the US Mid-Terms were being seen through the prism of whether the outcome might embolden the President to go harder on trade or in effect if the elections would clip his wings," David de Garis, a director and senior economist at National Australia Bank, said in a morning note.
"With the Democrats gaining control over the House, the latter scenario now might be a little more likely," de Garis said.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.201 after yesterday's rally from the 95.7 handle.
The Japanese yen was at 113.63 against the dollar after weakening from levels around 113 in the previous session while the Australian dollar traded at $0.7267 following gains from around the $0.722 handle yesterday.
Oil prices slipped overnight and remained cautious in the current session. U.S. crude futures were slightly higher at $61.68 per barrel after seeing their lowest closing price since mid-March on Wednesday. The global benchmark Brent crude futures declined 0.15 percent at $71.96 per barrel.
The moves in the oil markets came on the back of U.S. oil production jumping to a record 11.6 million barrels a day in the previous week — with crude output stateside now surpassing Russia and Saudi Arabia.

 

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