Asian Shares Mixed As Market Awaits U.S. Poll Results

Asian shares were mixed on Wednesday, Nov. 9, 2022, as investors awaited the outcome of the US midterm elections and a major inflation update due later in the week, Elaine Kurtenbach reported for the Associated Press (AP).

Photo Insert: All eyes were on the elections, which could determine how much is done in the next several years in Washington, and possibly beyond. Markets tend to abhor uncertainty.

Tokyo’s Nikkei 225 index slipped 0.2% and the Hang Seng in Hong Kong also shed 0.2%, to 16,517.04. The Shanghai Composite index edged 0.1% higher to 3,066.99, while the S&P/ASX 200 in Sydney climbed 0.7% to 7,006.70. The Kospi in Seoul surged 1% to 2,424.02.

All eyes were on the elections, which could determine how much is done in the next several years in Washington, and possibly beyond. Markets tend to abhor uncertainty.

On Wall Street, trading was tentative through the day, and Wall Street’s benchmark index flipped between an even bigger gain and a modest loss during the afternoon. The S&P 500 rose 0.6% to 3,828.11, while the Dow Jones Industrial Average climbed 1% to 33,160.83 and the Nasdaq composite gained 0.5%, to 10,616.20.

If Republicans do end up winning control of at least the House of Representatives, the ensuing reaction in financial markets could be modest, according to economists at Goldman Sachs.

In other trading Wednesday, US benchmark crude oil gave up 19 cents to $88.72 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international pricing standard, lost 9 cents to $95.27 per barrel in London.

The dollar slipped to 145.31 Japanese yen from 145.34 yen. The euro rose to $1.0082 from $1.0074.

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