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Asian Financial Markets Move Higher after Biden Wins

asian, nikkei

Sentiment in the Asian and Pacific Rim has moved higher after the election in the United States declared Democratic nominee Joe Biden and running mate Kamala Harris as winners. Mr. Biden is the president elect of the United States and will be the 46th president of the world’s largest economy.

In Japan, the Asian benchmark Nikkei 225 stock index was up over two percent in the early morning hours on Monday. In Tokyo, the broader Topix index was up over 1.4 percent.

In Seoul South Korea, the Kospi composite index jumped over 1.4 percent and elsewhere in the Asian and Pacific Rim, the Australian S&P ASX 200 was up over 1.5 percent.

Shares in the City state of Hong Kong were also higher. The Hang Seng index is up 1.35 percent. On the mainland, in China, the Shanghai composite is up over one percent and the Shenzhen component has gained 1.47 percent.

Chinese economic data, for the month of October, shows that the world’s second largest economy exports surging 11.4 percent. This is according to official data released by China’s Bureau of Statistics.

Asian Traders React to President Elect Joe Biden defeating Donald Trump

Former U.S. vice president Joe Biden is officially projected to be the 46th President of the United States of America. He has defeated sitting President Donald J. Trump who will leave the White House after only one term.

President Trump still refuses to acknowledge defeat and continues to Tweet false allegations of a rigged election. There is absolutely no proof to any of his allegations and several of his lawsuits have been dismissed on the merits. Trump, overnight, said it “is far from over.”

China has said that they hope to rebuild strained and damaged relations with the Biden Administration.

Coronavirus Cases continue to Spike Higher Globally

In the United States Covid-19 (coronavirus) cases continue to spike higher. The United States has just reported a record setting daily 126,000 new coronavirus cases for the second day in the row.

Around the world, there are now over fifty (50) million coronavirus cases. The European Union is also reporting surges in new cases as euro area countries enter second month long nationwide lockdowns.

About David Frank

David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.

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