Global Market Today: Asian stocks rise as oil slides after US midterm elections
Benchmark indexes rose in Japan and Australia, pushing the MSCI Asia Pacific Index up by 0.3%. That was after the S&P 500 Index jumped 1.6%, its biggest gain in three months, and the tech-heavy Nasdaq 100 climbed 0.9%. South Korea was the outlier, with the Kospi Index dropping 2.7%, reflecting investor concerns over the future of data-center development and losses in US chip stocks.
Asian stocks rose alongside US equities following a Democratic victory in the US midterm elections, causing oil prices to drop due to concerns that the conflict with Iran might end sooner. The MSCI Asia Pacific Index increased by 0.3%, buoyed by a 1.6% gain in the S&P 500 Index and a 0.9% rise in the tech-heavy Nasdaq 100. South Korea, however, experienced a decline in its Kospi Index, down 2.7%, due to worries about data-center growth and losses in US chip stocks.
Treasury yields continued to rise as optimism grew that lower oil prices could help reduce inflation. The dollar weakened, dropping for the second consecutive day. Investors are optimistic that the Democratic control of both chambers of Congress will help ease policy gridlock in Washington.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
