Home World Asia-Pacific stocks mostly higher as investors wait for U.S. election results; Ant Group IPO suspended

SINGAPORE — Stocks in Asia-Pacific were mostly higher in Wednesday morning trade as investors in Asia-Pacific wait for the result of the U.S. presidential election between incumbent Donald Trump and former Vice President Joe Biden.

In Japan, the Nikkei 225 rose 0.95% while the Topix index advanced 0.76%. South Korea’s Kospi also gained 0.67%.

Meanwhile, shares in Australia dipped, as the S&P/ASX 200 shed around 0.2%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.11% higher.

On the economic data front, Australia’s retail sales for September is set to be released at around 8:30 a.m. HK/SIN on Wednesday.

Ahead of that data release, the Australian dollar changed hands at $0.7194, after yesterday’s spike from below $0.708.

Later in the day, a private survey of China’s service sector activity for October is set to be released, with the Caixin/Markit services Purchasing Managers’ Index expected at around 9:45 a.m. HK/SIN.

U.S. election watch

Investor focus on Wednesday will likely be on the U.S. election.

“We consider the election result is very uncertain despite former Vice President Biden’s large lead in the national polls,” Joseph Capurso, head of international economics at Commonwealth Bank of Australia, wrote in a note. “The uncertainty about the outcome of the election and the risk of an inconclusive result on the day can lift currency volatility.”

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.553 following levels above 94 seen earlier this week.

The Japanese yen, often seen as a safe-haven currency, traded at 104.51 per dollar after strengthening from levels around 104.7 against the greenback yesterday.

Ant Group IPO suspended

Overnight stateside, the Dow Jones Industrial Average closed 554.98 points higher at 27,480.03. The S&P 500 rose 1.8% to finish its trading day at 3,369.16 while the Nasdaq Composite jumped 1.9% to close at 11,160.57. It was the second-best presidential Election Day performance for the S&P 500.

Here’s a look at what’s on tap:

  • Australia: Retail sales data for September at 8:30 a.m. HK/SIN
  • China: Caixin/Markit services Purchasing Managers’ Index at 9:45 a.m. HK/SIN

— CNBC’s Arjun Kharpal contributed to this report.

Source: CNBC

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