Global stock markets surge amid optimism over Joe Biden presidency – By Kim Hjelmgaard (USA Today) / Nov 9 2020
Financial markets rallied around the world Monday after they were given their first opportunity to react to Joe Biden’s victory in the U.S. presidential election.
U.S. stock futures were also pointing to a broadly higher open on Wall Street following the president-elect’s pledge to bring unity to the U.S. after four tumultuous years under the Trump administration. Investors were additionally taking in what a Biden presidency could mean for trade tensions – the expectation being they will be de-escalated.
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“Markets have taken the view that there’s very little U.S. President Trump can do to overturn the U.S. election result,” Stephen Innes, chief global markets strategist at AxiCorp Financial Services, an online currency broker, wrote in a note to investors.
In Asia, Japan’s Nikkei 225 surged 2.1% to 24,839.84. Australia’s S&P/ASX 200 added 1.8% to 6,298.80. South Korea’s Kospi advanced 1.3% to 2,446.61. Hong Kong’s Hang Seng rose 1.3% to 26,035.62, while the Shanghai Composite gained 1.6% to 3,364.86.
