Economic news

Asian stocks struggle, all eyes on U.S. Elections

Asian stocks fluctuated on Tuesday with risk sentiment limited before the U.S. midterm elections, seen as a referendum on the policies of President Donald Trump, including large tax cuts and protectionist trade policies.

Photo: Reuters

MSCI's broadest index of Asia-Pacific shares slipped 0.1 percent, dragged down by a drop in Chinese shares and technology stocks while Japan's Nikkei jumped 1.0 percent.

Hong Kong's Hang Seng Index slid 0.1 percent. South Korea’s Kospi crept up slightly and Australia’s ASX 200 jumped almost 1 percent.

On Wall Street, the S&P 500 surged 0.56 percent overnight, with financial stocks such as Berkshire Hathaway underpinned by solid earnings.

In commodities, U.S. WTI crude futures dipped 0.3 percent to $62.86 per barrel after touching a seven-month trough of $62.52 in the previous session.

Brent crude futures fell 0.3 percent to $72.93 per barrel, not far off Friday’s 2 1/2-month nadir of $72.16. Both oil benchmarks have dropped more than 15 percent since scaling four-year peaks in early October.


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