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Asian, US stocks trend upward with US presidential election results decided
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TOKYO — Asian shares and U.S. futures rose Monday on relief the U.S. presidential election results were finally decided, with Joe Biden the president-elect.
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Strong Chinese trade data released over the weekend also helped. Many in the region expect trade tensions to de-escalate under a Biden presidency, a plus for Asian markets and economies.
Jackson Wong, asset management director at Amber Hill Capital expects a Biden presidency to improve diplomacy and trade between the U.S. and Asia.
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“This would definitely help the overall economy. So medium to long-term, we will see a better growth perspective in the future,” Wong said.
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.