Asian shares and US futures rose Monday on relief the US presidential election results were finally decided, with Joe Biden announced president-elect.
Hong Kong’s benchmark Hang Seng Index went up slightly in morning trade. In Japan, the Nikkei 225 jumped 2.5% while the Topix index added 1.54%.
South Korea’s Kospi also rose 1.44%. Mainland Chinese stocks also saw robust gains by the afternoon, with the Shanghai composite up 1.9% while Hong Kong’s Hang Seng index advanced 1.62%.
Stock analyst Jackson Wong said the Hong Kong market was optimistic about the future of Asian economy under a Biden presidency and had “already responded pretty positively”. Strong Chinese trade data released over the weekend which showed exports in October grow 11.4% from a year earlier, beating analysts’ expectations of a 9.3% also boosted market sentiments. Many in the region expect trade tensions to de-escalate under a Biden presidency, a plus for Asian markets and economies.
As votes gradually were counted in the closely watched US presidential election, Biden crossed the winning threshold of 270 Electoral College votes with a win in Pennsylvania. However, President Donald Trump’s refusal to concede and threats of legal action remain a cause for uncertainty.