Asia-Pacific stocks rise as investors react to Biden’s presidential win

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SINGAPORE – Asia-Pacific stocks traded higher on Monday morning as investors in the region reacted to Democrat Joe Biden’s defeat to incumbent President Donald Trump in the US presidential election, NBC projections show.In Japan, the Nikkei 225 index gained 1.11% while shares of conglomerate Softbank Group climbed around 3%. The Topix index added 0.84%. The South Korean Kospi also rose 0.9%.

Shares in Australia were also higher, with the S & P / ASX 200 gaining 1.33%.

The largest MSCI index of Asia-Pacific stocks outside of Japan traded 0.29% higher.

Former US Vice President Biden claimed victory after his expected victory in the states of Pennsylvania and Nevada, NBC News was projected on Saturday. Yet Trump refuses to concede the election, saying it is “far from over.”

On the economic data front, Chinese exports jumped 11.4% in October from a year earlier, according to official statistics released this weekend.

Meanwhile, on the coronavirus front, infections continue to mount in the United States. The United States recently reported more than 126,000 new infections for two consecutive days. Worldwide, the number of coronavirus infections crossed the 50 million mark on Sunday, according to Reuters.

Oil prices jump

Oil prices were higher on the morning of Asian trading hours, with international benchmark Brent futures rising 1.42% to $ 40.01 a barrel. US crude futures jumped 1.67% to $ 37.76 a barrel.

The US dollar index, which tracks the greenback against a basket of its peers, was last at 92.164 after declining in recent days from levels above 93.1.

The Japanese yen traded at 103.29 per dollar after advancing from levels above 104.3 against the greenback last week. The Aussie changed hands at $ 0.728 after rising last week from levels below $ 0.711.

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