Global equity markets climb ahead of Biden’s presidency | Business

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Stocks in Asia-Pacific hit their highest level in nearly three years as Joe Biden moved closer to becoming the next president of the United States.As the Democratic challenger scouted for the remaining six Electoral College votes he needed for victory, investors across the world were betting he would hit the magic number of 270 and end the uncertainty over the outcome. of election in the largest country in the world. economy.

The largest MSCI index of Asia-Pacific (ex-Japan) stocks climbed 1.3% to its highest level since February 2018. Japan’s Nikkei rose 1.1% to a high of nine months and South Korea put 1.5%. The Australian ASX200 also increased by more than 1%.

Chinese blue chips gained 0.8%, helped by rumors that a Biden White House could reverse some of Donald Trump’s trade war tariffs.

The FTSE100 was expected to rise modestly on Thursday morning, as futures trading showed a similar 0.1% rise in the US benchmark S&P 500 when trading resumes on Wall Street later Thursday.

“The competition is not over, and President Trump will not come down without a fight, but financial markets are price confident in a Biden presidency with a Republican-controlled Senate,” said Edward Moya of OANDA.

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