Asian markets rise pending US midterm election results

Asian markets rise pending US midterm election results

BC-APFN-Financial Markets,10th Ld-Writethru
By YURI KAGEYAMA ,  AP Business Writer
Eds: Updates market levels. With AP Photos.
TOKYO (AP) — Asian shares were mostly higher Wednesday as investors awaited results from the U.S. midterm elections, which could have an impact on the global economy and trade.

KEEPING SCORE: Japan’s benchmark Nikkei 225 added 1.3 percent in morning trading to 22,428.20. Australia’s S&P/ASX 200 edged 0.1 percent higher to 5,881.40. South Korea’s Kospi gained 0.5 percent at 2,100.47. Hong Kong’s Hang Seng jumped 0.6 percent to 26,284.13, while the Shanghai Composite fell 0.1 percent to 2,656.56.

WALL STREET AFTER HOURS: U.S. futures were higher, with the contract for the Dow up 0.3 percent at 25,721.00 and that for the S&P 500 adding 0.2 percent to 2,764.30.

ELECTION WATCH: The results of the midterm elections in the U.S. are expected during the Asian day. The outcome will determine control of the House of Representatives and Senate. In addition, 36 governorships are being contested along with other state and local positions. The vote could affect U.S. trade, economic and security policies.

WALL STREET: The S&P 500 index rose 17.14 points, or 0.6 percent, to 2,755.45. The Dow Jones Industrial Average gained 173.31 points, or 0.7 percent, to 25,635.01. The Nasdaq composite picked up 47.11 points, or 0.6 percent, to 7,375.96. The Russell 2000 index of smaller-company stocks added 8.59 points, or 0.6 percent, to 1,556.10.

THE QUOTE: “The real question is whether the outcome of the mid-terms will in any way diminish Trump’s influence on the Congress, and whether his executive reach on global trade and other multilateral engagements will be reined in,” Mizuho Bank said in a commentary. “Unless Democrats usurp with a sweeping victory, this appears unlikely,” it said.

ENERGY: Oil prices have slipped after the U.S. said it would allow a group of allies to continue buying oil from Iran as long as they continued to try to reduce their imports from that nation. The U.S. reinstated sanctions on Iran this month. Benchmark U.S. crude oil fell 31 cents to $61.90 in electronic trading on the New York Mercantile Exchange. It fell 1.4 percent to $62.21 a barrel in New York Tuesday. Brent crude dipped 9 cents to $72.04.

CURRENCIES: The dollar rose up to 113.38 yen from 113.18 yen late Tuesday in Asia. The euro climbed to $1.1441 from $1.1427.

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