TOKYO – Asian shares were mostly lower Monday but Japan’s benchmark got a boost from a weaker yen. Other regional bourses have gradually steadied after a bout of turmoil following the U.S. presidential election.
KEEPING SCORE: Japan’s benchmark Nikkei 225 surged 1.8 per cent to 17,681.50 in early trading and the Shanghai Composite rose 0.3 per cent to 3,206.93, but most other markets fell. Australia’s S&P/ASX 200 slipped 0.6 per cent to 5,336.20 and South Korea’s Kospi lost 0.2 per cent to 1,980.77. Hong Kong’s Hang Seng lost 1.1 per cent to 22,185.33,
TRUMP FACTOR: Donald Trump’s victory over Hillary Clinton has set off a rally on Wall Street, as jitters gave way to hopes. Investors are now betting that Trump and a Republican-controlled Congress will boost infrastructure spending, cut taxes and relax regulations that affect energy, finance and other businesses.
JAPAN HOPES: Data for Japan’s gross domestic product showed the economy had grown faster than expected in the July-September quarter, rising 2.2 per cent in annualized terms, on the back of healthy exports. The dollar being sought as a safe haven after the U.S. election is also good news for Japan Inc.’s giant exporters.
WALL STREET: The Dow lost 0.2 per cent on Friday to 18,847.66. The S&P 500 index edged 0.1 per cent lower to 2,164.45. The Nasdaq composite index gained 0.5 per cent to 5,237.11.
THE QUOTE: “Global risk assets unexpectedly rebounded on Donald Trump’s victory in the US presidential election last week, along with a fast sell off in safe-haven assets including gold and the Japanese yen,” says Margaret Yang Yan, a market analyst at CMC Markets in Singapore. “No more surprises before Christmas, please.”
ENERGY: Benchmark U.S. crude fell 8 cents to $43.33 a barrel in New York. It fell $1.25 on Friday to 43.41. Brent crude, used to price international oils, gained 2 cents to $44.77 a barrel in London.
CURRENCIES: The dollar rose to 107.46 yen from 106.67 yen late Friday in Asia. The euro slid to $1.0800 from $1.0886.
AP Business Writer Alex Veiga contributed to this report.
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