Asian stock mix, Wall Street gains, European stock loses as US election race narrows

GulfToday Report

Asian stock markets mixed, following the ups and downs of US elections. 

Tokyo and Sydney rose, on the other hand, Shanghai, Hong Kong and Seoul slumped. 

The Shanghai Composite Index fell by 0.7% to 3,296.45, the Nikkei 225 in Tokyo gained 1% to 24,353.15. The Hang Seng in Hong Kong shed 0.2% to 25,649.51.

India's Sensex opened up 0.7% at 41,641.53. New Zealand and Jakarta gained while Singapore and Bangkok declined.

Wall Street

On Wall Street, the markets advanced on Friday as US awaits the presidential election result. 

The benchmark S&P 500 index jumped 1.9% higher. It is advancing towards its biggest weekly gain since April. 

In a report, Craig Erlam of Oanda said it is remarkable how calm the markets are despite the circumstances.  

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He added that a messy conclusion to the election is what all investors are hoping would be averted. 

According to analysts, the uncertainty that comes with challenging the election result in court could drag down stocks. 

European Stock

European stocks grapple for momentum due to new record number of coronavirus cases in Italy and France and the US election. 

The pan-European STOXX 600 index was slumped 0.1% by 08:18 GMT after a strong five-day rally that placed the index on its best week since early April.

Technology and healthcare were also affected, the heavyweights weakened after strong gains earlier in the week.