What's Affecting Markets Today
Asia-Pacific markets were mixed on Wednesday following a strong rally on Wall Street ahead of U.S. presidential election results. Japan’s Nikkei 225 led gains, rising 2.25%, while the Topix climbed 1.9%. The Bank of Japan’s September monetary policy meeting minutes showed consensus among members to continue raising rates if economic growth and inflation remain on target.
In South Korea, the Kospi edged down 0.2%, and the Kosdaq fell 0.7%. Hong Kong’s Hang Seng index dropped 3%, while mainland China’s CSI 300 gained 0.4%. Investors were closely watching China’s ongoing National People’s Congress for potential stimulus measures and policies aimed at supporting the economy. The People’s Bank of China reaffirmed plans to maintain a supportive monetary policy in a Tuesday meeting.
Overnight, U.S. markets saw strong gains, with the S&P 500 rising 1.23% to 5,782.76, the Nasdaq up 1.43% to 18,439.17, and the Dow Jones gaining 1.02%, or 427.28 points, to 42,221.88. The U.S. election remains a key focus, with the race between Trump and Harris expected to be tight.
ASX Stocks
ASX 200 - 8,185.6 (+0.7%)
Key Highlights:
Australian shares rallied on Wednesday afternoon, tracking a strong lead from Wall Street. The benchmark S&P/ASX 200 Index climbed 0.9%, or 76 points, to 8207.8 by 2:21 PM AEDT, with all 11 sectors in the green. The consumer discretionary sector led gains, rising 1.4%, with Wesfarmers up 1.6% and JB Hi-Fi adding 2.4%. All major banks posted gains, with National Australia Bank leading at 1.2%.
The Australian dollar fell 1.5% to US65.39¢ after the US dollar hit a four-month high, following early US presidential election results showing Donald Trump gaining ground in key states. The Aussie dollar’s slump marked its largest one-day drop in seven months.
In the US, the Nasdaq rose 1.4%, boosted by a nearly 3% rally in Nvidia, which surpassed Apple to become the world’s largest company by market cap. The Dow Jones and S&P 500 also climbed by 1% and 1.2%, respectively.
Bitcoin surged more than 8%, hitting a record high above $75,000, amid growing interest in digital assets amid the election uncertainty.
Leaders
NEU Neuren Pharmaceuticals Ltd (+7.66%)
ZIP ZIP Co Ltd (+5.59%)
SLC Superloop Ltd (+5.44%)
ASB Austal Ltd (+5.39%)
LNW Light & Wonder Inc (+4.75%)
Laggards
DHG Domain Holdings Australia Ltd (-7.07%)
PNR Pantoro Ltd (-6.25%)
SKC Skycity Entertainment Group Ltd (-5.06%)
CHN Chalice Mining Ltd (-4.91%)
IGO IGO Ltd (-3.17%)
