It's U.S. election day!
Asian equity markets extended their Monday gains, as Bloomberg's national poll showed Hillary Clinton leading her Republican rival Donald Trump by three percentage points, 44 percent to 41 percent.
Relief For U.S. Markets
U.S. equities snapped a nine-day losing run after the Federal Bureau of Investigation absolved the Democratic presidential candidate of any criminal wrongdoings in the handling of her e-mail servers.
The S&P 500 Index gained 2.2 percent, snapping its worst losing streak since December 1980, led by financial, industrial and healthcare stocks. The Dow Jones Industrial Average rose 2 percent, while the NASDAQ Composite Index advanced 2.4 percent. All three benchmarks posted their best one-day gains since March 1.
December Hike Bets Rise
The expectation that Clinton would emerge victorious in Tuesday's election boosted the chances of U.S. Federal Reserve increasing borrowing costs in December. Odds for a Fed rate hike rose to 80 percent compared to 76 percent on Friday, according to futures rates compiled by Bloomberg.
The Mexican peso advanced for the fourth day in a row, as polls indicated a defeat for Trump, who has repeatedly targetted Mexicans in his election campaign. The yen traded little changed near a 1-week low after losing 1.3 percent in Monday's session. The Korean won gained 0.3 percent.
Oil Prices Stable
Oil prices neared the $45 per barrel mark as investors await the weekly stockpiles data released by the U.S. government. Inventories are forecast to have risen 1.5 million barrels last week, a second straight week of advances, according to a Bloomberg survey. Report from the Energy Information Administration will be released on Wednesday.
Rally To Continue?
The SGX Nifty Index gained 1 percent to 8,535 as of 7:00 a.m., indicating a positive start for Indian equities. The Nifty 50 Index ended Monday's session with gains of almost three-quarters of a percent but below the 8,500 mark. Shares of ICICI Bank Ltd. will be in focus as it will react to disappointing second quarter earnings.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
