The Fort Worth Press - Stock markets climb, dollar dips as US votes

USD -
AED 3.673039
AFN 67.000306
ALL 89.798247
AMD 387.240102
ANG 1.802698
AOA 912.499831
ARS 992.754599
AUD 1.50695
AWG 1.7925
AZN 1.697507
BAM 1.794822
BBD 2.019547
BDT 119.529407
BGN 1.78916
BHD 0.376851
BIF 2897.5
BMD 1
BND 1.316601
BOB 6.911994
BRL 5.749599
BSD 1.000275
BTN 84.131412
BWP 13.300909
BYN 3.273378
BYR 19600
BZD 2.016151
CAD 1.38365
CDF 2843.999781
CHF 0.863395
CLF 0.034667
CLP 956.580146
CNY 7.105199
CNH 7.119295
COP 4416
CRC 511.425163
CUC 1
CUP 26.5
CVE 101.300902
CZK 23.176804
DJF 177.720282
DKK 6.826799
DOP 60.474983
DZD 133.018971
EGP 49.125198
ERN 15
ETB 120.949904
EUR 0.915297
FJD 2.24125
FKP 0.765169
GBP 0.76738
GEL 2.715016
GGP 0.765169
GHS 16.398585
GIP 0.765169
GMD 71.502353
GNF 8629.999843
GTQ 7.719627
GYD 209.259429
HKD 7.77215
HNL 25.079843
HRK 6.88903
HTG 131.623383
HUF 374.776996
IDR 15721.35
ILS 3.74662
IMP 0.765169
INR 84.128303
IQD 1310
IRR 42092.500794
ISK 136.289911
JEP 0.765169
JMD 158.145895
JOD 0.709105
JPY 151.570177
KES 129.000292
KGS 86.172398
KHR 4074.999984
KMF 450.550316
KPW 899.999774
KRW 1378.469613
KWD 0.30622
KYD 0.833532
KZT 490.419381
LAK 21938.999773
LBP 89549.999937
LKR 293.117372
LRD 190.97498
LSL 17.37994
LTL 2.95274
LVL 0.60489
LYD 4.834997
MAD 9.79043
MDL 17.86455
MGA 4615.000383
MKD 56.315407
MMK 3247.960992
MNT 3398.000028
MOP 8.00624
MRU 39.900376
MUR 46.030555
MVR 15.410153
MWK 1735.507442
MXN 20.06819
MYR 4.345036
MZN 63.875026
NAD 17.370257
NGN 1661.720035
NIO 36.784987
NOK 10.95372
NPR 134.610443
NZD 1.667795
OMR 0.385016
PAB 1.000184
PEN 3.773501
PGK 4.010502
PHP 58.404996
PKR 277.903542
PLN 3.98965
PYG 7821.490516
QAR 3.640501
RON 4.553695
RSD 107.103992
RUB 97.80318
RWF 1365
SAR 3.756662
SBD 8.299327
SCR 13.773025
SDG 601.50195
SEK 10.703455
SGD 1.314695
SHP 0.765169
SLE 22.749694
SLL 20969.496802
SOS 570.99964
SRD 34.905005
STD 20697.981008
SVC 8.75203
SYP 2512.530268
SZL 17.37015
THB 33.569662
TJS 10.652473
TMT 3.5
TND 3.088497
TOP 2.342097
TRY 34.3084
TTD 6.784436
TWD 31.917501
TZS 2693.373035
UAH 41.484918
UGX 3672.570432
UYU 41.617341
UZS 12794.999822
VEF 3622552.534434
VES 43.403325
VND 25345
VUV 118.722039
WST 2.801184
XAF 601.96109
XAG 0.029645
XAU 0.000367
XCD 2.70255
XDR 0.749381
XOF 602.501748
XPF 109.549767
YER 249.824992
ZAR 17.393099
ZMK 9001.198985
ZMW 26.98082
ZWL 321.999592
  • JRI

    0.1700

    13.27

    +1.28%

  • RIO

    0.4900

    65.5

    +0.75%

  • CMSC

    0.0400

    24.68

    +0.16%

  • SCS

    0.0700

    12.32

    +0.57%

  • CMSD

    0.1200

    25.04

    +0.48%

  • RBGPF

    5.4100

    66.41

    +8.15%

  • GSK

    0.0500

    37.02

    +0.14%

  • NGG

    1.0200

    65.47

    +1.56%

  • BCC

    4.2300

    138.49

    +3.05%

  • BCE

    -0.2800

    28.84

    -0.97%

  • BTI

    0.3500

    35.46

    +0.99%

  • RYCEF

    0.2000

    7.3

    +2.74%

  • VOD

    0.0900

    9.41

    +0.96%

  • AZN

    -5.1600

    66.27

    -7.79%

  • BP

    0.2300

    29.96

    +0.77%

  • RELX

    0.8500

    47.91

    +1.77%

Stock markets climb, dollar dips as US votes
Stock markets climb, dollar dips as US votes / Photo: © AFP

Stock markets climb, dollar dips as US votes

Major stock markets mostly rose and the dollar remained under pressure Tuesday as Americans cast votes in a knife-edge presidential election.

Text size:

Wall Street's main indexes, which had fallen the previous day, rebounded after voting began in the world's biggest economy.

In Europe, London dipped 0.1 percent as investors await an interest-rate decision by the Bank of England on Thursday while Paris and Frankfurt ended the day with modest gains.

Equities in Shanghai and Hong Kong won strong support from hopes over China's economy.

The dollar weakened against the euro, the British pound and the yen.

Kathleen Brooks, research director at XTB, said markets have priced in a victory by Donald Trump and thus a win by Kamala Harris would be a surprise that causes short-term volatility.

"A win for Harris could lead to a short term sell off in the dollar, gold and potentially in US stocks," she said in a note to clients,

"This could also boost global equities, as Harris is seen to be less tempted to slap tariffs on imports. Chinese stocks could rally sharply, along with key European and UK firms."

A win for Republican Donald Trump is expected to restoke inflation and send Treasury yields higher owing to his pledges to slash taxes and impose tariffs on imports, which could push up the dollar.

Analysts see less upheaval from a win by Democratic Vice President Kamala Harris.

"A pro-tariff Trump presidency could see the dollar strengthen amid concerns higher inflation will prompt the Fed to keep interest rates higher," predicted Matt Britzman, senior equity analyst at Hargreaves Lansdown.

"There is likely to be a period of volatility particularly if the result is contested, but investors should keep their eyes on long-term horizons as historically financial markets have risen over the course of both Democratic and Republican presidencies," he added.

Fawad Razaqzada, analyst at City Index and Forex.com, said that "traders are not committing to any particular direction across financial markets, and you can’t really blame them."

Given that the race appears to be a toss-up "this makes it extremely difficult to make a strong case for the direction of the dollar or stocks this week," he added.

Investors are also awaiting another US Federal Reserve rate cut on Thursday as inflation cools.

- Asia up -

Hong Kong and Shanghai each closed up by more than two percent Tuesday after data showed China's services sector expanded last month at its fastest pace since July.

The news came as traders await the end of a Chinese government meeting this week to hammer out an economic stimulus.

Officials are expected to give the go-ahead to about $140 billion in extra budget spending, mostly for indebted local governments, and a similar one-off payment for banks.

Chinese Premier Li Qiang, meanwhile, said he was "fully confident" that China's economy would hit its growth targets this year and indicated that there was room to do more.

Oil prices rose, but less sharply, having surged almost three percent Monday on worries about the Middle East crisis and as top producers agreed to extend output cuts through to the end of December.

On the corporate front, Boeing shares fell slightly even though striking workers approved a contract proposal late Monday, ending more than seven weeks of stoppages that underscored discontent in the workforce of the beleaguered US aviation giant.

- Key figures around 1640 GMT -

New York - Dow: UP 0.7 percent at 42,104.25 points

New York - S&P 500: UP 0.9 percent at 5,766.42

New York - Nasdaq: UP 1.2 percent at 18,395.64

London - FTSE 100: DOWN 0.1 percent at 8,172.39 (close)

Paris - CAC 40: UP 0.5 percent at 7,407.15 (close)

Frankfurt - DAX: UP 0.6 percent at 19,256.27 (close)

Tokyo - Nikkei 225: UP 1.1 percent at 38,474.90 (close)

Hong Kong - Hang Seng Index: UP 2.1 percent at 21,006.97 (close)

Shanghai - Composite: UP 2.3 percent at 3,386.99 (close)

Euro/dollar: UP at $1.0915 from $1.0878 on Monday

Pound/dollar: UP at $1.3007 from $1.2954

Dollar/yen: DOWN at 152.01 yen from 152.17 yen

Euro/pound: DOWN at 83.93 from 83.94 pence

Brent North Sea Crude: UP 1.3 percent at $76.06 per barrel

West Texas Intermediate: UP 1.4 percent at $72.50 per barrel

burs-rl/gv

G.Dominguez--TFWP