SYDNEY: Asian share markets turned skittish and S&P futures wobbled on Wednesday as results from the U.S. presidential election showed an agonisingly close race with no clear winner yet in sight.
"In typical election risk-driven fashion it's been the stairs up and express elevator down as early results, especially out of Florida, are pointing away from the quick Biden outcome markets were looking for," said Stephen Innes, Chief Global Markets Strategist at Axi.Instead, investors were now hedging against the risk of a contested election or at least a drawn-out process as mail-in ballots were counted.That saw 10-year Treasury yields dive all the way back to 0.
Japan's Nikkei was still ahead by 1.4per cent, but MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.6per cent.Advertisement The U.S. dollar likewise reversed early losses and climbed 1per cent on a basket of currencies to 94.071. The euro fell back hard to US$1.1634 and away from a top of US$1.1768.