Stocks in Asia Eye Declines Ahead of US Debate: Markets Wrap

-- Asian stocks are poised for a weak open on Wednesday as investors weighed election risks ahead of the first US presidential debate between Vice President Kamala Harris and former President Donald Trump.Equity futures pointed to declines in Tokyo and Hong Kong and a steady open in Sydney, while US contracts edged lower.

“The markets will be gripped by the US Presidential debate today,” said Kyle Rodda, a senior market analyst at Capital.Com Inc. “Although it’s unlikely to be as much of a car crash as the first debate between Biden and Harris and therefore less market moving, the race is neck and neck, heightening uncertainty about US fiscal, trade and foreign policy going forward.

The S&P 500 rose 0.4% with a Bloomberg gauge of the “Magnificent Seven” megacaps jumping 1.5%. Tesla Inc. led gains in Wall Street megacaps on Tuesday and Oracle Corp. hit an all-time high. JPMorgan Chase & Co. sank more than 5% after tempering its earnings optimism and Bank of America Corp. said investment-banking results will come in lower than some expected.

A personal assistant convicted of killing and dismembering his former tech entrepreneur boss after stealing about $400,000 from him was sentenced Tuesday to 40 years to life in prison, Manhattan's district attorney said. Tyrese Haspil, 25, was found guilty in June of murder, grand larceny and other charges in the 2020 death of his former boss, Fahim Saleh.

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