TOKYO -Asian shares fell on Tuesday amid uncertainty about Senate runoffs in Georgia, which could have a big impact on incoming U.S. President Joe Biden’s economic policies.
Japanese shares lost 0.25% after a media report that the government will curb business hours in Tokyo and surrounding cities from Thursday.Oil futures rose slightly in cautious trade as investors awaited a meeting later on Tuesday where major crude producers are set to assess output levels for February.
“2021 starts with a bang with pivotal political and economic news for markets to digest. The undisputed highlight will be the result of the Senate seat run-off elections in Georgia,” James Knightley, chief international economist at ING, wrote in a research memo. The Dow Jones Industrial Average fell 1.27%, the S&P 500 lost 1.49%, while the tech-heavy Nasdaq dropped by 1.48%.
The MSCI’s broadest gauge of global stocks eased by 0.06% in Asia on Tuesday, also pulling back from a record reached in the previous session.