Asia stocks rise with US election results, China stimulus in focus

Investing.com-- Most Asian stocks advanced on Wednesday, tracking overnight strength in Wall Street as markets awaited the results of a hotly contested U.S. presidential election, while focus was also on more stimulus cues from China.

U.S. stock index futures rose in Asian trade, with early coverage of the vote count showing Donald Trump in the lead over Kamala Harris. The NPC is widely expected to outline plans for more fiscal spending, with analysts expecting at least 10 trillion yuan in new spending over the coming years. JPMorgan analysts also said in a recent note that a Trump victory in the 2024 election could see Beijing unlock even more fiscal stimulus, given that Trump has threatened to impose steep trade tariffs against the country.Stronger technology stocks also boosted the Nikkei, as they tracked an overnight rally in their U.S. peers.Broader Asian markets were mostly positive, with focus turning squarely to the results of the U.S. elections.

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