Asia stocks on the up as investors await US inflation data, midterm results

Singapore — Asian shares rose and the dollar wobbled on Wednesday as investors awaited US inflation data as well as the results of the US midterm elections that could signify a power shift in Washington.

Meanwhile, China’s factory-gate prices for October dropped for the first time since December 2020, underlining faltering domestic demand and disruption to production amid strict Covid-19 measures and a sluggish property sector.Results of the US midterm elections will decide whether the Democrats lose or retain congressional control halfway through President Joe Biden’s term, with investors expecting Republican gains.

Historically, stocks have tended to do better under a split government when a Democrat is in the White House, with investors attributing some of that performance to political gridlock that prevents either side from making major policy changes.

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