SYDNEY: Share markets veered higher in wild Asian trading on Wednesday as results from the U.S. presidential election proved far closer than polls had predicted, leaving the outcome deeply in doubt.
Dealers said investors could be thinking a status quo result would at least lessen political uncertainty and remove the risk a Biden administration would roll back corporate tax cuts. Japan's Nikkei was ahead by 2per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1per cent.
The U.S. dollar had a roller coaster session, reversing early losses to be last up 0.9per cent on a basket of currencies at 93.956. The euro fell back hard to US$1.1644 and away from a top of US$1.1768. Gold had recently been buoyed by all this liquidity but ran into profit taking on Wednesday, losing 0.6per cent to US$1,896 an ounce.
U.S. crude were up 97 cents at US$38.63 a barrel, with Brent crude futures gaining 93 cents to US$40.64.
Blue 212 vs Red 149. Now blue up fast. Looks like Biden is winning. Good for Asia markets.