Asia markets extend global rally on Trump hopes

Trading floors were awash in red Wednesday as the region's investors were the first to react to news that the firebrand tycoon had defeated market-favourite Hillary Clinton, upending expectations.

Asia markets extend global rally on Trump hopes

World Bulletin / News Desk

Asian equities rallied Thursday, joining a goldrush across world markets as the initial shock of Donald Trump's election win was replaced by hopes his plan to kickstart the US economy will succeed.

However, a reassuring victory speech -- followed by calls by Clinton and President Obama to get behind Trump -- provided some encouragement to traders, sending risk assets rallying.

Most markets in Asia either wiped out or clawed back most of the previous day's losses, while the dollar pushed higher.

The greenback had come under pressure on worries that uncertainty over Trump's policies would cause the Federal Reserve to hold off an interest rate rise, but analysts said those worries had abated for now.

Tokyo closed up 6.7 percent, with a plunging yen also providing support. The dollar dallied with 106 yen before easing slightly, well up from Wednesday's low of 101.20 yen.

In the afternoon Hong Kong gained 2.1 percent and Shanghai closed 1.4 percent up. Sydney closed 3.3 percent higher, Seoul jumped two percent and Taipei put on 2.4 percent.

There were also gains of more than one percent in Wellington, Singapore and Manila.

Last Mod: 10 Kasım 2016, 11:31
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