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Asian markets fall back before the U.S. election



In the evening is Shanghai’s financial district.

AFP/Getty Images

BEIJING-Asian stock markets fell on Friday as investors looked forward to the US presidential election next week and weighed the possibility of economic stimulus measures in Washington and Europe.

The benchmarks for Tokyo, Hong Kong and Seoul all fell. Shanghai is swinging between profit and loss.

The lack of progress in the negotiations between the White House and Congress on the new US stimulus package has frustrated investors. The hope of action and potential disputes over the outcome before Tuesday’s election has diminished.

Axi’s Stephen Innes said in a report: “The market is still looking for that elusive lifeline in the low-risk feast before the election.”

Nikkei 225 NIK,
-1.52%
The Tokyo stock market fell 0.8%, the Hang Seng Index,
-1.94%
About the same in Hong Kong

Shanghai Composite Index
-1.47%
The ruling Communist Party said it would try to accelerate China’s development as a self-reliant “technical force” because Washington’s dispute with the United States hindered the use of high-tech components, and the stock fell 0.1% in the afternoon.

Kospi 180721,
-2.55%
The Seoul stock market fell 1.2%, Sydney’s S&P/ASX 200 XJO fell,
-0.54%
Reduced by 0.3%. New Zealand NZ50GR,
-0.96%
And Singapore STI,
-1.09%
Also refused.

On Wall Street, the benchmark S&P 500 Index SPX
+ 1.19%
The stock market rose 1.2% to 3,310.11, thanks to a rebound in technology stocks, which was the stable market after the worst decline in four months.

The index fell 3.5% on Wednesday, due to concerns that the surge in coronavirus infections may once again weigh on the economy.

Traders welcomed the data showing that the number of American workers who applied for unemployment benefits fell to 751,000 last week. This is down from 791,000 the previous week and better than economists expected.

Dow Jones Industrial Average Dow Jones Industrial Average,
+ 0.52%
Rose 0.5% to 26,659.11. The high-tech Nasdaq composite COMP,
+ 1.64%
It rose 1.6% to 11,185.59.

In Washington, the Speaker of the House of Representatives, Nancy Pelosi, sent a letter to Secretary of the Treasury Steven Mnuchin, listing their topics in the stimulus negotiations. She was waiting reply. These include the benefits to laid-off workers and measures to detect coronavirus.

Also on Thursday, the President of the European Central Bank stated that there was “no doubt” that it would provide more stimulus measures in December.

In China, the ruling party said on Thursday that the next five-year development plan starting next year will emphasize technological self-reliance.

The party did not disclose any details, but the help of technology developers could help manufacturers of Chinese smartphones and other products after the Trump administration imposed export restrictions on security, espionage, and Beijing’s development plan. May face difficulties in obtaining American parts.

In the United States and Europe, the number of coronavirus cases is increasing, and more and more people are worried that business restrictions may be reintroduced. Retailers worry that even if comprehensive lock-in measures are not returned, customers may stay away.

In the energy market, the benchmark US crude oil CLZ20,
-0.24%
The price of electronic trading on the New York Mercantile Exchange rose 33 cents to 36.50 dollars a barrel. The contract fell $1.22 on Thursday to $36.17. Brent crude oil BRNZ20,
,
London’s international oil price standard rose by 34 cents to $38.60 per barrel. The previous trading day fell 1.47 US dollars to 37.65 US dollars.

US dollar USDJPY,
-0.17%
It fell to 104.46 yen from 104.67 yen on Thursday.


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