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Asia-Pacific shares rise as buyers react to Biden's presidential election victory

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SINGAPORE – Stocks in the Asia-Pacific region traded higher on Monday morning as investors in the region reacted to the defeat of Democrat Joe Biden to incumbent Donald Trump in the US President's race, according to NBC forecasts.

In Japan, the Nikkei 225 was up 1.11% as stocks in conglomerate Softbank Group rose about 3%. The Topix index gained 0.84%. South Korea's Kospi was also up 0.9%.

Australian stocks were also higher, with the S&P / ASX 200 gaining 1.33%.

MSCI's broadest index for stocks in the Asia-Pacific region outside of Japan rose 0.29%.

Former U.S. Vice President Biden won on Saturday after his planned win in the states of Pennsylvania and Nevada, according to NBC News forecasts. Even so, Trump refuses to allow the election, claiming it is "far from over".

In terms of economic data, China's exports rose 11.4% year over year in October, according to official statistics released over the weekend.

Meanwhile, infections on the coronavirus front are increasing. The U.S. recently reported more than 126,000 new infections two days in a row. According to Reuters, the number of coronavirus infections worldwide exceeded the 50 million mark on Sunday.

Oil prices jump

Oil prices were higher on the morning of Asian trading hours and the international benchmark's Brent crude oil futures rose 1.42% to $ 40.01 a barrel. US crude oil futures rose 1.67% to $ 37.76 a barrel.

The US dollar index, which tracks the greenback versus a basket of its peers, was last at 92.164 after falling above 93.1 in the past few days.

The Japanese yen was trading at 103.29 per dollar after rising above 104.3 against the greenback last week. The Australian dollar changed hands at $ 0.728 after rising from $ 0.711 last week.

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Steven Gregory