From Gina Lee
Investing.com – Asia Pacific stocks rose in large part on Friday morning as hopes of further US stimulus measures and a peaceful transfer of power rose as President-elect Joe Biden and his administration were to be sworn in on January 20.
Japan rose 1.75% as of 10:15 p.m. (3:15 p.m. GMT). After Prime Minister Yoshihide Suga declared a state of emergency in greater Tokyo on Thursday, he said earlier in the day that the government would work with other prefectures to extend the state of emergency.
South Korea's jumped 2.57%. Korean stocks are reportedly outperforming Hyundai Motor Co. (KS :), which is in the early stages of talks with Apple Inc. (NASDAQ 🙂 to develop self-driving electric vehicles. Hyundai stock rose as much as 24% at the start of the session.
In Australia, the figure rose 0.44% and the country's third largest city, Brisbane, was on lockdown for three days from the end of the day.
Hong Kong gained 1.24%. MSCI Inc. announced that it will acquire the Hong Kong-listed shares of China Mobile (NYSE 🙂 Ltd., China Telecom (NYSE 🙂 Corp. and China Unicom (NYSE 🙂 Hong Kong Ltd to remove from their benchmarks at close of business on Friday. However, it remains unclear whether the trio will be included in a U.S. investment ban on Chinese companies with military ties, and the New York Stock Exchange has resurrected plans to delist the trio's U.S. stocks.
China fell 0.47% while that rose 0.20%.
Investors are still digesting the violence that devastated supporters of President Donald Trump on Capitol Hill, which aimed to disrupt lawmakers' confirmation of Biden's win in the November 3 presidential election. Certification was eventually completed, and alongside Jon Ossoff's and Raphael Warnock's victory in the US Senate runoff in Georgia earlier this week, the way will be cleared for Biden's agenda to be implemented once he and his administration take office.
Meanwhile, Trump said on Thursday: "A new government will be inaugurated on January 20th. My focus now is on ensuring a smooth, orderly and seamless transfer of power."
However, House Speaker Nancy Pelosi and Senate Democratic Chairman Chuck Schumer are calling for Trump to be removed from office immediately, threatening to re-indict him if action is not taken in his cabinet. A growing number of Trump's top officials, including Secretary of Transportation Elaine Chao, have submitted their resignation.
However, some investors stayed in Washington D.C. despite the drama. optimistic.
"In our view, the markets rightly view the US government as ultimately stable enough, even if things get pear-shaped at times," said Nick Colas, co-founder of DataTrek Research, in a note.
“When it comes to setting asset prices, politics play a second role compared to economic and business principles. The country's economic future after the pandemic remains promising, "the note added.
Data released Thursday showed December was 57.2, above 54.6 in Investing.com's forecasts and 55.9 in November. Although increases in business and orders helped offset the decrease in the workforce for the week, the U.S. employment report, including, is expected to show a sharp slowdown in hiring when released later in the day.
Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. As a result, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading loss you may incur as a result of using this information.
Fusion Media or any person involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please be fully informed about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.