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Asian shares higher as uncertainty of US election result continues
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NEW YORK - Asian shares jumped on Thursday as investors cheered U.S. election results that pointed to a government less likely to impose tough financial regulations, while sterling fell on reports that the Bank of England may ease policy more than expected. The gains tracked those on Wall Street overnight, when financial markets mostly shrugged off the uncertainty that came with a nail-bitingly close contest between President Donald Trump and his Democratic rival Joe Biden.
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Indeed, investors looked past Trump’s pursuit of lawsuits and a vote recount that would prolong the election, and focused instead on the performance of Democrats, which was not as strong as some polls had predicted. They said this indicated that a progressive agenda, which includes higher taxes, is off the cards even if Biden wins.ESTEE LAUDER TOPS ESTIMATES ON CHINA DEMAND, ONLINE BOOST
E-Mini futures for the S&P 500 ESc1 added 0.27%, Japan's Nikkei .N225 climbed 0.3%, Australian shares .AXJO rose 0.5%, while MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.3% in early trade.
“Markets appear to be trading on the expectation of a financially-restrained Biden Presidency with taxes, regulation and massive stimulus all less likely,” analysts at Australia’s ANZ Bank said in a note.