TOKYO: Most Asian markets were mixed Friday after the week’s strong gains but traders remained upbeat as the chances of Joe Biden winning the US election increased and after the Federal Reserve indicated it could provide further economic support.
While Donald Trump again accused Democrats of committing voter fraud and his team launched a series of legal actions in various states, hopes a new stimulus package will eventually be passed were supporting sentiment.
Analysts said Tuesday’s election was good for equities as the expected Democratic sweep of Congress failed to materialize while Biden looked set to take the White House.
“The market reaction to the unfolding election news suggests that financial markets would prefer to see a constrained Biden presidency,” Paul O’Connor, at Janus Henderson Investors, said.
However, he added: “The economic backdrop to this election is one of an incomplete global recovery that remains threatened by the continued spread of Covid-19 in many major economies as well as fast-fading fiscal support measures.”
A Biden presidency and Republican Senate likely means Democrats will not be able to push ahead with regulatory changes and tax hikes, which observers said were both good for stocks.
Tech firms have fared particularly well as the sector had been considered vulnerable to more stringent political oversight.
And while lawmakers are expected to push through a new economic rescue package, it will not likely be as big as anything from a Democratic-led Congress, which National Australia Bank analysts said would put the onus on the Federal Reserve next year.
LOS ANGELES: Virgin Galactic said Thursday (Friday in Manila) that it expects to launch its first manned test flight into space from New Mexico this month.
The company’s spacecraft, VSS Unity, conducted two previous test spaceflights from Mojave, California, before moving in to its facilities at Spaceport America in New Mexico.
Testing there has included unpowered glide flights and now the spaceflight planned between Nov. 19 and 23.
The spaceport will be Virgin Galactic’s base for launching passengers on brief trips high above the Earth, starting with billionaire founder Richard Branson next year. The company did not announce a specific date for that event.
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