FTSE 100 seen positive as equity markets rise whilst US vote count continues

0 25

The FTSE 100 is seen in positive territory ahead of Thursday’s open as America remains in a tense political limbo, with vote counting continuing in five key undeclared states.

CFD and spreadbetting firm IG sees London’s blue-chip benchmark around 21 points higher, making the price 5,892 to 5,895.

It remains unclear who will be named as American president for the next four years though forecasters see the probabilities favouring Joe Biden.

Perhaps significant in terms of policy status-quo, it appears that the Democrats will retain control of the House of Representatives and Republicans will retain Senate which commentators suggest means Biden won’t easily be able to push through partisan manifesto pledges that would impact ‘big tech’ or drive taxes higher.

In the meantime, as vote counting continues uncertainty remains.

“Going into the election, the view was that a decisive victory for either President Trump or Joe Biden would be much preferred to an uncertain outcome – but that is exactly the situation we are now in,” said David Madden, analyst at CMC Markets.

“Mr Biden is fractionally ahead but several states have yet to declare their results. Some outcomes should be known in the next day or two, but Pennsylvania’s result might not be known until next week.

The analyst added: “The argument has been made previously that postal voting could bring about voting fraud, but it is clear that Mr Trump will probably dispute votes that don’t go his way, so this entire process could be dragged out for weeks or perhaps months.”

On Wall Street on Wednesday, the Dow Jones closed 367 points or 1.34% higher, at 27,847, whilst the S&P 500 marked a 2.2% rise to finish the session at 3,443.

The Nasdaq, meanwhile, climbed further adding 3.85% to end Wednesday at 3.85%. The small-cap focussed Russel 2000 index was more muted, finishing the day at 1,615.

In Asia, Japan’s Nikkei traded up 410 points or 1.73% at 24,105 whilst Hong Kong’s Hang Seng rose by 2.65% to 25,545. The Shanghai Composite gained 1.22% to 3,317.

Around the markets

The pound: US$1.2964, down 0.18%

Gold price: US$1,908, up 0.22%

Silver price: US$24.22, up 1.24%

Brent crude: US$40.51, up 2.01%

WTI crude: US$38.44, up 2.07%

Bitcoin: US$14,335, up 3.79%

6.45 am: Early Markets: Asia / Australia

Stocks in Asia-Pacific were higher today as investors continue to wait for the US election result.

In Japan, the Nikkei 225 surged 1.73% while South Korea’s Kospi gained 2.1%.

Hong Kong’s Hang Seng index led gains among the Asian markets by rising 2.60%.

Chinese stocks were also higher, with the Shanghai composite up 1.26% while Australia’s S&P/ASX 200 closed 1.28% higher.

READ OUR ASX REPORT HERE

Proactive Australia news:

Latin Resources Ltd (ASX:LRS) (FRA:XL5) has extended its holdings in the prolific yet underexplored Lachlan Fold Belt of NSW, which hosts world-class gold and copper-gold deposits, through obtaining the Manildra Gold Project in the heart of the belt.

Mali Lithium Ltd (ASX:MLL) will commence trading under the name Firefinch Limited with the ASX code ‘FFX’ as of Friday, November 6.

MGC Pharmaceuticals Ltd (ASX:MXC) (OTCMKTS:MGCLF) (FRA:MGC) has completed its 50-patient Phase II double-blind, placebo-controlled clinical trial for anti-inflammatory treatment, ArtemiC, on patients diagnosed with COVID-19 to evaluate its safety and efficacy.

Great Southern Mining Ltd (ASX:GSN) has completed an in-house review of four strategic and highly prospective tenement applications immediately adjacent to its 100%-owned Cox’s Find Gold Project in Western Australia.

Archer Materials Limited (ASX:AXE) (OTCMKTS:ARRXF) (FRA:38A) has commenced building a lab-on-a-chip device (biochip) named A1 Biochip™ that is capable of simplifying disease detection at the point-of-care.

Bardoc Gold Ltd (ASX:BDC) (FRA:4SF) has identified multiple new zones of strong gold anomalism at its North Kanowna Star Project, just 29 kilometres southeast of the proposed mill and mine site at its flagship 100%-owned 3.03 million Bardoc Gold Project in Western Australia.

Emmerson Resources Ltd (ASX:ERM) (FRA:42E) has kicked off a 1,700-metre diamond drill program at its Kadungle project in New South Wales, to test below shallow epithermal gold mineralisation and also for deeper, porphyry-style copper-gold.

Element 25 Ltd (ASX:E25) is on track for the Butcherbird Project in Western Australia to become a globally significant, low-cost, high-purity manganese project, with commissioning scheduled for quarter one of 2021.

MMJ Group Holdings Ltd (ASX:MMJ) (OTCMKTS:MMJJF) investee Harvest One Cannabis Inc (CVE:HVT) anticipates sales volumes, net revenues and adjusted EBITDA to improve this fiscal year due to a full year of new cannabis 2.0 derivative products sales in Canada, improvements in gross margin and a continued focus on reducing costs.

Strategic Elements Ltd (ASX:SOR) will collaborate with a leading US-based Autonomous Drone technology company to enable drones to autonomously launch and land from a ground-based autonomous vehicle platform (AxV).

Leave A Reply

Your email address will not be published.