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ASX finishes higher as Biden confidence grows

Anastasia Santoreneos
·2-min read
US President Donald Trump boards Air Force One at Miami International Airport in Miami, Florida en route to campaign events on November 2, 2020. - The US presidential campaign enters its final day Monday with a last-minute scramble for votes by Donald Trump and Joe Biden, drawing to a close an extraordinary race that has put a pandemic-stricken country on edge
Aussie shares rise as Biden edges higher in US Election. Source: Getty

The ASX200 is favouring a Biden win, with Australian shares more than 1 per cent higher as markets close.

Unofficially, the benchmark index finished 1.17 per cent higher at 6,133.00 points, while the broader All Ordinaries was 1.15 per cent higher at 6,337.30.

Inghams stormed higher during Thursday trade, finishing up 15.61 per cent, while Webjet and Flight Centre continue their rally as NSW and Victoria commit to opening borders. At the other end of the spectrum, Treasury Wines finished 7.68 per cent lower.

What happened this morning?

The Australian stock market has climbed higher at the open of trade as the world waits for US election results to trickle in.

The benchmark S&P ASX200 was marginally higher, reaching 6,097.90 points at 10:15 AEDT, taking its cue from Wall Street where investor sentiment was positive at the prospect of a win for Democrat Joe Biden.

The broader All Ordinaries followed the same trajectory, up 0.59 per cent to 6,301.7 points at the opening of trade.

There is still no clear winner in the race to the White House, but the tables have turned on incumbent Donald Trump, with a ‘blue shift’ beginning to take shape.

But the US stock market is liking the prospect of Biden as President, with the S&P 500 2.20 per cent higher to 3,443.44 points, and the Dow Jones up 1.34 per cent to 27,847.66 points.

“There seems to be a vote of confidence in the Biden economic platform, one which will aim to unite the US population, promote rather than hinder global trade and one that will help the US to overcome the Covid-19 pandemic which is crippling the US economic recovery,” independent economist Stephen Koukoulas said.

“For now, the markets are positive about the election outcome.”

Koukoulas predicts a Biden win would mean good news for the global economy, so long as he unites the US and implements policy reforms to address the nation’s extreme wealth gap.

Historically, the US stock market has performed best with a Democratic president and a Republican Congress.

Stay up to date with Yahoo Australia’s latest US election coverage here.

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