Asia Shares Rebound After Trump Victory News, Media Stocks tag Along
Thursday, 10 November 2016 - 8:32
Asian stock markets bounced back strongly in early Thursday trading, following Donald Trump’s victory speech. Media stocks were also up, but less than market averages.
The markets’ upward trend reflected the earlier direction of trading on U.S. and European equity markets on Wednesday. After the initial shock of his win, markets were reassessing the Trump victory and perceived him to be largely business friendly. Other analysts said that the Wednesday falls reflected investors unwinding of short term bets as their expectations of the presidential race were confounded.
The MSCI Asia Pacific Index increased 2.3% to 136.49 by 9 a.m. Hong Kong time. The index had fallen 3.2% on Wednesday, which had been the biggest fall since the U.K.’s Brexit vote.
Japanese markets led the way up. The Nikkei 225 index was up 5.7% by mid-morning Thursday, regaining almost all of the ground lost on Wednesday.