Japanese Stock Futures Edge Higher Before US Votes Tallied
(Bloomberg) - Japanese stock futures climbed, as investors braced for the outcome of the US presidential election that will have implications for the global economy.
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Nikkei 225 futures were at 38,970 on the Chicago Mercantile Exchange, compared with the close of 38,474.9 for the underlying gauge. The yen was slightly higher amid dollar weakness, with polls showing a deadlocked US presidential race.
Japan will be in particular focus as votes are counted, given the size and liquidity of the stock market, as well as its exposure to overseas investors. Japanese equities became the epicenter of a global rout in August after the Bank of Japan's rate hike triggered a jump in the yen, and as concern over the US economy led to an investor exodus.
"The improvement in investor sentiment and the continued buying of stocks seen in the US will support the market in Tokyo," said Ryuta Otsuka, a strategist at Toyo Securities.
Yen Is First of Many Japanese Assets Set to Pivot on US Election
Tech companies may follow their US peers higher, after a measure of "Magnificent Seven" megacaps climbed in New York. In Japan, automakers Toyota Motor Corp. and Honda Motor Co. are among companies set to report earnings during trading hours Wednesday, which may impact the market.
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