Economy

Standard DigitalStandard & FT Weekend Printwasnow $29 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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Standard DigitalStandard & FT Weekend Printwasnow $29 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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SYDNEY(Reuters) – U.s. stock futures and the dollar pushed higher in Asia on Wednesday as early results from the U.S presidential election suggested the race remained too close to call, leaving investors jumping at shadows.As expected, Republican Donald Trump won Indiana and Kentucky while Democrat Kamala Harris captured Vermont, Edison Research projected, as polls closed in the first six U.S. states.Treasury yields climbed as some betting sites swung to favour Trump, while futures markets were still confident the Federal Reserve will cut interest rates by 25 basis points on Thursday.Analysts generally assume Trump’s plans for restricted immigration, tax cuts and sweeping tariffs if enacted would put more upward pressure on inflation and bond yields, than Harris’ centre-left policies.”As the early results come in, even though none of them are that surprising, we are seeing Treasury yields rising a little bit, the dollar strengthening, bitcoin up; kind of a classic Trump trade,” said Brian Jacobsen, chief economist at Annex Wealth Management. “There’s not a lot of conviction in these moves; it seems like these are little pops.” Yields on 10-year Treasury notes rose to 4.34%, from 4.28%, and nearer a four-month high of 4.388% touched last week. Two-year yields climbed to 4.245%, from 4.189% late n New York. S&P 500 futures were up 0.5% in choppy trading, while Nasdaq futures added 0.2%. EUROSTOXX 50 futures firmed 0.2%, while DAX futures tacked on 0.4%. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. Japan’s Nikkei rose 1.1%, tracking rallies on Wall Street overnight. [.N[] In currency markets, the dollar index added 0.6% to 103.98. The euro slipped 0.6% to $1.0867, having hit a one-month top of $1.0937 overnight. The dollar firmed 0.5% to 152.61 yen, and further off a low of 151.34. [USD/] The dollar gained 0.3% on the offshore yuan to 7.1227 yuan. China is seen on the front line of tariff risk, and its currency in particular is trading on tenterhooks with implied volatility against the dollar around record highs.Chinese stock markets have surged to almost one-month highs as investors expect a meeting of top policymakers in Beijing this week to approve local government debt refinancing and spending.A firmer dollar combined with higher bond yields to pressure gold prices, which dipped 0.2% to $2,738 an ounce and away from a recent record peak of 2,790.15. [GOL/]Oil prices were down in early Asia trade as markets nervously waited on the U.S. election results. They had risen overnight as a storm was expected to cut U.S. output in the Gulf of Mexico. [O/R]U.S. crude lost 23 cents, or 0.3%, to $71.76 per barrel. More

Georgia is among seven battleground states likely to decide the winner of the contest, with opinion polls showing the rivals neck and neck in all seven – Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin – going into Election Day.MARKET REACTION* S&P 500 e-mini futures rose 0.44% as early results came in* The yield on the 10-year U.S. Treasury note rose to 4.335%* The U.S. dollar index was up 0.73%* Bitcoinwas up 2.9% at $71,164 COMMENTS: JAMIE COX, MANAGING PARTNER, HARRIS FINANCIAL GROUP“The early indications are Republicans are outperforming in areas where they haven’t traditionally, in places like Miami Dade. I would imagine that at this particular moment, the Harris camp is worried. The markets are reflecting that we might know the answer sooner, rather than have to wait multiple days to have the answer to the election. That’s what markets have been most worried about, that there would be a long, drawn-out fight over who won. Being able to get a decisive winner, whoever it is, is going to be good for market and that’s what’s reflected, both in today’s performance and also the futures right now.”ALEX MORRIS, PRESIDENT & CIO OF F/M INVESTMENTS, WASHINGTON, DC“The market was well prepared for this uncertainty. Stock futures are pretty much muted right now, but everyone’s trying to take the few inches of data we’ve got right now and turn it into a mile. But while there are a lot of traders trying to get ahead of this thing, I don’t think we’ll see a real increase in activity for another hour or two, when we get to the Midwestern states, we get more data from North Carolina and some insight into Pennsylvania. There will be a lot of us up until 2 a.m. or 3 a.m. trying to figure out what is happening and what positions we may need to adjust.”JAMES KNIVETON, SENIOR CORPORATE FX DEALER, CONVERA, MELBOURNE”The market seems to be reacting to the strong showing by Trump so far in Georgia but until results start rolling in from the more urban suburbs it remains too close to call.””It is too early to call any of these races and to make any real projections on the results so far but the US dollar has regained a lot of ground lost recently, the market is clearly settling in for a long night””Risk currencies such as the AUD that appreciated ahead of a tightening race are having a pullback as Trump racks up some early wins. US Treasury yields are advancing as well reacting to the same sentiment.”BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, MENOMONEE FALLS, WISCONSIN“As the early results come in, even though none of them are that surprising, we are seeing Treasury yields rising a little bit, the dollar strengthening, bitcoin up; kind of a classic Trump trade. Treasury yields because of a market belief that Trump might be worse for deficit, the dollar’s move because of expectations of new tariffs, and bitcoin, well, Trump is a crypto ‘bro’. There’s not a lot of conviction in these moves; it seems like these are little pops. If conviction is high these trends move faster and farther, but this doesn’t have that snowballing feel to it. It’s still early days in terms of results.”ADAM TURNQUIST, CHIEF TECHNICAL STRATEGIST, LPL FINANCIAL, CHARLOTTE, NC    “If anything, to read through (results out so far) it is maybe more toward Trump than anything, so futures and yields are moving higher . But it’s so early to see any kind of momentum”    “I traded the 2016 election, but I am not doing it this time. I made a little bit of money, but it was a long way from my high water mark with a lot of volatility.” More

TOKYO (Reuters) -Bank of Japan policymakers shared the view that the central bank will keep raising interest rates if its economic and price forecasts are met, minutes of their September meeting showed on Wednesday.The nine-member board also agreed that the BOJ’s near-term focus should be to scrutinise the economic fallout from overseas uncertainties and unstable financial markets, the minutes showed.”A few members said the BOJ can afford to spend time scrutinising the fallout from overseas and market developments,” as the yen’s recent rebound would reduce inflationary pressure from rising import costs, according to the minutes.At the September meeting, the BOJ kept interest rates steady at 0.25%, and its governor signalled it was in no rush to raise borrowing costs further as fears of U.S. recession kept markets jittery and clouded the global economic outlook.One member said the BOJ should hold off on raising rates until overseas and market uncertainties diminish, the minutes showed.Another member also called for the need to focus on downside risks to the economy, in setting monetary policy.But one member said the BOJ “could find it appropriate to raise rates even when markets are unstable, depending on the economic and price outlook,” the minutes showed. More