Asian stocks advanced with US futures after Democrats took control of the Senate following key elections, paving the way for President-elect Joe Biden to implement his agenda. Treasuries held overnight losses.

Stocks rose in Japan, Australia and South Korea. Hong Kong shares were little changed, weighed down by declines in Alibaba Group Holding Ltd. and Tencent Holdings Ltd. after reports that the Trump administration may bar investments in China’s two most valuable companies. China Mobile Ltd. also tumbled in Hong Kong on the New York Stock Exchange’s plan to delist the stock. S&P 500 and Nasdaq 100 futures climbed after Democrats won two key Georgia runoffs, boosting speculation of a torrent of spending to revive growth and reigniting the so-called reflation trade.

Earlier, the S&P 500 trimmed an advance of as much as 1.5% but still closed in the green, after protesters stormed the US Capitol and interrupted the debate to certify Biden as president. The 10-year Treasury yield at one point surged close to 10 basis points to more than 1.05%. Elsewhere, the dollar retreated against peers. Oil pared gains and gold was little changed. Australian bonds dropped.

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