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US futures, Asian stocks rise ahead of US election

Bloomberg
Bloomberg11/3/2020 12:31 PM GMT+08  • 3 min read
US futures, Asian stocks rise ahead of US election
US futures and Asian stocks rose Tuesday, while currency traders braced for increased for increased volatility.
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US futures and Asian stocks rose Tuesday ahead of the American presidential election, while currency traders braced for increased volatility.

Shares in Hong Kong, Australia and South Korea climbed more than 1%. Japan is closed for a holiday and Treasuries won’t trade until London opens. S&P 500 contracts advanced after the benchmark equity gauge gained Monday following last week’s 5.6% drop. Australian bond yields and the dollar fell after the central bank cut the cash rate and said it planned to buy A$100 billion ($96.03 billion) of five- and 10-year bonds over the next six months.

Implied volatility for the offshore yuan spiked. The one-week tenor -- often used as a proxy of market risk -- has more than doubled in the past week to the highest since Bloomberg began compiling the data in 2011. Overnight gauges for the Australian dollar and sterling also jumped as the presidential vote and its aftermath loom.

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