The race between President Obama and the Republican nominee Mitt Romney was nearly a tie going into the final hours before polling in the U.S., and this generated a level of uncertainty in regards to the Asian market.
At the same time, China is preparing to begin its Communist Party Congressional change, which is a once-per-decade forum that is used to name new top leadership.
While there is little mystery involving the Chinese Leadership, the U.S. landscape regarding the various Asian markets could be very different depending upon the winner.
China’s successor is to be Vice President Xi Jinping, as he will take the helm to lead the party for the next decade. There are those who are watching very closely for other large change that could occur in the countries Congress, as China continues to rise into one of the largest economic forces.
"Market participants will be distracted by today's US Presidential elections and Thursday's transfer of leadership in China," said analysts at Credit Agricole CIB in Hong Kong in a market commentary.
Japan’s market (Nikkei 225 Index) fell 0.5% to 8,966.13, while Hong Kong’s Hang Seng fell just under 1% to close at 21,860.86. Mainland china, Singapore, and Taiwan fell slightly as well, while the world waits for the U.S. to pick a leader.
South Korea’s Kospi saw a slight rise to 1,912.96, marking a 0.2% increase. Australia’s S&P/ASX 200 added the same percentage to finish 4,484.70. New Zealand and Philippines also rose slightly.
At the same time, Europe found refocused their efforts to deal with difficult market collapses such as Greece. Greek lawmakers will vote on a nearly-$20 billion austerity package that is necessitated by international creditors in order for Greece to receive bailout funds.
The United States’ market saw a rise during its own uncertainty about a leader. The Dow Jones Industrial Average rose 0.2%, while S&P 500 rose the same. The Nasdaq saw the largest gain at 0.6% to just under 3,0000.
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