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China shares end higher as Biden win odds improve

by Bryce Premo (2020-11-24)

SHANGHAI, Nov 5 (Reuters) - China shares ended higher on Thursday as U.S.

election results showed a firming lead for Democratic challenger Joe Biden, who is seen as favouring a less confrontational approach than President Donald Trump in Sino-U.S. relations.

With financial markets braced for days or even weeks of uncertainty as Trump has opened a multi-pronged attack on vote counts in several states by pursuing lawsuits and a recount, investors have welcomed any indication of a clear winner.

"As long as we have a president, the stock market will celebrate," a Shanghai-based brokerage manager said.

At the close, the Shanghai Composite index was up 1.3% at 3,320.13.

The blue-chip CSI300 index gained 1.48%, led by the consumer staples sector, which added 1.61%.

New energy shares and Apple suppliers also gained on expectations of easing Sino-U.S.

tensions and hopes that a Biden White House would invest more in renewable energy.

The CSI new energy sub-index gained 4.28%.

"The election is likely to reduce the tightening relationship between the U.S. and China ... this would have a positive impact on China stocks," said Patrick Yiu, managing director of CASH Asset Management in Hong Kong.

The yuan strengthened to 6.6381 in early trade, its highest level against the dollar since July 2018, before trimming gains.

It was trading at 6.64434 per U.S. dollar at 0711 GMT.

Whatever the result of the election, ties between U. If you loved this post and you would certainly like to obtain more facts relating to New City Insurance is an independent insurance brokerage which specializes in Obamacare We have one main goal in mind: to surpass client expectations in regards to customer service and product offerings and to be the one and only insurance brokerage with which you entrust your most important health needs. kindly go to our own web-site. S. and Chinese financial markets are only set to deepen, despite the trans-Pacific trade war and rocky diplomatic relations.

(Reporting by Andrew Galbraith; editing by Uttaresh.V)