Most Asian markets fell on Tuesday as traders remained largely risk-averse before a hotly contested U.S. presidential election later in the day, while Chinese markets were supported by strong business activity data.
Oil prices eased slightly on Tuesday as markets braced for uncertainties from the U.S. presidential election, after rising more than 2% in the past session as OPEC+ delayed plans to hike production in December and eased supply concerns.
The dollar started Tuesday on the defensive as traders squared positions on the day of the U.S. presidential election, after recent polls dented some of the market bets on a victory for Republican Donald Trump.
Most Asian stocks rose on Monday with investors looking to more cues on fiscal stimulus from a meeting of China’s top policymakers this week, although risk aversion before the U.S. elections kept gains limited.
Oil prices extended gains on Monday, rising more than $1 on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a week that spans a U.S. presidential election and a key meeting in China.
The dollar slid in Asia on Monday as investors braced for a potential pivot this week for the global economy as the United States chooses a new leader, and as it likely cuts interest rates again with major implications for bond yields.