Shares have risen in Asia after Wall Street rallied Wednesday on expectations of more stimulus for the economy despite chaotic scenes in Washington as Trump supporters stormed the U.S. Capitol.
World shares were mixed and U.S. futures declined Wednesday as investors awaited full results of a Senate runoff election that will determine whether Democrats take control of both houses of the U.S. Congress.
Benchmarks edged higher in Europe. Shares traded lower for most of the day in Asia, although markets in Hong Kong and Shanghai ended higher.
Traders are focusing on the outcome of the runoff elections in Georgia Tuesday, which will determine which party controls the Senate. Some analysts say the results could mark clear winners and losers in the stock market.
The expectation is that a Democratic sweep might lead to higher tax rates, tougher regulation on businesses and other potentially profit-crimping changes from Washington. That would put broad pressure on the stock market, with Big Tech stocks in particular perhaps attracting more regulatory scrutiny.
By: Alex Cameron
WASHINGTON D.C. -
All the eyes that are on Georgia Tuesday will shift to the nation s capital Wednesday, where a potentially ugly showdown is looming over a joint session of Congress that is expected to finalize Joe Biden s electoral college victory.
What is typically a pro forma session to count up the states electoral votes is likely to feature significant drama, just as supporters of President Trump are expected to create some drama on the streets of downtown Washington.
Businesses are boarding up again, as they did just before the election, with owners worried that Wednesday s planned Stop the Steal protests could turn violent. Supporters of President Trump could be seen all over the city Tuesday, and as they raise their voices tomorrow, so will the Vice President raise his during a joint session of Congress.