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Asian Stocks Tank on U.S. Election News

Nov. 7, 2012 12:38am Becket Adams

Currency traders work at the foreign exchange dealing room of the Korea Exchange Bank headquarters in Seoul, South Korea, Wednesday, Oct. 10, 2012. Worries about Europe’s debt crisis, signs of weak global growth and expectations of lower U.S. corporate earnings sent most Asian stock markets down Wednesday. South Korea’s Kospi dropped 1.4 percent at 1,955.84 (AP)

BANGKOK (TheBlaze/AP) — Asian stock markets fell Wednesday as traders watched the final hours of a cliffhanger U.S. presidential election whose conclusion would allow leaders of the world’s biggest economy to focus on issues other than the campaign.

Traders say one of the most pressing issues facing the U.S. is the looming “fiscal cliff,” a combination of higher taxes and government spending cuts that automatically takes effect unless Congress acts by Jan. 1. The total impact next year could be as high as $800 billion.

Deciding the election is the first step toward a resolution. President Barack Obama is locked in a tight race with Republican challenger Mitt Romney. Voting took place in the U.S. on Tuesday and a handful of states had reported results by the time Asian markets opened Wednesday.

“Whoever wins will face the colossal task of resolving the looming fiscal cliff but for now markets are hoping for a decisive outcome,” Mitul Kotecha of Credit Agricole CIB in Hong Kong wrote in a market commentary.

The outcome of the race could also determine the future course of the U.S. Federal Reserve’s economic stimulus measures, since Romney has said that if he is elected, he will not reappoint Fed chief Ben Bernanke when his term expires in January 2014.

Japan’s Nikkei 225 index opened higher but then fell 0.1 percent to 8,965.17. Hong Kong’s Hang Seng lost 0.2 percent to 21,908.29. South Korea’s Kospi fell 0.2 percent to 1,924.72. Benchmarks in mainland China, Singapore and Malaysia also fell.

Australia’s S&P/ASX 200 rose 0.2 percent to 4,491.60. Benchmarks in New Zealand, Indonesia and Taiwan also rose.

Stocks closed higher on Tuesday as Americans headed to the polls. The Dow Jones industrial average rose 1 percent to 13,245.68. The Standard & Poor’s 500 index rose 0.8 percent to 1,428.39. The Nasdaq composite index rose 0.4 percent to 3,011.93.

Investors also watching developments in Greece, where a political crisis could derail an austerity package that is required for the country to receive its next batch of bailout funds. Without the money, Greece faces the prospect of going bankrupt this month and possibly leaving the euro.

Also on the radar: Thursday’s opening of China’s Communist Party congress – the once-in-a-decade forum to name China’s top leadership. Although current Vice President Xi Jinping is almost certain to be China’s next leader, markets will be looking for hints on how the new leadership plans to tackle the nation’s economic slowdown.

Benchmark oil for December delivery was down 43 cents to $88.27 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $3.06, or 3.5 percent, to finish at $88.71 in New York on Tuesday.

In currencies, the euro fell to $1.2796 from $1.2817 late Tuesday in New York. The dollar fell to 80.03 yen from 80.26 yen.

The Associated Press contributed to this report.

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Comments (31)

woodyee
Posted on November 7, 2012 at 7:35am
Well, it looks like we’re going to get what we voted against, and Obammy-ites are getting what they deserve. It’s less than a year away, so if you’re not ready, prepare quickly and quietly. I don’t believe the results – like much of what’s happened this year, those of us that stuck to our intuition and common sense were eventually proven right TIME and TIME again.

My intuition and common sense tell me that the election was RIGGED, probably with much the stimulus money which has gone unaccounted for.

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- JRook
  Posted on November 7, 2012 at 10:25am
  .1%, .2% this is beckett’s definition of “tank”. Perhaps he needs to revisit what happened to world markets during Bush’s final year and a half in office to calibrate his understanding of the work “tank” as it relates to the economy and financial markets. The PRESIDENT won
  
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Gary_K
Posted on November 7, 2012 at 6:46am
I can’t believe it, the country is gone, kaput, move over communism make room for the late great US.
How can a sitting president with the record barry has, his scandals he has hanging over him, with the communists that he surrounded himself with, get re-elected?

I will tell ya.

The right, us and our elected officials play the game nice and follow the rules. The Republicans hold quiet press conferences, talk quietly and are generally good and decent people who do not like confrontation or making waves.

The left, on the other hand are rather mean and nasty people who only have 1 rule, that rule is, there are no rules. They will kick and scream like a child to get their way. Lying and cheating is a way of life for them so it is natural for that to be their politics and they will say or do anything to further their agenda. They have dumbed down our society to the point that the masses believe that the person that is yelling and looking mad has to be right and will vote for them because they believe what they are being told has to be the truth.

How do we overcome this wave of communism? We don’t at least in our lifetimes. I pray that future generations will rebel and gain their freedom.

I am saddened by what my country is becoming. We will soon be a 3 rd world banana republic with millions living in tin shanties.

God help us and the US.

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- Palter
  Posted on November 7, 2012 at 7:16am
  Wow… Glenn and his minions are still playing fear mongering business by spinning the fact? source: google finance
  Hang Seng Index 22,099.85 +155.42 (0.71%)
  TSEC 7,287.18 +50.50 (0.70%)
  FTSE 100 5,903.30 +18.40 (0.31%)
  Nikkei 225 8,972.89 -2.26 (-0.03%)
  EURO STOXX 50 2,546.28 +10.34 (0.41%)
  CAC 40 3,497.31 +18.65 (0.54%)
  S&P TSX 12,361.20 +8.42 (0.07%)
  S&P/ASX 200 4,516.50 +31.70 (0.71%)
  BSE Sensex 18,902.41 +85.03 (0.45%)
  
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horsefeathers99
Posted on November 7, 2012 at 6:40am
Soros must be wringing his hands in glee at the prospect of scamming his fortune when America collapses.

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- SeekerEmerald
  Posted on November 7, 2012 at 7:30am
  What? Hasn’t Soros heard Obama’s speach: “At some point, you’ve earned enoguh money.”
  I’m paraphrasing, but I think that’s pretty close.
  
  At what point, Mr Soros, will you stop collapsing economies just to enrich yourself? You can’t spend what you have, there’s far too much. When will it be enough?
  
  Without any thoughts of the people he is fleecing, he’ll strive to make more, more, more…
  
  What a soul-less man…
  
  Report this comment
- AmazingGrace8
  Posted on November 7, 2012 at 7:34am
  Keep getting kicked out of posting a message. Oh well. Agree with your Soros comment. Wait “till 2014 when the health care law goes into complete gear.
  “Hey, Buddy, can you spare a dime?”
  
  Report this comment
Frederick_Douglass_Republican
Posted on November 7, 2012 at 3:21am
These people who make intelligent decisions don’t have suicidal glee about politics. They see the road ahead and its leading us right off a cliff. Even with voter fraud they required enough people to make insane decisions at the ballot box to take us all over the cliff with them.

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EndGameAmerica
Posted on November 7, 2012 at 2:37am
The “give me give me people won. Maybe now is the time to split the US up into two difference Countries, those that work and pay their own way and those who want something for nothing. Obama can just keep printing the money and giving it to people so they will vote for him. I am getting pretty tired of working for the dead beats who feel I own them my money.

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- socialism.rocks
  Posted on November 7, 2012 at 2:59am
  its redstates completely funded by federal government get rid of the military contracts and farming subsidies… and there is no economy in red-states
  
  but you are a retarded republican
- Texas42
  Posted on November 7, 2012 at 3:06am
  Totally agree! My founding father is Sam Houston. If they can get independence in Russia and those crappy Baltic states then why can’t we do it here? I bet China and Russia would support it in the UN. I’m all for it! It’s time!
  
  Report this comment
teacherskj
Posted on November 7, 2012 at 1:56am
My kids futures just went up in flames.

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- orionhunter
  Posted on November 7, 2012 at 2:49am
  I agree – I got a kid on the way and am now deeply afraid of what s to come.
  
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Git-R-Done
Posted on November 7, 2012 at 1:41am
The left wants all of the capitalist countries around the world to collapse so that they can install socialism everywhere around the world.

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- Eleutheria
  Posted on November 7, 2012 at 2:23am
  Procure arms.
  
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Imprimatur
Posted on November 7, 2012 at 1:33am
China has ceased buying our bonds and it’s the Fed who’s left digitizing our currency to buy them. The shell game will come to an end. Talks of EU members reverting back to their old currency gets more serious. The desire to stop using the US dollar as the currency of choice for global oil purchases may come sooner rather than later. The monetary policies the Fed has implemented since its inception will prove that you can’t drink your own blood and stay hydrated. The US dollar devaluation is stretching global markets to the limits of their patience and once they decide to dump it with something else the Waimer Republic is the future of our currency. For too long too many folks were elected who cannot see past stage one. Now we’re so far past that stage it’s feels as an event horizon.

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mavsfan75
Posted on November 7, 2012 at 1:23am
wait till you see the price of gold in the morning!

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Lara
Posted on November 7, 2012 at 1:14am
All ears and eyes will now be listening ever soooo quietly to Beck’s radio address in the morning. Now we have to get serious with protecting our families. The mayan calendars had it right.. Come Jan life as we have known it will be gone.

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- AmazingGrace8
  Posted on November 7, 2012 at 7:43am
  Let not your heart be troubled…..we believers KNOW of the Rapture. Be patient. Trust and Believe.
  
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pepsicolakid
Posted on November 7, 2012 at 1:09am
I was afraid of this. There is no turning back now. The uninformed masses wont know what hit them and will no doubt have to find a scapegoat. I pray they turn on the media. Im thinking about boycotting more than media and hollyweird. Im real close to boycotting all blue states and just not do business or purchase anything from a company in the blue states. The stupidity of the american people shined tonight.

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- iltws2
  Posted on November 7, 2012 at 5:44am
  I totally Agree!
  
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duhTruth
Posted on November 7, 2012 at 1:08am
I am ashamed at the Blaze on this story. This story is deceptive plain and simple. No, I am angry with the lack of integrity with this article. I’m looking at the world futures markets right now, and most are up, and some are down, but NONE of them are TANKING as of my posting. I feel bad enough about the election results, but now I have to reconcile the fact that the Blaze is not reporting honestly or honorably.

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voting-for-romney
Posted on November 7, 2012 at 12:51am
Have you seen your social security payment in a lock box lately? Oh, that’s right, Congress spent it?

You see, that’s only fair that the rich pay their fair share?

Don’t worry, the media stole another election with their biased opinion?

Thanks for being there, Glenn, I think I’ve worn out the usefulness of this user name now, I think it is time we boycotted the media, there is nothing on cable or dish tv that I need to see that badly, I can rent a movie?

Maybe the only way to save the American political system, is to boycott media companies?

.

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- rickc34
  Posted on November 7, 2012 at 4:40am
  working taxpayers fund the federal government not people on welfare, so red states with working family’s are the grease that keeps America moving. But with the election an evil wind also came with it. I cannot see Obama not going after those that stood in his way. Over 56 million voters did not vote for Obama and did not agree with him or his agenda , less than 2 million more did vote for him, but why? for social issues not economic, we are 6 trillion more in debt during his first term, what will it look like after his second term. His small business killing ideas will cost more jobs and put more on welfare and where does that money come from more taxes , more taxes will equal less spending, less spending will equal more unemployment. Less available healthcare, Doctors will not provide care for free. A choice has been made for free stuff over God, abortion, free birth control pills, food stamps ect . No hope , No future. The choice has been made. take your money out of
  
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Jaycen
Posted on November 7, 2012 at 12:50am
Funny, the asian stocks drop while euro stocks rise based on an elected Obama.

Who’s financial house more closely mirrors our own?

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Rothbardian_in_the_Cleve
Posted on November 7, 2012 at 12:48am
This doesn’t change anything. I’ve been telling you that we are two months into a recession already. The media will be forced to use that word in Feb/March timeframe. This one will be the planet killer. Europe will unwind and China will grind to a halt. Trade wars will ensue as countries try to latch onto any form of real production they can. Shooting wars will follow. This election was to determine who will preside over the downfall of the republic. Nothing more as that was never going to change.

The real question is what are you going to do about it? Are you going to kneel and lick the hand of the oligarchs or are you going to grow spines, resist, secede, rebel? The choice is yours. You can let Plato’s majority rob you blind or you can decide not to go quietly into the ashbin of history. My guess is that 97% of you will hunker down and hope for the best while Rome burns around you. The other 3% will settle it one way or the other on the field.

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CatB
Posted on November 7, 2012 at 12:45am
Wait until the stock market opens in NYC tomorrow .. Sandy will look like nothing compaired to what is going to happen in the morning.

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- chips1
  Posted on November 7, 2012 at 1:09am
  Many of my friends had made decisions about what we should do if this really happened. Our money was removed from the stock market almost 2 weeks ago. Gold and silver stashes are common and bartering will save quite a bit in buying food and meats. The only donations to charities will be thru our churches for known local people. The welfare freaks will just have to butcher themselves in the big cities. Times are going to be like third world countries, because WE are one.
  
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denkat56
Posted on November 7, 2012 at 12:44am
This is just the start of the domino effect.

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- TiredAmerican7
  Posted on November 8, 2012 at 10:45pm
  You got that right. I tremble at the thought of the misery that is coming. We need to return to God.
  
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drs1969
Posted on November 7, 2012 at 12:42am
Inflation protection from here til doomsday, which may be closer than ever.

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