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As on : 24-Oct-2024

Market Commentary - Foreign Markets
24-Oct-2024 16:04

Chinese shares down on US election uncertainty

Asian stocks ended mostly lower on Thursday as rising yields on uncertainty over the U.S. election outcome weighed on the tech sector. Tesla's forecast-beating earnings provided some comfort for investors, helping limit regional losses.

The dollar held near three-month highs on increased expectations of a possible return of Donald Trump to the White House and growing bets the Federal Reserve may be more restrained in their easing pace.

Gold drifted higher amid safe-haven demand as Middle East tensions persisted. Oil prices were up more than 1 percent in Asian trading after retreating on Wednesday on data showing a larger than expected increase in crude oil inventories in the U.S.

China's Shanghai Composite index dropped 0.68 percent to 3,280.26 on concerns the U.S.-China tech war ma heat up - no matter whether Donald Trump or Kamala Harris wins the November 5 presidential election. Hong Kong's Hang Seng index fell 1.30 percent to 20,489.62.

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