Japanese stocks rise following Kishida’s election victory
Markets in Japan crept into the opening on Monday after a weekend election in the country ensured the ruling Liberal Democratic Party retained an absolute majority, paving the way for further fiscal stimulus measures.
According to the state broadcaster NHK, the LDP should retain its majority in the lower house of the state parliament and spare Prime Minister Fumio Kishida a humiliation that would have endangered his leadership.
The country’s Topix gained 1.3 percent when it opened and even gained 1.8 percent later. The Nikkei 225, on the other hand, even increased by 2.2 percent.
US futures also rose and the 10-year Treasury yield rose two basis points to 1.57.
In other Asian countries, investors appeared to have started the week on a positive note. The Australian S & P / ASX 200 grew by 0.6 percent and the South Korean Kospi by 0.6 percent.
Hong Kong futures were in the red prior to opening.
Biden’s press spokesman tests positive for Covid-19
Joe Biden’s press secretary has tested positive for Covid-19, one of the senior members of his government to contract the coronavirus.
Jen Psaki said she last saw the U.S. president five days ago and left the delegation to the G20 meeting in Rome and the COP26 summit in Glasgow after members of her household tested positive for the virus on Wednesday.
She and the president sat outside on Tuesday “more than two meters apart and wore masks,” added Psaki.
Biden, who is in a high-risk group at 78, was fully vaccinated with the Pfizer vaccine and received a booster shot late last month.
During his visit so far, he has met Pope Francis and European leaders such as the British Boris Johnson, the French Emmanuel Macron and the Italian Mario Draghi.
The White House did not immediately respond to a query about Biden’s recent Covid-19 results.
Read more about Covid-19 and the Biden team here.
Japan’s ruling Liberal Democrats secure election victory
Fumio Kishida secured an unexpectedly large victory for the Liberal Democrats in the parliamentary elections in Japan, despite a nationwide fatigue against the almost decades-long takeover of power by the ruling party.
The LDP should keep the majority in the lower house of the state parliament on Sunday evening, according to the state broadcaster NHK, in order to spare the new prime minister a humiliation that would have endangered his leadership.
But the races for many party leaders have been extremely close, a measure of voter frustration with the long LDP rule. Akira Amari, LDP party secretary general and architect of Japan’s new “economic security strategy,” lost his seat and told Kishida he would step down, according to NHK.
By 1:00 a.m. local time, NHK said the LDP had won 253 seats, down from 276 before the election, but enough to maintain one-party control of the 465-seat lower house. Your coalition partner Komeito took 28 seats from 29.
Read more about the elections in Japan here.
The dispute between Great Britain and France over fishing rights after Brexit is intensifying
The UK and France were at odds on Sunday over the deepening diplomatic dispute over fishing rights after Brexit, as both countries said responsibility for finding a solution rests with the other.
French President Emmanuel Macron and British Prime Minister Boris Johnson held a 30-minute tte-à-tte on the sidelines of the G20 summit in Rome, but Downing Street and the Elysee Palace released conflicting statements about the meeting.
Tensions over fishing rights have been simmering for months after the UK refused to permit some small French boats to fish in British waters under the Brexit agreement.
Paris announced on Wednesday that it would step up customs and hygiene controls on cargo, tighten the entry and exit of trucks in France and ban trawlers from landing their catch in French ports if the dispute is not resolved by Tuesday.
Read more about the dispute over fishing rights here.
Failed trains cause travel chaos ahead of the COP26 climate summit
Train services from London Euston to Glasgow have been canceled and passengers have been advised to avoid all non-essential travel as traffic chaos overshadowed arrivals on the eve of the COP26 climate summit.
With all eyes on the UK as host of the global climate talks, thousands of delegates saw their travel restricted due to storm damage in England’s Midlands, believed to be caused by fallen trees during the weekend’s storms.
The UK rail network came under additional pressure later Sunday after several people were injured and a route blocked in a train collision near Salisbury.
Among those trapped in the crowds at central London’s Euston and King’s Cross stations was Lord Zac Goldsmith, the Environment Secretary, trying to get to the summit in Glasgow.
Read more about the travel chaos here.
What can be seen in Asia today
Manufacturing PMIs: Data is reported from a number of countries including Indonesia, Vietnam, Taiwan, and South Korea. The Caixin China Manufacturing Purchasing Managers ‘Index is also released shortly after the country’s official purchasing managers’ index fell into contraction for the second consecutive month.
Official dates: Hong Kong publishes its third quarter gross domestic product figures, while South Korea publishes its trade balance for October. Some economists see South Korean exports as a guide for international trade.
Thailand opens again: The country will begin to welcome back visitors from a total of 63 countries including the UK as it seeks to revitalize its important tourism sector.
Trial in Hong Kong: The trial of media magnate Jimmy Lai begins today in Hong Kong. Lai is charged with illegal gathering for alleged involvement in a banned memorial commemorating the students killed in the 1989 Tiananmen massacre.