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Latest Updates: Japanese Shares Rise Following Kishida Election Victory

Japanese stocks rise following Kishida election victory

Japanese markets tightened to open on Monday, after a weekend election in the country allowed the ruling Liberal Democrats to retain an absolute majority, paving the way for further fiscal stimulus.

The LDP was to retain its majority in the lower house of the Diet, according to the public broadcaster NHK, sparing Fumio Kishida, the prime minister, a humiliation that would have jeopardized his leadership.

The country’s Topix rose 1.3% at the opening and then gained to 1.8%. The Nikkei 225, meanwhile, gained as much as 2.2%.

US futures also rose, and the yield on 10-year Treasuries rose two basis points to 1.57.

Elsewhere in Asia, investors appeared to start the week on a positive note. Australia’s S & P / ASX 200 gained as much as 0.6% and South Korea’s Kospi rose 0.6%.

Futures in Hong Kong were down before the open, but up in China.

Biden’s press secretary tested positive for Covid-19

Joe Biden’s press secretary tested positive for Covid-19, one of the most senior members of his administration to contract the coronavirus.

Jen Psaki said she last saw the US president five days ago and left the delegation to the G20 meeting in Rome and the COP26 summit in Glasgow after family members were tested positive for the virus on Wednesday.

She and the president sat outside “over six feet apart and wearing masks” on Tuesday, Psaki added.

Biden, who at 78 is in a high-risk bracket, was fully vaccinated with the Pfizer vaccine and received a booster late last month.

He has so far met Pope Francis and European leaders, including Britain’s Boris Johnson, Frenchman Emmanuel Macron and Italian Mario Draghi during his visit.

The White House did not immediately respond to a request regarding Biden’s latest Covid-19 results.

Learn more about Covid-19 and the Biden team here.

Liberal Democrats in power in Japan win parliamentary elections

Fumio Kishida won a bigger than expected victory for the Liberal Democrats in the Japanese general election despite national weariness over the grip of the ruling party for nearly a decade.

The LDP was to retain majority control of the lower house of the Diet on Sunday evening, according to the public broadcaster NHK, sparing the new prime minister a humiliation that would have jeopardized his leadership.

But the races for many party figures were extremely tight, a measure of the electorate’s frustration with the LDP’s long reign. Akira Amari, general secretary of the LDP party and architect of Japan’s new “economic security” strategy, lost his seat and told Kishida he would resign from his post, according to the NHK.

At 1 a.m. local time, the NHK said the LDP had won 253 seats, up from 276 before the election, but enough to retain single-party control over the 465-seat lower house. His coalition partner Komeito won 28 seats, compared to 29.

Learn more about the elections in Japan here.

UK-France deadlock over post-Brexit fishing rights deepens

The UK and France remained at odds on Sunday over deepening the diplomatic row over post-Brexit fishing rights, as the two countries said it was up to the other to find a solution.

French President Emmanuel Macron and British Prime Minister Boris Johnson held a 30-minute tête-à-tête on the sidelines of the G20 summit in Rome, but Downing Street and the Elysee Palace issued mixed statements about the meeting.

Tensions over fishing rights have simmered for months after the UK failed to issue licenses to some small French boats to fish in UK waters as part of the Brexit deal.

Paris announced on Wednesday that it would increase customs and health controls on cargo, tighten controls on trucks entering and leaving France and ban trawlers from unloading their catches in French ports if the dispute is not resolved by now Tuesday.

Learn more about the fishing rights dispute here.

Canceled trains cause chaos in travel ahead of COP26 climate summit

Rail services have been canceled from London Euston to Glasgow and passengers have been urged to avoid non-essential travel as transport chaos overshadowed arrivals on the eve of the COP26 climate summit.

With all eyes on Britain as the host of the global climate talks, thousands of delegates have seen their journeys cut short due to storm damage in England’s Midlands, which is believed to have been caused by fallen trees during weekend storms.

Britain’s rail network came under additional pressure later Sunday after a rail collision near Salisbury left several injured and blocked a line.

Among those caught in the large crowds squeezed into London’s Euston and King’s Cross central stations was Lord Zac Goldsmith, the Minister for the Environment, who was trying to get to Glasgow for the summit.

Learn more about the travel chaos here.

What to watch in Asia today

Manufacturing PMIs: Data will be reported by a number of countries including Indonesia, Vietnam, Taiwan and South Korea. The Caixin China Manufacturing Purchasing Managers Index will also be released, just after the country’s official PMI fell into contracting territory for a second consecutive month.

Official dataHong Kong releases third quarter gross domestic product figures, while South Korea releases October trade balance. Some economists regard South Korean exports as an indicator of international trade.

Thailand reopens: The country will start welcoming visitors again from a total of 63 countries, including the UK, as it attempts to restart its crucial tourism sector.

Hong Kong lawsuit: The trial of media mogul Jimmy Lai opens today in Hong Kong. Lai faces illegal assembly charges for his alleged involvement in a banned memorial commemorating students killed in the Tiananmen Massacre in 1989.

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