Asian shares, US futures surge on relief US election decided

TOKYO (AP) — Asian shares and U.S. futures rose Monday on relief the U.S. presidential election results were finally decided, with Joe Biden the president-elect.

Strong Chinese trade data released over the weekend also helped. Many in the region expect trade tensions to de-escalate under a Biden presidency, a plus for Asian markets and economies.

Japan's Nikkei 225 surged 1.9% to 24,794.44. Australia's S&P/ASX 200 added 1.6% to 6,291.10. South Korea's Kospi added 1.1% to 2,444.13. Hong Kong's Hang Seng rose 1.3% to 26,037.96, while the Shanghai Composite gained 1.2% to 3,350.34.

As votes gradually were counted in the closely watched U.S. presidential election, Biden crossed the winning threshold of 270 Electoral College votes with a win in Pennsylvania.

However, President Donald Trump’s refusal to concede and threats of legal action remain a cause for uncertainty

“Asia markets can be seen cheering the elimination of some of the uncertainties with the U.S. presidential election outcome wait put to an end," said Jingyi Pan, senior market strategist at IG in Singapore.

If Congress is split between a Democratic controlled House and a Republican-controlled Senate, it might be difficult for Biden to raise taxes. That remains to be seen, with two run-off votes in the state of Georgia remaining. Currently, the two parties each hold 48 seats in the 100-seat Senate.

A divided legislature also is expected to temper any pushback against deregulation, prolonging Trump's relatively business-friendly policies.

Customs data released Saturday showed China’s export growth accelerated in October, boosting the total so far this year back above pre-coronavirus levels for the first time. Exports in October rose 11.4% over a year earlier to $237.2 billion, up from September’s...