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Business Maverick: Asian stocks fall, crypto bounces before CPI: markets wrap

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Asian stocks weakened after US shares fell and cryptocurrencies arrested a sharp decline that sapped risk appetite ahead of crucial inflation data due later on Thursday.

. The action pressured shares in Asian companies related to cryptocurrencies after their US peers fell sharply.

US voters delivered a mixed verdict in midterm elections. Republicans headed for control of the House by smaller margins than forecast while the race for Senate continued. A divided congress “would likely block further bold fiscal moves,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note. For markets, however, “Federal Reserve policy, rather than fiscal policy, will remain the main driver”.

October inflation data will offer clues on the path of Fed tightening. JPMorgan Chase & Co analysts said aOil traded flat after its worst day in nearly a month as US stockpiles grew and Covid outbreaks in China threatened growth.

 

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Business Maverick: US stock futures fluctuate as votes trickle in: markets wrapUS equity futures swung between gains and losses and Asian stocks were mixed as investors awaited midterm election results, with potential for government gridlock seen as positive for shares.
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