HK, mainland stocks post gains
Stock markets mostly rose on Wednesday as investors assessed the impact of a Democratic sweep of the US Congress that dealt a blow to Donald Trump's economic agenda as he heads into his final two years as president. In Hong Kong, the Hang Seng Index gained ground for the fourth straight day, putting on 393 points or 1.67 percent to 23,919. Mainland shares climbed as well, with the benchmark Shanghai Composite Index up 2.16 percent to 3,686 and the Shenzhen Component Index surging 4.22 percent to 11,335. Across the region, the Nikkei in Japan fell 1.42 percent to 62,188, dragged down by tech stocks, whereas the South Korean Kospi finished 0.62 percent higher at 5,683. The prospect of Congress coming to a standstill weighed on the US dollar and Treasury yields, with observers pointing out that such a scenario would restrict spending. "Democratic control of Congress will make it harder for the White House administration to pass major partisan legislation. That could reduce the prospect of significant additional fiscal stimulus over the next two years," wrote David Chao at Invesco. "For Asia, the implications matter. Less fiscal stimulus could reduce upward pressure on US growth, inflation and Treasury yields, potentially easing some of the pressure that...
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