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 higher US rates and a stronger dollar have placed on Asian currencies and monetary policy." (AFP/Xinhua) Edited by Tony Sabine

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Secretary for Commerce and Economic Development Algernon Yau said Hong Kong's entry into the Regional Comprehensive Economic Partnership could inject fresh impetus into advancing the Free Trade Area of the Asia-Pacific (FTAAP) agenda. "We welcome the establishment of the Accession Working Group for Hong Kong in September this year, and hope that our accession could inject fresh impetus into advancing the FTAAP agenda," he said during a virtual meeting at the 37th Asia-Pacific Economic Cooperation (Apec) Ministerial Meeting held on Tuesday. Yau said that enhancing economic integration has been the core objective of Apec, and that one of the directions is to continue to advance the FTAAP. He called on member economies to continue to strengthen connectivity in various areas, enabling the efficient flow of goods, services, capital and people, while narrowing development gaps and creating opportunities for all sectors across the region. Yau also stressed that the multilateral trading system must remain the foundation of regional integration and international trade, highlighting the importance of enhancing co-operation to deal with the seismic changes in the trade landscape. Edited by Edmond Fong

Financial Secretary Paul Chan said Hong Kong is well-placed to provide businesses with both growth opportunities and long-term capital. The finance chief made his remarks on Wednesday during a conversation session with investors on the second day of the Global Financial Leaders' Investment Summit in Central. Chan noted that a company needs different forms of capital at each stage of development to turn its potential into sustained growth. This, he said, is exactly where Hong Kong comes into play. “Under the 'One Country, Two Systems' framework, Hong Kong is closely connected to the Chinese mainland, while a common law legal system, free flow of capital and international networks provide a trusted and familiar environment for global investors to take part in China's enormous growth,” Chan said. “Here, we already bring together venture capital, private equity, family offices and asset managers, with deep equity and bond markets. Our task is to connect them more closely across the corporate life cycle.” He said follow-on fundraising on the Hong Kong Stock Exchange reached HK$570 billion in the first nine months of the year, showing that the city’s market continues to support companies well beyond their initial listings. Chan also said the aim is to expand allocation choices to help investors manage risks and liquidity in support of long-term value creation. Hong Kong will keep raising its market efficiency with faster approvals, streamlined processes and clearer frameworks for new financial products – all without compromising its integrity, he added. Edited by Edmond Fong

The Hang Seng Index opened lower on Wednesday, dropping 74 points, or 0.32 percent, at 23,451. Mainland stocks opened mixed, with the benchmark Shanghai Composite Index down 0.08 percent at 3,605 and the Shenzhen Component Index 0.17 percent higher at 10,895. Meanwhile, Japan's Nikkei plummeted more than 3 percent and the US dollar slid, with markets anxiously watching the results of the US midterm elections. (Xinhua/AFP) Edited by Edmond Fong

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Wall Street stocks finished mostly higher on Tuesday as oil prices continued to pull back, while markets awaited results from US midterm elections that could reshape US President Donald Trump's final two years in office. Crude prices, which fell sharply on Monday on revived talk of US-Iran peace prospects, fell modestly hours after Trump insisted that a deal with Tehran "could happen," with traders also citing unconfirmed Middle East media reports saying progress on Iran's nuclear programme and frozen funds had been made. The prospect of easing energy costs helped Wall Street steady after several sessions of losses, in particular on the tech-heavy Nasdaq, which enjoyed a positive session after three straight declines. "Stocks are recovering from yesterday's bearish afternoon reversal even as the odds of a blue sweep have risen throughout the past few hours," said a note from Jose Torres of Interactive Brokers. "The fact that equities are advancing in light of the Democrats being likely to win majority control across both chambers of Congress signals that a near-term bottom could be behind us, since an overall flip was the most feared outcome." Americans voted on Tuesday with Democrats hoping to seize control of Congress and impose the first significant checks on Trump's tumultuous second term in the White House. The election amounts to a nationwide judgement on his policies, with the mood turning sharply against Republicans amid anger over soaring living costs and the war against Iran. Earnings reports from titans including Amazon, Alphabet, Meta and Microsoft have shown they plan to keep pouring hundreds of billions of US dollars into data centres and chips even as investors grow impatient for returns. Monday saw Apple post forecast-topping sales and profits but it warned that increasing memory chip costs would hit its profit margins in the coming months. Shares in Apple shed 1.9 percent. But shares in AI chipmakers Nvidia and AMD both climbed, along with AI data centre operator CoreWeave. In Europe most stock indices ended little changed, with London's FTSE falling under the weight of its oil and gas firms like BP and Shell. "A sharp decline in crude oil prices – triggered by remarks from US President Donald Trump regarding potential adjustments to overseas financial support – put heavy pressure on index energy heavyweights," said Patrick Munnelly at Tickmill. The Nasdaq rose 0.8 percent, to 25,372, the S&P 500 rose 0.4 percent, to 7,569, while the Dow fell 0.4 percent, to 51,787. (AFP) Edited by Robert Kemp

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