Shares higher after Obama win ends uncertainty

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Source: Interactive Investor

Asian shares hit a three-week high and the dollar extended gains after Barack Obama became the next U.S. president, ending uncertainty about who will lead the world's largest economy in the midst of great financial peril.

U.S. Treasuries fell as investors became bolder in taking risk, though U.S. stock futures remained little changed and oil succumbed to profit-taking after signs of global production cuts had sent crude prices up 10 percent on Tuesday.

The new Obama administration, which takes office in January, will face the world's worst financial crisis since the Great Depression, and a potentially steep slowdown in the global economy that has pounded markets from Tokyo to Frankfurt to New York.

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"(Obama's win) is arguably likely to prove more positive for foreign markets given the perception that he will be stronger in terms of dealing with US economic problems, is seen more favourably by foreigners generally, and is less likely to follow the policies of President Bush," Calyon said in a report.

Read more: http://www.iii.co.uk/news/?type=reutersnews&articleid=TRE4A437B&feed=Bus&action=article

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AUSTRALIAN shares surged alongside Asian markets today after Barack Obama won the US presidential election.
http://www.theaustralian.news.com.au/business/story/0,28124,24606441-643,00.html