HONG KONG: Asian markets fluctuated Tuesday as all eyes turned to the first presidential debate between battling US presidential candidates Donald Trump and Hillary Clinton.
The two White House hopefuls, in a virtual dead heat in polls with barely six weeks before the November 8 election, took the stage in what was set to be the most watched US political event in years.
“The first of three US presidential candidate debates during today’s Asia Pacific trading session will likely dominate action as markets search for the winner and their eventual economic policy stance,” Michael McCarthy, chief market strategist in Sydney at CMC Markets, said in an email note.
“Markets are searching for the least worse option between the two US candidates… Any perception that the outsider candidate won the debate could bring a market rout.”
The looming debate, as well as reports that Berlin has refused state aid to fortify Germany’s Deutsche Bank as it faces a multibillion-dollar fine in the United States, had helped send global markets broadly lower Monday.
Tokyo followed the trend dropping 0.3 percent by the break, but had pared early losses as investors focused on the debate.
The dollar also strengthened against the Japanese currency during the debate, buying 100.70 yen, from 100.38 yen in early trade.
A weaker currency is a plus for Japan’s exporters, as it boosts the overseas profitability of exporters.
