Obama victory fails to buoy Asian benchmarks

<p>Barack Obama’s victory in the election has failed to drive Asia’s key benchmarks.</p>

Barack Obama's victory in the US presidential election today (November 7th) has failed to buoy the major Asia Pacific stock indices.

The Nikkei 225 in Tokyo inched lower at close of play this morning, slipping by 2.2 points to an index value of 8972.8 points, while the SSE Composite in Shanghai was steady at 2105.7 points.

Only the Hong Kong Hang Seng showed signs of rallying as a result of the election, rising out of negative territory midway through the day's trading and finishing 0.7 per cent higher at 22099.8 points.

Now Obama has been re-elected, investors are likely to focus on the president's need to secure a deal with Congress over tax rises and spending cuts.

The downturn in the US has had an impact on Asian companies, which have suffered as their order books have emptied due to the world's largest economy's ongoing struggle to resolve its own financial difficulties and unemployment.

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