Despite the losses, Surich Asset Management founder Simon Yuen said he was confident Asian stock markets would retain positive fundamentals following the US election on November 3.
He told Reuters: “We expect Asian equities should outperform the global equity market in next two to three years because if Biden is elected US shall have an easier relationship with China,” Yuen said.
“On the other hand, if Trump is elected, China will promote demand in terms of consumer spending in order to increase their dominance over the world.”
On Wall Street, the Nasdaq Composite .IXIC on Monday staged its biggest one-day rally in a month, jumping 2.56 percent. The Dow Jones Industrial Average .DJI rose 0.88 percent and the S&P 500 .SPX gained 1.64 percent.
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7.20am update: ONS issues sobering job stats
The number of UK workers on payrolls increased by 20,000 last month, but has fallen by 673,000 between March and September due to the impact of the coronavirus pandemic, the Office for National Statistics (ONS) said.
Jonathan Athow, deputy national statistician at the ONS, said: “The latest monthly tax numbers show that the number of employees on the payroll was little changed in September.
“However, in total there were still nearly 700,000 fewer than in March, before the lockdown.
“Our newly adjusted survey figures show that in the latest period almost half a million fewer people were in work than just before the pandemic, while almost 200,000 others said they were employed but were currently not working nor earning any money.
“Since the start of the pandemic there has been a sharp increase in those out of work and job hunting but more people telling us they are not actively looking for work.
“There has also been a stark rise in the number of people who have recently been made redundant.”
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