Asian stocks mixed after Wall Street election gains

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Men wearing masks against the spread of the coronavirus stand near an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, Nov. 6, 2020. Asian stock markets were mixed Friday after Wall Street rose amid protracted vote-counting following this week's U.S. elections. (AP Photo/Eugene Hoshiko)

Asian stock markets were mixed Friday after Wall Street rose amid protracted vote-counting following this week's U.S. elections.

Tokyo and Sydney advanced while Shanghai and Hong Kong declined. Seoul swung between gains and losses.

Markets are betting on control of the U.S. Congress being split between Republicans and Democrats, which could mean low taxes and light regulation that investors like stay in place.

On Wall Street, the benchmark S&P 500 index closed 1.9% higher. It is moving toward its biggest weekly gain since April.

“I find it remarkable how relaxed these markets are under the circumstances,” said Craig Erlam of Oanda in a report. “Hopefully, the faith investors have shown is rewarded, because the last thing we need is an extremely messy conclusion to what has already been a hostile and divisive election.”

The Shanghai Composite Index lost 0.5% to 3,302.02 while the Nikkei 225 in Tokyo gained 1.1% to 24,367.35. The Hang Seng in Hong Kong shed 0.3% to 25,617.47.

The Kospi in Seoul was down less than 0.1% at mid-morning at 2,415.67. The S&P-ASX 200 in Sydney advanced 0.9% to 6,193.20.

New Zealand and Jakarta gained while Singapore declined.