World News – AU – Australia: Actions cautious as investors await RBA decision, US elections

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[BENGALURU] Australian stocks started cautiously on Monday, with investors avoiding big bets ahead of a central bank rate decision and the US presidential election, financials falling after weaker results from the country’s second-largest lender

The S&P / ASX 200 index fell 01% to 59228 by 0015 GMT, recouping some losses after falling to a nearly a month low in the session The benchmark index is on track for a third consecutive session of losses

Investors were on the sidelines awaiting a decision by Australia’s central bank on Tuesday where it is expected to cut key rates, the threat of a contested election result in Washington adding to caution

« The worst-case scenario for the markets is a long period of electoral uncertainty, whether through tight competition or a contested outcome The most immediate concern for the markets is that political paralysis will delay or diminish a fiscal response to the deteriorating coronavirus situation, « said Michael McCarthy, chief market strategist at CMC Markets in a note

Financial stocks, the benchmark’s largest component, slipped 04% after the nation’s second-largest lender, Westpac Banking Corp, reported 62% drop in cash profits in a full year, reducing its shares by almost 2%

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Struggling wealth manager AMP jumped 88% after saying Ares Management’s proposed takeover bid had an implied value of A85 $ 1 per share, a 21% premium to price Friday closing

New Zealand’s benchmark S&P / NZX 50 fell half a percent to 120,247 and was also trading lower for a third day in a row

[HONG KONG] Hong Kong stocks opened on a positive note Monday morning after losses last week, with all eyes on it

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MALAYSIA stock prices opened lower on Monday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 546

ASX, Stock Exchange, S&P / ASX 200, Stocks, US Presidential, 2020, Finance