Asian markets started the new trading quarter on a quiet note Thursday with Tokyo closed by a computer glitch and several others shut for holidays, though there were healthy gains elsewhere in the region and Europe on US stimulus hopes.

Wall Street provided a strong lead with all three main indexes ending a torrid September with a rally, which was also helped by a forecast-beating reading on US jobs creation, which bodes well for government figures due Friday.

Buying and selling on Tokyo's stock exchanges was halted less than half an hour before the open owing to "glitches linked to the delivery of market information", operator Japan Exchange Group said in a statement. Officials said they were working to ensure business could resume Friday.

The glitch, one of the worst in the exchange's history, was caused by a "hardware failure" and meant the country's top indexes -- the Nikkei 225 and the Topix -- were shut for the entire day.

The issue also affected trade on several other exchanges, including in Nagoya and Sapporo, though the Osaka exchange was functioning normally.

JPX is the third-largest exchange in the world by market capitalisation, at an estimated $5.1 trillion, including listings outside Tokyo. On an average day, equities worth about $28.5 billion are traded.

Analysts said the glitch was not likely to have a significant immediate impact on the market.

There was also no trade in Hong Kong, Shanghai, Seoul and Taipei owing to public holidays.

Still, Sydney put on one percent, while Singapore, Mumbai, Jakarta and Manila rallied more than one percent while there were also gains in Bangkok and Wellington as investors picked up the baton from US traders.

London, Paris and Frankfurt all rose at the open.

Support came from rising hopes that US lawmakers could finally hammer out a new virus rescue package for the world's top economy after months of deadlock.

House Speaker Nancy Pelosi and Treasury Secretary Mnuchin have held a series of talks this week aimed at breaking the impasse and both have said they were "hopeful".

- The special sauce? -

Reports out of Washington said the two sides were looking at an "escalator" compromise in which the new stimulus starts at $1.5 trillion -- around what Republicans are open to -- and rises closer to the Democrats' $2.2 trillion plan if the pandemic persists.

"The escalator clause could be the special sauce and maybe how the Republicans try to meet the Democrats where they are," said Stephen Innes at Axi.

"And House Nancy Speaker Pelosi can still feel like she can claim victory in getting the number closer to her $2.2 trillion target.

"The stimulus deal is very much needed and will come as a massive relief to many unemployed Americans who were having a vision of that proverbial lump of coal in their holiday stocking this year."

There was some good news out of Washington on Wednesday, with data showing private sector jobs creation jumped 749,000 in September, much better than the 649,000 expected, while pending home sales also topped forecasts.

Analysts said markets were also getting used to the idea of Joe Biden winning November's election against the pro-business, anti-regulation Donald Trump.

The view was summed up by former Goldman CEO Lloyd Blankfein, who tweeted: "So far the stock market doesn't seem too upset at the prospect of Biden winning, despite Trump's more market friendly policies.

"Perhaps folks think their stocks and 401(k)s will do better with higher taxes and increased regulation than with nastiness and scorched earth."

Early polls showed expectations Biden would win increased after Tuesday's chaotic debate, which saw the two trade personal barbs and shout over each other.

- Key figures around 0720 GMT -

London - FTSE 100: UP 0.6 percent at 5,900.70

Sydney - S&P/ASX 200: UP 1.0 percent at 5,872.90 (close)

Singapore - Straits Times: UP 1.2 percent at 2,496.69

Tokyo - Nikkei 225: Trade halted for the day

Hong Kong - Hang Seng: Closed for holiday

Shanghai - Composite: Closed for holiday

Pound/dollar: UP at $1.2943 from $1.2919 at 2100 GMT

Euro/pound: UP at 90.75 pence from 90.69 pence

Euro/dollar: UP at $1.1746 from $1.1723

Dollar/yen: UP at 105.49 yen from 105.46 yen

West Texas Intermediate: UP 0.3 percent at $40.35 per barrel

Brent North Sea crude: UP 0.3 percent at $42.43 per barrel

New York - Dow Jones: UP 1.2 percent at 27,781.70 (close)

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Asian markets tumble again as virus, stimulus, election fan fears
Hong Kong (AFP) Sept 24, 2020
Asian markets tumbled Thursday following another sharp sell-off on Wall Street as investors were bombarded by a perfect storm of problems including rising virus infections, new lockdowns, a slowing economic recovery, stalled US stimulus talks and election uncertainty. Months of mind-boggling gains in global equities have come to a juddering halt this month, and expectations are fading that a wall of cash from governments and central banks will jump-start a rebound. "Markets are digesting and gra ... read more