Asian shares plunge as Georgia runoffs rake concerns

Asian share markets were seen subdued on Tuesday. This followed after investors grew wary over Senate runoffs in Georgia- a salient factor that bears significance on the economic policies that President-elect Joe Biden would implement during his tenure.

MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.34% decline, reversing from its record peak during its previous session. Australian shares plunged 0.44%, while Chinese shares salvaged initial losses to trade 0.26% higher.

Japanese shares, on the other hand, shed 0.25% on the government’s decision of reducing business hours in Tokyo and surrounding cities starting on Thursday. Moreover, S&P 500 e-minis tallied a 0.24% increase.

Investors were seen cautious over dual runoff elections in Georgia as this will heavily dictate which party will dominate the U.S. Senate.