In Asian Equity Markets indices were trading higher after a stateside rally saw the Dow and S&P 500 record their best post-midterm elections rally since 1982. Hong Kong’s Hang Seng index showed gains of 0.96 percent while the Shanghai composite rose 0.61 percent. Japan’s Nikkei 225 jumped 1.96 percent in afternoon trade and the Topix index saw gains of 1.87 percent. South Korea’s Kospi advanced by 1.35 percent. In Australia, the ASX 200 was 0.43 percent higher in the afternoon, with most sectors seeing gains as energy stocks advanced 0.62 percent.

In Currency Markets the US dollar traded in a narrow range versus major peers on Thursday as investors took in the U.S. midterm election results, and turned their focus to the Federal Reserve’s monetary tightening path. The election results were as the market expected; a split Congress with Democrats winning control of the House of Representatives and Republicans cementing their majority in the Senate. The New Zealand dollar traded 0.15 percent lower versus the greenback at $0.6776. The central bank kept rates on hold at 1.75 percent on Thursday.

In Commodities Markets oil prices fell on Thursday as record U.S. crude output heightened concerns of a return of global oversupply, stoking talk from within OPEC that production curbs may become necessary once again to prevent a glut. Front-month Brent crude oil futures were at $71.93 a barrel, down 14 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $61.68 per barrel, virtually flat from their last settlement. Meanwhile, U.S. crude inventories rose by 5.8 million barrels in the week ending Nov. 2, to 431.79 million barrels, the EIA said.

In US Equity Markets stocks rallied on Wednesday with broad gains led by the technology and healthcare sectors as investors, relieved to put midterm elections behind them, made bets that a divided Congress would be good for equities. The S&P’s biggest boosts came from the S&P technology sector , which rose 2.4 percent, and the healthcare index , which gained 2.8 percent. The consumer discretionary sector was also a strong gainer as Amazon.com jumped. The S&P 500 gained 1.74 percent, to 2,803.35 and the Nasdaq Composite added 2.2 percent, to 7,538.34.

In Bond Markets Japanese government bond prices fell on Thursday as the benchmark Nikkei share average hit highest in more than two weeks on improved risk appetite, and weighed on the safe-haven appeal of debt. Ten-year December JGB futures slipped 0.07 point to 150.66, while the yield on benchmark 10-year JGBs advanced 0.5 basis point to 0.125 percent. The 20-year JGB yield and 30-year JGB yield rose 1 basis point each, to 0.670 percent and 0.895 percent, respectively.