Stocks rise as traders look beyond U.S. chaos

Extraordinary scenes in the U.S., but global investors are looking beyond the chaos on Capitol Hill.

As protesters stormed the senate, traders were focused on the two Georgia election wins that hand control of Congress to the Democrats.

Investors bet that means the incoming administration of Joe Biden will get through an agenda including extra stimulus spending.

After U.S. stocks hit fresh record highs, heavyweight names then led gains across Asian markets.

Chipmakers Samsung and SK Hynix helped drive South Korea’s benchmark index to a record high.

The Kospi closed up by over 2%.

Japan’s Nikkei index was only a little behind, hitting 30-year highs.

The dollar headed the other way, wallowing at near-three year lows.

That on bets extra stimulus spending will see U.S. budget and trade deficits widen further.

European markets then opened with gains, with Germany’s Dax index up around half a percent early on.

Sentiment there was helped by more surprisingly positive data.

Better-than-expected industrial orders an encouraging sign of resilience in the continent’s economic powerhouse.

The focus remains on Washington, however.

With Biden now certified by Congress as the next president, traders will be watching to see if calm is restored.