CORRECTED-GLOBAL MARKETS-Stocks seen buoyant, dollar likely to extend losses

(Corrects percentage change for dollar/yen in para 11)
* Asian stock markets : https://tmsnrt.rs/2zpUAr4

By Swati Pandey
SYDNEY, Nov 9 (Reuters) - Stocks are expected to stay
buoyant on Monday while the dollar is seen likely to extend its
downward trend as Democrat Joe Biden won the U.S. presidential
election in a move that analysts say would prop up risk assets.
The outcome was largely priced in by markets, which had been
trading with the view of a Biden presidency and a
Republican-controlled U.S. Senate late last week.
"This combination, of course, likely means a Biden
presidency's ambitions will be curtailed in a grid-locked
political scene with very few landmark legislative changes being
enacted by Congress," said Tapas Strickland, a director of
economics and markets at National Australia Bank.
"Nevertheless, that also means less likelihood of regulatory
changes, particularly favourable for tech, and tax changes which
can be bullish for stocks."
Indeed, equities rallied hard last week, with the S&P500
.SPX up 7.3%, clocking the best gains in an election week
since 1932.
MSCI's broadest index of Asia Pacific shares outside of
Japan .MIAPJ0000PUS shot up 6.2% last week to clock its best
weekly performance since early June.
Analysts warn the road might get tougher from here as
investors focus on Biden's ability to expand fiscal stimulus and
measures to reduce the spread of COVID-19.
The United States saw a record number of new infections last
week, with the total number of cases nearing 10 million.
A fiscal stimulus plan is still possible despite a divided
government, analysts said, though a larger package is less
likely. That puts the spotlight on the U.S. Federal Reserve to
do more to bolster the world's largest economy.
As a result, the dollar has weakened USD= in recent days
while growth proxies such as the Australian dollar AUD= have
rallied as a Biden presidency is seen less likely to be
confrontational on trade.
The dollar fell 1.2% last week against the Japanese yen. It
was last a shade weaker at 103.25. JPY=
The Aussie was up 0.3%, having jumped 3.3% last week.
Investor focus will also be on sterling and the euro this
week with UK-EU trade negotiations coming to a head with the EU
summit on Nov. 15.
Later in the day the Bank of England chief economist will
give a speech on 'The economic impact of coronavirus and long
term implications for the UK'.
The euro EUR= , which climbed 1.9% last week, was a shade
higher on Monday at $1.1887. Sterling GBP= was a shade weaker
at $1.3146.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Editing by Daniel Wallis)