Global shares rose on Monday as the yen dipped following Japan's ruling party losing its majority in Parliament's lower house in weekend elections. France's CAC 40 edged up 0.7%, Germany's DAX rose 0.5%, and Britain's FTSE 100 added nearly 0.2%. U.S. shares were also set to drift higher with Dow futures up 0.4% and S&P 500 futures gaining 0.5%.
In currency trading, the U.S. dollar rose to 153.33 Japanese yen from 152.24 yen, while the euro cost $1.0817. The weak yen benefited Japan's exporters like Toyota Motor Corp., whose stock gained 4.1% in Tokyo trading.
Japan's ruling Liberal Democratic Party remains the top party despite losing seats in the election. The ruling coalition secured 215 seats, down from the majority of 279 it previously held. The Bank of Japan is unlikely to take immediate action on interest rates amid the political uncertainty.
Tokyo stocks rose, with the Nikkei 225 surging 1.8%. Company earnings reports have been mostly solid, with many beating analysts' forecasts. The U.S. Federal Reserve raised its benchmark interest rate to its highest level in two decades to manage inflation.
In energy trading, benchmark U.S. crude fell to $68.32 a barrel, while Brent crude dropped to $72.57 a barrel. Oil prices declined partly due to Israel's recent attacks on Iran not targeting oil facilities.
