Hong Kong and London (CNN Business) European stock markets cheered the US midterm election results that will force President Donald Trump to share power with his Democrat opponents.

The outcome left the two houses of Congress split between the Republicans and Democrats but delivered little in the way of surprises.

Markets in Asia swung between small gains and losses as investors digested the results early Wednesday, before ending the day mixed. By the time European markets started trading, the focus had shifted to the positives of a divided Congress — the prospect of a period of government inactivity.

"This was the most benign result possible from this midterm election," wrote analysts at Gavekal Research. "Historically, legislative gridlock has been modestly positive for US equity markets. Simply put, changes in regulation generally prove costly."

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