GLOBAL MARKETS-Asian stocks fall amid concern about Georgia Senate vote

* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Asian shares pull back from record high
* Georgia Senate runoff seen as political risk
* State of emergency weighs on Tokyo shares
* Oil hit by delay on output increase decision

By Stanley White
TOKYO, Jan 5 (Reuters) - Asian shares fell on Tuesday amid
uncertainty about Senate runoffs in Georgia, which could have a
big impact on incoming U.S. President Joe Biden's economic
policies.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS fell 0.34%, pulling back from a record high hit
in the previous session. Australian stocks .AXJO fell 0.44%.
Chinese shares .CSI300 erased early losses and rose 0.26%.
Japanese shares .N225 lost 0.25% after a media report that
the government will curb business hours in Tokyo and surrounding
cities from Thursday.
U.S. S&P 500 stock futures ESc1 edged up 0.24%.
Oil futures rose slightly in cautious trade as investors
awaited a meeting later on Tuesday where major crude producers
are set to assess output levels for February.
In the United States, control of the Senate is at stake with
Tuesday's dual runoff elections in Georgia. A Democratic victory in both races could tip control of the
Senate away from Republicans, but both contests are very tight
and the results may not be immediately known, which could lead
to a repeat of the chaotic vote re-counts after the U.S.
presidential election last year.
"2021 starts with a bang with pivotal political and economic
news for markets to digest. The undisputed highlight will be the
result of the Senate seat run-off elections in Georgia," James
Knightley, chief international economist at ING, wrote in a
research memo.
"If the Democrats win both seats this should lead to the
most substantial 2021 fiscal stimulus. Nonetheless, it could be
the excuse for a near-term consolidation in risk markets after a
strong post-election rally."
Uncertainty about the Georgia vote and worries about rising
coronavirus infections sent Wall Street sharply lower on Monday.
The Dow Jones Industrial Average .DJI fell 1.27%, the S&P
500 .SPX lost 1.49%, while the tech-heavy Nasdaq .IXIC
dropped by 1.48%.
Outgoing Republican President Donald Trump's call to
pressure Georgia's top election official to "find" votes to
overturn his loss to President-elect Biden in the state as also
unnerved some investors. The House and the Senate are scheduled to certify Biden's
election win on Wednesday, but some Republicans have pledged to
vote against this and thousands of Trump supporters are expected
to converge on the capital in protest. The MSCI's broadest gauge of global stocks .MIWD00000PUS
eased by 0.06% in Asia on Tuesday, also pulling back from a
record reached in the previous session.
Increased risk aversion helped the dollar index =USD
rebound from a 2 1/2-year against a basket of major currencies,
but moves were subdued at the start of the year.
The British pound GBP=D3 bought $1.3570. Sterling was
nursing a 0.7% decline from Monday as Prime Minister Boris
Johnson ordered a lockdown to try and slow a fast-spreading
coronavirus variant. U.S. crude futures CLc1 rose 0.23% to $47.73 a barrel,
while Brent futures LCOc1 edged up by 0.12% to $5115 per
barrel. Major oil producers will meet later on Tuesday to decide
on output levels for February after talks broke down the
previous day. Gold was slightly lower. Spot gold XAU= fell 0.21% to
$1,938.25 per ounce. GOL/

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