New Zealand shares rose on Monday as investors welcomed a week packed with major headliners relating to the US elections and the Fed's policy meeting.

The S&P/NZX 50 Index rose 0.3%, or 31.32 points, to close at 12,590.60.

Markets are awaiting the latest news on the US presidential poll between Donald Trump and Kamala Harris, with major news outlets reporting a narrow fight between the two contenders. Meanwhile, the US Federal Reserve is widely expected to ease the rate further when it meets later this week.

In Asia, the Standing Committee of China's National People's Congress is expected to meet this week amid hopes for further measures from Beijing to boost its economy.

In domestic news, banks identified geopolitical tensions as the main factor that could drive economic downturns, based on a Reverse Stress Test conducted by the Reserve Bank of New Zealand. To mitigate the impact, banks said they would implement dividend cuts, cost-cutting measures, tightening of lending standards, and loan repricing to rebuild their capital positions.

In corporate news, Westpac Banking (NZE:WBC, ASX:WBC) reported earnings of AU$1.025 per share for the second half ended Sept. 30, an increase from AU$0.916 per share in the first half. The banking giant also raised its share buyback program by AU$1 billion and declared a dividend of AU$0.76 per share, representing a 6% increase. Westpac was up nearly 2% in New Zealand.

Potentia withdrew its request for a special meeting that was meant to vote on the removal of Vista Group International's (NZE:VGL, ASX:VGL) chair and to appoint two Potentia-nominated directors. Vista's Kiwi shares ended Monday trade down nearly 1%.