SINGAPORE : Asian shares were subdued on Wednesday and the dollar hovered around a five-week peak as investors remained risk averse, with the U.S. debt ceiling talks and a mixed set of economic data weighing on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.09 per cent in
SINGAPORE : Asian shares were subdued on Wednesday and the dollar hovered around a five-week peak as investors remained risk averse, with the U.S. debt ceiling talks and a mixed set of economic data weighing on sentiment.
After an hour of talks, McCarthy, the speaker of the House of Representatives, told reporters the two sides remained far apart on an agreement to lift the debt ceiling. Futures indicated European stocks were set for a lower open, with Eurostoxx 50 futures down 0.14 per cent, German DAX futures down 0.02 per cent and FTSE futures down 0.17 per cent.
Recent economic data indicates slowing in the U.S. economy following a string of rate hikes by the Federal Reserve to fight high inflation. Markets are pricing the Fed to cut rates towards the end of the year, according to CME FedWatch tool, but some Fed officials have stuck to a hawkish rhetoric. "At this point it is difficult to gauge the potential depth and duration of the contraction, leaving us broadly cautious as we keep an eye on data, looking for more direction."In Asia, the Shanghai Composite Index eased 0.23 per cent while Hong Kong's Hang Seng Index slid 0.55 per cent, dragged by China data showing a wobbly post-COVID recovery.Japan's Nikkei, however, rose 0.68 per cent, scaling above 30,000 for the first time since September, 2021.
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