Abstract:Asian markets ended mixed, but mostly higher as investors across the region reacted to the news that President Biden and U.S. lawmakers struck a tentative deal to raise the debt ceiling in the U.S. The deal will be voted on later this week and if passed will allow the U.S. government to avoid a potentially catastrophic financial scenario.
Asian markets ended mixed, but mostly higher as investors across the region reacted to the news that President Biden and U.S. lawmakers struck a tentative deal to raise the debt ceiling in the U.S. The deal will be voted on later this week and if passed will allow the U.S. government to avoid a potentially catastrophic financial scenario.
Japans Nikkei finished the day with a 1% gain, leading the region. The Nikkei continues rising to new heights, and has now reached levels not seen since July 1990. Shares of Softbank Group surged 8.2% higher, while Sony shares retreated by 0.7%. Among the major exporters Toyota lost 0.4%, Panasonic climbed 0.8% higher, and Canon tacked on 1%.
In Australia the S&P/ASX 200 rose by 0.9%, with the big four banks supporting the broader market. Shares of ANZ were 1.2% higher, NAB added 1.3%, Commonwealth Bank advanced by 1.4%, and Westpac had a 1.2% gain. The major miners also provided support for the broader market, with BHP rising by 1.4% and Rio Tinto adding 1.2%.
Mainland China was one of the weak spots in the region as it delivered a mixed performance. The benchmark Shanghai Composite rose by 0.3%, but the smaller cap Shenzhen Composite retreated by 0.8%. Over in Hong Kong the Hang Seng also underperformed, dropping by 1% to lead losses for the region.
In South Korea the Kospi remained unchanged as markets there remained closed for a public holiday, while Taiwans Taiex rose by 0.8%.
Southeast Asian markets ended the day mixed as Malaysia‘s KLCI edged higher by 0.2%, while Singapore’s Straits Times Index retreated 0.4%.
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