{"id":65472,"date":"2023-09-26T02:32:24","date_gmt":"2023-09-26T06:32:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/asian-markets-dip-with-eyes-on-chinas-economy-possible-u-s-shutdown\/"},"modified":"2023-09-26T02:32:27","modified_gmt":"2023-09-26T06:32:27","slug":"asian-markets-dip-with-eyes-on-chinas-economy-possible-u-s-shutdown","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65472","title":{"rendered":"Asian markets dip with eyes on China\u2019s economy, possible U.S. shutdown"},"content":{"rendered":"
\n

TOKYO \u2014 Asian trading was muted Tuesday over worries about a possible U.S. government shutdown and the troubled Chinese economy.<\/p>\n

Japan\u2019s benchmark Nikkei 225 index
\n JP:NIK
\n slipped 0.8% in morning trading. Australia\u2019s S&P\/ASX 200
\n AU:XJO
\n dipped 0.5% and South Korea\u2019s Kospi
\n KR:180721
\n dropped 1.2%. Hong Kong\u2019s Hang Seng
\n HK:HSI
\n slid 0.6% and the Shanghai Composite
\n CN:SHCOMP
\n was flat. Stocks were also flat in Indonesia
\n ID:JAKIDX,<\/span>
\n while benchmark indexes in Singapore
\n SG:STI
\n and Taiwan
\n TW:Y9999
\n slipped.<\/p>\n

\n

Investors are watching for Chinese economic indicators being released later in the week.<\/p>\n

\u201cThe Chinese property woes are far from over, as the notorious developer Evergrande defaulted on its 4 billion yuan onshore bond repayment and delayed the restructuring meetings,\u201d said Tina Teng, market analyst at CMC Markets APAC & Canada.<\/p>\n

Wall Street clawed back some of its steep losses from last week. The S&P 500
\n SPX
\n rose 17.38, or 0.4%, to 4,337.44, coming off its worst week in six months. The Dow Jones Industrial Average
\n DJIA
\n edged up 43.04, or 0.1%, to 34,006.88, and the Nasdaq composite
\n COMP
\n gained 59.51, or 0.5%, to 13,271.32.<\/p>\n

Realization is sinking in that\u00a0the Federal Reserve will likely keep interest rates high\u00a0well into next year. The Fed is trying to ensure\u00a0high inflation\u00a0gets back down to its target, and it said last week it will likely cut interest rates in 2024 by less than earlier expected. Its main interest rate is at its highest level since 2001.<\/p>\n

The growing understanding that rates will stay higher for longer has pushed yields in the bond market up to their highest levels in more than a decade. That in turn makes investors less willing to pay high prices for all kinds of investments, particularly those seen as the most expensive or making their owners wait the longest for big growth.<\/p>\n

The yield on the 10-year Treasury rose to 4.53% from 4.44% late Friday and is near its highest level since 2007. That\u2019s up sharply from about 3.50% in May and from 0.50% about three years ago.<\/p>\n

\u201cStocks digest gradual, growth driven increases in interest rates far better than rapid increases driven by other factors such as inflation or Fed policy,\u201d Goldman Sachs strategists led by David Kostin wrote in a report.<\/p>\n

Higher yields are at the head of a long line of concerns weighing on Wall Street. Not only have\u00a0oil prices jumped\u00a0by $20 per barrel since June, economies around the world are looking shaky. The\u00a0resumption of U.S. student-loan repayments\u00a0may also weaken what\u2019s been the U.S. economy\u2019s greatest strength, spending by households.<\/p>\n

In the near term, the U.S.\u00a0government may be set for another shutdown\u00a0amid more political squabbles on Capitol Hill. But Wall Street has managed its way through previous shutdowns, and \u201chistory shows that past ones haven\u2019t had much of an impact on the market,\u201d according to Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley.<\/p>\n

In energy trading, benchmark U.S. crude
\n CLX23,
\n -0.70%<\/bg-quote>
\n slipped 7 cents to $89.61 a barrel. Brent crude
\n BRNX23,
\n -0.73%<\/bg-quote>,<\/span>
\n the international standard, fell 14 cents to $93.15 a barrel. Oil prices have leaped sharply since the early summer.<\/p>\n

In currency trading, the U.S. dollar
\n USDJPY,
\n +0.15%<\/bg-quote>
\n rose to 148.93 Japanese yen from 148.84 yen. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO \u2014 Asian trading was muted Tuesday over worries about a possible U.S. government shutdown and the troubled Chinese economy. Japan\u2019s benchmark Nikkei 225 index JP:NIK slipped 0.8% in morning trading. Australia\u2019s S&P\/ASX 200 AU:XJO dipped 0.5% and South Korea\u2019s Kospi KR:180721 dropped 1.2%. Hong Kong\u2019s Hang Seng HK:HSI slid 0.6% and the Shanghai Composite […]<\/p>\n","protected":false},"author":1,"featured_media":65473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-65472","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAsian markets dip with eyes on China\u2019s economy, possible U.S. shutdown | iFintechWorld<\/title>\n<meta name=\"description\" content=\"TOKYO \u2014 Asian trading was muted Tuesday over worries about a possible U.S. government shutdown and the troubled Chinese economy. 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