Asian stocks slipped as the United States faces a budget
showdown in Washington and Fed uncertainty lingers.
House Speaker John Boehner and his Republican caucus are pushing
the federal government closer to a shutdown in a fight over funding
and the debt limit, Democrats Max Baucus and Patty Murray said in a
letter to colleagues on Monday.
Meanwhile, investors are parsing Fed speak for ideas of how
strong the economy is and whether the Fed may taper its bond-buying
Federal Reserve Bank of New York President William Dudley said
the economy has yet to show "any meaningful pickup" in momentum.
Fed Bank of Atlanta President Dennis Lockhart said monetary policy
should focus on creating a more dynamic economy. Fed Bank of Dallas
President Richard Fisher said the central bank harmed its
credibility with the decision last week.
China's property stocks came under pressure after the official
China Securities Journal said that the government is organizing a
new round of training next month to prepare tax officials to
introduce property taxes.
Banking shares in China fell, too, after an editorial in the
China Securities Journal said that financial reforms will be a
priority at a policy meeting later this year.
In ADR news, China Unicom Hong Kong Ltd.(
), China Telecom (
) and China Mobile Ltd. (
) all posted overall subscriber growth of less than 1.5% apiece in
August, according to Reuters. However, (
) outperformed in 3G subscriber growth with a 7.9% gain, versus
3.8% for (
Japan returned on Tuesday from a holiday. It ended down 0.7% at
14,732.61, the Hang Seng down 0.82% at 23,179.04 and the Straits
Times down 0.08% at 3,211.75.