Investing.com - Most Asian stocks traded higher during
Wednesday's session despite the first government shutdown in the
U.S. since the 1990s. However, Japanese stocks were lower as
safe-haven buying boosted the yen.
In Asian trading Wednesday, Japan's Nikkei 225 lost 1.21% as
currency traders embraced the yen as a safe-haven alternative to
the greenback. Earlier Wednesday, the Bank of Japan said Japan's
monetary base rose to 46.1% lat month from 42% in August. Analysts
expected a September reading of 45.3%.
Hong Kong's Hang Seng Index added 0.8% as the Shanghai Composite
remains closed until October 8 for a holiday.
The U.S. shutdown is projected to reduce GDP growth by roughly 0.1%
each day. Analysts expect the shutdown to be over within the week
as Republicans and Democrats could reach an agreement on the U.S.
government budget as the debt ceiling deadline draws closer.
Australia's S&P/ASX 200 rose 0.1% after the Australian Bureau
of Statistics said building approvals there fell 4.7% last week
following a 10.2% gain in the prior week. The previous week's
figure was revised lower from a gain of 10.8%. Analysts expected
last week's number to drop 2%.
Separately, the Statistics Bureau said Australia had a trade
deficit of AUD815 million in August compared with a July deficit of
AUD1.375 billion. Economists expected an August deficit of AUD450
Closing down parts of the government will cost the U.S. at least
$300 million a day in lost economic output at the start, Bloomberg
reported, citing his Inc.
New Zealand's NZSE 50 added 0.55% while Singapore's Straits Times
Index fell 0.25%. South Korea's Kospi rose 0.33%. S&P 500 lost
0.17% a day after the benchmark U.S. index jumped 0.80%.
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