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Most Asian stocks higher despite U.S. shutdown, but Nikkei falls 1.21%

Posted
10/2/2013 12:19:00 AM
By: Investing.com
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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%.
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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 million.

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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