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Asian Stock Markets Mostly Close Lower as Concerns over US Debt Ceiling Persist

Asian stock markets experienced a mixed performance in the latest trading session, with investors remaining cautious and worried about the ongoing impasse over the US debt ceiling. The failure of the US government and Congress to reach an agreement to raise the debt ceiling has heightened concerns about a potential historic default on US debt.

Hong Kong’s Hang Seng index closed at 18,746.92 points, reflecting a decline of 369.01 points or 1.93%. The market sentiment was weighed down by the uncertainty surrounding the US debt ceiling negotiations, which could have significant ramifications for the United States and global financial markets.

Meanwhile, South Korea’s Composite Index (KOSPI) experienced a second consecutive day of losses, closing at 2,554.69, down 12.76 points or 0.5%. The prolonged deadlock over the US debt ceiling added to the market’s unease, raising the specter of a potential debt default by the US government.

In contrast, Tokyo’s Nikkei index ended on a positive note, reaching 30,801.13, up 118.45 points or 0.39%. Japanese semiconductor stocks saw a surge in demand after Nvidia, a leading US-based semiconductor company, released revenue estimates that exceeded analysts’ expectations. This positive development managed to offset some of the concerns stemming from the US debt ceiling negotiations.

China’s Shanghai Composite index closed at 3,201.26 points, down 3.49 points or 0.11%. The market continued to face pressure due to the ongoing Sino-US technology dispute and lingering apprehensions regarding the progress of negotiations to raise the US debt ceiling.

In Australia, the S&P/ASX 200 closed at 7,138.20 points, down 75.60 points or 1.05%, while the All Ordinaries closed at 7,316.70 points, down 76.20 points or 1.03%. Investors in the Australian market expressed concerns about the lack of progress in the US debt ceiling negotiations and the potential consequences of a debt default by the US government, which could have far-reaching effects on the global economy.

The ongoing uncertainty surrounding the US debt ceiling negotiations continues to be a key factor driving market sentiment. Investors are closely monitoring developments and hoping for a swift resolution to avoid any potential adverse impact on financial stability and global economic growth.

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