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Asian Stock Markets Decline as Investors Monitor US Debt Ceiling Vote

Asian stock markets closed lower as investors remained cautious and closely watched the US Congress’s vote on the debt ceiling. Concerns about the global economic outlook, particularly in China, also weighed on market sentiment.

In Australia, the S&P/ASX 200 index dropped by 118.00 points or 1.64% to close at 7,091.30. The broader All Ordinaries index also declined, finishing at 7,273.50, down 113.80 points or 1.54%. The Australian market was influenced by China’s disclosure of continuous contraction in its manufacturing sector, which raised concerns about the impact on Australia as a major trading partner.

Tokyo’s Nikkei index closed at 30,887.88, recording a decline of 440.28 points or 1.41%. This marked an end to four consecutive trading sessions of gains. Profit-taking activities were observed in the market following the Nikkei’s recent surge to a new 33-year high.

China’s Shanghai Composite index ended the day at 3,204.56 points, down 19.65 points or 0.61%. Weak manufacturing data released by China added to investor concerns about the country’s economic prospects, contributing to the negative sentiment in the market.

In South Korea, the Composite Index (KOSPI) dropped to 2,577.12 points, a decline of 8.4 points or 0.32%. Investors engaged in profit-taking, leading to the selling of stocks.

Hong Kong’s Hang Seng index closed at 18,234.27 points, down 361.51 points or 1.94%. Worries about China’s economic outlook, triggered by the weak manufacturing data, weighed on investor sentiment.

Apart from regional concerns, investors worldwide are closely monitoring the US Congress’s decision on the debt ceiling. The vote will have implications for the US economy and financial markets globally. The uncertainty surrounding this issue has added to market volatility and caution among investors.

As the trading week continues, market participants will be watching for any developments related to the US debt ceiling and closely assessing economic indicators and geopolitical events that could impact global markets.

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