airport bank board business

Asian Stock Markets Mixed After US House of Representatives Approves Increase in Debt Ceiling

Asian stock markets showed a mixed response following the approval of an increase in the debt ceiling by the US House of Representatives. While some markets reacted positively to the news, concerns about the Chinese economy and other domestic factors weighed down on investor sentiment.

In Hong Kong, the Hang Seng index closed at 18,216.91 points, recording a slight decline of 17.36 points or -0.10%. The Chinese economic outlook overshadowed the positive development in the US, dampening market performance in the region.

On the other hand, China’s Shanghai Composite experienced a modest increase, closing at 3,204.63 points, up 0.070 points or +0.0022%. However, investors remained cautious about China’s economic prospects following the revelation that the manufacturing sector contracted more than expected.

In Australia, the S&P/ASX 200 index closed higher at 7,110.80 points, marking an increase of 19.50 points or +0.27%. Similarly, the All Ordinaries index closed at 7,290.70 points, reflecting a gain of 17.20 points or +0.24%. The positive performance in these markets was largely attributed to the news of the US House of Representatives passing a bill to increase the debt ceiling. This move alleviated concerns of a potential historic default on US debt.

Tokyo’s Nikkei index ended the day on a positive note at 31,148.01 points, up 260.13 points or +0.84%. The approval of the debt ceiling increase by the US House of Representatives contributed to the market’s upward trajectory.

Meanwhile, the South Korea Composite Index (KOSPI) closed lower for the second consecutive day at 2,569.17, declining by 7.95 points or -0.31%. The ongoing decline in exports exerted pressure on technology and auto stocks in the region.

In Thailand, the SET index closed at 1,521.40 points, experiencing a decrease of 12.14 points or -0.79%. Large stocks weighed down on the index as foreign investors continued to sell amid uncertainties surrounding domestic political factors. Despite improvements in sentiment from outside markets following the US debt ceiling expansion, the Thai market faced persistent challenges.

The Asian stock markets exhibited a mixed performance as the US House of Representatives’ decision to raise the debt ceiling had varying impacts across the region. While some markets gained ground, concerns about the Chinese economy and domestic factors influenced others negatively. Investors will closely monitor further developments to gauge the trajectory of these markets in the coming days.

Leave a Reply

%d bloggers like this: