Asian Stock Market: Tracks softer S&P500 Futures, yields as weak China data joins US default concerns

Sluggish Oil price, upbeat Wall Street fails to impress equity buyers ahead of debt ceiling talks.

Central bankers’ hesitance in promoting higher rates, scheduling of US debt ceiling talks favors cautious optimism. While portraying the mood, MSCI’s Index of Asia-Pacific shares outside Japan rises 0.60% intraday whereas Japan’s Nikkei 225 rise 0.80% amid Bank of Japan policymakers’ defense of the easy money policy. However, stocks from Australia, New Zealand and China print mild losses whereas those from India lack clear directions.improved as the White House announced a meeting between President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy to overcome the looming US default.

It’s worth noting that the Reserve Bank of Australia’s latest monetary policy meeting minutes disappointed Australian traders as it cited easing inflation pressure and showed the policymakers’ concerns about the sluggish productivity growth.

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