Asian stocks shed gains on US debt ceiling uncertainty

SINGAPORE : Asian stocks gave up morning gains on Tuesday after creeping to two-week highs, as investors stayed cautious amid the standoff over the U.S. debt ceiling, while awaiting industrial sector surveys in Europe and the United States.MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.03 per cent by 0535 GMT, after touching its highest since May 9 a few hours earlier.

Investors' key focus will be on U.S. personal consumption expenditures data and the minutes of the Federal Open Market Committee meeting, followed by initial jobless claims, Wong said. A positive outcome of the talks could prompt a risk-on trade environment, potentially leading to a decline in gold and a surge in equities, said Anderson Alves, a trader with ActivTrades.

"Without real action on that front, hawkish Fed speak has some sway on markets," he said, adding that some pressure on U.S. Treasuries has also lent support to the dollar.

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Asian stocks notch two-week peak as focus turns to PMIsSINGAPORE : Asian stocks crept to two-week highs in cautious trade Tuesday, helped by hints of progress toward avoiding a U.S. default and by resilience in Japan's economy, with industrial sector surveys in Europe and the United States in focus later in the day. MSCI's broadest index of Asia-Pacific sh
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