Asia stocks hit by slide in China factory activity, jitters over U.S. debt-ceiling vote

BEIJING — Asian stock markets sank Wednesday ahead of a vote by Congress on a deal to avert a government debt default, while a downturn in Chinese factory activity deepened, adding to signs global economic activity is weakening.Wall Street’s benchmark S&P 500 index edged up less than 0.1% on Tuesday as President Joe Biden and U.S. House Speaker Kevin McCarthy tried to line up votes in support of their deal to allow the government to borrow more.

The Shanghai Composite Index SHCOMP, -1.03% lost 0.9% to 3,193.51 and the Nikkei 225 NIK, -1.67% in Tokyo fell 1.6% to 30,807. The Hang Seng HSI, -2.96% in Hong Kong tumbled 2.5% to 18,128.29. Uncertainty about U.S. government debt adds to market anxiety over signs global economic activity is slowing following interest rate hikes.

Traders are bracing for another possible increase in the Federal Reserve’s key lending rate at its next meeting in two weeks but hope that will the last in this cycle.

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