SINGAPORE : Asian shares were subdued on Wednesday and the dollar hovered around a five-week peak as investors remained risk averse, with the U.S. debt ceiling talks and a mixed set of economic data weighing on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.20 per cent lower,
SINGAPORE : Asian shares were subdued on Wednesday and the dollar hovered around a five-week peak as investors remained risk averse, with the U.S. debt ceiling talks and a mixed set of economic data weighing on sentiment.
Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a looming U.S. debt default Tuesday. Without an agreement, in about two weeks, the government might not be able to pay its bills, with economists fearing the country will likely slide into a recession.
U.S. stock indexes closed down overnight, hamstrung by dour forecast from Home Depot and April U.S. retail sales data that underscored softer consumer spending. [.N] Atlanta Fed president Raphael Bostic said that the Fed will need to stay"super strong" in fighting inflation even if the unemployment rate starts to rise later in the year, while Chicago Federal Reserve President Austan Goolsbee said it was premature to be discussing interest rate cuts.
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