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Asian Stocks Trade Narrow, Mixed As US Govt Shutdown Endures

Asian Stocks Trade Narrow, Mixed As US Govt Shutdown Endures

David Cottle, Analyst


Talking Points:

  • Asian stocks were mixed in a subdued session
  • The shadow of a US Federal Government shutdown made the going very hard
  • However, Treasury yields’ vigor kept the US Dollar from falling far, and saw it make back some ground

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Asian stock markets were mixed and rather muted Monday as the shadow of an enduring US Federal Government shutdown loomed over trading.

The Senate failed to secure a deal to end the gridlock on Sunday night. US equity futures tracked lower as a result. Japan’s Nikkei 225 closed up by just 0.03%. The ASX 200 and the Kospi were lower too, but both had pared losses, with Chinese stocks moderately higher.

There was not local economic data to tear investors’ gaze away from Washington DC. Foreign exchange markets were steady with the US Dollar clawing back a little of the ground it had lost last week when the shutdown hit. Rising Treasury yields seem to be assuring the US currency’s appeal despite political turmoil in the capital.

The Euro didn’t derive much obvious support from news that Germany’s centre-left Social Democrats had voted for coalition talks with Angela Merkel’s conservatives.

Crude oil prices remained underpinned by last week’s news of a decline in US drilling and by ongoing conflict in Syria. Broad investor jitters saw gold prices steady but they made no headway through the Asian session. The data calendar remains extremely light for the rest of global Monday, with nothing coming up likely to grab investor atrention. However matters may improve Tuesday when the Bank of Japan will give its January monetary policy dispensation.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter: @DavidCottleFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.