HONG KONG: Asian markets broadly rose yesterday as US lawmakers near a budget deal to reopen the government and raise the country's borrowing limit to avoid a catastrophic default.
Jakarta, Kuala Lumpur, Manila
With just days to go before Washington runs out of cash to pay its bills, Republicans and Democrats said they were close to an agreement to end a stand-off that has shut the government for two weeks.
Tokyo rose 0.26 per cent, or 36.80 points, to 14,441.54, Sydney closed 0.98 per cent, or 51.2 points, higher at 5,259.1 and Seoul ended 1.02 per cent higher, adding 20.69 points to 2,040.96.
However, Shanghai eased 0.19 per cent, slipping 4.36 points to 2,233.41.
were closed for public holidays.
While expectations have been for a deal to be made - equities have remained buoyant despite the gridlock - the news will come as a relief because a US default would send global markets tumbling and likely spark another worldwide recession.
"It's not like the US can't afford to pay its bills, it's more like its wife has just hidden its chequebook," said CLSA equity strategist Nicholas Smith.
"Most fund managers appear to be more frightened of being left behind if the market (surges) than of the apocalyptic scenario of failing to fix the debt ceiling on time." * Taipei
added 1.14 per cent, or 93.92 points, to end at 8,367.88. Taiwan Semiconductor Manufacturing Co appreciated 1.9 per cent to T$107.0 while Hon Hai fell 0.27 per cent to T$73.8. * Wellington
rose 0.29 per cent, or 13.76 points, to 4,747.93. Telecom was up 0.22 per cent at NZ$2.30, Air New Zealand gained 0.34 per cent to NZ$1.49 and Warehouse Group was steady at NZ$3.70. * Bangkok
gained 0.89 per cent, or 13.06 points, to 1,472.90. Coal producer Bangpu rose 3.48 per cent to 29.75 baht while Bangkok bank edged up 0.98 per cent to 207.00 baht.* Mumbai
fell 0.29 per cent, or 59.92 points, to 20,547.62. Bank of India plunged 6.47 per cent to 174.30 rupees while private HDFC Bank depreciated by 2.37 per cent to 651.40 rupees. AFP