· Asian markets hunker down ahead of U.S. presidential debate
Asian markets hunkered down on Tuesday ahead of the first U.S. presidential debate later in the global day, with investors also remaining cautious over the global economy’s prospects as coronavirus deaths surpassed the 1-million mark worldwide.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.31% to 554.56.
Asian markets have been buoyed by positive signs around China’s economic recovery, although the coronavirus pandemic continues to wreak economic havoc globally and raise concern about high valuations.
But trade in Asia was subdued ahead of China’s Golden Week holiday, from Oct.1-8, and other national holidays in the region.
· Japan shares end higher as U.S. stocks rebound, presidential debate eyed
Japanese shares closed at a seven-month high on Tuesday, tracking U.S. stocks that rose overnight after investors sought to buy beaten-down names after a sharp sell-off last week, with eyes on the Trump-Biden presidential debate.
The Nikkei 225 Index erased early losses and ended 0.12% higher at 23,539.10, the highest since Feb. 20. However, the broader Topix fell 0.23% to 1,658.10.
The focus is now on the first debate in the U.S. presidential election between Republican incumbent Donald Trump and Democratic challenger Joe Biden later in the day.
· China stocks rise on recovery hopes
Chinese stocks closed higher on Tuesday with tech shares leading the gains, buoyed by hopes of a sustained domestic economic recovery.
The blue-chip CSI300 index rose 0.2% to 4,591.80, while the Shanghai Composite Index gained 0.21% to 3,224.36 points.
China’s factory activity likely expanded at a slightly faster pace in September, a Reuters poll showed, adding to evidence of a steady recovery from the COVID-19 pandemic.
· European markets open lower with Brexit, U.S. politics on the agenda
European markets retreated at Tuesday’s open, pulling back from Monday’s rally with Brexit talks, potential fiscal stimulus out of the U.S. and the first presidential debate on investors’ radar.
The pan-European Stoxx 600 fell 0.5% at the start of trading, with banks shedding 1.3% to lead losses as all sectors and major bourses slid into negative territory.
The cautious open follows mixed trading in Asia-Pacific overnight, where mainland Chinese and South Korean shares advanced while stocks in Hong Kong and Australia retreated slightly.
Reference: Reuters, CNBC
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