View the article online at http://citywire.co.uk/money/article/a647448
Asian shares fluctuate amid impasse in US budget talks
Australia’s S&P/ASX 200 Index gained 0.3%, while Hong Kong’s Hang Seng Index and Singapore’s Straits Times Index added 0.1%.
Shares in Asia oscillated between gains and losses on low trading volume as US budget negotiations appeared to stall ahead of the Christmas holiday.
The MSCI Asia Pacific excluding Japan Index added 0.1% to 462 as of noon in Hong Kong. Australia’s S&P/ASX 200 Index gained 0.3% after a gauge of metals prices advanced on 21 December. Hong Kong’s Hang Seng Index gained 0.1% and Singapore’s Straits Times Index was little changed. Both the markets closed at noon today ahead of a two-day Christmas holiday. In China, Shanghai Composite Index was up 0.53%.
South Korea’s Kospi Index and New Zealand’s NZX 50 Index both gained 0.1%. Equity markets in Japan are closed today and Australia’s market will shut at 2:10 p.m. local time.
The White House on Friday tried to salvage the faltering talks but there was little headway as lawmakers and President Barack Obama abandoned Washington for Christmas.
Investors still expect both sides to reach a compromise before the year-end deadline but heightening tensions were likely to stifle trade already slowed by the holidays.
Gold producers led an advance in metal shares as the impasse in US budget negotiations boosted demand for the metal as an investment haven. Alacer Gold Corp. rose 4.7% and Integra Mining Ltd. climbed 2.6%.
China Construction Bank Corp., the nation’s second- largest lender, advanced 1.1%. Korea Gas Corp. slid 5.3% in Seoul after the world’s largest buyer of liquefied natural gas delayed the sale of asset-back securities.
In deal news, Billabong International Ltd. slid 0.9% as the Australian surf-wear company agreed to give a buyout group including Sycamore Partners access to its financial data after reviewing their A$527 million offer.
News sponsored by:
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
What can SLI bring to the table for those who want to put their money into investment trusts?
More about this:
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.
by Himanshu Singh on Oct 01, 2014 at 03:58