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Asian shares fall on US debt stalemate
by Himanshu Singh on Oct 14, 2013 at 04:05
Asian markets declined on Monday in morning trade as US lawmakers struggled over an agreement to raise the debt limit and restore government operations.
The MSCI Asia Pacific excluding Japan Index dropped 0.3% to 471 as of 10:04 a.m. in Singapore. Australia’s S&P/ASX 200 Index declined 0.7% and Taiwan’s Taiex retreated 0.9%. New Zealand’s NZX 50 Index and South Korea’s Kospi Index both slipped 0.2%.
Singapore’s Straits Times Index dropped 0.3%. The nation’s economy shrank an annualised 1% in the three months through September from the previous quarter, when it expanded a revised 16.9%, the Trade Ministry said in a statement today. China’s Shanghai Composite Index was little changed. Markets in Tokyo and Hong Kong are shut for holidays.
With the US borrowing authority set to lapse 17 October, Senate leaders in Washington sought a pact to avert a default and re-open the government. Senate Majority Leader Harry Reid was negotiating with Minority Leader Mitch McConnell after talks between President Barack Obama and House Speaker John Boehner broke down.
In company news, LG Electronics Inc., the world’s No. 2 television maker that gets about 30% of sales in North America, slipped 0.9% in Seoul.
Newcrest Mining Ltd., Australia’s biggest gold producer, declined 3.9% as the bullion traded near a three-month low.
OZ Minerals Ltd., a copper supplier, tumbled 8.1% in Sydney after reducing its production forecast.
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