Asian Shares Mixed As US Debt Ceiling Talks Drag

(RTTNews) - Asian stocks ended mixed on Monday as investors awaited key U.S. and Chinese data as well as speeches from Federal Reserve officials this week for additional cues on the global economic outlook.

Worries over a standoff on raising the U.S. government's $31.4 trillion borrowing limit also rendered the underlying mood cautious.

The U.S. dollar hit a five-week high against major peers and gold edged higher while oil prices slipped on concerns about fuel demand in the top global oil consumers, the United States and China.

The Turkish lira held near a two-month low versus the dollar as the country appeared headed for a runoff presidential election.

The Thai Baht rallied almost 1 percent after the opposition secured a stunning election win on Sunday.

China's Shanghai Composite index rose 1.17 percent to 3,310.74 as the country's central bank injected more long-term liquidity into the financial system for the sixth month in a bid to bolster economic growth.

Hong Kong's Hang Seng index jumped 1.75 percent to 19,971.13 ahead of Chinese industrial production, retail sales and fixed asset investment data due on Tuesday.

Japanese shares climbed to reach an 18-month high, with a weakening yen and robust corporate earnings boosting investor sentiment.

The Nikkei average rose 0.81 percent to 29,626.34 while the broader Topix index closed 0.88 percent higher at 2,114.85.

Asahi Group rallied 3.4 percent, Shiseido jumped 5.2 percent, SBI Shinsei Bank climbed 8.6 percent and bearings-maker NSK soared 13.5 percent after posting strong earnings. Among those that lost ground, medical equipment maker Olympus Corp plunged 6.8 percent.

Seoul stocks inched higher in cautious trade ahead of a meeting between U.S. President Biden and congressional leaders on Tuesday at the White House over the debt limit. The Kospi average rose 0.16 percent to 2,479.35.

Australian markets ended slightly higher, reversing early losses. The benchmark S&P/ASX 200 edged up 0.14 percent to 7,267.10 as gains in the mining sector outweighed losses among banks.

The broader All Ordinaries index finished marginally higher at 7,460.50. Gold miner Newcrest advanced 1.5 percent after its board recommended a $17.8 billion takeover offer from U.S. miner Newmont Goldcorp Corp.

Likewise, InvoCare soared more than 12 percent after it revealed a higher A$1.86 billion ($1.26 billion) offer from global private equity firm TPG.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index ended marginally lower at 11,937.60 after a survey showed the country's services sector swung to contraction in April.

U.S. stocks fell on Friday as debt ceiling worries deepened, a measure of consumer sentiment hit a six-month low and long-term inflation expectations unexpectedly accelerated in early May to a 12-year high, adding to recession worries.

The tech-heavy Nasdaq Composite shed 0.4 percent and the S&P 500 eased 0.2 percent to notch its second straight losing week while the Dow finished marginally lower to extend losses for the fifth consecutive session.