Asian stocks shed gains on US debt ceiling uncertainty


Singapore, May 23 (BNA): Asian stocks gave up morning gains after crawling to a two-week high, as investors remained cautious amid the US debt ceiling crisis, while awaiting industrial sector studies in Europe and the United States.

FTSE futures were largely flat while S&P 500 futures were up 0.14%, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.03% by 0535 GMT, after touching its highest since May 9 a few hours earlier.

Japan’s Nikkei also fell sharply from a 33-year peak, down 0.52%, as some investors rushed to book profits after a sharp eight-day rally.

Manufacturing activity in Japan expanded for the first time in seven months in May, while the service sector posted record growth, as the post-COVID-19 recovery gained momentum.

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