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.
ZHB