BANGKOK (AP) — Asian stock markets were tempered Wednesday by fears that political gridlock in Washington over the federal budget might shut down the U.S. government.
The government will reach its borrowing limit, or debt ceiling, by Oct. 1. If Congress doesn't raise that limit, the government won't be able to pay all its bills, possibly shaking confidence in the world's biggest economy.
That leaves just days for the White House and Republican lawmakers, who disagree sharply on spending cuts and other key budget issues, to reach a compromise. Republicans are demanding that any increase must result in expenditure cuts of an equal amount. President Barack Obama is demanding a debt limit increase with no conditions attached.
"Ahead of that, investors don't want to make a move," said Jackson Wong, vice president of Tanrich Securities in Hong Kong. "Investors are still pretty cautious."
Japan's Nikkei 225 index fell 0.2 percent to 14,703.05. South Korea's Kospi lost 0.5 percent to 1,997.17. Australia's S&P/ASX 200 advanced 0.8 percent to 5,277.50.
Though sentiment was far from rally territory, Hong Kong's Hang Seng advanced 0.2 percent to 23,224 on the heels of data showing improvement in mainland China's economy, Wong said.
"The rebound is not strong enough so that would not trigger speculators to get back into the market," he said.
Investors also will be monitoring comments from U.S. Federal Reserve officials to see when the central bank will begin to reduce its monetary stimulus. Economic data out of the U.S. on Tuesday did little to cement expectations of when the Fed may act. One report said home prices in July rose the most in more than seven years. Another showed that Americans' confidence in the economy slipped in September.
"With a distinct lack of cohesion and an array of conflicting messages on monetary policy emanating from the Fed in the past few days, it is no wonder that an air of caution persists in equity markets," said Matt Basi of CMC Markets in an email commentary.
Among individual stocks, Tokyo Electron jumped more than 13 percent. The company is being acquired by Applied Materials, a U.S. maker of semiconductor chip-making machines in a $9.39 billion all-stock transaction.
On Wall Street, the Dow Jones industrial average fell for a fourth straight day Tuesday, shedding 0.4 percent to close at 15,334.59. The Standard & Poor's 500 fell 0.3 percent to 1,697.42. The Nasdaq composite rose 0.3 percent to 3,768.25.
Benchmark oil for November delivery was up 23 cents to $103.36 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 46 cents to close at $103.13 per barrel on Tuesday.
In currencies, the euro rose to $1.3468 from $1.3470 late Tuesday. The dollar was unchanged at 98.70 yen.
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The Wyoming County Sheriff’s Office says a tractor trailer crashed on Route 39, in the Town of Eagle.
One letter was about the violent altercation between Jim Ying and another employee, and in the other letter Ying described why the restaurant is closing.
A Good Samaritan died Wednesday while trying to assist the driver of a tractor trailer who got stuck in the snow.
Lake Effect Snow Warnings today with the chance for an additional foot for some areas.
Brothers were playing Thursday morning in Cattaraugus County, when an eight-year-old boy was struck by gunfire.
TYRE, N.Y. (AP) — An upstate New York developer says he wants to build a $350 million casino in the Finger Lakes.