Modupe Gbadeyanka
By Investors Hub
Asian stocks turned in a mixed performance on Monday as investors waited for progress in talks to end the U.S. government shut down that began at midnight on Friday after the Senate failed to reach agreement over a short-term funding bill.
Investors also kept an eye on political developments in Europe after Germany’s Social Democrats voted to enter coalition talks with Chancellor Angela Merkel’s government and French President Emmanuel Macron said it would be possible for Britain to secure a bespoke trade deal if the U.K. accepts certain “preconditions”.
China’s Shanghai Composite index rose 13.50 points or 0.39 percent to finish at 3,501.36, its highest level since early 2016, helped by gains in defensive and technology stocks. Hong Kong’s Hang Seng index was up 0.43 percent at 32,393 in late trade.
Japanese stocks closed little changed as safe-haven assets such as gold and yen edged higher following the U.S. government shutdown. The Nikkei average and the broader Topix index closed marginally higher at 23,816.33 and 1,891.92, respectively.
Brokerage Nomura Holdings rose 0.7 percent, Daiwa Securities Group advanced 1.1 percent and insurer T&D Holdings added 1.6 percent. Automakers and shipping firms were among the worst performers.
Australian shares finished modestly lower, dragged down by financials and property developers. The benchmark S&P/ASX 200 index dropped 13.90 points or 0.23 percent to 5,991.90, while the broader All Ordinaries index ended down 13.10 points or 0.21 percent at 6,106.20.
National Australia Bank shed 0.6 percent on reports of a spin-off of its wealth business. The other three banks fell between 0.9 percent and 1.2 percent while realty firms GPT Group and Scentre Group lost around 1 percent each.
Mining stocks ended mixed, while gold miners Evolution and Northern Star rose over 1 percent. Domain Holdings Australia slumped more than 17 percent following the departure of its long-running CEO, Antony Catalano.
