Markets mixed after Trump-Biden debate; data lifts China

Markets mixed after Trump-Biden debate; data lifts China

SeattlePI.com

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Stocks were mixed in Asia on Wednesday after the debate between President Donald Trump and his Democratic challenger Joe Biden, with little sign the clash did much to sway investors.

Hong Kong and Shanghai led regional gains while Japan’s Nikkei 225 declined. Overnight, the S&P 500 lost 0.5% as heavy selling of banks helped reverse some of the gains the market a day earlier.

Investors remain cautious with COVID-19 infections on the rise again in the U.S. and elsewhere. The Trump-Biden debate occurred as coronavirus deaths worldwide have surpassed 1 million. Many millions of people worldwide are jobless.

A survey of Chinese manufacturers, t he Caixin manufacturing purchasing manager's index, showed economic activity accelerating further in September as businesses recovered from the downturn earlier this year due to the pandemic.

The Caixin manufacturing PMI slipped to 53.0 from 53.1 in August, on a 100-point scale. China's official manufacturing PMI rose to 51.5 from 51.0, its highest level in two years.

“The economic recovery has picked up pace with supply and both domestic as well as overseas demand improving," Stephen Innes of AxiCorp said in a commentary.

The Hang Seng in Hong Kong jumped 1.4% to 23,593.51, but fell back from a 2.1% gain earlier in the morning. The Shanghai Composite index surged 0.6% to 3,243.79.

Japan’s Nikkei 225 index lost 1.2% to 23,269.19, while the S&P/ASX 200 skidded 2.0% to 5,835.70. Markets were closed in South Korea.

Shares fell in Thailand and Indonesia but rose in Taiwan and Singapore.

U.S. futures were lower, with the contract for the S&P 500 down 0.6% while the contract for the Dow industrials fell 0.7%.

Overnight, stocks ended with moderate losses Tuesday as investors waited for the first debate between Trump and...

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