Asian stocks sink before US Congress votes on deal to avoid debt default
Asian stock markets are lower ahead of a vote by Congress on a deal to avert a government debt default while China factory activity weakened
By JOE McDONALD
Published - May 31, 2023, 01:30 AM ET
Last Updated - Jun 21, 2023, 02:47 PM EDT
BEIJING (AP) — Asian stock markets sank Wednesday ahead of a vote by Congress on a deal to avert a government debt default, while a downturn in Chinese factory activity deepened, adding to signs global economic activity is weakening.
Shanghai, Tokyo, Hong Kong and Sydney retreated. Oil prices declined.
Wall Street's benchmark S&P 500 index edged up less than 0.1% on Tuesday as President Joe Biden and U.S. House Speaker Kevin McCarthy tried to line up votes in support of their deal to allow the government to borrow more. Without agreement, officials warn the government will run out of money as soon as next week, which would roil the economy and financial markets.
