Market Movements Amid U.S. Government Shutdown Fears
Asian shares climbed and gold reached new highs as investors anticipated a U.S. government shutdown that might delay important jobs data. The Australian dollar remained steady as speculative eyes turned towards the Reserve Bank meeting. Meanwhile, China's manufacturing indices indicated contraction, waiting for further economic stimulus.
Shares in Asian markets showed slight gains and gold prices continued to climb to record highs on Tuesday. This rise occurs as global markets brace for a potential U.S. government shutdown, expected to delay much-anticipated employment data.
The Australian dollar maintained its value before an upcoming Reserve Bank of Australia meeting, while oil prices fell due to anticipated production increases from OPEC+. However, China's manufacturing sector shrank for the sixth consecutive month, data reveals.
A potential government closure would delay the release of critical employment numbers, placing focus on the upcoming JOLTS report. Analysts suggest that the lack of data could leave the Federal Reserve without key economic indicators ahead of its meeting on October 29.
(With inputs from agencies.)
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