Optimism for an end to the standoff helped equities rise in Asia.
Tokyo and Hong Kong each rose more than 1 per cent, and Seoul piled on 3 per cent. There were also gains in Shanghai, Sydney, Bangkok, Taipei, Manila and Wellington, though there were losses in Singapore.
The reopening would allow officials to resume the release of key economic data, including on the labour market, which is a key gauge for the Federal Reserve as it considers whether to cut interest rates again next month.
Traders have been forced to use private data to get an idea about the state of the economy, with a report from outplacement firm Challenger, Gray & Christmas last week showing US layoffs hit the highest level in 22 years in October.
That boosted talk of another rate cut, though several key members of the central bank have said their main concern is stubbornly elevated inflation, rather than jobs.
Chris Weston at Pepperstone said: “Markets currently price a 67 per cent chance of a December rate cut.
“However, recent comments from non-voting Fed members (Beth) Hammack and (Lorie) Logan – both suggesting they wouldn’t have supported the October cut – hint at a higher bar for additional easing.
“The next wave of Tier 1 data, once government operations resume, will be critical for December expectations.”
While markets are on the up at the start of the week, sentiment has been dented of late by concerns that stocks are overvalued and doubts over tens of billions of dollars in new artificial intelligence investments.
Source: CNA
