Most Asian stock markets retreated on Wednesday, tracking losses in U.S. stocks as a deal to raise the debt ceiling remained out of reach. Fears of worsening Sino-U.S. tensions also dampened sentiment towards the region, with Chinese stocks lagging most of their peers. Losses in Hong Kong-listed Chinese stocks pulled the Hang Seng down 1.1%. South Korea’s KOSPI lost 0.2%, while Australia’s ASX 200 index fell 0.5%. Japan’s Nikkei 225 slid 1.1%, while the broader TOPIX lost 0.5%. Thailand’s SET Index rose 0.2%. Wall Street indexes slid in overnight trade, providing a weak lead-in to regional stocks. A swathe of weaker-than-expected manufacturing readings from across the globe also rattled sentiment towards risk-driven assets. Markets are now awaiting more cues on monetary policy from the minutes of the Federal Reserve’s May meeting, due later in the day.
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