Markets mixed after Trump-Biden debate; data lifts China

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

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

Investors remain cautious with COVID-19 infections on rise again in U.S. and elsewhere. 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 manr's index, showed ecomic activity accelerating furr in September as businesses recovered from downturn earlier this year due to pandemic.

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.

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

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

Japan’s Nikkei 225 index lost 1.2% to 23,269.19, while 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 contract for S&P 500 down 0.6% while contract for Dow industrials fell 0.7%.

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

debate's likely impact on markets, if any, was unclear. atmosphere was antagonistic, as to be expected, but for voters still undecided about who’d better handle multiple crises that have beset nation, faceoff may t have offered anything new.

“Markets have remained calm as policy surprises have emerged from debate so far," Jeffrey Halley of Oanda wrote in a report.

“My initial thoughts are debate will t move needle on Democrat lead in national polls," he said. “ real race this election, is for U.S. Senate, and t presidency, and wher Republicans can block a Biden ecomic nda, or wher Democrats have a clear road ahead via control of both houses and presidency."

On Wall Street, banks, energy companies and stocks that depend on consumer spending had some of biggest losses.

price of oil fell 3.2% on Tuesday, dragging much of energy sector down with it. On Wednesday, U.S. crude fell 40 cents to $38.89 per barrel in electronic trading on New York Mercantile Exchange. Brent crude, international standard, gave up 47 cents to $41.09 per barrel.

Uncertainty over course of pandemic and over how it will affect ecomy has clouded sentiment, with benchmark S&P 500 on track to fall 4.7% this month, its worst month since March when stock market plunged sharply as outbreaks spread in U.S.

“ market needs ecomy to remain open,” said Mark Hackett, chief of investment research at Nationwide. “We can handle bumpy ecomic data, but markets are t priced for ecomy to shut back down.”

S&P 500 index fell 16.13 points to 3,335.47, after rallying day before. Dow Jones Industrial Aver 0.5%, to 27,452.66, and techlogy-heavy Nasdaq composite lost 0.3%, to 11,085.25.

Congress still is arguing over size of a new ecomic support pack after additional unemployment benefits expired. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have agreed to hold ar round of stimulus talks. However with death of Supreme Court Justice Ruth Bader Ginsburg, Congress has redirected much of its attention to President Trump's minee to replace her.

last major jobs report before election will come out on Friday. It is a key indicator or how businesses are faring but also politically important for both GOP and Democratic messaging heading into election. Ecomists expect 850,000 jobs were created in September, with an unemployment rate of 8.2%.

In currency dealings, U.S. dollar weakened to 105.52 Japanese yen from 105.64 yen late Tuesday. euro fell to $1.1732 from $1.1744.

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