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Stocks stutter with focus on Fed, tech after US reopen vote
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Hong Kong, Nov 13 (AFP) Nov 13, 2025
Asian markets trod water Thursday as euphoria over the end of a record US government shutdown petered, with focus back on Federal Reserve interest rates and tech bubble worries.

Lawmakers in Washington voted Wednesday night to send Donald Trump legislation to end the 43-day stoppage that shuttered key services and suspended the release of data crucial to gauging the state of the world's top economy.

However, even with the US president expected to sign the bill, the mood on trading floors was less upbeat than earlier in the week, when a deal was announced.

Investors will now be able to get a long-awaited glimpse of the reports that have been held up by the closure, particularly the Fed as it decides whether or not to meet expectations and cut rates next month.

Even then, the White House said figures on jobs and consumer prices for October were not likely to be released as statistics agencies were unable to collect the necessary data.

"Reopening also doesn't mean an instant snap-back to normal for the real economy. When you starve a system of staffing and pay for six weeks, the backlog doesn't vanish just because a bill passed at 8 pm," wrote Stephen Innes at SPI Asset Management.

"The shutdown ends with a vote and a signature; the aftershocks show up in queues, call centres and cash-flow stress far away from the Capitol dome."

Meanwhile, concerns continue to mount that this year's AI-led market rally may have pushed valuations too high and led to a bubble in the tech sector that could burst at any time.

Some have warned that the hundreds of billions invested in artificial intelligence has been overdone and the return could take time to come through.

Observers suggested that the recent tepid performance in several high-flying firms may be a sign of that, with the Nasdaq dropping for two days.

The S&P 500 has also struggled of late, though the Dow on Wednesday ended at a record amid speculation that traders are shifting from tech into industrials.

The mixed showing on Wall Street was reflected in Asia, where Hong Kong, Sydney, Seoul, Singapore, Taipei, Manila and Wellington fell.

Tokyo edged up while Jakarta and Shanghai were flat.

Oil prices extended losses after plunging around four percent Wednesday after OPEC's monthly crude market report forecast an oversupply in the third quarter.

That came just a month after it had predicted a deficit in the period.

The commodity has come under pressure of late amid easing tensions in the Middle East and increasing output by OPEC and other key producers.

And the International Energy Agency earlier this year estimated a record surplus in 2026.

Attention is also on Tokyo after Japanese Finance Minister Satsuki Katayama said Wednesday the government was keeping an eye on currency markets as the yen continued to weaken.

She told parliament that "the government is watching for any excessive and disorderly moves with a high sense of urgency".

Since her remarks, the unit has weakened further to around 155 per dollar, prompting speculation that authorities could step in to provide support.

The currency has come under pressure following dovish comments from Japan's central bank that tempered best on another interest rate hike and as the US moved towards reopening its government.


- Key figures at around 0230 GMT -


Tokyo - Nikkei 225: UP 0.2 percent at 51,166.78 (break)

Hong Kong - Hang Seng Index: DOWN 0.1 percent at 26,894.91

Shanghai - Composite: FLAT at 4,000.55

Dollar/yen: UP at 154.90 yen from 154.80 yen on Wednesday

Euro/dollar: DOWN at $1.1585 from $1.1587

Pound/dollar: DOWN at $1.3118 from $1.3129

Euro/pound: UP at 88.32 pence from 88.25 pence

West Texas Intermediate: DOWN 0.3 percent at $58.29 per barrel

Brent North Sea Crude: DOWN 0.3 percent at $62.55 per barrel

New York - Dow: UP 0.7 percent at 48,254.82 (close)

London - FTSE 100: UP 0.1 percent at 9,911.42 (close)

dan/lb

S&P Global Ratings

NVIDIA

SOFTBANK GROUP

Dow


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