Hong Kong and Japan led Asian markets lower on Monday, as regional stocks and investor sentiment were hurt by continued uncertainty over the U.S. government shutdown and the upcoming debt ceiling debate.
Stocks in Hong Kong fell the most, with the Hang Seng Index down 0.9%. There was no trading in Shanghai, as mainland China enjoyed the last day of its week-long National Week public holiday.
Shares of HSBC Holdings PLC fell 0.7% following reports that an HSBC unit formerly known at Household International Inc. was unable to have a 2009 securities fraud trial verdict overturned, with a Chicago judge saying it's liable for roughly $1.5 billion in damages plus interest.
Casino stocks turned higher as the Golden Week holiday drew closer to an end, with shares of MGM China Holdings Ltd. and Wynn Macau Ltd. each up by 1.7%. Sands China Ltd. shares, however, lagged by 1.1%.
Japan’s Nikkei fell 0.9%, adding to a hefty 5% decline last week. Although the Nikkei started the day with a 0.4% rise, it quickly pared its gains as a stronger yen weighed on the market after Prime Minister Shinzo Abe told the Financial Times there will be a delay in reforms aimed at relaxing strict labor market protections.
Auto shares were under pressure, including a 1.5% decline for Mazda Motor Corp.
Company-specific news influenced a number of stocks in Tokyo. Japan Airlines Co. rose 3% following reports that company is preparing to announce a landmark deal with Airbus.
Sumitomo Mitsui Financial Group added 0.1% in Tokyo after the company revised upwards its earnings outlook Friday for the six months ended Sept. 30.
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