Asian markets dip with eyes on China's economy, possible U.S. shutdown

Asian shares were muted Tuesday over worries about a possible U.S. government shutdown and the troubled Chinese economy.

TOKYO — Asian trading was muted Tuesday over worries about a possible U.S. government shutdown and the troubled Chinese economy.

Wall Street clawed back some of its steep losses from last week. The S&P 500 SPX rose 17.38, or 0.4%, to 4,337.44, coming off its worst week in six months. The Dow Jones Industrial Average DJIA edged up 43.04, or 0.1%, to 34,006.88, and the Nasdaq composite COMP gained 59.51, or 0.5%, to 13,271.32. The growing understanding that rates will stay higher for longer has pushed yields in the bond market up to their highest levels in more than a decade. That in turn makes investors less willing to pay high prices for all kinds of investments, particularly those seen as the most expensive or making their owners wait the longest for big growth.

“Stocks digest gradual, growth driven increases in interest rates far better than rapid increases driven by other factors such as inflation or Fed policy,” Goldman Sachs strategists led by David Kostin wrote in a report.

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