HONG KONG : Asian shares dropped on Wednesday, reversing early gains, after an overnight rebound in U.S. and European stocks as investors shrugged off worries about a potential U.S. government debt default, while oil paused near new multi-year highs.
"OPEC’s outlook suggests further reductions in global oil stockpiles. That’s a problem given that oil inventories are already low," wrote analysts at CBA in a note. Traders say markets are jittery due to worries about China's real estate market as well as approaching higher interest rates around the world.U.S. stock futures, the S&P 500 e-minis shed 0.44per cent.
Elsewhere, New Zealand's central bank raised interest rates by 25 basis points but reaction was muted as the move to increase the cash rate to 0.50per cent was widely expected. The Senate will vote on Wednesday on a Democratic-backed measure to suspend the U.S. debt ceiling, a key lawmaker said on Tuesday, as partisan brinkmanship in Congress risks an economically crippling federal credit default.
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