Asian shares tentative, US debt ceiling talks weigh on risk appetite

Asian shares were subdued due to investors remaining risk-averse and the mixed set of economic data. MSCI’s index of Asia-Pacific shares was down 0.20%, with Australia’s S&P/ASX 200 index also down 0.56%. Moreover, prices of crude oil fell as a surprise rise in U.S. crude inventories stoked demand concerns following weaker-than-expected economic data from the U.S. and China. The dollar, however, rose 0.01% to 102.61. Raphael Bostic, the Atlanta Fed president, said the Fed will stay ‘super strong’ in fighting inflation, while the Chicago Federal Reserve President Austan Goolsbee said it was too early to discuss interest rate cuts.