Asia shares stumble on China headwinds; gold and bitcoin buoyant
By Rae Wee
SINGAPORE, Oct 30 (Reuters) -Asia shares eased on Wednesday on the back of weakness in China, as investors brace for a tightly contested U.S. election that could have huge ramifications for the world's second-largest economy, even as Beijing tries to shore up growth.
Gold XAU= rose to an all-time high as jitters over the close U.S. presidential race supported the yellow metal, while bitcoin BTC= also flirted with a record peak as markets weigh the prospect of a victory by Republican candidate Donald Trump.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.22% in early trade, tracking a decline in Chinese assets.
The CSI300 blue-chip index .CSI300 fell 0.16%, while Hong Kong's Hang Seng Index .HSI slid 0.64%.
The moves came even as Reuters reported on Tuesday that China is considering approving next week the issuance of more than 10 trillion yuan ($1.4 trillion) in extra debt in the next few years to revive its fragile economy.
"China's latest stimulus package appears underwhelming, with 60% allocated to local government debt relief," said Saxo's chief investment strategist Charu Chanana.
"While there's a stronger focus on supporting the property sector, urgency around broader structural issues - such as debt, deflation, and demographics - remains limited.
"Equity support could offer some lift to domestic confidence, but foreign investors are still highly concerned about potential tariff threats if next week's U.S. elections result in a Republican sweep."
China's new energy vehicles index .CSI399976 ticked up 0.2%, largely unfazed by news that the European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3%.
Meanwhile, U.S. stock futures ticked higher, buoyed by a solid result from Google-parent Alphabet GOOGL.O, which reported quarterly revenue that beat estimates.
Nasdaq futures NQc1 gained 0.42%, while S&P 500 futures ESc1 rose 0.36%.
Meta Platforms META.O and Microsoft MSFT.O report their earnings later in the day, followed by Apple AAPL.O and Amazon.com AMZN.O on Thursday. .N
Investors will be closely watching the results to determine whether Wall Street can sustain the optimism around technology and artificial intelligence that has lifted indexes to record highs this year.
Elsewhere, Japan's Nikkei .N225 rose nearly 1%, riding on the momentum of a weaker yen. .T
U.S. FOCUS
Bitcoin BTC= stood just a whisker away from its peak of $73,803.25 and last bought $72,322.08, on track to gain 13% for the month.
The world's largest cryptocurrency has been bolstered by the growing possibility of Trump's return to the White House, as he is seen taking a more favourable stance towards digital assets.
"Bitcoin's strength should persist if the odds for a Republican sweep continue to grow, as a less likely Democratic sweep might meet a generalised sell-off," said Manuel Villegas, digital assets analyst at Julius Baer.
On the economic front, investors were also bracing for a slew of U.S. data this week that could guide the outlook for Fed policy. FEDWATCH
The ADP National Employment Report is due later in the day alongside advance third quarter GDP estimates, which will come ahead of Friday's nonfarm payrolls figures.
Data on Tuesday showed U.S. job openings dropped to more than a 3-1/2-year low in September, though that was countered by a separate survey which showed consumer confidence increased to a nine-month high in October amid improved perceptions of the labour market.
"The U.S. data is still important for this week, there's no doubt about it," said Khoon Goh, head of Asia research at ANZ.
"We saw the JOLTS data out last night, it showed continued moderation of the labour market ... Today we have ADP, Q3 GDP, PCE deflator tomorrow and then payrolls Friday. So that will still be really important, particularly for the long-end yields and the impact on the dollar."
The dollar strayed not too far from a three-month high against a basket of currencies =USD on Wednesday, though a stall in its recent rally gave sterling GBP=D3 some respite above the $1.30 level.
The yen JPY=EBS languished near a three-month low as it continued to feel the pressure from the loss of a parliamentary majority for Japan's ruling coalition in weekend elections.
The Aussie AUD=D3 was little changed in the wake of domestic inflation data and last rose 0.15% to $0.6570.
In commodities, Brent crude futures LCOc1 ticked up 0.42% to $71.42 a barrel, while U.S. West Texas Intermediate crude futures CLc1 rose 0.45% to $67.51 per barrel. O/R
Spot gold XAU= was last 0.18% higher at $2,779.81 an ounce, after having peaked at $2,781.69 earlier in the session. GOL/
World FX rates YTD http://tmsnrt.rs/2egbfVh
Asian stock markets https://tmsnrt.rs/2zpUAr4
To read Reuters Markets and Finance news https://www.reuters.com/finance/markets
Reporting by Rae Wee; Editing by Jacqueline Wong
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