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Asia Up Ahead of U.S. Debt Ceiling Vote

Asia-Pacific markets are mixed on Tuesday with a vote looming ahead on the tentative U.S. debt ceiling deal reached between President Joe Biden and House Majority Leader Kevin McCarthy over the weekend, avoiding a default for the U.S. economy.

The U.S. Congress is set to vote on the legislation as early as Wednesday. Lawmakers have not signaled that they intended to return to Capitol Hill early to work on the deal. Both Republican and Democratic support is needed for the bill agreement to pass.

In Japan, the Nikkei 225 gained 94.62 points, or 0.3%, to 31,328.16, to continue hitting its highest levels in 33 years. Japan saw its unemployment rate come down slightly to 2.6% in April from 2.8% in March.

In Hong Kong, the Hang Seng gained 44.67 points, or 0.2%, to 18,595.78.

Korean markets rose to their highest levels in almost a year.

In other markets

In China, the CSI 300 index eked up 3.81 points, or 0.1%, to 3,837.75.

In Singapore, the Straits Times index dropped 7.66 points, or 0.2%, to 3,187.56.

In Taiwan, the Taiex index subtracted 13.56 points, or 0.1%, to 16,622.74.

In Korea, the Kospi index returned from a long weekend to gain 26.71 points, or 1%, to 2,585.52,

In New Zealand, the NZX 50 shed 56.93 points, or 0.5%, to 11,878.72.

In Australia, the ASX 200 slid 8.09 points, or 0.1%, to 7,209.28.