Asian stock markets mixed

Asian markets mixed as China leaves credit rates unchanged; U.S. debt ceiling talks to resume. Asia-Pacific markets were mixed on Monday after the G7 summit in Hiroshima ended and U.S. debt ceiling talks resumed. Hong Kong’s Hang Seng index rose 0.16 percent, while the Hang Seng Tech index added 0.39 percent. In mainland China, the Shanghai Composite Index fell 0.15 percent and the Shenzhen Component Index fell 0.44 percent after the People’s Bank of China left one-year and five-year credit rates unchanged. South Korea’s Kospi reversed earlier losses and rose 0.78 percent, while the Kosdaq rose 0.8 percent. Japanese markets followed last week’s performance, with the Nikkei 225 up 0.11 percent and the Topix up 0.14 percent, erasing earlier losses. Australia’s S&P/ASX 200 fell 0.25 percent. Stocks on Wall Street fell Friday as talks on the U.S. debt ceiling stalled by GOP negotiators, fueling skepticism that a deal will be reached soon as the S&P 500 notched its best week since March. The Dow Jones Industrial Average fell 0.33% and the Nasdaq Composite fell 0.24%. Meanwhile, Fed Chair Jerome Powell said interest rates may not need to rise as much as expected to curb inflation given current banking sector stresses.