Asian stocks rise as debt ceiling bill approved

Asian markets were mostly higher after a House vote passed a U.S. debt ceiling bill. Asia-Pacific markets were mostly higher on Thursday after a bill to raise the U.S. debt ceiling was passed in the House of Representatives and sent to the Senate just days ahead of a presumed deadline. The House passed the bill with support from both Democrats and Republicans, the culmination of weeks of tense negotiations between the White House and Republican House Speaker Kevin McCarthy. Special surveys of factory activity for China, Japan, South Korea and several Asean countries are due out later today. Japan’s Nikkei 225 gained 0.3 percent after retreating from 31,000 on Wednesday, and the Topix also rose 0.46 percent. Australia’s S&P/ASX 200 index rebounded, rising 0.26 percent, but South Korea was more mixed. The Kospi fell 0.42 percent and the Kosdaq rose 0.58 percent. Hong Kong's Hang Seng index rebounded after touching bear market territory, with the HSI up 0.48 percent. Mainland Chinese markets also rose, with the Shanghai Composite Index up 0.14 percent and the Shenzhen Component Index up 0.54 percent.