Asian Stocks Swing as Investors Watch U.S. Shutdown Talks

Asian stocks rose, led by materials companies and industrial shares, as investors watched for progress on ending an impasse over federal spending that has shut down the U.S. government for two days.

The MSCI Asia Pacific Index added 0.1 percent to 138.79 as of 9:04 a.m. in Tokyo. The U.S. government is in partial shutdown after lawmakers failed to agree on a federal budget. President Barack Obama summoned the top four leaders of Congress to the White House for the first high-level talks on reopening the government and raising the debt ceiling.

Japan's Topix index rose 0.2 percent. Australia's S&P/ASX 200 Index was little changed, while New Zealand's NZX 50 Index fell 0.4 percent. South Korea's Kospi index was little changed. Futures on the Standard & Poor's 500 Index fell 0.4 percent today after the measure slipped 0.4 percent yesterday. Markets are yet to open in Hong Kong, while those in China are closed for a holiday.

The MSCI Asia Pacific Index rallied 6.4 percent in September, the biggest monthly advance since January 2012. The measure traded at 13.4 times estimated earnings as of yesterday, compared with 15.3 for the S&P 500 and 14.1 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.

Japan's Topix index climbed 37 percent this year through yesterday, the most among developed markets, amid optimism Prime Minister Shinzo Abe and the Bank of Japan can lead the country out of deflation through unprecedented monetary easing.

U.S. Jobs

A report yesterday showed U.S. companies added fewer workers than projected in September, indicating the job market is struggling to gain momentum. The 166,000 increase in employment followed a revised 159,000 rise in August that was smaller than initially estimated, according to the ADP Research Institute in Roseland, New Jersey. The median forecast of 40 economists surveyed by Bloomberg called for an advance of 180,000.

Investors have been scrutinizing economic reports to gauge whether growth is robust enough for the Federal Reserve to begin curtailing stimulus at its next meeting this month. The Labor Department won't release its monthly jobs report on Friday if the government remains closed.