Asian shares rise on China hopes, US budget worries weigh

Asian shares rose on Wednesday, led by surging Chinese equities, but concerns over whether US lawmakers can break a budget impasse before year-end to avert a possible economic slump weighed on sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.6 per cent, gaining momentum as Shanghai shares surged 3 per cent to reclaim the 2,000-point level.

Chinese shares were boosted by remarks late on Tuesday from new Communist Party chief Xi Jinping, who said that the government aimed to stabilise exports and make policies more targeted and effective.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1097992/asian-shares-rise-china-hopes-us-budget-worries